The following is a summary of the Aqua Metals, Inc. (AQMS) Q4 2023 Earnings Call Transcript:
Financial Performance:
Aqua Metals ended the year with a total cash holding of approximately $16.5 million.
The pilot plant's operational cost for the year was around $6.3 million.
The company recorded modest service fee revenues from the completion of the Non-Recurring Engineering Agreement with 6K Energy.
The year saw a net loss of approximately $23.9 million, with a non-GAAP net loss of $19.1 million.
Cash used in operating activities throughout the year amounted to $3.2 million.
Business Progress:
The company's pilot plant has operated continuously, yielding over a year's worth of operational data and productive output.
The development of the Sierra ARC is progressing as planned and is within budget.
Anticipations are set for the Sierra ARC's Phase 1 to annually generate about $30 million at current metal prices, having secured a black mass input feedstock supply.
A significant off-take agreement with 6K Energy was finalized, laying the path for the 2024 delivery of sustainably recycled critical minerals.
Diversified growth funding through a phased approach has been actively implemented to tackle risks.
Partnership expansion and strategic investment continue to be a priority, bolstered by the company's relations with Dragonfly Energy and others, including 6K Energy.
Plans for accelerating lead recycling and phased growth strategies have spurred funding considerations, including the submission of a USDA loan application.
A partnership with 6K is aimed at sustainable circular supply chains, with recycled lithium carbonate expected in 2024.
The Sierra-ARC project is on schedule and within the budget parameters, with expectations of introducing black mass quantities by late 2024.
Negotiations with Yulho Materials, a South Korean firm, are in progress, and more commercial partnerships are being scoped.
More details: Aqua Metals IR
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