Aqua Metals, Inc. reported a net loss of $22.646 million for the fiscal year ended December 31, 2025, following a $24.555 million net loss in 2024. The company had cash and cash equivalents of $10.810 million and working capital of $8.977 million as of December 31, 2025. Management believes there is substantial doubt about the company's ability to continue as a going concern within one year due to continuing losses and expected cash requirements. The company is focused on developing and commercializing its proprietary AquaRefining process for lithium-ion battery recycling, having demonstrated bench-scale and pilot-scale recovery of critical minerals. In 2025, Aqua Metals refined its commercialization strategy to prioritize lithium carbonate and mixed hydroxide precipitate (MHP) to reduce capital requirements and accelerate deployment. The company sold previously acquired real estate intended for a recycling campus in 2025, resulting in a non-cash impairment and loss on disposal of $9.114 million. On February 6, 2026, Aqua Metals entered into a non-binding term sheet to acquire Lion Energy, LLC for up to $94.9 million in cash, common stock, and contingent earn-out consideration, aiming to expand into energy storage systems. The company raised significant capital in 2025, including $5.931 million from an At-the-Market (ATM) offering, $903,000 from an equity-line-of-credit (ELOC), and $11.939 million from an October 2025 registered direct offering and warrant placement. A lawsuit against Johnson Controls Fire Protections, LP, related to a 2019 fire, was dismissed, and the defendant is seeking approximately $3.5 million in litigation-related costs and legal fees, which Aqua Metals intends to vigorously defend. The company effected a one-for-20 reverse stock split on November 5, 2024, and a one-for-10 reverse stock split on August 4, 2025. As of December 31, 2025, the company employed 11 full-time people and had no outstanding indebtedness. NEOs voluntarily forfeited and canceled all outstanding Performance Stock Units (PSUs) on January 7, 2026.