The following is a summary of the Aqua Metals, Inc. (AQMS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Aqua Metals reported total assets of $31.4 million and ended Q1 of 2024 with total cash of $8.3 million.
The firm reported an operating loss of $5.8 million for Q1 2024, an increase compared to the $4.5 million loss for the same period in 2023.
Aqua Metals spent $2.7 million on plant and equipment, and paid $3 million on equipment deposits in the first quarter of 2024.
The company's net loss was approximately $5.8 million, or a negative $0.05 per basic and diluted share.
Business Progress:
A major milestone was achieved with a $33 million long-term loan for Sierra ARC's Phase 1 completion, a unit for recycling lithium-ion batteries.
Aqua Metals signed a strategic offtake agreement with 6K Energy, forming a supply chain for manufacturing new low-cost, recycled batteries.
Company's development of Sierra ARC remains on-time and under budget.
The organization grew significantly, demonstrated by awards won for workplace excellence and environmental stewardship.
The company also looks forward to scaling and commissioning of Phase 1 of the Sierra ARC, collaborating with Yulho Materials, and providing updates on future growth capital.
It anticipates generating approximately $34 million in revenue from its first 3,000-ton plant by the end of 2024, leading to a positive cash flow at the plant level.
The company is collaborating with various partners for grants and initiatives to close the domestic battery supply chain, produce lithium carbonate, and apply AquaRefining technologies to environmental waste processing.
More details: Aqua Metals IR
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