Organization and Operations |
12 Months Ended | ||||||
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Dec. 31, 2018 | |||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||
| Organization and Operations |
Aqua Metals, Inc. (the “Company”) was incorporated in Delaware and commenced operations on June 20, 2014 (inception). On January 27, 2015, the Company formed two wholly-owned subsidiaries, Aqua Metals Reno, Inc. (“AMR”) and Aqua Metals Operations, Inc. (collectively, the “Subsidiaries”), both incorporated in Delaware. The Company is engaged in the business of lead recycling through its patented and patent-pending AquaRefiningTM technology. Unlike smelting, AquaRefining is a room temperature, water-based process that emits less pollution than smelting, the traditional method of lead recycling. The Company has built its first recycling facility in Nevada’s Tahoe Regional Industrial Complex (“TRIC”) in McCarran, Nevada and intends to pursue the development of additional lead acid battery recycling facilities based on the Company’s AquaRefining technology, likely through licensing or joint development arrangements. The Company commenced the shipment of products for sale, consisting of lead compounds and plastics, in April 2017, and through March 31, 2018, substantially all revenue was derived from the sale of lead compounds and plastics. In April 2018, the Company began shipping cast lead bullion (mixture of lead purchased to prime the kettles and AquaRefined lead from our AquaRefining process) blocks in addition to lead compounds and plastics and in June 2018, the Company began shipping high purity lead from its AquaRefining process.
Liquidity and Management Plans
The Company completed the development of its first LAB recycling facility at the Tahoe Reno Industrial Center (“TRIC”) and commenced production during the first quarter of 2017. The TRIC facility produces recycled lead, consisting of lead compounds, ingoted hard lead and ingoted AquaRefined lead as well as plastic.
The Company generated revenues of $4.4 million and $2.1 million during 2018 and 2017, had no revenue in 2016, and had net losses of $40.3 million, $26.6 million and $13.6 million for the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018, the Company’s cash balance was $20.9 million. The Company believes that its working capital as of the date of this report is sufficient to fund the commissioning and commencement of commercial operations of 16 AquaRefining modules and its commercial operations at TRIC through, at least, April 2020, assuming the successful commercial rollouts of the 16 AquaRefining modules.
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