Q2 2024 Aqua Metals Inc Earnings Call Transcript
Key Points
- Aqua Metals Inc (AQMS) can still produce positive margins without debt service, showcasing the favorable economics of their AquaRefining process.
- The company has downsized staff to align cash burn with a longer cash runway, extending it by another year.
- Commercial partner development remains strong, with ongoing operations at their pilot plant and partnerships with major industry OEMs.
- Aqua Metals Inc (AQMS) is exploring alternative financing models, such as project finance and strategic investors, to complete the Sierra ARC commercial plant.
- The company has a solid relationship with its lender, maintaining a foundation for future collaboration under better macroeconomic conditions.
- Critical battery minerals prices have plunged, impacting the company's financial calculations and market conditions.
- Interest rates remain high, adding pressure to the company's financial situation and debt service capabilities.
- The company has experienced a significant increase in plant operation costs, with a 60% rise for the quarter and 80% year-to-date.
- Aqua Metals Inc (AQMS) reported a net loss of $5.6 million for the quarter, an increase from the previous year's loss.
- The completion of the Sierra ARC commercial plant is delayed due to unfavorable macroeconomic circumstances, affecting the company's operational timeline.
Thank you, operator, and thank you, everybody, for joining. Earlier today, Aqua Metals issued a press release providing an operational update and discussing financial results for the second quarter ended June 30, 2024. This release is available in the Investor Relations section on the company's website at aquametals.com.
Hosting the call today are Steve Cotton, President and Chief Executive Officer; and Judd Merrill, Chief Financial Officer.
Before we begin, I would like to remind participants that during the call, management will be making forward-looking statements. Please refer to the company's report on Form 10-K filed March 28 for a summary of the forward-looking statements and the risks, uncertainties and other factors that could cause actual results to differ materially from those forward-looking statements. Aqua Metals cautions investors not to place undue reliance on any forward-looking statements.
The company does not undertake and specifically disclaims any obligation to update or revise such statements to reflect new
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