Assay

Financial-condition grades for SEC filers

Company Report · as of Oct 9, 2026

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MethodCoverageAbout
Aqua Metals, Inc.AQMS · manufacturing
GradeNonecomputable_factors_below_threshold: 5 of 14 inputs computable; 7 are required
Reliability0.83 AUCfailure model, filers with $12.5M to $120M assets; 95% interval 0.79 to 0.86; 201 events, 2020 to 2025
Peer failure rate1.07% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025
Size band$12.5M to $120M assetstotal assets $19.7M[1]
Standard universeoutsiderevenue above $1M and assets above $10M[1-2]
Warningsdilution, short runway, thin data, degenerate inputs · fortress balance sheetnot computable: distress
Inputs computable5 of 14
Graded fromfilings received through Apr 30, 2026162 days before the rescan; every figure keyed to the SEC receipt date
Last close$2.042026-10-08; market equity $7.3M; iex feed
Price used in gradeNone
Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history
$20NovDecJanFebMarAprMayJunJulAugSepOct$2.07
ABCDE20132014201520162017201820192020202120222023202420252026

Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date.

Open this report as it stood on

Letter setLetterPercentileBand
Jan 21, 2012nonen/a
Apr 21, 2016nonen/aQ2
Mar 21, 2021E97.3Q2
Apr 21, 2025nonen/aQ2

Each date opens the report as it stood on that rescan.

Business, in the company's words. Opening of Item 1 of the 10-K received Mar 31, 2026; the document on sec.gov.

Aqua Metals was incorporated in Delaware on June 20, 2014, to develop and commercialize metals recycling technologies based on its proprietary AquaRefining process. In 2015, the Company developed its initial AquaRefining technology for lead-acid battery recycling, and between 2017 and 2019 operated a demonstration facility that achieved sustained production of recycled lead using a smelterless process. In 2021, the Company expanded its focus to lithium-ion battery recycling following the development of intellectual property applicable to lithium battery materials.

Warnings [top]

Dilution. split-adjusted year-over-year share growth is 304.1%[3-4]
Short runway. cash runway is 5.0 months[5]
Thin data. 5 of 14 grade factors are computable; minimum is 7
Degenerate inputs. latest revenue or assets are at or below the $100,000 validity floor[1-2]
Fortress balance sheet. cash minus debt is 6,201,000 USD; Altman Z is not used[6-7]

7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.

The Fourteen Inputs [top]

Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.

InputPercentile, 0 to 100ValueSourcePeer medianPercentilePeersPeriod end
Profitability, sleeve percentile 1.3
Gross profitabilitynot computable21.9%
latest aligned inputs end 2024-12-31; latest annual assets end 2025-12-31
Return on invested capitalnot computable9.7%
pretax income must exceed the validity floor and imply a 0%-100% tax rate
Accruals ratio(53.8%)[1,8-10](3.6%)1.33082025-12-31
Gross margin stability, five yearsnot computable2.1 pts
annual revenue must exceed $100,000
Solvency, sleeve percentile 64.8
Twelve-month failure probabilitynot computable0.04%
latest liabilities, cash plus short-term investments, book equity, and shares are required
Altman Z double-prime(46.56)[1,11-16]3.6698.82442025-12-31
Net debt to EBITDAnot computable1.78x
EBITDA must exceed $100,000
Interest coveragenot computable5.09x
latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31
Current ratio3.03x[11-12]2.25x30.93252025-12-31
Growth and financing, sleeve percentile 95.9
Revenue growth, three-year compoundnot computable2.1%
current value must be positive and the base must exceed $100,000
Free cash flow growth, three-year compoundnot computable13.9%
current FCF must be positive and base FCF must exceed $100,000
Reinvestment ratenot computable26.4%
pretax income must exceed the validity floor and imply a 0%-100% tax rate
Asset growth, three years(16.2%)[1,10,17-18]4.4%93.92792025-12-31
Net share issuance, one year304.1%[3-4]0.01%97.92432026-03-24

Gross profitability. Revenue less cost of goods sold, over total assets.

Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.

Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.

Twelve-month failure probability. CHS model; lower is stronger.

Net debt to EBITDA. Lower is stronger.

Net share issuance, one year. Split-adjusted; lower is stronger.

Among 255 Peers [top]

What the Price Implies [top]

Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.

MeasureValuePeer medianPercentileReading
Twelve-month price change, skipping the latest month(53.3%)13.7%4hotter than 4 of 100 peers
Distance from 52-week high(93.0%)(24.3%)0closer to its high than 0 of 100 peers
EBIT to enterprise value(787.0%)4.1%0pricier than 100 of 100 peers
Free cash flow yield(144.8%)3.4%1pricier than 99 of 100 peers
Book value to price1.290.3494pricier than 6 of 100 peers
Sales to price0.000.540pricier than 100 of 100 peers
Composite equity issuance, five years236.2%(9.5%)99more equity-funded than 99 of 100 peers
Relative strength against the sector, log excess return(0.89)(0.00)4ahead of 4 of 100 peers

Inputs: market equity $7.4M; EBIT -$23.3M; free cash flow -$10.7M; book equity $9.5M; sales $0; debt $332,000; cash $4.7M[19].

Diagnostics [top]

Diagnostics do not feed the grade.

Piotroski F-score: None of 9, period end 2025-12-31
Return on assets above zero(85.9%)✗ fail[8,10]
Operating cash flow above zero-$10.3M✗ fail[9]
Return on assets improved(12.8 pts)✗ fail[8,10,17,20]
Operating cash flow exceeds net income$12.4M✓ pass[8-9]
Long-term leverage felln/a[1,10,17]
Current ratio improved246.0 pts✓ pass[11-12,21-22]
No new shares issued304.1%✗ fail[3-4]
Gross margin improvedn/a[2,23]
Asset turnover improvedn/a[2,10,17]
Cash, filings, liquidity
Cash and equivalents$4.7M[5]
Operating cash flow, four quarters-$11.4M[5,9,24-27]
Months of runway5.0
Late filings, two years0
NT 10-K or NT 10-Q
Days since last periodic filing71
10-Q received Jul 30, 2026
Median daily dollar volume$69,990
63 sessions
Days since newest grade input162

Downloads [top]

Sources [top]

Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.

#ConceptXBRL tagValuePeriod endReceivedFormLinks
1assetsus-gaap:Assets$19.7M2025-12-312026-03-3110-Kfiling · viewer · series
2revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$02024-12-312025-03-3110-Kfiling · viewer · series
3shares outstandingdei:EntityCommonStockSharesOutstanding3,350,6042026-03-242026-04-3010-K/Afiling · viewer · series
4shares outstandingdei:EntityCommonStockSharesOutstanding8,290,6012025-03-182025-03-3110-Kfiling · viewer · series
5cashus-gaap:CashAndCashEquivalentsAtCarryingValue$4.7M2026-06-302026-07-3010-Qfiling · viewer · series
6cashus-gaap:CashAndCashEquivalentsAtCarryingValue$6.5M2020-12-312022-02-2410-Kfiling · viewer · series
7total debtus-gaap:LongTermDebt$332,0002020-12-312021-02-2510-Kfiling · viewer · series
8net incomeus-gaap:NetIncomeLoss-$22.6M2025-12-312026-03-3110-Kfiling · viewer · series
9operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$10.3M2025-12-312026-03-3110-Kfiling · viewer · series
10assetsus-gaap:Assets$26.4M2024-12-312026-03-3110-Kfiling · viewer · series
11current assetsus-gaap:AssetsCurrent$13.4M2025-12-312026-03-3110-Kfiling · viewer · series
12current liabilitiesus-gaap:LiabilitiesCurrent$4.4M2025-12-312026-03-3110-Kfiling · viewer · series
13retained earningsus-gaap:RetainedEarningsAccumulatedDeficit-$270.4M2025-12-312026-03-3110-Kfiling · viewer · series
14operating incomeus-gaap:OperatingIncomeLoss-$23.3M2025-12-312026-03-3110-Kfiling · viewer · series
15book equityus-gaap:StockholdersEquity$14.8M2025-12-312026-03-3110-Kfiling · viewer · series
16liabilitiesus-gaap:Liabilities$4.9M2025-12-312026-03-3110-Kfiling · viewer · series
17assetsus-gaap:Assets$33.6M2023-12-312025-03-3110-Kfiling · viewer · series
18assetsus-gaap:Assets$33.5M2022-12-312024-03-2810-Kfiling · viewer · series
19shares outstandingdei:EntityCommonStockSharesOutstanding3,563,5312026-07-242026-07-3010-Qfiling · viewer · series
20net incomeus-gaap:NetIncomeLoss-$24.6M2024-12-312026-03-3110-Kfiling · viewer · series
21current assetsus-gaap:AssetsCurrent$4.6M2024-12-312026-03-3110-Kfiling · viewer · series
22current liabilitiesus-gaap:LiabilitiesCurrent$8.2M2024-12-312026-03-3110-Kfiling · viewer · series
23cost of revenueus-gaap:CostOfGoodsAndServicesSold$7.2M2024-12-312026-03-3110-Kfiling · viewer · series
24operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$6.5M2026-06-302026-07-3010-Qfiling · viewer · series
25operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$3.8M2026-03-312026-05-1410-Qfiling · viewer · series
26operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$7.6M2025-09-302025-11-1210-Qfiling · viewer · series
27operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$5.3M2025-06-302026-07-3010-Qfiling · viewer · series

Limitations [top]

Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.

Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.

Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.

Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.

Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.

Informational and educational only. Not investment advice. SEC and market data may contain errors.

If you have any comments about this page, the methodology and every line of code that produced it are in the public repository. However, due to the limited number of personnel, we are unable to provide a direct response.

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Source
GitHub · ezrakruger.cc
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Updated Oct 9, 2026