Aqua Metals (AQMS) Operating Expenses (2015 - 2025)

Aqua Metals (AQMS) has 11 years of Operating Expenses data on file, last reported at $4.6 million in Q4 2025.

• Operating Expenses for Q4 2025 came in at $4.6 million, down 31.89% year-over-year; the trailing twelve-month figure through Dec 2025 was $23.3 million (down 2.17% YoY), and the FY2025 annual result was $23.3 million, down 2.16% from the prior year.
• Operating Expenses rose to $4.6 million in Q4 2025 per AQMS's latest filing, from $3.1 million in the prior quarter.
• Over five years, Operating Expenses peaked at $10.2 million in Q4 2023 and troughed at $3.1 million in Q3 2025.
• A 5-year average of $5.2 million and a median of $4.6 million in 2021 frame the typical range for Operating Expenses.
• The sharpest annual moves came in 2023 and 2025: Operating Expenses jumped 201.87% in 2023, then slumped 41.18% in 2025.
• A 5-year view of Operating Expenses shows it stood at $4.4 million in 2021, then retreated by 23.0% to $3.4 million in 2022, then jumped by 201.87% to $10.2 million in 2023, then sank by 34.28% to $6.7 million in 2024, then slumped by 31.89% to $4.6 million in 2025.
• Business Quant data shows AQMS's Operating Expenses at $4.6 million in Q4 2025, $3.1 million in Q3 2025, and $7.0 million in Q2 2025.