Aqua Metals Inc. (NASDAQ: AQMS) reported a net loss of $22.6 million for 2025, compared to a $24.6 million loss in 2024, according to financial results released Monday.

The battery recycling company raised approximately $17.1 million in new funding during 2025, including $13 million from an institutional investor in October. Cash and cash equivalents totaled $10.8 million as of December 31, 2025, compared to $4.1 million a year earlier.

Aqua Metals eliminated its long-term debt during the year and reduced operating expenses. Plant operations costs decreased to $2.4 million from $7.2 million in 2024, while general and administrative expenses fell to $10.5 million from $12.0 million.

The company signed supply agreements with 6K Energy for battery-grade nickel metal and lithium carbonate, and entered non-binding agreements with Westwin Elements for recycled nickel carbonate supply. Additional partnerships were established with Impossible Metals and MOBY Robotics to evaluate processing polymetallic nodules.

Aqua Metals continues evaluating a potential transaction with Lion Energy that could expand its commercial platform into energy storage markets. The company noted it expects to provide an update on this evaluation in the near term.

The company advanced pilot-scale processing of lithium iron phosphate battery materials and produced lithium carbonate with fluorine content below 30 parts per million. It also received allowance of a U.S. patent covering aspects of its lithium battery recycling technology.

Total assets decreased to $19.7 million as of December 31, 2025, from $26.4 million a year earlier, primarily due to impairment and disposal of property, plant and equipment totaling $9.1 million.