Aqua Metals has accumulated over 5,000 cumulative operating hours on its Aqua Refining platform, a key milestone in validating its pathway to battery material recycling commercialization. This operational depth underscores technical reliability and supports scale-up efforts for future facilities.

The company successfully produced industry-grade battery-grade lithium carbonate from multiple recycled feedstocks and achieved approximately 99.8% purity in manganese sulfate. Strategic partnerships with 6K Energy and American Battery Factory aim to integrate these critical minerals into the broader energy storage supply chain.

In the first quarter of 2026, Aqua Metals narrowed its net loss to $4.0 million from $8.3 million in Q1 2025, aided by the absence of non-cash impairment charges. Cash used in operating activities totaled about $3.8 million, and a $437,000 provision was recorded for credit losses tied to Lion Energy exposure.

Aqua Metals elected not to proceed with the previously announced Lion Energy acquisition, citing capital discipline and financial alignment concerns, with total exposure of $4.1 million. The company is evaluating more capital-efficient alternatives while continuing site selection for its inaugural commercial lithium battery recycling plant.