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RENO - Aqua Metals, Inc. (NASDAQ:AQMS), a micro-cap company with a market value of $4.1 million, announced Wednesday it has produced lithium carbonate with fluorine content below 30 parts per million, which the company describes as a potential best-in-class achievement in the global recycling sector.
The sustainable metals recycling company said the low-fluorine lithium carbonate meets the specifications required by cathode active material producers. Approximately 100 kilograms of this material have been produced and are being sampled by potential partners.
In its second quarter financial results, Aqua Metals reported it has eliminated all long-term debt and increased cash and cash equivalents from $1.6 million at the start of the quarter to over $1.9 million by quarter-end. The company generated $4.3 million from the sale of its Sierra ARC facility and an additional $200,000 from non-core equipment sales. According to InvestingPro data, the company’s financial health score remains weak, with a concerning current ratio of 0.31, indicating potential liquidity challenges. InvestingPro analysis shows the stock is trading below book value with a P/B ratio of 0.43.
The company also reported producing over one metric ton of nickel-manganese-cobalt mixed hydroxide cake for qualification sampling with potential partners and began testing an innovative sodium sulfate regeneration process.
"Our business model is built on collaboration—with suppliers, recyclers, technology innovators, and CAM producers—to help establish a fully domestic, commercially viable recycling and critical minerals ecosystem in the United States," said Steve Cotton, President and CEO of Aqua Metals. Despite operational progress, InvestingPro analysis reveals the company faces significant challenges with negative EBITDA of -$17.16 million. Investors can access detailed financial analysis and 15 additional ProTips through InvestingPro’s comprehensive research report.
An internal study showed that the company’s AquaRefining process in the U.S. is cost competitive with Chinese hydrometallurgical recycling and operates at approximately half the cost of traditional U.S. hydrometallurgical methods, according to the press release.
The company has started design of a scalable facility capable of processing 10,000 to 60,000 metric tons per year of black mass and received allowance for a foundational U.S. patent protecting its lithium-ion battery recycling process. While the stock appears undervalued according to InvestingPro Fair Value calculations, investors should note the company’s next earnings report is scheduled for August 13, 2025.
In other recent news, Aqua Metals, Inc. announced a 1-for-10 reverse stock split effective August 4, 2025, to comply with Nasdaq listing requirements. This move comes as the company received a delisting notice from Nasdaq due to its stock trading below the $1.00 per share minimum bid price for 30 consecutive days. The company is not eligible for an additional compliance period and must appeal to the Nasdaq Hearing Panel by July 9 to avoid delisting. In a positive development, Aqua Metals secured a patent for its lithium battery recycling technology, AquaRefining™, which enhances its intellectual property portfolio. This technology is noted for its environmentally friendly process, reducing waste and CO₂ emissions while offering cost savings. Additionally, Comstock Inc. appointed Judd B. Merrill, former CFO of Aqua Metals, as its new CFO and President of Comstock Mining LLC. Merrill brings significant experience from the mining sector, having previously worked with companies like Klondex Mines Ltd. and Newmont Mining Corporation.
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