Aqua Metals Inc 2026年季度报告

FORM 10-Q☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto. Commission file number: 001-37515 Not Applicable(Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmitsuch files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company oran emerging growth company (as defined in Rule 12b-2 of the Act): Large accelerated filer☐Non-accelerated filer☒ Accelerate Smaller reporting co Emerging Growth Co If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ PART I - FINANCIAL INFORMATION Item 1.Financial Statements1Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025- Unaudited1Condensed Consolidated Statements of Operationsfor the Three and SixMonths Ended June 30, 2026 and 2025-Unaudited2Condensed Consolidated Statements of Stockholders' Equityfor the Three and Six Months Ended June 30, 2026 and 2025-Unaudited3Condensed Consolidated Statements of Cash Flowsfor the Six Months Ended June 30, 2026 and 2025- Unaudited4Notes to Condensed Consolidated Financial Statements- Unaudited5Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations14Item 3.Quantitative and Qualitative Disclosures about Market Risk17Item 4.Controls and Procedures17PART II - OTHER INFORMATIONItem1A.Risk Factors18Item 5Other Information18Item 6.Exhibits19 PART I - FINANCIAL INFORMATION AQUA METALS, INC.Condensed Consolidated Balance Sheets- Unaudited(in thousands, except share and per share amounts) AQUA METALS, INC.Condensed Consolidated Statements of Operations- Unaudited(in thousands, except share and per share amounts) AQUA METALS, INC.Condensed Consolidated Statements of Cash Flows- Unaudited(in thousands) AQUA METALS, INC.Notes to Condensed Consolidated Financial Statements(Unaudited) 1.Organization Aqua Metals (collectively with its subsidiaries, the “Company”)is engaged in the business of applying its commercialized clean, water-basedrecycling technology principles to develop the clean and cost-efficient recycling solutions forlithium-ion (“Li”) batteries. Our recycling processis ahydro- and electrometallurgical technology that isaninnovative, proprietary and patented process we developed and named AquaRefining.AquaRefining is a low-emissions, closed-loop recycling technology that replaces polluting furnaces and hazardous chemicals with electricity-powered chemical regeneration and electroplating to recover valuable metals and materials from spent batteries with higher purity, loweremissions, and with minimal waste.The modular “Aqualyzers”cleanly generateultra-pure metaloneatom at a time, closing the sustainabilityloop for the rapidly growing energy storage economy. We are in the process of demonstrating that Li AquaRefining, which is fundamentally non-polluting, can create the highest quality and highestyields of recovered minerals from lithium-ion batteries with lower waste streams and lower costs than existing alternatives. Our focus for the lead market is providing equipment and licensing of our lead acid battery recycling technologies in an enabler model whichallows us to work with anyone in the industry globally and address the entire marketplace. Our focus for the lithium market includesoperatingour first-of-a-kind lithium battery recycling facility, utilizing electricity to recycle instead of intensive chemical processes, fossil fuels,or high-temperature furnaces and licensing. Reverse Stock Splits EffectiveAugust4, 2025, the Company effected a one-for-10 reverse stock split of its issued and outstanding common shares. All share and shareprice information set forth in this report has been adjusted retrospectively to reflect thesereverse stock splits. Liquidity and Going Concern Assessment For the six months ended J