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Aqua Metals (NASDAQ:AQMS) released its fourth quarter and full year results for 2015, and provided several anticipated milestones to look forward to in 2016. The company expects to complete its first AquaRefinery in Q2 2016, and to increase production to 80 MT of lead per day by the end of the year.
Aqua Metals (NASDAQ:AQMS) released its fourth quarter and full year results for 2015, and provided several anticipated milestones to look forward to in 2016. The company expects to complete its first AquaRefinery in Q2 2016, and to increase production to 80 MT of lead per day by the end of the year.
As quoted in the press release:
The Company incurred an operating loss of $2.4 million during the fourth quarter of 2015 and an operating loss of $5.5 million for the year ended December 31, 2015.
Net loss for the fourth quarter and full year ended December 31, 2015 was $2.4 million and $12.3 million, respectively. An increase in fair value of derivative liabilities accounted for $5.8 million of the net loss for the full year ended December 31, 2015.
The Company had $31.9 million in cash and cash equivalents as of December 31, 2015, compared to $4.5 million as of December 31, 2014.
Anticipated milestones for 2016 included:
- Ramp up production of AquaRefining modules in Alameda, California to production capacity
- Complete construction of the initial AquaRefinery in McCarran, Nevada and ramp production throughout the second half of 2016
- Expand production at the McCarran AquaRefinery to a daily operating capacity of 80 metric tons of lead output per day by the end of 2016
- Announce the AquaRefining operations executive team charged with operating ensuring the McCarran AquaRefinery runs as efficiently as possible
- Finalize key commercial relationships with supply and offtake partners
Aqua Metals CEO, Dr. Stephen Clarke, said:
The progress we’ve made in 2015 has established the necessary groundwork for us to soon introduce the world’s first smelterless lead recycling facility. We remain on track with our milestones, such as commencing production of the first AquaRefining modules at our new global headquarters and manufacturing location in Alameda, California. Equally as important, construction of our first AquaRefinery in the Tahoe Reno Industrial Center in Nevadaremains on-schedule.
Click here for the full press release.