Aqua Metals (NASDAQ:AQMS) stock is facing a significant downturn following the release of its Q2 2024 earnings report. The company’s revenue fell short of expectations, with analysts anticipating $27,500 in revenue for the quarter. Additionally, Aqua Metals reported adjusted earnings per share of -5 cents, in line with analyst predictions but showing a slight improvement from the previous year’s -6 cents per share.
AQMS Stock: Sierra ARC Update
In its latest earnings report, Aqua Metals provided an update on its Sierra ARC plans. The company revealed that additional financing will be needed to complete the Sierra ARC project. While Aqua Metals had previously announced a non-binding term sheet for a secured credit facility of up to $33 million, the lender has since suspended further activity due to high interest rates and declines in the market price for lithium-ion minerals.
As a result of the disappointing earnings report, AQMS stock has dropped by 27% as of Tuesday morning.
Stay tuned for more updates on the latest stock market news, including developments with SunPower (NASDAQ:SPWR), VBI Vaccines (NASDAQ:VBIV), and Lytus Technologies (NASDAQ:LYT) stocks today.
Analysis:
Aqua Metals’ poor Q2 performance and the suspension of the secured credit facility for the Sierra ARC project have led to a significant decline in AQMS stock. Investors should closely monitor the company’s financial health and future prospects to make informed investment decisions. The stock market remains volatile, and staying informed about the latest developments is crucial for maximizing returns and managing risks in your investment portfolio.
Source: Ruslan Leskov / Shutterstock.com