Aqua Metals (AQMS)
Market Price (10/19/2026): $1.69 | Market Cap: $5.8 MilSector: Industrials | Industry: Environmental & Facilities Services
Aqua Metals (AQMS)
Market Price (10/19/2026): $1.69Market Cap: $5.8 MilSector: IndustrialsIndustry: Environmental & Facilities Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -74% Megatrend and thematic driversMegatrends include Circular Economy & Recycling, Battery Technology & Metals, and Sustainable Resource Management. Themes include Advanced Recycling Technologies, Show more. | Weak multi-year price returns2Y Excs Rtn is -127%, 3Y Excs Rtn is -174% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -16 Mil Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -281% Key risksAQMS key risks include [1] its inability to secure definitive project financing for commercial scale, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -74% |
| Megatrend and thematic driversMegatrends include Circular Economy & Recycling, Battery Technology & Metals, and Sustainable Resource Management. Themes include Advanced Recycling Technologies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -127%, 3Y Excs Rtn is -174% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -16 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -281% |
| Key risksAQMS key risks include [1] its inability to secure definitive project financing for commercial scale, Show more. |
Qualitative Assessment
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Aqua Metals (AQMS) stock has lost about 40% since 6/30/2026 because of the following key factors:
1. Continued Operating Losses and Significant Cash Burn with Financing Uncertainty. Aqua Metals reported a net loss of approximately $4.5 million for fiscal Q2 2026, which ended June 30, 2026. The company utilized approximately $6.5 million in operating cash during the first half of fiscal 2026 and concluded fiscal Q2 2026 with a cash balance of roughly $4.7 million. This rate of cash burn indicates a short cash runway, and the substantial capital required for the Headwaters ARC commercialization plan, coupled with previous challenges in securing debt partners for projects like Sierra ARC, has likely fueled investor concern regarding future financing and potential dilution.
2. Significantly Deteriorated Earnings Outlook for Fiscal Q3 2026. Analyst expectations for Aqua Metals' fiscal Q3 2026 earnings are considerably negative, with a consensus estimate projecting a loss of -$12.00 per share. This forecast represents a substantial deterioration compared to the -$2.19 per share loss reported in the prior year's fiscal Q3, suggesting a worsening financial performance outlook that has negatively impacted investor sentiment.
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Aqua Metals (AQMS) stock has lost about 40% since 6/30/2026 because of the following key factors:
1. Continued Operating Losses and Significant Cash Burn with Financing Uncertainty. Aqua Metals reported a net loss of approximately $4.5 million for fiscal Q2 2026, which ended June 30, 2026. The company utilized approximately $6.5 million in operating cash during the first half of fiscal 2026 and concluded fiscal Q2 2026 with a cash balance of roughly $4.7 million. This rate of cash burn indicates a short cash runway, and the substantial capital required for the Headwaters ARC commercialization plan, coupled with previous challenges in securing debt partners for projects like Sierra ARC, has likely fueled investor concern regarding future financing and potential dilution.
2. Significantly Deteriorated Earnings Outlook for Fiscal Q3 2026. Analyst expectations for Aqua Metals' fiscal Q3 2026 earnings are considerably negative, with a consensus estimate projecting a loss of -$12.00 per share. This forecast represents a substantial deterioration compared to the -$2.19 per share loss reported in the prior year's fiscal Q3, suggesting a worsening financial performance outlook that has negatively impacted investor sentiment.
3. Shareholder Dilution and Ongoing Need for Capital. Shareholders experienced substantial dilution over the past year, with total shares outstanding increasing by 153.5%. While the company raised $581,000 through its At-The-Market (ATM) offering in fiscal Q2 2026, the ongoing need for significant capital to fund its commercial projects, and the implied continued reliance on equity financing, poses a risk of further dilution, which can depress stock value.
4. Non-Cash Credit Loss Related to Lion Energy. Aqua Metals recorded a non-cash provision for credit loss of approximately $2.1 million in fiscal Q2 2026 pertaining to Lion Energy. This provision covers about 60% of a $4.2 million gross receivable balance, highlighting a financial setback. Furthermore, the termination of the planned Lion Energy acquisition, which was announced in fiscal Q3 2026, due to misalignment with capital structure and risk parameters, underscored concerns about past investment decisions and potential future partnership viability.
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Stock Movement Drivers
Fundamental Drivers
The -41.2% change in AQMS stock from 6/30/2026 to 10/18/2026 was primarily driven by a -5.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302026 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.89 | 1.70 | -41.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 3 | 3 | -5.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
6/30/2026 to 10/18/2026| Return | Correlation | |
|---|---|---|
| AQMS | -41.2% | |
| Market (SPY) | 2.2% | 24.8% |
| Sector (XLI) | -9.4% | 20.4% |
Fundamental Drivers
The -60.3% change in AQMS stock from 3/31/2026 to 10/18/2026 was primarily driven by a -12.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312026 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.28 | 1.70 | -60.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 3 | 3 | -12.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
3/31/2026 to 10/18/2026| Return | Correlation | |
|---|---|---|
| AQMS | -60.3% | |
| Market (SPY) | 17.7% | 33.9% |
| Sector (XLI) | 4.0% | 14.5% |
Fundamental Drivers
The -73.4% change in AQMS stock from 9/30/2025 to 10/18/2026 was primarily driven by a -73.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302025 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.40 | 1.70 | -73.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 1 | 3 | -73.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
9/30/2025 to 10/18/2026| Return | Correlation | |
|---|---|---|
| AQMS | -73.4% | |
| Market (SPY) | 15.5% | 9.9% |
| Sector (XLI) | 9.7% | 14.8% |
Fundamental Drivers
The -99.2% change in AQMS stock from 9/30/2023 to 10/18/2026 was primarily driven by a -87.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302023 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 226.00 | 1.70 | -99.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 0 | 3 | -87.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
9/30/2023 to 10/18/2026| Return | Correlation | |
|---|---|---|
| AQMS | -99.2% | |
| Market (SPY) | 84.7% | 8.1% |
| Sector (XLI) | 72.1% | 6.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AQMS Return | -59% | 2% | -39% | -83% | -81% | -65% | -100% |
| Peers Return | -14% | -34% | 7% | -28% | 48% | -17% | -46% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| AQMS Win Rate | 25% | 50% | 42% | 17% | 33% | 30% | |
| Peers Win Rate | 46% | 38% | 46% | 29% | 67% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AQMS Max Drawdown | -83% | -68% | -55% | -91% | -99% | -73% | |
| Peers Max Drawdown | -52% | -53% | -52% | -50% | -47% | -50% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ABAT, ENS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/16/2026 (YTD)
How Low Can It Go
| Event | AQMS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -68.9% | -18.8% |
| % Gain to Breakeven | 221.9% | 23.1% |
| Time to Breakeven | 131 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.8% | -6.7% |
| % Gain to Breakeven | 13.4% | 7.1% |
| Time to Breakeven | 5 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -48.3% | -24.5% |
| % Gain to Breakeven | 93.5% | 32.4% |
| Time to Breakeven | 234 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.5% | -33.7% |
| % Gain to Breakeven | 147.1% | 50.9% |
| Time to Breakeven | 57 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -41.5% | -19.2% |
| % Gain to Breakeven | 71.0% | 23.8% |
| Time to Breakeven | 57 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -18.0% | -12.2% |
| % Gain to Breakeven | 22.0% | 13.9% |
| Time to Breakeven | 39 days | 62 days |
In The Past
Aqua Metals's stock fell -68.9% during the 2025 US Tariff Shock. Such a loss loss requires a 221.9% gain to breakeven.
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| Event | AQMS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -68.9% | -18.8% |
| % Gain to Breakeven | 221.9% | 23.1% |
| Time to Breakeven | 131 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -48.3% | -24.5% |
| % Gain to Breakeven | 93.5% | 32.4% |
| Time to Breakeven | 234 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.5% | -33.7% |
| % Gain to Breakeven | 147.1% | 50.9% |
| Time to Breakeven | 57 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -41.5% | -19.2% |
| % Gain to Breakeven | 71.0% | 23.8% |
| Time to Breakeven | 57 days | 105 days |
In The Past
Aqua Metals's stock fell -68.9% during the 2025 US Tariff Shock. Such a loss loss requires a 221.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Aqua Metals (AQMS)
Aqua Metals, Inc. (AQMS) is an environmental technology company primarily engaged in the recycling of lead. The company utilizes a proprietary process to recover valuable materials from used lead-acid batteries and other lead-containing products, aiming to provide a more sustainable and efficient method for reclaiming these resources compared to traditional smelting.
From its recycling operations, Aqua Metals produces and sells several key materials. These include hard lead, various lead compounds, and plastics, all of which are critical components for diverse manufacturing and industrial applications. The company's primary market for these recycled materials is currently within the United States.
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Here are 1-3 brief analogies for Aqua Metals (AQMS):
- Like Nucor, but for lead recycling.
- Like Rio Tinto, but for recycled lead.
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Major products of Aqua Metals (AQMS):
- Hard Lead: Recycled and refined lead suitable for various industrial applications.
- Lead Compounds: Various chemical compounds derived from recycled lead, often used in specific manufacturing processes.
- Plastics: Recycled plastic materials recovered from the lead-acid battery casings.
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Aqua Metals (AQMS) sells its products, which include hard lead, lead compounds, and plastics, primarily to other companies (Business-to-Business or B2B).
Based on their latest public filings (e.g., 2023 Form 10-K), Aqua Metals has a highly concentrated customer base. For the year ended December 31, 2023, two customers accounted for 100% of their revenue. One customer represented 83% of total revenue, and the other accounted for 17%.
However, the specific names of these major customer companies are not publicly disclosed in Aqua Metals' SEC filings due to confidentiality reasons.
Given the nature of the products Aqua Metals sells (recycled lead products and plastics), their customers would typically be industrial manufacturers that utilize these materials as inputs. These could include companies in sectors such as:
- Lead-acid battery manufacturing
- Chemical processing (for lead compounds)
- Other industrial applications requiring hard lead or specific plastic compounds
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Steve Cotton, Chief Executive Officer, President and Director
Steve Cotton has served as President of Aqua Metals since May 2018 and was promoted to President and CEO in January 2019, also joining the Board as an Executive Director. He previously served as the company's Chief Commercial Officer from January 2015 to June 2017. Prior to Aqua Metals, Mr. Cotton co-founded Canara, Inc. (formerly Data Power Monitoring and IntelliBatt) in December 2001, serving as its Chief Executive Officer through the company's sale to a private equity firm in June 2012. He then remained as Founder and Executive Chairman until April 2014. His career also includes leading a team to commercialize Sendmail and early roles at Octel Communications, which was acquired by Lucent Technologies.
Eric West, Chief Financial Officer
Eric West was appointed Chief Financial Officer of Aqua Metals, Inc. effective May 19, 2025. He previously held the position of Vice President of Finance at Aqua Metals. Mr. West possesses a master's degree in accounting and is a certified public accountant. His professional background includes finance leadership positions within the mining and manufacturing sectors, and he began his career at Grant Thornton LLP.
Ben Taecker, Chief Engineering and Operating Officer
Ben Taecker brings over two decades of experience in manufacturing and operations leadership to Aqua Metals, having been with the company since January 2017.
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The key risks to Aqua Metals (AQMS) are:
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Commercialization and Scalability of Technology: A significant risk for Aqua Metals lies in its ability to successfully scale its AquaRefining technology for commercial operation and achieve sustained profitability. The technology has been validated at pilot scale but remains unproven at the full commercial scale required for consistent revenue generation. Delays in site selection, permitting, and the build-out of commercial facilities, such as the Sierra ARC facility, pose substantial hurdles to the company's projected growth and ability to meet production timelines.
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Financing and Liquidity Risk: Aqua Metals is a pre-revenue company that consistently reports net losses and is described as quickly burning through cash. Its entire commercial launch, particularly for new facilities, is contingent on securing definitive project financing. While the company has secured some runway capital, future financing needs, potentially through equity offerings, could lead to further shareholder dilution. The company's low current ratio also indicates potential liquidity constraints.
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Lack of Revenue and Profitability: Directly stemming from the challenges in commercialization and scaling, Aqua Metals has reported minimal or zero revenue over recent periods and operates with significantly negative gross, operating, and net margins. This fundamental lack of profitable operations highlights the ongoing challenge of generating sufficient income to cover costs and achieve financial sustainability.
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Declining demand for lead, particularly in lead-acid batteries, due to the increasing adoption of alternative technologies such as lithium-ion batteries for energy storage.
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The addressable markets for Aqua Metals' main products and services are primarily in lead recycling and plastics recycling, with an emerging focus on lithium-ion battery recycling and critical minerals.
Lead Recycling Market
- Global Recycled Lead Market: The global recycled lead market was valued at approximately USD 15.73 billion in 2023 and is projected to grow to about USD 22.72 billion by 2033. Another estimate places the market at USD 25.78 billion in 2025, with a projected growth to USD 38.26 billion by 2034.
- Global Lead-Acid Battery Recycling Market: This market, a significant component of lead recycling, was estimated at USD 13.85 billion in 2025 and is expected to increase to USD 33.24 billion by 2035. Another report indicates a market size of USD 13.34 billion in 2025, projected to reach USD 29.09 billion by 2034.
- U.S. Lead-Acid Battery Recycling Market: The U.S. market for lead-acid battery recycling is a substantial part of the broader U.S. battery recycling market, which was estimated at approximately USD 4.09 billion in 2024 and is projected to reach around USD 25.30 billion by 2030. Within this, the lead-acid segment held the largest revenue share of 73.42% in 2024. Specifically for lead-acid battery recycling, the U.S. market is expected to generate over USD 4.3 billion in revenue by 2035.
Plastics Recycling Market
- Global Recycled Plastics Market: The global recycled plastics market size was valued at USD 52.96 billion in 2025 and is expected to reach USD 110.36 billion by 2034. Another projection shows the market growing from USD 58.68 billion in 2025 to approximately USD 127.25 billion by 2034.
- U.S. Recycled Plastics Market: The U.S. recycled plastics market size was USD 52.85 billion in 2024 and is expected to be worth around USD 131.33 billion by 2034.
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Aqua Metals (NASDAQ: AQMS) is strategically positioning itself for significant revenue growth over the next 2-3 years, driven by its proprietary Li AquaRefining technology and expansion into the burgeoning lithium-ion battery recycling market. Key drivers include:
-
Commercialization and Scale-Up of Li AquaRefining Technology: Aqua Metals is transitioning from a research and development phase to commercializing its AquaRefining process for lithium-ion battery recycling. The company anticipates substantial near-term revenue potential linked to the successful scale-up of this proprietary technology. The goal is to commence production at its first commercial-scale facility in 2025, focusing on recovering critical metals such as lithium, cobalt, and nickel from black mass.
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Sales of High-Purity, Battery-Grade Metals: A core revenue driver will be the sale of high-purity, battery-grade metals recovered through the Li AquaRefining process. Aqua Metals has successfully demonstrated the production of battery-grade lithium carbonate from lithium iron phosphate (LFP) cathode scrap, achieving an industry-leading low-fluorine content. A multi-year Material Supply Agreement with 6K Energy to provide battery-grade nickel metal and lithium carbonate underscores the potential for this revenue stream, with the agreement potentially representing tens of millions of dollars in annual value.
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Strategic Partnerships and Licensing: Aqua Metals is actively pursuing strategic partnerships and exploring flexible business models, including licensing its AquaRefining technology and forming joint ventures. The company has signed Memorandums of Understanding (MOUs) and Letters of Intent (LOIs) for collaborations in areas such as deep-sea minerals and nickel supply, which could contribute significant annual contract value and establish domestic supply chains.
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Growing Demand in Lithium-Ion Battery Recycling Market: The market for lithium-ion battery recycling is projected for substantial growth, with forecasts indicating an increase to $6.55 billion by 2028 with an 18.5% compound annual growth rate. This growth is fueled by the rapid global transition to electric vehicles and the increasing volume of end-of-life batteries. Aqua Metals is positioned to capitalize on this expanding demand for critical battery minerals and the need for new recycling infrastructure, as the planned build-out of battery manufacturing is expected to generate more material for recycling than current processing capacity.
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Expansion into New Feedstocks and Critical Minerals: Beyond conventional lithium-ion battery black mass, Aqua Metals is expanding its feedstock options. This includes strategic initiatives such as MOUs with MOBY Robotics and Impossible Metals to explore the clean refining of polymetallic nodules from deep-sea resources, which are rich in nickel, cobalt, manganese, and rare earth elements. These ventures could position Aqua Metals as an early leader in the sustainable processing of emerging deep-sea mineral feedstocks and contribute to a feedstock-agnostic refining platform.
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Share Issuance
- In October 2025, Aqua Metals completed a registered direct offering, raising $13 million in gross proceeds through the sale of 1,133,794 shares of common stock and/or prefunded warrants at $11.34 per share, alongside the issuance of unregistered warrants for the same number of shares.
- In Q3 2025, the company raised approximately $4.1 million through its At-The-Market (ATM) and equity line programs.
- On August 4, 2025, Aqua Metals effected a 1-for-10 reverse stock split.
Inbound Investments
- In October 2025, Aqua Metals secured a $13 million investment from a leading institutional investor through a registered direct offering and concurrent private placement, with proceeds intended for working capital and general corporate purposes.
- The company raised approximately $4.1 million in Q3 2025 through its At-The-Market (ATM) and equity line programs, contributing to capital raised of over $17 million in Q3 and October 2025.
Outbound Investments
- In February 2026, Aqua Metals entered into a term sheet to acquire Lion Energy in an all-stock transaction, which will include Lion Energy's minority ownership interest in American Battery Factory.
Capital Expenditures
- Proceeds from the $13 million capital raise in October 2025 are allocated to advance site-specific design and engineering plans and support permitting and pre-construction activities for the first commercial AquaRefining™ Campus (ARC) facility.
- The primary focus of capital expenditures is the development and commercial deployment of the AquaRefining™ Campus (ARC) facility, which is aimed at scaling the company's sustainable lithium-ion battery recycling technology.
- The company reported negative free cash flow, for example, -$2.3 million in Q3 2025, indicating cash outflow after capital expenditures.
Peer Outperformance in Environmental & Facilities Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 30 | 0.6% | 110.0% | 170.8% | STRL 1765% · FIX 1720% · AGX 753% |
| Marine Transportation | 5 | 59.5% | 48.6% | 134.6% | MATX 202% · KEX 147% |
| Construction Machinery & Heavy Transportation Equipment | 13 | -2.4% | 49.8% | 87.7% | CAT 302% · ALSN 244% · WAB 224% |
| Aerospace & Defense | 51 | -11.1% | 59.9% | 60.0% | ATI 1013% · FTAI 796% · HWM 625% |
| Trading Companies & Distributors | 19 | 8.6% | 33.7% | 41.3% | DXPE 432% · AIT 254% · URI 205% |
| Industrial Machinery & Supplies & Components | 72 | 10.4% | 51.6% | 38.7% | CRS 1109% · MLI 491% · SYM 292% |
| Rail Transportation | 7 | 30.3% | 66.2% | 35.5% | CSX 52% · UNP 43% · NSC 32% |
| Cargo Ground Transportation | 16 | 35.1% | 7.6% | 26.0% | XPO 277% · R 216% · ARCB 56% |
| Diversified Support Services | 34 | 12.0% | 30.7% | 25.2% | CXW 232% · OPLN 143% · CACI 118% |
| Building Products | 33 | -10.5% | 16.9% | 20.5% | GFF 333% · TT 178% · JCI 123% |
| Electrical Components & Equipment | 38 | -8.9% | 64.9% | 9.5% | POWL 2002% · BE 940% · VRT 793% |
| Industrial Conglomerates | 17 | 11.6% | 5.4% | -5.0% | CSW 113% · DD 67% · CSL 63% |
| Agricultural & Farm Machinery | 17 | 1.2% | -9.3% | -13.6% | DE 106% · TTC 11% · AGCO -4% |
| Environmental & Facilities Services ← | 30 | -27.8% | 27.1% | -16.2% | CECO 715% · GEO 244% · CLH 190% |
| Data Processing & Outsourced Services | 6 | -24.1% | -5.9% | -20.3% | EXLS 57% · BR 8% · G -19% |
| Office Services & Supplies | 9 | 21.2% | 22.3% | -23.1% | PBI 198% · TILE 145% · HNI 46% |
| Security & Alarm Services | 9 | -56.2% | 8.4% | -23.2% | BCO 79% |
| Research & Consulting Services | 13 | -2.1% | -19.2% | -24.2% | HURN 247% · FCN 2% · BAH 1% |
| Passenger Ground Transportation | 3 | -23.8% | 64.7% | -31.6% | UBER 49% · CAR -32% · LYFT -67% |
| Air Freight & Logistics | 11 | -25.2% | -16.0% | -35.6% | FDX 78% · EXPD 75% · CHRW 62% |
| Passenger Airlines | 11 | -1.4% | 9.6% | -38.8% | LTM 2989% · UAL 104% · DAL 91% |
| Human Resource & Employment Services | 22 | 13.0% | -19.5% | -41.9% | ADP 52% · PAYX 9% · FA 2% |
| Airport Services | 4 | -70.2% | -69.3% | -82.4% | JOBY -46% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 1.69 |
| Mkt Cap | 0.2 |
| Rev LTM | 22 |
| Op Inc LTM | -16 |
| FCF LTM | -11 |
| FCF 3Y Avg | -19 |
| CFO LTM | -11 |
| CFO 3Y Avg | -13 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 205.3% |
| Rev Chg 3Y Avg | 0.8% |
| Rev Chg Q | 100.7% |
| QoQ Delta Rev Chg LTM | 17.3% |
| Op Inc Chg LTM | -4.7% |
| Op Inc Chg 3Y Avg | -2.6% |
| Op Mgn LTM | -164.6% |
| Op Mgn 3Y Avg | -2,034.3% |
| QoQ Delta Op Mgn LTM | 20.0% |
| CFO/Rev LTM | -45.4% |
| CFO/Rev 3Y Avg | -936.5% |
| FCF/Rev LTM | -77.4% |
| FCF/Rev 3Y Avg | -1,573.8% |
Price Behavior
| Market Price | $1.70 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 07/31/2015 | |
| Distance from 52W High | -89.2% | |
| 50 Days | 200 Days | |
| DMA Price | $2.49 | $3.75 |
| DMA Trend | down | down |
| Distance from DMA | -31.6% | -54.6% |
| 3M | 1YR | |
| Volatility | 73.5% | 97.2% |
| Downside Capture | 400.27 | 317.40 |
| Upside Capture | 72.37 | 18.85 |
| Correlation (S&P 500) | 27.1% | 21.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.98 | 2.68 | 1.86 | 2.20 | 1.85 | 3.29 |
| Up Beta | 1.83 | 0.06 | 0.18 | 2.03 | 4.15 | 5.45 |
| Down Beta | 7.62 | 4.24 | 2.47 | 2.51 | 3.64 | 1.40 |
| Up Capture | 390% | 357% | 200% | 121% | 2% | 47% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 12 | 22 | 30 | 58 | 111 | 294 |
| Down Capture | 418% | 349% | 260% | 253% | 129% | 113% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 10 | 19 | 33 | 66 | 138 | 440 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AQMS | |
|---|---|---|---|---|
| AQMS | -87.9% | 97.2% | -1.73 | - |
| Sector ETF (XLI) | 10.9% | 17.2% | 0.43 | 18.9% |
| Equity (SPY) | 15.8% | 12.7% | 0.86 | 20.1% |
| Gold (GLD) | -1.4% | 29.4% | -0.05 | 27.9% |
| Commodities (DBC) | 52.4% | 20.7% | 1.92 | -7.2% |
| Real Estate (VNQ) | 4.8% | 13.7% | 0.09 | 13.0% |
| Bitcoin (BTCUSD) | -26.5% | 43.6% | -0.59 | 25.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AQMS | |
|---|---|---|---|---|
| AQMS | -66.7% | 479.1% | 0.30 | - |
| Sector ETF (XLI) | 12.3% | 17.6% | 0.53 | 6.8% |
| Equity (SPY) | 13.2% | 17.1% | 0.59 | 8.1% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 3.9% |
| Commodities (DBC) | 9.9% | 19.5% | 0.39 | -0.1% |
| Real Estate (VNQ) | 1.6% | 18.8% | -0.02 | 6.2% |
| Bitcoin (BTCUSD) | 8.6% | 51.8% | 0.34 | 3.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AQMS | |
|---|---|---|---|---|
| AQMS | -50.2% | 347.0% | 0.24 | - |
| Sector ETF (XLI) | 13.0% | 20.0% | 0.57 | 8.2% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 9.5% |
| Gold (GLD) | 12.3% | 16.4% | 0.61 | 3.5% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 1.8% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 7.2% |
| Bitcoin (BTCUSD) | 63.1% | 66.2% | 1.03 | 3.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -11.5% | -6.3% | -4.5% |
| 5/14/2026 | -10.8% | -14.1% | -28.6% |
| 11/12/2025 | -12.0% | -5.4% | -20.5% |
| 8/13/2025 | -5.5% | -12.8% | -13.3% |
| 5/8/2025 | -12.5% | 4.1% | -19.5% |
| 11/14/2024 | -12.6% | -5.2% | 1.0% |
| 8/5/2024 | -36.7% | -31.6% | -31.3% |
| 5/15/2024 | 9.1% | -0.3% | -5.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 6 | 4 |
| # Negative | 14 | 16 | 18 |
| Median Positive | 2.0% | 5.0% | 6.9% |
| Median Negative | -8.2% | -6.3% | -14.0% |
| Max Positive | 9.1% | 18.0% | 43.0% |
| Max Negative | -36.7% | -31.6% | -31.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -11.5% | -6.3% | -4.5% |
| 5/14/2026 | -10.8% | -14.1% | -28.6% |
| 11/12/2025 | -12.0% | -5.4% | -20.5% |
| 8/13/2025 | -5.5% | -12.8% | -13.3% |
| 5/8/2025 | -12.5% | 4.1% | -19.5% |
| 11/14/2024 | -12.6% | -5.2% | 1.0% |
| 8/5/2024 | -36.7% | -31.6% | -31.3% |
| 5/15/2024 | 9.1% | -0.3% | -5.0% |
| 3/27/2024 | 2.9% | 18.0% | -4.8% |
| 11/8/2023 | 2.1% | 0.0% | -14.7% |
| 8/9/2023 | 4.4% | -0.9% | -6.2% |
| 5/4/2023 | -1.9% | -3.7% | -1.9% |
| 3/9/2023 | 1.9% | 1.9% | 5.7% |
| 11/3/2022 | -4.6% | -9.2% | -17.1% |
| 7/21/2022 | -8.2% | -5.1% | 8.1% |
| 4/28/2022 | -6.7% | -6.2% | -17.3% |
| 2/24/2022 | -8.2% | 6.0% | 43.0% |
| 11/4/2021 | 1.6% | 10.2% | -16.7% |
| 7/29/2021 | 0.4% | -3.5% | -2.2% |
| 4/29/2021 | 0.7% | -9.8% | -4.1% |
| 2/25/2021 | -4.8% | -28.9% | -19.3% |
| 10/22/2020 | -0.9% | -9.1% | -6.0% |
| SUMMARY STATS | |||
| # Positive | 8 | 6 | 4 |
| # Negative | 14 | 16 | 18 |
| Median Positive | 2.0% | 5.0% | 6.9% |
| Median Negative | -8.2% | -6.3% | -14.0% |
| Max Positive | 9.1% | 18.0% | 43.0% |
| Max Negative | -36.7% | -31.6% | -31.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/09/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/09/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 07/21/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 10/22/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 03/11/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Environmental & Facilities Services Resources |
| Waste360 |
| Waste Dive |
| FacilitiesNet |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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