Aqua Metals, Inc. · NASDAQ:AQMS
Aqua Metals — Q4 2024 Earnings Presentation
25 slides from Aqua Metals's earnings presentation, Mar 31, 2025
Slide 1: Leading a Revolution in Clean Metals & Battery Recycling
LEADING A REVOLUTION IN CLEAN METALS & BATTERY RECYCLING NASDAQ: AQMS March 2025 Copyright © 2025 Aqua Metals, Inc. All Rights Reserved. Copyright © 2025 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 SURGING DEMAND Innovative solution with operational pilot proving technology, and plans for commercial-scale campus EVs, mobile devices, solar storage, everything uses
Slide 4: A Pioneer in Sustainable Lithium Battery Recycling
A PIONEER IN SUSTAINABLE LITHIUM BATTERY RECYCLING ESSENTIAL FOR CLEAN ENERGY: Pioneering the first sustainable lithium battery recycling technology, vital for the energy transition and clean energy economy. RAPID MARKET GROWTH: Company is positioned to capitalize on the booming domestic battery man
Slide 5: Rapid Expansion of North American Battery Industry
RAPID EXPANSION OF NORTH AMERICAN BATTERY INDUSTRY BY 2030… US alone is projected to have nearly 1.2 terawatt hour of lithium battery cell manufacturing. • Enough for 16M electric vehicles each year • $92B total investment and counting • 80+ processing & manufacturing facilities Supply chain for lit
Slide 6: End-of-Life + Manufacturing Scrap Growing Rapidly
END-OF-LIFE + MANUFACTURING SCRAP GROWING RAPIDLY 1 Million Nearly one million tons of 1 cumulative scrap will be available from our supply chains 2025-2030. T O N S 0.8 Total cathode material supply per scrap 48% origin, 2025-2036 in millions tons 0.6 O F 0.4 Million M I L L I O N S 0.4 20% LITHIUM
Slide 7: The Next Generation Recycling Process
THE NEXT GENERATION RECYCLING PROCESS REPLACES FURNACES AND RECOVERS THE HIGH- HEAVY CHEMICAL USE VALUE METALS lost in with 100% electricity-powered smelting (like lithium and and closed-loop recycling, manganese), and produces creating fundamentally non- high purity products polluting, cost-efficie
Slide 8: Legacy Recycling Processes Not Sustainable
LEGACY RECYCLING PROCESSES NOT SUSTAINABLE Furnaces and trainloads of chemicals are not clean solutions PYROMETALLURGY Massive crystallizer Energy intensive, fossil-fuel powered for Na2SO4 waste • Furnaces incinerate & oxidize valuable materials (even electric) • Creates slag and alloys needing furt
Slide 9: Current LIB Recycling Technology Comparison
CURRENT LIB RECYCLING TECHNOLOGY COMPARISON PYRO Smelting approach is currently a multistep pyro. Emissions will be unsustainable long term as recycling volume increases. Cathode Precursors Co X Ni Cu X • Significant carbon pollution, toxic emissions Batteries Furnace Furnace Furnace • Produces meta
Slide 10: AquaRefining: Closed Loop Process with Renewable Electricity
AQUAREFINING: DRIVING CLOSED LOOP PROCESS WITH RENEWABLE ELECTRICITY vs ONE-TIME USE CHEMICALS Li AquaRefining recovers 99% less CO2 than pyro 95% less chemicals than 95%+ recovery rate of or mining and no polluting hydro, regenerative process all valuable materials critical materials using electric
Slide 11: Game Changing Environmental & Economic Performance
GAME CHANGING ENVIRONMENTAL & ECONOMIC PERFORMANCE Electrifying lithium battery recycling to reduce emissions and waste Aqua Metals’ Li AquaRefining Much lower emissions per tonne AquaRefining also produces technology uses dramatically less recycled than pyro- and substantially less waste than energ
Slide 12: AquaRefining Pilot (75-100tpa)
AQUAREFINING PILOT (75-100tpa) Sparks, NV 12 Copyright © 2025 Aqua Metals, Inc. All Rights Reserved. 12
Slide 13: Planned Sierra ARC Commercial Scale Facility (10,000tpa)
PLANNED SIERRA ARC COMMERCIAL SCALE FACILITY (10,000tpa) Tahoe-Reno Industrial Center Copyright © 2025 Aqua Metals, Inc. All Rights Reserved. 13
Slide 14: Sustainable LIB Recycling Pioneers
SUSTAINABLE LIB RECYCLING PIONEERS Electrifying the next generation of lithium battery recycling AquaRefining: a regenerative form of electro-hydrometallurgy An innovative application of electroplating – recover critical metals by plating them in electrochemical cells No furnaces, vastly reduced one
Slide 15: Sustainable LIB Recycling Pioneers
SUSTAINABLE LIB RECYCLING PIONEERS Electrifying the next generation of lithium battery recycling Recovers pure metals (Co, Cu, Ni) instead of battery metal salts, achieving LME purity • Ability to deliver to various CAM/battery manufacturers, not spec’d to one customer • De-risks revenue model as co
Slide 16: Pilot Recycling Operations Lifecycle Analysis
PILOT RECYCLING OPERATIONS LIFECYCLE ANALYSIS Independent technical report conducted by global engineering firm ICF International including lifecycle analysis (LCA) of Aqua Metals’ AquaRefining pilot TECHNICAL REPORT CONCLUSIONS: • AquaRefining has industry leading ~95% reduction Li AquaRefining Lif
Slide 17: Commercial-Scale Timeline
COMMERCIAL-SCALE TIMELINE 2024 2025 H1 2026 2026 2027 2028 24x5 Pilot Commissioning Ramping Operations Groundbreaking Ramp Phase Two Fully Scaled Operations of Phase One at to Consistent for Sierra ARC Operations to Commercial Sierra ARC* Revenue from Phase Two Consistent Revenue Operation (3,000tpa
Slide 18: Management
MANAGEMENT Steve Cotton Judd Merrill Ben Taecker CHIEF EXECUTIVE CHIEF FINANCIAL CHIEF ENGINEERING OFFICER, PRESIDENT OFFICER AND OPERATING OFFICER Rejoined Aqua Metals in, 2018; Previously Joined Aqua Metals in 2018 from Klondex 20+ years of experience in manufacturing and served as Chief Commercia
Slide 19: Investor Highlights
INVESTOR HIGHLIGHTS Patented recycling solution that has the potential to deliver the best economics and lowest environmental impact SURGING DEMAND Innovative solution with operational pilot proving technology, and plans for commercial-scale campus EVs, mobile devices, solar storage, everything uses
Slide 20: NASDAQ: AQMS
NASDAQ: AQMS WWW.AQUAMETALS.COM Copyright © 2025 Aqua Metals, Inc. All Rights Reserved. 20
Slide 21: Appendix
APPENDIX Copyright © 2025 Aqua Metals, Inc. All Rights Reserved. 21
Slide 22: Financial Overview
FINANCIAL OVERVIEW Copyright © 2025 Aqua Metals, Inc. All Rights Reserved.
Slide 23: Consolidated Balance Sheets
Consolidated Balance Sheets Copyright © 2025 Aqua Metals, Inc. All Rights Reserved. 23
Slide 24: Consolidated Statement of Operations
Consolidated Statement of Operations Copyright © 2025 Aqua Metals, Inc. All Rights Reserved. 24
Slide 25: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Copyright © 2025 Aqua Metals, Inc. All Rights Reserved. 25