Aqua Metals recorded lower revenues in Q3 2020, with attention directed towards the company’s licensing strategy and a plant fire that occurred in November 2019 which has had long-standing effects on production.
Its new V1.25L lead recycling project, part of its AquaRefining program, is nearing completion, and is slated to begin operations by the end of October. Aqua has also begun divesting non-core assets by selling equipment and have quite a few potential buyers for its McCarran facility, which was recently put up for sale.
The company’s revenue of $90,000 in Q3 2020, which was attributed to sales of lead composite inventories, was down from $2.4mn in Q2 2019. While production costs fell by 80pc to $1.6mn from $8.2mn in Q3 2019, output was subdued by the fire outbreak.
Aqua received $6.8mn in insurance proceeds during Q3 2020 to compensate for the fire. The company expects to receive further insurance funds that will cover business interruption costs and full asset replacement costs. The recycler’s Q3 2020 net loss was $1.8mn compared to a net loss of $11.3mn in Q3 2019.