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RENO, Nev. - Aqua Metals, Inc. (NASDAQ: AQMS), a company specializing in sustainable lithium battery recycling, today announced a significant change in its executive leadership. Judd Merrill, the firm’s Chief Financial Officer since 2018, is set to depart from his role on May 19, 2025, to assume a CFO position with increased responsibilities at another publicly listed company. To ensure a seamless transition, Merrill will continue to consult for Aqua Metals until August 2025. The leadership change comes at a crucial time for the company, which according to InvestingPro data, has been facing financial challenges with a market capitalization of $9.53 million and a weak overall financial health score.
Eric West, previously serving as Vice President of Finance at Aqua Metals, will take over as Chief Financial Officer starting May 19, 2025. West, who has been part of the company’s leadership during key stages of strategic development, holds a master’s degree in accounting and is a certified public accountant. His prior experience includes a tenure at Grant Thornton, LLP and roles within the mining industry. The transition comes just days before the company’s next earnings report, scheduled for May 8, 2025, which InvestingPro subscribers can analyze using comprehensive financial metrics and expert insights available in the Pro Research Report.
Steve Cotton, President and CEO of Aqua Metals, expressed confidence in both the continuity and the new capacity that West’s appointment brings to the company’s leadership. Cotton highlighted Merrill’s pivotal role in preparing Aqua Metals for its future endeavors and welcomed West’s return, citing his deep understanding of the company’s mission and industry as vital to advancing their commercial and operational objectives.
This leadership transition occurs as Aqua Metals continues to focus on positioning itself at the forefront of the United States’ strategy for recycling critical minerals and batteries, an area of increasing importance for the clean energy sector. The company’s stock has experienced significant volatility, currently trading near its 52-week low of $1.13, down from its high of $10.77, reflecting the challenges ahead for the new CFO.
Aqua Metals, based in Reno, Nevada, is known for its patented AquaRefining™ technology, which promises to revolutionize metals recycling with a non-polluting process that contributes to the circular economy of critical minerals.
The information in this article is based on a press release statement from Aqua Metals.
In other recent news, Aqua Metals reported a net loss of $24.6 million for the fiscal year ending December 31, 2024, with a loss of $3.83 per share. Despite this, the company raised approximately $15 million during the year and secured a $2.2 million tax abatement from Nevada. Aqua Metals is focusing on lithium carbonate production and has successfully completed an endurance run at its lithium refining pilot plant. The company plans to significantly expand its processing capacity by 2025. In analyst updates, Benchmark raised Aqua Metals’ stock target to $3.00, maintaining a Speculative Buy rating. The firm noted the company’s efforts to lower capital equipment costs and accelerate revenue generation as positive steps. Aqua Metals is also exploring project financing and debt-based financing to support its expansion plans. The company aims to complete financing for its Sierra ARC facility within the next two quarters, with a focus on co-location and licensing opportunities.
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