What is the 13F Pro Quality Score for AQMS?

13F Pro ranks Aqua Metals, Inc. (AQMS) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View AQMS's current score at https://13fpro.ai/research/AQMS (free sign-up required for the full ranking).

Where does 13F Pro source AQMS data?

All Aqua Metals, Inc. fundamentals and ownership data come directly from SEC EDGAR. Aqua Metals, Inc. files with the SEC under CIK 1621832. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is AQMS in?

Aqua Metals, Inc. (AQMS) is classified in the Materials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/materials.

How often is AQMS research updated on 13F Pro?

AQMS's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Aqua Metals, Inc.(AQMS)Stock Analysis

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13F Pro Quality Score

Not in ranked universe

Below size threshold

Quality rankings require at least $50M annual revenue or $250M total assets to filter out micro-caps and shell companies. This company reported $4.9M in revenue.

Financial data, filings, and institutional holdings below are still tracked in full — only the proprietary quality composite is unavailable for this name.

AQMS Stock Analysis & AI Quality Score

AI stock analysis and institutional research for Aqua Metals, Inc. (AQMS), a Materials sector company. AQMS is not currently included in 13F Pro's AI-ranked quality universe — quality rankings require at least $50m annual revenue or $250m total assets to filter out micro-caps and shell companies. this company reported $4.9m in revenue. Based on the latest XBRL financial filings (Q1 2026), Aqua Metals, Inc. reports net income of $-4.0M, free cash flow of $-3.8M. Top institutional holders of AQMS by reported 13-F value include STIFEL FINANCIAL, GEODE CAPITAL MANAGEMENT,, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. AQMS trades on the Nasdaq exchange and files with the SEC under CIK 1621832. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate AQMS daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Aqua Metals, Inc. directly from SEC EDGAR.

Net Income

Q1 2026

$-4.0M

Free Cash Flow

Q1 2026

$-3.8M

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

—FY 2025

FY21 $173.0KFY22 $4.0KFY24 $0.00FY25 —

Net Income

+7.8% YoY

$-22.6MFY 2025

FY21 $-18.2MFY22 $-15.4MFY24 $-24.6MFY25 $-22.6M

Operating Income

+2.2% YoY

$-23.3MFY 2025

FY21 $-17.5MFY22 $-15.6MFY24 $-23.8MFY25 $-23.3M

Total Assets

-25.3% YoY

$19.7MFY 2025

FY21 $33.3MFY22 $33.5MFY24 $26.4MFY25 $19.7M

Total Debt

—FY 2025

FY21 —FY22 —FY24 —FY25 —

Op. Cash Flow

+24.8% YoY

$-10.3MFY 2025

FY21 $-7.1MFY22 $-10.1MFY24 $-13.6MFY25 $-10.3M

Metric	FY 2025	FY 2024	FY 2022	FY 2021	FY 2019	FY 2017
Revenue	—	$0.00 -100.0%	$4.0K -97.7%	$173.0K -96.5%	$4.9M +132.1%	$2.1M
Net Income	$-22.6M +7.8%	$-24.6M -59.1%	$-15.4M +15.2%	$-18.2M +59.4%	$-44.8M -68.5%	$-26.6M
Operating Income	$-23.3M +2.2%	$-23.8M -53.2%	$-15.6M +10.9%	$-17.5M +57.2%	$-40.8M -64.1%	$-24.9M
Total Assets	$19.7M -25.3%	$26.4M -21.3%	$33.5M +0.7%	$33.3M -52.1%	$69.5M -6.7%	$74.4M
Total Debt	—	—	—	—	$9.3M	—
Operating Cash Flow	$-10.3M +24.8%	$-13.6M -34.3%	$-10.1M -43.7%	$-7.1M +72.0%	$-25.2M -32.5%	$-19.0M

AI Insight: AQMS Financial Trends

Aqua Metals remains unprofitable with zero revenue, though operating losses narrowed in Q3 2025 before stabilizing in Q1 2026.

• Operating income loss narrowed from $9M in Q1 2025 to $3M in Q3 2025, then stabilized at $4M in Q1 2026.

• Operating cash burn reduced from $4M in Q2 2024 and Q3 2024 to $2M in Q3 2025, hovering near $3M–$4M recently.

• Revenue remains at or near $0M across all periods; company has not demonstrated commercial-scale production.

⚠ Equity declined 48% from $25M (Q2 2024) to $13M (Q1 2026); continued losses will erode balance sheet further.

⚠ No debt reported; reliance on equity financing limits runway as losses accumulate without revenue generation.

AI Insight: AQMS Ratio Trends

Aqua Metals remains deeply unprofitable with ROE deteriorating to -120.5% in Q1 2026, showing no path to profitability.

• ROE worsened from -97.6% in Q2 2024 to -120.5% in Q1 2026, a 23pp deterioration over nine quarters.

• ROA declined from -73.1% in Q2 2024 to -92.4% in Q1 2026, signaling accelerating asset base erosion.

⚠ Consistent negative returns across all profitability metrics with no recovery visible; Q1 2026 shows continued deterioration.

⚠ Data gaps (missing OpMargin, NPM, ROIC) limit full operational assessment; underlying losses appear severe and pervasive.

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Available Research

13F Pro tracks comprehensive data for Aqua Metals, Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of AQMS

STIFEL FINANCIAL CORP
$350.2K81,816 sh
GEODE CAPITAL MANAGEMENT, LLC
$176.3K41,193 sh
VANGUARD CAPITAL MANAGEMENT LLC
$125.0K29,215 sh
VANGUARD FIDUCIARY TRUST CO
$66.7K15,587 sh
XTX Topco Ltd
$53.3K12,450 sh
BlackRock, Inc.
$20.8K4,849 sh
MAI Capital Management
$6.9K1,602 sh
SRS Capital Advisors, Inc.
$5.7K1,340 sh
WELLS FARGO & COMPANY/MN
$2.1K500 sh
UBS Group AG
$2.1K491 sh

Fund	Value	Shares
STIFEL FINANCIAL CORP	$350.2K	81,816
GEODE CAPITAL MANAGEMENT, LLC	$176.3K	41,193
VANGUARD CAPITAL MANAGEMENT LLC	$125.0K	29,215
VANGUARD FIDUCIARY TRUST CO	$66.7K	15,587
XTX Topco Ltd	$53.3K	12,450
BlackRock, Inc.	$20.8K	4,849
MAI Capital Management	$6.9K	1,602
SRS Capital Advisors, Inc.	$5.7K	1,340
WELLS FARGO & COMPANY/MN	$2.1K	500
UBS Group AG	$2.1K	491

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Is AQMS a good stock to buy?

13F Pro's AI-powered analysis of Aqua Metals, Inc. (AQMS) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Materials sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for AQMS are available on the AQMS stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own AQMS?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling AQMS. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Aqua Metals, Inc.'s investment landscape.