Wed, May 15, 8:33 PM (205 days ago)
Aqua Metals, Inc. (NASDAQ: AQMS) reported a net loss of $5.8 million for Q1 2024, an increase from the $4.6 million loss in Q1 2023. The company had $8.3 million in cash and cash equivalents as of March 31, 2024, down from $16.5 million at the end of 2023. Operating expenses rose to $5.8 million from $4.5 million year-over-year, driven by higher costs in plant operations and R&D. The company did not generate any revenue during the quarter. Current liabilities increased to $8.5 million, including a $3 million note payable due in February 2025. The company raised $2.1 million through an at-the-market issuance of common stock but anticipates needing additional capital to sustain operations for the next 12 months. Management expressed substantial doubt about the company's ability to continue as a going concern due to expected continued losses and the need for further capital. The company is focused on developing its lithium-ion battery recycling technology and plans to complete phase one of its commercial facility by mid-2024.