Aqua Metals
AQMS on Nasdaq. Market value $7m.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
What to watch out for
Read the warning sign in its own filings
This is not advice.
Who owns it
None of the long-term investors we follow own it. 29 funds in all.
Largest holders overall
- Stifel Financial$296,636Added
- Hamilton Capital Partners$179,770New
- Geode Capital Management$99,447Cut
- Price T Rowe Associates$85,000Added
- Vanguard Capital Management$84,431
- Vanguard Fiduciary Trust$45,046
- BlackRock$14,014
- UBS Group AG$5,026Added
- Arax Advisory Partners$3,743Cut
- Wells Fargo & Company$1,445
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Alex CushnerPassive investor11.7%Since 31 December 2024
- BAIRD ROBERT W & CO INC /WI/Passive investorSold down below 5%Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
Alex Cushner Passive investor | 11.7% | 31 December 2024 | |
BAIRD ROBERT W & CO INC /WI/ Passive investor | Sold down below 5% | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Aqua Metals’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 30 Jul 2026 and 4 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“Management believes that there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued.”
Show the full paragraph
Management believes that there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. Given the Company’s continuing losses and expected cash requirements, additional capital will be necessary to fund ongoing operations. While the Company intends to pursue such funding opportunities, including through the ATM program, ELOC, and other potential financing arrangements, there can be no assurance that these efforts will be successful.
From the 10-Q filed 30 July 2026, Part I, Item 1. Financial Statements. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.