Lucide Ledger

A filing-first public record from Lucide House.

Issue 015 | U.S. Pilot | US

AQMS

Aqua Metals, Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-14 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 38.0%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
11,096,000USD
Total Liabilities
3,994,000USD
NCAV
7,102,000USD
Cash
6,816,000USD
NCAV per share
1.06USD/share
Evidence
10 annual | 20 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
3
Unavailable
7
Requires inspection High NCAV Burn since the previous filing 7,102,000
Latest
7,102,0002026-03-31
Comparison
8,469,0002025-12-31
Change
-16.1%

Basis: NCAV burn since previous filing >= 10%; previous NCAV must be positive

Source periods: SEC 10-Q 2026-03-31 · 0001437749-26-017038; REPORTED_FILING 10-K 2025-12-31

Requires inspection Negative OCF -3,844,000
Latest
-3,844,0002026-03-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001437749-26-017038

Supporting observation Current Ratio > 1.5 3.07
Latest
3.072026-03-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001437749-26-017038

7 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Material 1Y Share Increase 1Y share change >= +2% using the same share-count source
NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive
No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source
Non-Positive Equity ordinary shareholders equity <= 0
Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources
Source Filing Date Type Status Provenance
S1 0001437749-25-034439 2025-11-12 10-Q Missing Source Data Vault | sec/cleaned/cik=0001621832/accession=0001437749-25-034439/parser=html-cleaner-v1/full.txt
Share Count & Per-Share Comparability

Data Vault has not published the normalized share-count artifact for this company.

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-12-31
10-K
USD
2024-12-31
10-K
USD
2023-12-31
10-K
USD
2022-12-31
10-K
USD
2021-12-31
10-K
USD
2020-12-31
10-K
USD
2019-12-31
10-K
USD
2018-12-31
10-K
USD
2017-12-31
10-K
USD
2016-12-31
10-K
USD
Revenue n/a 0 25,000 4,000 173,000 108,000 4,874,000 4,449,000 2,100,000 0
Operating Income -23,331,000 -23,847,000 -24,464,000 -15,583,000 -17,465,000 -15,393,000 -40,794,000 -37,028,000 -24,858,000 -12,958,000
Net Income -22,646,000 -24,555,000 -23,938,000 -15,431,000 -18,193,000 -25,762,000 -44,795,000 -40,254,000 -26,580,000 -13,557,000
Cash From Operations -10,253,000 -13,632,000 -3,193,000 -10,148,000 -7,615,000 -11,028,000 -25,177,000 -26,318,000 -19,002,000 -11,121,000
Capex -425,000 -7,921,000 -5,598,000 -4,771,000 -2,350,000 -3,363,000 -12,802,000 -3,693,000 -8,819,000 -26,512,000
Free Cash Flow -10,678,000 -21,553,000 -8,791,000 -14,919,000 -9,965,000 -14,391,000 -37,979,000 -30,011,000 -27,821,000 -37,633,000
Cash And Equivalents 10,810,000 4,079,000 16,522,000 7,082,000 8,137,000 6,533,000 7,600,000 20,892,000 22,793,000 25,458,000
Accounts Receivable n/a 0 67,000 12,000 269,000 32,000 244,000 725,000 882,000 n/a
Inventory 244,000 251,000 929,000 278,000 123,000 1,091,000 1,257,000 765,000 1,239,000 59,000
Total Current Assets 13,405,000 4,644,000 18,299,000 23,209,000 12,438,000 8,358,000 27,503,000 22,752,000 25,684,000 27,370,000
Total Assets 19,706,000 26,365,000 33,600,000 33,502,000 33,269,000 35,138,000 69,454,000 71,371,000 74,442,000 71,529,000
Total Current Liabilities 4,428,000 8,182,000 4,613,000 12,311,000 4,078,000 3,454,000 9,810,000 11,799,000 3,834,000 4,031,000
Total Liabilities 4,936,000 10,121,000 7,536,000 12,586,000 5,736,000 3,999,000 19,865,000 21,281,000 15,477,000 14,539,000
Shareholders Equity 14,770,000 16,244,000 26,064,000 20,916,000 27,533,000 31,139,000 49,589,000 50,090,000 58,965,000 56,990,000
Shares Outstanding 3,350,604 8,290,601 111,953,875 81,341,241 71,313,820 67,139,664 59,767,720 44,354,852 28,694,210 19,337,164
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 1,494,502 6,419,607 93,931,948 75,811,034 70,002,180 60,861,450 52,263,885 34,154,826 20,293,100 15,267,233
Weighted Avg Shares Basic 1,494,502 6,419,607 93,931,948 75,811,034 70,002,180 60,861,450 52,263,885 34,154,826 20,293,100 15,267,233
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric
2026-06-30
10-Q
USD
2026-03-31
10-Q
USD
2025-12-31
10-K
USD
2025-09-30
10-Q
USD
2025-06-30
10-Q
USD
2025-03-31
10-Q
USD
2024-12-31
10-K
USD
2024-09-30
10-Q
USD
2024-06-30
10-Q
USD
2024-03-31
10-Q
USD
2023-12-31
10-K
USD
2023-09-30
10-Q
USD
2023-06-30
10-Q
USD
2023-03-31
10-Q
USD
2022-12-31
10-K
USD
2022-09-30
10-Q
USD
2022-06-30
10-Q
USD
2022-03-31
10-Q
USD
2021-12-31
10-K
USD
2021-09-30
10-Q
USD
Revenue n/a n/a n/a 0 n/a 0 0 0 0 0 n/a 25,000 0 n/a 0 0 4,000 0 173,000 0
Operating Income -4,594,000 -4,140,000 -4,552,000 -3,065,000 -7,031,000 -8,683,000 -6,682,000 -5,211,000 -6,162,000 -5,792,000 -10,144,000 -4,949,000 -4,855,000 -4,516,000 -3,384,000 -3,934,000 -3,955,000 -4,310,000 -4,200,000 -4,624,000
Net Income -4,480,000 -3,954,000 -4,440,000 -3,121,000 -6,770,000 -8,315,000 -7,443,000 -5,210,000 -6,150,000 -5,752,000 -10,026,000 -4,547,000 -4,759,000 -4,606,000 -3,970,000 -3,885,000 -3,166,000 -4,410,000 -4,705,000 -1,386,000
Cash From Operations -2,630,000 -3,844,000 -2,605,000 -2,349,000 -2,546,000 -2,753,000 -1,995,000 -3,635,000 -3,751,000 -4,251,000 -5,415,000 -3,250,000 8,335,000 -2,863,000 -840,000 -2,959,000 -2,760,000 -3,589,000 -3,862,000 1,187,000
Capex 0 0 -4,000 0 -132,000 -289,000 -469,000 -1,012,000 -3,703,000 -2,737,000 544,000 -639,000 -248,000 -5,255,000 -2,481,000 -1,317,000 -715,000 -258,000 -678,000 -455,000
Free Cash Flow -2,630,000 -3,844,000 -2,609,000 -2,349,000 -2,678,000 -3,042,000 -2,464,000 -4,647,000 -7,454,000 -6,988,000 -4,871,000 -3,889,000 8,087,000 -8,118,000 -3,321,000 -4,276,000 -3,475,000 -3,847,000 -4,540,000 732,000
Cash And Equivalents 4,744,000 6,816,000 10,810,000 3,586,000 1,933,000 1,589,000 4,079,000 2,950,000 7,833,000 8,294,000 16,522,000 25,598,000 6,196,000 3,355,000 7,082,000 9,293,000 6,425,000 9,040,000 8,137,000 11,700,000
Total Current Assets 6,875,000 11,096,000 13,405,000 3,967,000 2,369,000 2,219,000 4,644,000 4,164,000 9,315,000 10,080,000 18,299,000 26,737,000 7,114,000 19,187,000 23,209,000 26,701,000 24,134,000 12,066,000 12,438,000 16,592,000
Total Liabilities 3,092,000 3,994,000 4,936,000 3,982,000 4,126,000 8,534,000 10,121,000 7,585,000 8,447,000 8,594,000 7,536,000 6,543,000 6,138,000 14,884,000 12,586,000 11,518,000 5,201,000 5,954,000 5,736,000 6,538,000
Shares Outstanding 3,563,531 3,362,006 3,350,604 2,979,263 1,406,005 8,896,350 8,290,601 7,131,786 135,799,315 113,226,006 111,953,875 107,811,467 103,184,859 83,137,823 81,341,241 78,386,746 76,949,582 74,973,345 71,313,820 69,830,488
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 3,408,273 3,236,557 1,494,502 1,426,216 910,129 8,095,716 6,419,607 6,816,190 123,793,140 110,054,605 108,258,448 101,617,856 84,184,884 81,285,740 78,607,938 77,402,763 75,215,009 71,927,523 75,281,380 69,609,070
Weighted Avg Shares Basic 3,408,273 3,236,557 1,494,502 1,426,216 910,129 8,095,716 6,419,607 6,816,190 123,793,140 110,054,605 108,258,448 101,617,856 84,184,884 81,285,740 78,607,938 77,402,763 75,215,009 71,927,523 75,281,380 69,609,070
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 6,875,000USD us-gaap:AssetsCurrent 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0001621832/companyfacts.json
Data Vault | sec/companyfacts/cik=0001621832/companyfacts.json
Total Liabilities 3,092,000USD us-gaap:Liabilities 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0001621832/companyfacts.json
Data Vault | sec/companyfacts/cik=0001621832/companyfacts.json
Cash 4,744,000USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0001621832/companyfacts.json
Data Vault | sec/companyfacts/cik=0001621832/companyfacts.json
Shares Outstanding 3,563,531 dei:EntityCommonStockSharesOutstanding 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0001621832/companyfacts.json
Data Vault | sec/companyfacts/cik=0001621832/companyfacts.json
NCAV 3,783,000USD derived 2026-06-30 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 1.06USD derived 2026-06-30 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 38.0% derived 2026-06-30 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0001621832
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001621832/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001621832/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
26
Imported At
2026-11-01T11:32:23+00:00
Rendered At
2026-11-01T14:57:29+00:00

Run Audit

Mary Run
96f10914845d4a63bf1f2ca5985451b2
Mary As Of
2026-10-30
Accession
0001437749-26-017038
CIK
0001621832
Mary Filing Date
2026-05-14
Filing Currency
USD
Internal Discount
38.0%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=96f10914845d4a63bf1f2ca5985451b2; mary_as_of=2026-10-30; mary_filing_date=2026-05-14; mary_accession=0001437749-26-017038; mary_cik=0001621832; gnni_supporting_filing_date=2026-05-14; internal_discount=0.380214; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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