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Upturn AI Summary - About
Aqua Metals Inc(AQMS)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for AQMS
10/08/2026: AQMS (1-star) is currently NOT-A-BUY. Pass it for now.
Aqua Metals Inc is a speculative technology-focused firm operating in the emerging lithium-ion battery recycling sector. Its core strength lies in its proprietary, hydrometallurgical 'AquaRefining' process, which aims to provide a cleaner and more efficient method for recovering critical battery minerals. The investment story centers on the company successfully scaling this technology to commercial production levels to capture market share in the booming electric vehicle supply chain. Key risks include significant ongoing operating losses, the need for further capital, and intense competition from larger, well-funded recycling entities. The stock is best suited for risk-tolerant, long-term growth investors who should closely monitor production milestones and commercial licensing agreements.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
Company fundamentals, valuation, risks, and news provide supporting context about the business.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Mixed fit | The company offers exposure to high-growth battery recycling, but faces significant execution hurdles before achieving scalable profitability. |
| Momentum investor | Weak fit | The stock is highly speculative and subject to extreme volatility, generally unsuitable for momentum strategies without a clear, confirmed uptrend. |
| Value investor | Weak fit | Current negative earnings and high cash burn make it a poor fit for traditional value-based investment criteria. |
| Dividend investor | Weak fit | The company does not pay a dividend and requires significant capital reinvestment. |
| Low-risk investor | Weak fit | The company is a pre-commercial/early-commercial stage entity with high financial and execution risk. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | High | The stock is highly sensitive to speculative news and sector sentiment, leading to significant price swings. |
| Valuation risk | High | As a loss-making entity, valuation is difficult to underpin with traditional metrics, relying heavily on future expectations. |
| Competition risk (Battery Recycling) | High | The market is crowded with better-capitalized incumbents and disruptive peers vying for limited feedstocks. |
| Business quality | Medium | The business relies on unproven, at-scale proprietary technology rather than established cash-generating operations. |
| Dividend income | Low / none | Investors should not expect income; capital is strictly directed toward R&D and operations. |
| Execution risk | High | Successfully transitioning from pilot-scale to reliable, high-volume commercial production is a significant technical and financial challenge. |
Price Behavior
Steep Decline
The stock price has dropped sharply with strong downward pressure.
Highly Choppy
The stock has experienced frequent, large price swings that make its near-term movement less predictable.
Analysis of Past Performance
Type Stock | Historic Profit -28.71% | Avg. Invested days 7 | Today’s Advisory PASS |
Upturn Advisory Rating  | Upturn Advisory Performance  2.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 10/08/2026 |
Upturn Scorecard
Upturn Star Rating 
Company Fundamentals
Financial Health Rating
Growth Momentum Score
Ownership
Top 5 Institutional Investors
Unit Economics (Per $1K Revenue)
Economic Dimensions
Quantitative Style Profile
Style Classification
Quality Focused
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 7.16M USD | Price to earnings Ratio - | 1Y Target Price 5 |
Price to earnings Ratio - | 1Y Target Price 5 | ||
Volume (30-day avg) 37.1K shares | Beta 0.32 | 52 Weeks Range 1.96 - 39.40 | Updated Date 10/08/2026 |
52 Weeks Range 1.96 - 39.40 | Updated Date 10/08/2026 | ||
Dividends yield (FY) - | Basic EPS (TTM) -2.53 |
How Company Makes Money
| Business area | What it includes | Retail investor read |
|---|---|---|
| Battery Recycling Services | Processing lithium-ion batteries to recover black mass and individual metals. | The company aims to make money by selling high-value recovered minerals like nickel and lithium. |
| Licensing and Intellectual Property | Licensing the AquaRefining technology to other industrial recyclers. | The company seeks to scale by selling its technology blueprints to others rather than just owning the plants. |
Valuation
Trailing PE - | Forward PE 67.57 | Enterprise Value 4.62M | Price to Sales(TTM) 865.53 |
Enterprise Value 4.62M | Price to Sales(TTM) 865.53 | ||
Enterprise Value to Revenue 899.77 | Enterprise Value to EBITDA -2.21 | Shares Outstanding 3.56M | Shares Floating 3.32M |
Shares Outstanding 3.56M | Shares Floating 3.32M | ||
Percent Insiders 12.92 | Percent Institutions 8.29 |
Financial Metrics
🧭 Investment Snapshot
Total Revenue (Scale)
Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.
Net Income (Profit)
Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.
Free Cash Flow (Cash Strength)
Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.
📈 Growth & Strength
Operating Income (Core Profit)
Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.
EBITDA (Cash Earnings)
Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.
Gross Profit (Unit Profitability)
Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.
🛡️ Financial Safety
Cash (Liquidity Buffer)
Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.
Total Debt (Leverage Risk)
Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.
Net Working Capital (Short-Term Health)
Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.
🧱 Balance Sheet Strength
Stockholder Equity (Net Worth)
Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.
Total Assets (Asset Base)
The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.
Income Before Tax (Pre-Tax Earnings)
Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.
⚙️ Cost & Drag Factors
Cost of Revenue (Production Cost)
Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.
Total Operating Expenses (Operating Cost)
Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.
Income Tax Expense (Tax Drag)
Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.
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