2023 Full-Year Financial Results
In 2023, Aqua Metals continued to focus on its ability to recycle metals found in lithium-ion batteries. The Company was in limited pilot-scale production during 2023 and provided sample production-representative metals produced to multiple announced and unannounced counterparties and as a result, generated no significant revenue.

Expenses related to plant operations increased by 59% during 2023 to approximately $6.3 million compared to approximately $4.0 million in 2022. Research and development decreased approximately 4% during 2023 compared to 2022. General and administrative expenses increased approximately 19% for 2023, compared to 2022.

The net loss for 2023 was $23.9 million, or $(0.25) per basic and diluted share, compared to a net loss of $15.4 million, or $(0.20) per basic and diluted share, for 2022. The net loss for the year ended December 31, 2023 included $4.9 million of non-cash items including write-offs of $1.4 million related to our investment in LINICO and $3.5 million related to the ACME Construction In Process as a result of the suspension of the development of recycling operations at the ACME Metals Taiwanese facility. Excluding the impact of the impairment charges, the Company's adjusted net loss(1) was $19.1 million or ($0.20) per basic and diluted share. Weighted average shares outstanding for the year were 91.9 million.

As of December 31, 2023, the Company had $16.5 million in cash and cash equivalents. Total cash used in operations for 2023 was $3.2 million.

(1) This is a non-GAAP measure; refer to the non-GAAP adjusted net loss section of this Press Release for additional detail.