Aqua Metals, Inc. (NASDAQ: AQMS), a pioneer in sustainable lithium
battery recycling, today provided an update on its progress and
strategic initiatives. Development of its first commercial scale
black mass recycling facility, the Sierra ARC, has progressed
throughout Q2, including completion of a five megawatt upgrade of
utility power, installation of switchgear, steel superstructures,
equipment platform with two overhead cranes, as well as equipment
deliveries, including tanks, evaporation systems, controls systems,
and other key equipment.
To complete the Sierra ARC, the Company will
need additional financing. In May 2024, Aqua Metals announced the
signing of a non-binding term sheet with one of the world’s largest
privately held companies for a secured credit facility of up to $33
million. However, the Company was recently advised by the lender
that it was suspending further activity with regard to the secured
credit facility due to continued high interest rates and recent
declines in the market price for lithium-ion minerals, including an
over 25% drop in lithium carbonate pricing, since signing the term
sheet. These factors raised concerns on the part of the lender
regarding the ability of Aqua Metals to meet the lender’s proposed
debt service covenants. This follows two months of rigorous due
diligence by the lender, which management believes satisfied the
lender’s inquiries into the Company’s technology, processes, supply
and offtake chain and overall effectiveness of the ability to
recycle black mass. Management intends to maintain communications
with the lender in the hopes of resuming negotiations in the event
of declining interest rates and/or rising mineral prices.
Simultaneously, management continues to actively pursue the
required funding through various other engagements with funding
counterparties, including debt, project finance, joint venture and
strategic investment options.
The Company also announced that due to the delay
in funding, it has completed a reduction in force of personnel
hired largely in expectation of securing the required funding for
the completion of the Sierra ARC and commencement of operations.
The Company however does not expect the reduction in force to
materially impact its current pilot operations or continuing
research and development. Although the Sierra ARC continues to be
at or under budget to date, attributable to both the benefits of
piloting Li AquaRefining™ technology in 2022 and 2023 and the
disciplined approach to procurement and build, the timeline is now
shifting into 2025 compared to the previously planned late 2024
commissioning. Management believes that the reduction in force,
coupled with non-essential asset disposition, deferral of certain
expenses and more standard equipment leasing, will provide
approximately one year of cash runway with no other sources of
cash.
Second Quarter Highlights:
1. Advancements at the
Sierra ARC
The Sierra ARC facility has surpassed numerous
milestones, including the completion of floor reinforcement,
equipment foundations, electric utility and switchgear upgrades,
and mezzanine installation with overhead cranes. We have begun
receiving and installing the initial equipment, including tanks,
chillers, evaporators, and controls with testing underway.
2. Pilot Facility
Operations
The pilot facility has been consistently
operating 24x5, showcasing the scalability and efficiency of Aqua
Metals' AquaRefining™ technology. We believe these operations
provide critical process validation data as a part of due diligence
conducted by financing counterparties.
3. Successful Capital
Raise
Aqua Metals completed a $7.3 million net funding
round, reflecting continued investor confidence in the Company’s
technology and business plan.
Looking Ahead
As Aqua Metals moves forward into the latter
half of 2024, the Company is focused on achieving several strategic
objectives:
- Continued engagement with
counterparties to finance the remainder of the Sierra ARC build in
a way that does not require overburdened debt service. This
includes project finance, strategic financial and/or industry
investments.
- Continued Equipment Provisioning at
the Sierra ARC: Upon successful completion of the financing
efforts, the Company is in a position to move quickly to complete
the remaining mechanical, electrical, plumbing, process equipment
installs within 2 to 3 quarters and commence commissioning and
scaling.
- Expanding Strategic Partnerships:
Aqua Metals continues to explore and solidify partnerships that
enhance its supply chain and expand its market presence.
Collaborations with announced industry leaders like 6K Energy,
Dragonfly Energy, and Yulho Materials as well as further developing
unannounced partners are pivotal to the Company’s strategy.
- Continued Pilot Operations: The
Company intends to continue operations of its pilot facility at the
Innovation Center and produce battery grade materials for existing
and prospective industry partners. The Company believes that
continued pilot operations will also serve as an ongoing operating
showcase of low cost, decarbonized, sodium sulfate free, safe and
clean working environment in contrast to smelting and other
hydrometallurgical methods.
Conference Call and Webcast
The Company will hold a conference call to
discuss results and corporate developments today at 4:30 p.m. ET.
Investors can access the live conference call at
https://event.webcasts.com/aqms or from the investor relations
section of the Company’s website at https://ir.aquametals.com/.
Alternatively, interested parties can access the audio call by
dialing 877-407-9708 (toll-free) or 201-689-8259
(international).
Following the conclusion of the live event, a replay will be
available by dialing 877-660-6853 or 201-612-7415 and using
passcode 13748295. The webcast replay will also be available in the
“News / Events” section of the Aqua Metals website.
About Aqua Metals
Aqua Metals, Inc. (NASDAQ: AQMS) is reinventing
metals recycling with its patented AquaRefining™ technology. The
Company is pioneering a sustainable recycling solution for
materials strategic to energy storage and electric vehicle
manufacturing supply chains. AquaRefining™ is a low-emissions,
closed-loop recycling technology that replaces polluting furnaces
and hazardous chemicals with electricity-powered electroplating to
recover valuable metals and materials from spent batteries with
higher purity, lower emissions, and minimal waste. Aqua Metals is
based in Reno, NV and operates the first sustainable lithium
battery recycling facility at the Company’s Innovation Center in
the Tahoe-Reno Industrial Center. To learn more, please visit
www.aquametals.com.
Aqua Metals Social Media
Aqua Metals has used, and intends to continue
using, its investor relations website (https://ir.aquametals.com),
in addition to its Twitter, Threads, LinkedIn and YouTube accounts
at https://twitter.com/AquaMetalsInc (@AquaMetalsInc),
https://www.threads.net/@aquametalsinc (@aquametalsinc),
https://www.linkedin.com/company/aqua-metals-limited and
https://www.youtube.com/@AquaMetals respectively, as means of
disclosing material non-public information and for complying with
its disclosure obligations under Regulation FD.
Safe Harbor
This press release contains forward-looking
statements concerning Aqua Metals, Inc. Forward-looking statements
include, but are not limited to, our plans, objectives,
expectations and intentions and other statements that contain words
such as "expects," "contemplates," "anticipates," "plans,"
"intends," "believes", "estimates", "potential" and variations of
such words or similar expressions that convey the uncertainty of
future events or outcomes, or that do not relate to historical
matters. The forward-looking statements in this press release
include our expectations for our pilot and commercial-scale
recycling plants, our ability to recycle lithium-ion batteries and
the expected benefits of recycling lithium-ion batteries. Those
forward-looking statements involve known and unknown risks,
uncertainties, and other factors that could cause actual results to
differ materially. Among those factors are: (1) the risk that we
may not be able to successfully negotiate and conclude a definitive
license agreement with Yulho or a definitive pilot facility
agreement with 6K, (2) even if we are to conclude definitive
agreements with Yulho and/or 6K, the risk that we may not achieve
the expected benefits from such relationships; (3) the risk
that we may not be able to acquire the funding necessary to develop
our recently acquired five-acre campus; (4) the risk that we may
not be able to develop the recycling facility on the five-acre
campus within the expected time or at all; (5) even if we are able
to develop the recycling facility, the risk that we may not realize
the expected benefits; (6) the risk that potential licensees may
refuse or be slow to adopt our AquaRefining process as an
alternative in spite of the perceived benefits of AquaRefining; (7)
the risk that we may not realize the expected economic benefits
from any licenses we may enter into; and (8) those risks disclosed
in the section "Risk Factors" are included in our Annual Report on
Form 10-K filed on March 28, 2024. Aqua Metals cautions readers not
to place undue reliance on any forward-looking statements. The
Company does not undertake and specifically disclaims any
obligation to update or revise such statements to reflect new
circumstances or unanticipated events as they occur, except as
required by law.
Contact Information
Investor RelationsBob Meyers & Rob FinkFNK
IR646-878-9204aqms@fnkir.com
MediaDavid ReganAqua
Metals775-446-5398David.Regan@aquametals.com
Source: Aqua Metals
|
AQUA METALS, INC.Condensed Consolidated Balance Sheets -
Unaudited(in thousands, except share and per share amounts) |
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
7,833 |
|
|
$ |
16,522 |
|
Note receivable - LINICO |
|
|
400 |
|
|
|
600 |
|
Accounts receivable |
|
|
— |
|
|
|
67 |
|
Inventory |
|
|
908 |
|
|
|
929 |
|
Prepaid expenses and other current assets |
|
|
174 |
|
|
|
181 |
|
Total current assets |
|
|
9,315 |
|
|
|
18,299 |
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
17,009 |
|
|
|
10,347 |
|
Intellectual property, net |
|
|
191 |
|
|
|
281 |
|
Other assets |
|
|
7,706 |
|
|
|
4,673 |
|
Total non-current assets |
|
|
24,906 |
|
|
|
15,301 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
34,221 |
|
|
$ |
33,600 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,679 |
|
|
$ |
1,836 |
|
Accrued expenses |
|
|
2,908 |
|
|
|
2,467 |
|
Lease liability, current portion |
|
|
288 |
|
|
|
275 |
|
Note payable, current portion |
|
|
2,979 |
|
|
|
35 |
|
Total current liabilities |
|
|
7,854 |
|
|
|
4,613 |
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
Lease liability, non-current portion |
|
|
593 |
|
|
|
— |
|
Note payable, non-current portion |
|
|
— |
|
|
|
2,923 |
|
Total liabilities |
|
|
8,447 |
|
|
|
7,536 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
(see Note 12) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Common stock; $0.001 par value; 300,000,000 shares authorized;
134,257,193 and 133,800,547, shares issued and outstanding as of
June 30, 2024, respectively and 108,308,661 and 107,880,095, shares
issued and outstanding as of December 31, 2023, respectively |
|
|
134 |
|
|
|
108 |
|
Additional paid-in capital |
|
|
260,554 |
|
|
|
249,687 |
|
Accumulated deficit |
|
|
(234,554 |
) |
|
|
(223,215 |
) |
Treasury stock, at cost; common shares: 456,646 and 428,566 as of
June 30, 2024 and December 31, 2023, respectively |
|
|
(360 |
) |
|
|
(516 |
) |
Total stockholders’ equity |
|
|
25,774 |
|
|
|
26,064 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
34,221 |
|
|
$ |
33,600 |
|
|
|
|
|
|
|
|
|
|
|
AQUA METALS, INC.Condensed Consolidated Statements of Operations -
Unaudited(in thousands, except share and per share amounts) |
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cost and
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plant operations |
|
$ |
2,373 |
|
|
$ |
1,481 |
|
|
$ |
4,582 |
|
|
$ |
2,546 |
|
Research and development cost |
|
|
363 |
|
|
|
525 |
|
|
|
951 |
|
|
|
970 |
|
Gain on disposal of property, plant and equipment |
|
|
— |
|
|
|
(3 |
) |
|
|
— |
|
|
|
(23 |
) |
General and administrative expense |
|
|
2,863 |
|
|
|
2,849 |
|
|
|
5,858 |
|
|
|
5,855 |
|
Total operating expense |
|
|
5,599 |
|
|
|
4,852 |
|
|
|
11,391 |
|
|
|
9,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(5,599 |
) |
|
|
(4,852 |
) |
|
|
(11,391 |
) |
|
|
(9,348 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income and
(expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(84 |
) |
|
|
(255 |
) |
|
|
(190 |
) |
|
|
(431 |
) |
Interest and other income |
|
|
99 |
|
|
|
348 |
|
|
|
245 |
|
|
|
414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income (expense), net |
|
|
15 |
|
|
|
93 |
|
|
|
55 |
|
|
|
(17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income tax
expense |
|
|
(5,584 |
) |
|
|
(4,759 |
) |
|
|
(11,336 |
) |
|
|
(9,365 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
3 |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(5,587 |
) |
|
$ |
(4,759 |
) |
|
$ |
(11,339 |
) |
|
$ |
(9,365 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding, basic and diluted |
|
|
123,793,140 |
|
|
|
84,184,884 |
|
|
|
116,923,889 |
|
|
|
82,743,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per
share |
|
$ |
(0.05 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aqua Metals (NASDAQ:AQMS)
過去 株価チャート
から 8 2024 まで 9 2024
Aqua Metals (NASDAQ:AQMS)
過去 株価チャート
から 9 2023 まで 9 2024