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Lead March 02, 2021 04:40:39 PM

Aqua Metals Ended 2020 on a Robust Note

Paul Ploumis
ScrapMonster Author
For the year 2020, the company was not in commercial production.
Aqua Metals Ended 2020 on a Robust Note

SEATTLE (Scrap Monster): Nevada-based Aqua Metals Inc. announced financial results for the year ended 31st December, 2020.

During the year, the company reported an operating loss of $15.4 million. This compares with an operating loss of $40.8 million for the year ended December 31, 2019. The net loss for the year was $25.8 million, compared to $44.8 million in 2019.

For the year 2020, the company was not in commercial production. As a result, it generated minimal revenue, which resulted from the sales of lead compounds in inventory that was generated in 2019. The cost of product sales declined by nearly 78% during the year to $5.5 million, compared with $24.8 million in 2019.

Aqua Metals reported general and administrative expenses of $9 million in 2020, significantly down by 53% upon comparison with $19.3 million in 2019. The dip was mainly attributed to suspension of activities following its maintenance agreement with Veolia. The drop in payroll along with marked improvements in all other expense categories too contributed to the dip in expenses.

Steve Cotton, President and Chief Executive Officer noted that the company ended 2020 with tremendous momentum that has continued into 2021. It achieved several important milestones, including dramatic improvement in AquaRefining production during the year, he added.

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