Aqua Metals, Inc. · NASDAQ:AQMS
Aqua Metals — Q4 2025 Earnings Presentation
18 slides from Aqua Metals's earnings presentation, Mar 31, 2026
Slide 1: Leading a Revolution in Clean Metals & Battery Recycling
LEADING A REVOLUTION IN CLEAN METALS & BATTERY RECYCLING NASDAQ: AQMS 2026 Copyright © 2026 Aqua Metals, Inc. All Rights Reserved. Copyright © 2026 Aqua Metals, Inc. All Rights Reserved.
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements that we may not be able to develop the recycling facility on the concerning Aqua Metals, Inc. Forward-looking statements five-acre campus within the expected time or at all; (3) even if include, but are not limited to, our plans, objec
Slide 3: Investor Highlights
INVESTOR HIGHLIGHTS Patented recycling solution that has the potential to deliver the best economics and lowest environmental impact Innovative solution with operational pilot proving technology Massive and growing global addressable market Greenfield opportunity for partnerships and strategic allia
Slide 4: AquaRefining – AQMS' Best in Class Technology
AQUAREFINING – AQMS’ BEST IN CLASS TECHNOLOGY A patented recycling solution that the delivers the best economics and lowest environmental impact in the industry Copyright Copyright © 2026 Aqua © 2026 Metals, Inc. Aqua Metals, All Rights Inc. All Rights Reserved. Reserved.
Slide 5: AquaRefining: A Proven, Patented Technology
AQUAREFINING: A PROVEN, PATENTED TECHNOLOGY WITH OVER 4,000 HOURS OF RUNTIME Sparks, NV Copyright © 2026 Aqua Metals, Inc. All Rights Reserved. 5
Slide 6: AquaRefining: A Proven Technology
AQUAREFINING: A PROVEN TECHNOLOGY Superior Economics and Lowest Environmental Impact Sparks, NV • Does not use hydrogen Resulting in peroxide or sodium hydroxide • Regenerates sulfuric acid • No sodium sulfate produced 98% reduction in GHG’s vs standard hydro while saving roughly $1,100 p/MT Copyrig
Slide 7: AquaRefining Process
AquaRefining process Designed for Global Cost Competitiveness Process design requirements • Competitive with Chinese recycling economics • Minimize reagent consumption and waste generation Cost Metrics ($/MT black mass processed) • Recover all valuable metals China Standard Hydro Aqua Hydroxide 43%
Slide 8: AquaRefining: Diverse Product Suite
AQUAREFINING: DIVERSE PRODUCT SUITE Supporting diverse commercial opportunities Nickel sulfate Sulfate products available when P- CAM industry materializes in North America Metal products have the flexibility to be sold into the alloy Battery-grade NMC Cake w/ low Al, Fe, Zn industry Lithium Carbona
Slide 9: Rising Total Global Addressable Market
RISING TOTAL GLOBAL ADDRESSABLE MARKET Over $18 Billion by 2034 based on available black mass and manufacturing scrap *Fast Markets Report November 2025, assuming March 2026 payables for Li, Ni, Co Copyright © 2026 Aqua Metals, Inc. All Rights Reserved. 9
Slide 10: AquaRefining: A Scalable Solution as Feedstock Increases
AQUAREFINING: A Scalable Solution as Feedstock Increases EXAMPLE Phase 1: 10,000 MT/y Phase 3: 60,000 MT/y • AquaRefining modular technology allows for scaled growth and product optionality • Greenfield opportunity for partnerships and strategic alliances • Adaptable business models (build & operate
Slide 11: Lithium Prices Surging
LITHIUM PRICES SURGING Increased revenue based on lithium value broadens project finance options $20,991 March 30, 2026 $7,396 Low: June 9, 2025 Source: Shanghai metal markets, battery-grade lithium carbonate. Price index SMM-Li-LC-001 Copyright © 2026 Aqua Metals, Inc. All Rights Reserved. 11
Slide 12: Feedstock Strategy & Offtake Pathways
FEEDSTOCK STRAGETY & OFFTAKE PATHWAYS Two complementary strategies under development • Refinery model focused on high-value NMC metals • Aqua LFP hub model capturing emerging LFP manufacturing scrap NMC/LFP Metals Refinery LFP Hub – Dedicated LFP Recycling Strategy • Leverage Aqua Refining technolog
Slide 13: Commercial Engagements
COMMERCIAL ENGAGEMENTS Agreements Executed These agreements plus other agreements we are pursuing position Aqua Metals to secure feedstock, and offtake partners & funding. Company Description • Conditional supply agreement tied to both companies funding 6K and constructing commercial facilities • MO
Slide 14: Aqua Metals Potential Lion Energy Acquisition
AQUA METALS POTENTIAL LION ENERGY ACQUISITION: America’s Fully Integrated Battery Technology Company + Battery Manufacturing scrape from ABF Copyright © 2026 Aqua Metals, Inc. All Rights Reserved.
Slide 15: Rationale: Strategic Synergies & Accelerated Value Creation
RATIONALE: Strategic Synergies & Accelerated Value Creation IMMEDIATE REVENUE SCALE DIVERSIFIED REVENUE SOFTWARE $ OPPORTUNITY INTEGRATED PARTNERS ~$50M Revenue in 2025 Four Revenue Sources LionESS Platform American Battery Factory • Advancing operating scale and • Portable power, Residential ESS, •
Slide 16: Lion Energy
LION ENERGY Proprietary Energy Management Platform & Energy Storage Products COMPANY OVERVIEW • Founded in Utah with 13+ years operating history • Integrated Solution - Software-enabled energy storage platform • Products across portable, residential, and commercial energy storage • U.S.-based suppor
Slide 17: Management
MANAGEMENT Steve Cotton Eric West Ben Taecker CHIEF EXECUTIVE CHIEF FINANCIAL CHIEF ENGINEERING OFFICER, PRESIDENT OFFICER AND OPERATING OFFICER Rejoined Aqua Metals in, 2018; Previously Eric West was appointed Chief Financial 20+ years of experience in manufacturing and served as Chief Commercial O
Slide 18: NASDAQ: AQMS
NASDAQ: AQMS WWW.AQUAMETALS.COM Copyright © 2026 Aqua Metals, Inc. All Rights Reserved. 18