Aqua Metals Inc (AQMS) 2025 Q2 法說會逐字稿

Good afternoon and welcome to the Aqua Metals second quarter financial results call. (Operator Instructions) Please note that this conference call is being recorded.

下午好，歡迎參加 Aqua Metals 第二季財務業績電話會議。（操作員指示）請注意，本次電話會議正在錄音。

I will now turn the conference over to our host, Rob Meyers of FNK IR. You may begin.

現在我將會議交給我們的主持人，FNK IR 的 Rob Meyers。你可以開始了。

Thank you, operator, and thank you everybody for joining. Earlier today, Aqua Metals issued a press release providing an operational update and discussing financial results for the second quarter ended June 30, 2025. This release is available in the Investor Relations section on the company's website at aquametals.com. Hosting the call today are Steve Cotton, President and Chief Executive Officer; and Eric West, Chief Financial Officer.

謝謝接線生，也謝謝大家的參與。今天早些時候，Aqua Metals 發布了一份新聞稿，提供了營運更新並討論了截至 2025 年 6 月 30 日的第二季的財務業績。本新聞稿可在本公司網站 aquametals.com 的「投資人關係」版上查閱。今日電話會議主持人為總裁兼執行長史蒂夫·科頓 (Steve Cotton) 和財務長埃里克·韋斯特 (Eric West)。

Before we begin, I would like to remind participants that during the call, management will be making forward-looking statements. Please refer to the company's report on Form 10-Q filed today, August 13 for a summary of the forward-looking statements and the risks, uncertainties, and other factors that could cause actual results to differ materially from those forward-looking statements. Aqua Metals cautions investors not to place undue reliance on any forward-looking statements. The company does not undertake and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by law.

在我們開始之前，我想提醒與會者，在電話會議期間，管理階層將做出前瞻性陳述。請參閱本公司於今天（8 月 13 日）提交的 10-Q 表報告，以了解前瞻性陳述的摘要以及可能導致實際結果與前瞻性陳述有重大差異的風險、不確定性和其他因素。Aqua Metals 提醒投資者不要過度依賴任何前瞻性陳述。除非法律要求，否則本公司不承擔並明確否認任何更新或修改此類聲明以反映新情況或意外事件的義務。

As a reminder, after the formal remarks, we will be taking questions. Questions will be accepted on the call from analysts, and all other investors can submit a question using the webcast portal provided in today's and earlier press releases. We will take as many questions as we can in our available time slot.

提醒一下，正式發言後，我們將回答問題。電話會議將接受分析師的提問，所有其他投資者可以使用今天和之前的新聞稿中提供的網路廣播入口網站提交問題。我們將在可用的時間內回答盡可能多的問題。

And with that, I'd like to turn the call over to Steve Cotton, CEO of Aqua Metals. Steve, please go ahead.

現在，我想將電話轉給 Aqua Metals 執行長 Steve Cotton。史蒂夫，請繼續。

Thank you and good afternoon, everyone. This past quarter has been a defining period for Aqua Metals. We advanced our commercialization roadmap, achieved new technical milestones, and strengthened our financial position, all of which positioned us for successful market entry.

謝謝大家，下午好。過去一個季度對於 Aqua Metals 來說是一個決定性的時期。我們推進了商業化路線圖，實現了新的技術里程碑，並增強了我們的財務狀況，所有這些都為我們成功進入市場奠定了基礎。

First, on the technology front, we produced lithium carbonate with fluorine content below 30 parts per million, which is likely a best in class result globally for recycled lithium. This meets and exceeds the strict specifications of cathode active material producers, and we've already produced approximately 100 kilograms for strategic counterparties to evaluate.

首先，在技術方面，我們生產的碳酸鋰氟含量低於30ppm，這可能是全球再生鋰領域的最佳結果。這滿足並超過了正極活性材料生產商的嚴格規格，我們已經生產了約100公斤供戰略對手方評估。

We produced over 1 metric ton of high purity NMC, or nickel manganese cobalt, mixed hydroxide cake for qualification sampling with potential partners. We believe this material could integrate directly into the value chain at the pCAM step or precursor cathode active material step, creating efficiencies over producing independent sulfate streams. We continued exploring alternative feedstocks, successfully testing nickel refinery residue and preparing to test undersea nodules rich in nickel and cobalt later this year.

我們生產了超過 1 公噸的高純度 NMC（鎳錳鈷）混合氫氧化物餅，用於與潛在合作夥伴進行合格取樣。我們相信這種材料可以直接融入 pCAM 步驟或前驅陰極活性材料步驟的價值鏈中，從而提高生產獨立硫酸鹽流的效率。我們繼續探索替代原料，成功測試了鎳精煉廠殘渣，並準備在今年稍後測試富含鎳和鈷的海底結核。

We also began trials for sodium sulfate regeneration technology. An innovative process that could help pCAM producers convert sodium sulfate waste into sulfuric acid and sodium hydroxide, which can be recirculated back into their process. This not only reduces chemical costs but also minimizes waste streams.

我們也開始嘗試硫酸鈉再生技術。創新製程可以幫助 pCAM 生產商將硫酸鈉廢物轉化為硫酸和氫氧化鈉，然後可以重新循環回他們的製程。這不僅降低了化學品成本，而且還最大限度地減少了廢物流。

Second, on scalability. We began designing a modular scalable commercial arc facility capable of processing between 10,000 and 60,000 metric tons of black mass annually. This design will serve as a clear blueprint for scaling AquaRefining to meet growing demand. We are already in discussions with potential strategic partners who could support a phased buildout.

第二，關於可擴展性。我們開始設計一個模組化、可擴展的商業電弧設施，每年能夠處理 10,000 至 60,000 公噸黑色物質。該設計將作為擴大 AquaRefining 規模以滿足不斷增長的需求的清晰藍圖。我們已經在與可以支持分階段建設的潛在策略合作夥伴進行討論。

Third, on cost competitiveness. Our internal analysis shows that AquaRefining in the US is a cost competitive with Chinese hydrometallurgical recycling and operates at roughly half the cost of traditional US hydrometallurgical methods. This is a critical milestone proving that sustainability and competitiveness can go hand in hand.

第三，成本競爭力。我們的內部分析表明，美國的 AquaRefining 與中國的濕式冶金回收相比具有成本競爭力，其營運成本約為美國傳統濕式冶金方法的一半。這是一個重要的里程碑，證明永續性和競爭力可以並行不悖。

Finally, we continue to engage with potential strategic partners. We believe collaboration among recyclers, CAM producers, and technology innovators will be essential to building a fully domestic closed loop battery material supply chain. Something still largely absent at commercial scale in the United States. Our progress this quarter shows that Aqua Metals is not just preparing to participate in that market. We are positioning ourselves to help define that.

最後，我們繼續與潛在的策略合作夥伴合作。我們相信，回收商、CAM 生產商和技術創新者之間的合作對於建立完全國內閉環電池材料供應鏈至關重要。在美國，商業規模上仍基本缺乏這種東西。我們本季的進展表明，Aqua Metals 不僅僅是準備參與該市場。我們正在定位自己來幫助定義這一點。

With that, I will turn the call over to our CFO, Eric West, to review the financials. Go ahead, Eric.

說完這些，我將把電話轉給我們的財務長 Eric West，讓他來審查財務狀況。繼續吧，埃里克。

Thanks, Steve. Let me start my comments with our balance sheet. We ended the quarter with cash and cash equivalents of approximately $1.9 million and as of this call, we have approximately $3.2 million. During June, we completed the sale of the Sierra ARC facility and related equipment, generating roughly $4.3 million of cash. These proceeds were used to retire the $3 million summit building loan, which also eliminated the associated interest expense going forward. With the payoff of this note, the company now has no debt.

謝謝，史蒂夫。讓我從我們的資產負債表開始我的評論。本季末，我們的現金和現金等價物約為 190 萬美元，截至本次電話會議時，我們擁有的現金和現金等價物約為 320 萬美元。6 月份，我們完成了 Sierra ARC 工廠及相關設備的出售，產生了約 430 萬美元的現金。這些收益用於償還 300 萬美元的峰會建設貸款，同時也消除了未來的相關利息支出。隨著這張票據的償還，該公司現在沒有任何債務。

As a reminder, on August 4, 2025, we affected a 1 for 10 reverse stock split. All per-share figures we referenced today reflect that split.

提醒一下，2025 年 8 月 4 日，我們進行了 1 比 10 的反向股票分割。我們今天引用的所有每股數據都反映了這種分割。

I will now move to the income statement. Operating expenses reflect prudent cost control and workforce reductions implemented to conserve cash while we pursue necessary capital funding. For the quarter, plant operations expenses were $0.8 million down from $2.4 million a year ago, and G&A was $2.2 million down from $3.4 million in Q2 of 2024. The decline in both categories were driven primarily by lower payroll and related costs following workforce reductions. We do not expect these actions to materially impact current pilot operations or ongoing R&D.

現在我將轉到損益表。營運費用反映了我們在尋求必要的資本融資的同時為節省現金而實施的審慎成本控制和裁員。本季，工廠營運費用為 80 萬美元，低於去年同期的 240 萬美元，一般及行政費用為 220 萬美元，低於 2024 年第二季的 340 萬美元。這兩個類別的下降主要是由於裁員後薪資和相關成本的降低。我們預計這些行動不會對目前的試點營運或正在進行的研發產生重大影響。

Q2 2025 net loss also includes non-cash items associated with the CRR transactions, specifically an impairment and loss on the disposal of property and equipment of approximately $3.8 million in the quarter and $9 million recognized year-to-date as we exited the site. Other income benefited from $0.5 million of interest and other income and $0.8 million of non-cash gained from the warrant liability or remeasurement. Net loss for the quarter was approximately $6.8 million. On a per share basis, basic and diluted net loss per share was negative $7.44 for Q2 of 2025 versus $9.94 in Q2 of 2024.

2025 年第二季的淨虧損還包括與 CRR 交易相關的非現金項目，特別是本季度處置財產和設備產生的約 380 萬美元的減值和損失，以及我們退出該站點時年初至今確認的 900 萬美元。其他收入受益於 50 萬美元的利息和其他收入以及 80 萬美元的認股權證負債或重新計量非現金收益。本季淨虧損約 680 萬美元。以每股計算，2025 年第二季基本和稀釋每股淨虧損為負 7.44 美元，而 2024 年第二季為 9.94 美元。

Now moving to the cash flow statement. Year-to-date cash used in operating activities was $5.3 million in improvement versus the prior year, reflecting prudent cash management and cost reduction actions, including workforce reductions taken to conserve cash while we work toward the capital funding path. Investing activities provided $4.9 million driven primarily by the building and equipment sales proceeds received in Q2.

現在轉到現金流量表。年初至今，經營活動所用現金較上年同期有所改善，為 530 萬美元，這反映了審慎的現金管理和成本削減措施，包括在我們努力實現資本融資路徑的同時為節省現金而採取的裁員措施。投資活動提供了 490 萬美元，主要來自第二季收到的建築和設備銷售收益。

Financing activities used $1.8 million year-to-date. This comprised of $2.7 million raised through our ATM and $0.1 million via the Lincoln Park ELOC and we applied $4.5 million to principal repayments, including the payoff of the summit loan and bridge note. We are continuing to focus on capital solutions and partnering structures that support our long-term strategy while strengthening our cash position to ensure an adequate runway.

今年迄今為止，融資活動已耗資 180 萬美元。其中包括透過我們的 ATM 籌集的 270 萬美元和透過林肯公園 ELOC 籌集的 10 萬美元，我們將 450 萬美元用於償還本金，包括償還峰會貸款和過橋票據。我們將繼續專注於支持我們長期策略的資本解決方案和合作夥伴結構，同時加強我們的現金狀況以確保充足的資金。

That concludes my comments on the company's financials. I'll now turn the call back to Steve.

這就是我對該公司財務狀況的評論。我現在將電話轉回給史蒂夫。

Thanks Eric. So to summarize, in Q2, we delivered best in class lithium quality, validated our cost competitiveness, expanded our feedstock potential, and initiated the design of the scalable ARC facility. We also strengthened our balance sheet and extended our cash runway, giving us a solid financial platform as we move towards commercialization. We are proud of the progress we've made, and we believe Aqua Metals is well positioned to play a defining role in building a resilient, fully domestic battery material supply chain in the United States.

謝謝埃里克。總而言之，在第二季度，我們提供了一流的鋰質量，驗證了我們的成本競爭力，擴大了我們的原料潛力，並啟動了可擴展 ARC 設施的設計。我們也加強了資產負債表，延長了現金流，為我們走向商業化提供了堅實的財務平台。我們為所取得的進步感到自豪，我們相信 Aqua Metals 有能力在美國建立有彈性的、完全國內的電池材料供應鏈方面發揮決定性作用。

With that, let's open the call for questions.

現在，讓我們開始提問。

(Operator Instructions)

（操作員指示）

Mickey Legg, Benchmark Company.

米奇·萊格（Mickey Legg），Benchmark 公司。

Can you maybe talk a little bit more about the progress on the technology side of things, maybe just break that down a little bit more for someone who's not an engineer. I think the China comp was pretty compelling, saying that it's 50% of the cost of the current US. Could you break that down a little bit and what are the implications of that and how are your potential customers viewing the progress on that side and what sort of things are they looking for? Thanks.

您能否再多談一下技術方面的進展，或是為非工程師稍微解釋一下。我認為中國的成本相當引人注目，僅為美國當前成本的 50%。您能否稍微解釋一下這一點，這意味著什麼，您的潛在客戶如何看待這方面的進展，以及他們在尋找什麼樣的東西？謝謝。

Yeah, great. Well, thanks, Mickey, great question. And yeah, it's a tough one because it's definitely been a productive quarter for innovation, but I guess if I had to just pick one thing that really stands out, it's the progress that we announced that we made on the quality of our lithium carbonate. And that mainly being that we've reduced the fluorine content to under 30 parts per million, which is incredibly low.

是的，很棒。好吧，謝謝，米奇，這個問題問得好。是的，這是一個艱難的決定，因為這無疑是一個創新成果豐碩的季度，但我想，如果我必須選擇一件真正突出的事情，那就是我們宣佈在碳酸鋰品質方面取得的進展。這主要是因為我們已將氟含量降低到百萬分之三十以下，這是一個非常低的含量。

And based on the feedback that we're getting from the strategic partners that we're working on, it may be the highest spec lithium carbonate, not just from recycled sources, but period, even compared to many mine sources. I think that's huge, and it shows that sustainable recycling can meet or even exceed the standards of traditional supply chains.

根據我們從合作的策略夥伴那裡得到的回饋，它可能是規格最高的碳酸鋰，不僅來自回收來源，而且與許多礦場來源相比也是如此。我認為這意義重大，它表明可持續回收可以達到甚至超過傳統供應鏈的標準。

And that's gotten real traction with our perspective partners reviewing our samples. But I'll tell you though, Mickey, the other piece that I'm really excited about is the flexibility that we're building into our flow sheet and the ARC facilities designs. So with our developing partner network, we're taking this sort of have it your way approach where some partners may want nickel metal, others may prefer something like a nickel carbonate and others may want their nickel in the form of high purity NMC or nickel Manganese cobalt cake.

這對我們審查樣品的潛在合作夥伴產生了真正的吸引力。但我要告訴你，米奇，讓我真正興奮的另一點是我們在流程圖和 ARC 設施設計中融入的靈活性。因此，透過發展我們的合作夥伴網絡，我們採取了一種「隨心所欲」的方式，一些合作夥伴可能想要鎳金屬，其他合作夥伴可能更喜歡碳酸鎳之類的東西，而其他合作夥伴可能想要以高純度 NMC 或鎳錳鈷餅的形式獲得鎳。

So we're designing our flow sheets and the ARC plants to deliver each developing partner needs. So that level of flexibility paired with our strategic pillars about licensing and/or building plants allow us to do the build, own and operate model as well as an enabler and partner model and gives us the optionality to really meet the market where it is and where it ultimately will be in the US and beyond to enable others to succeed alongside of us, and I think that's a real powerful position for us to be in.

因此，我們正在設計流程圖和 ARC 工廠來滿足每個發展合作夥伴的需求。因此，這種靈活性與我們關於許可和/或建造工廠的戰略支柱相結合，使我們能夠實施建設、擁有和運營模式以及推動者和合作夥伴模式，並為我們提供了選擇權，以真正滿足美國及其他地區的市場需求，最終使其他人能夠與我們一起取得成功，我認為這對我們來說是一個真正強大的地位。

Great. Yeah, that's exciting to hear. I definitely like the the optionality aspect of that. Maybe if you could give us a little more color on the tech showcase you just hosted with NAATBattery. Just dig into that a little bit, how our discussion's going there? Is there any traction that you were able to generate from that?

偉大的。是的，聽到這個消息真令人興奮。我絕對喜歡它的可選性。或許您可以向我們詳細介紹一下您剛與 NAATBattery 共同舉辦的技術展示。稍微深入一點，我們的討論進度如何？你能從中得到什麼啟發嗎？

Yeah. We've seen a really encouraging wave of engagement coming out of that event. First off, I'd say it was a real honor to host so many of the leading players in the battery and the automotive OEM space and to have that level of turnout, which was around 100 attendees in total for the event and also some private tours that took place around the event and to receive such strong feedback was incredibly validating.

是的。我們看到這場活動掀起了一股令人鼓舞的參與浪潮。首先，我很榮幸能夠接待這麼多電池和汽車 OEM 領域的領導企業，並有如此高的出席人數，總共約有 100 人參加了此次活動，並且在活動期間還進行了一些私人參觀，並收到如此強烈的反饋，這令人難以置信。

What stood out in my mind was the feedback and how many visitors called out the cleanliness and safety and organization of our innovation center and our demonstration plant operations, as well as the quality of materials that we're producing and the thoughtful design of our overall flow sheets. And those comments really meant a lot to us because they came from some of the top minds in the industry.

我印象最深刻的是回饋，許多參觀者對我們的創新中心和示範工廠的清潔度、安全性和組織性表示讚賞，以及我們生產的材料的品質和整體流程圖的周到設計。這些評論對我們來說意義重大，因為它們來自業內的一些頂尖人物。

And if you haven't seen it yet, anyone listening or reading the transcript, our August 6 press release includes a direct link to the event recap, and that's complete with photos, testimonial videos from industry leaders who were there. And I really encourage folks to check that out. You can also find it under the media tab on our website, in our blog, which we call the Current. So you just click on media, blog, the current, and you'll get there. And the videos there are brief, but I think they're powerful, and they make it clear that we really do have something special here.

如果您還沒有看過，任何收聽或閱讀文字記錄的人，我們的 8 月 6 日新聞稿包含活動回顧的直接鏈接，其中附有照片、來自在場行業領袖的推薦視頻。我真的鼓勵大家去檢查一下。您也可以在我們網站的媒體標籤下、在我們的部落格（我們稱之為「目前」）中找到它。因此，您只需點擊媒體、部落格、當前，即可到達那裡。那裡的影片很簡短，但我認為它們很有影響力，它們清楚地表明我們確實擁有一些特別的東西。

And in terms of outcomes, we believe the event did a few things for your question. It helped push forward some of the ongoing conversations we were already having with some of these strategic perspective partners, and it also opened the door to some brand new discussions we've been having with players that we hadn't yet engaged. And maybe most importantly though for the duration and the durability of the event is that it left a lasting impression on the industry.

就結果而言，我們相信這次活動對您的問題有一些幫助。它有助於推動我們與一些策略視角合作夥伴正在進行的一些對話，也為我們與尚未接觸的玩家進行的一些全新討論打開了大門。但就該活動的持續時間和持久性而言，最重要的或許是它給業界留下了持久的印象。

After the visit, the industry now does have irrefutable firsthand evidence that Aqua Metals has developed a truly sustainable and economically competitive recycling process, and we can help stand up the closed loop battery mineral supply chains in the US and other China markets, and that's a major differentiator to me, and this event really helps cement that message.

這次參觀之後，業界確實掌握了無可辯駁的第一手證據，證明 Aqua Metals 已經開發出真正可持續且具有經濟競爭力的回收工藝，我們可以幫助在美國和其他中國市場建立閉環電池礦物供應鏈，這對我來說是一個主要的區別因素，而這次活動確實有助於鞏固這一信息。

It really looks like a pretty impressive event, and I think more of these tangible touch points with industry leaders is very valuable. And then if I could squeeze in a couple more here. One on the map side, there's just -- there's a lot going on with regulations and incentives and trade policies out there. Can you just give us your view on how you think potential incentives or trade policies in the future could impact your competitiveness?

這看起來確實是一場令人印象深刻的活動，我認為與行業領袖進行更多這樣的實際接觸非常有價值。然後如果我能在這裡再擠幾個的話。從地圖方面來看，有許多法規、激勵措施和貿易政策正在製定中。您能否談談您認為未來的潛在激勵措施或貿易政策將如何影響您的競爭力？

That's a great question. Kind of the area that we can't directly control, but we could certainly influence and help benefit from. And one of the things that we took a lot of time being proactive about during the national battery conference get-together is that we feel like we got a lot of support for the industry telling the government administration, the various groups within the government, that what we really need to stand up the US market here is a policy that encourages producers of black mass.

這是一個很好的問題。這是我們無法直接控制的領域，但我們肯定可以施加影響並從中受益。在全國電池會議期間，我們花了很多時間積極主動地做的事情之一是，我們感覺我們得到了很多對行業的支持，我們告訴政府管理部門、政府內部的各個團體，我們真正需要的是製定一項鼓勵黑塊生產商的政策來鞏固美國市場。

So those that collect the lithium batteries and then pre-process them, which is the input to recyclers, that rather than be a net exporter of that material to sell through Korea or other locations at very high payables, that you can't make as much money in the US on. If there was a tax incentive, for example, in place to encourage and reward those preprocessors to sell those materials domestically so we can begin to produce and stand up an actual recycling a set of infrastructure in the US, that would be something that everybody in the industry seems to be able to get behind. And we spoke with the National Battery Organization themselves and got support and some vehicle OEMs as well as the preprocessors themselves.

因此，那些收集鋰電池然後進行預處理的人，也就是回收商的投入，並不是成為這種材料的淨出口商，而是透過韓國或其他地區以非常高的應付價格出售，所以你無法在美國賺到那麼多錢。例如，如果有稅收激勵措施來鼓勵和獎勵這些預處理商在國內銷售這些材料，這樣我們就可以開始在美國生產和建立一套真正的回收基礎設施，這似乎是業內每個人似乎都能夠支持的事情。我們與國家電池組織進行了交談並獲得了一些汽車原始設備製造商以及預處理器的支援。

And so, we're greatly encouraged is that being one of the areas that industry is going to try to influence our senators and congresspeople and various groups within the administration on encouraging that type of incentive. And that is a ongoing effort and we hope to see things there.

因此，我們感到非常鼓舞的是，作為行業領域之一，我們將試圖影響我們的參議員、眾議員和政府內的各個團體，鼓勵這種激勵措施。這是一項持續不斷的努力，我們希望看到成果。

We're still in an uncertain period in terms of other policies and we're awaiting what we see from the DOE as well as we are encouraged on what the DOD has done, for example, I'll call out that there was an announcement recently of stockpiling. I believe it's $2.5 billion worth of cobalt. Our technology is the only recycling technology that can produce cobalt in the form of cobalt rounds, and that's an industry standard material.

就其他政策而言，我們仍處於不確定時期，我們正在等待美國能源部的消息，同時我們對國防部的所作所為感到鼓舞，例如，我要說的是，最近有一項關於儲備的公告。我認為鈷的價值為 25 億美元。我們的技術是唯一能夠以鈷圓片形式生產鈷的回收技術，這是一種產業標準材料。

And we believe that a policy setting like that can really help to stand up recycling in the US by showing government support for the outbound materials that could come out of the recycling infrastructure if it were to be developed because let's remind everybody right now there is about 0 tons per year of commercial quantities of recycling collectively in the industry, and we need to get to a number far beyond that. And these kinds of policies and other things that we're working on with the industry and the trade organizations we believe could really make a difference and an impact in the coming years.

我們相信，這樣的政策制定可以真正幫助美國振興回收業，因為它表明政府支持回收基礎建設後可能產生的外來材料，因為現在讓我們提醒大家，該行業每年的商業回收量約為 0 噸，我們需要達到遠遠超過這個數字。我們相信，我們正在與業界和貿易組織合作制定的這些政策和其他事項將在未來幾年真正發揮作用並產生影響力。

You made some good progress being prudent with your cash and on the balance sheet side of things. So with no more long term debt, can you just talk about sort of what flexibility you have to structure partnerships, whether that be through equity or royalties or maybe licensing, which you see is likely and maybe some of the breathing room you bought yourself because you just get into that? Thanks.

您在謹慎使用現金和資產負債表方面取得了一些進展。那麼，在沒有長期債務的情況下，您能否談談您在建立合作夥伴關係方面有哪些靈活性，無論是透過股權、特許權使用費還是許可，您認為這很有可能，也許是您自己購買的一些喘息空間，因為您剛剛進入這個領域？謝謝。

So fortunately because of the great work that Eric has done to develop a stronger cash position through some assets divestiture that was non-essential assets and other tools to increase our cash, we do have that runway to be able to work towards some of these strategic partnerships in developing the right relationships with the right players.

因此，幸運的是，由於 Eric 所做的出色工作，透過剝離一些非必要資產和其他增加現金的工具，增強了現金狀況，我們確實擁有了與合適的參與者建立正確關係，從而能夠努力建立一些策略夥伴關係。

So we're really fortunate that we feel like we've got a significant amount of runway and time to see through those discussions and that's a really important aspect of keeping this business moving along and frankly keeping the whole industry moving along is that all the companies in this space need to be collaborating and working together versus trying to go with a loan strategy and making sure that our balance sheets allow us the time to be able to establish those relationships is just absolutely critical, and I think we took a really good step in this past quarter in that direction.

因此，我們非常幸運，我們覺得我們有足夠的時間和空間來完成這些討論，這是保持業務發展和坦率地說保持整個行業發展的一個非常重要的方面，即這個領域的所有公司都需要合作和共同努力，而不是試圖採用貸款策略，確保我們的資產負債表讓我們有時間建立這些關係是絕對關鍵的，我認為我們在上個季度朝著這個方向邁出了非常好的一步。

Thank you. I'm going to hand the floor over to Rob Meyers for any web questions.

謝謝。我將把發言權交給 Rob Meyers，回答有關網絡的任何問題。

Yes, thank you. First question. Can you elaborate on the patent allowance you received and how it is supporting discussions with potential partners?

是的，謝謝。第一個問題。您能詳細說明您獲得的專利許可以及它如何支持與潛在合作夥伴的討論嗎？

Yeah, I'm happy to. So just a few weeks ago, we announced that we secured a US patent allowance that covers foundational aspects of our ArcRefining technology for the lithium-ion battery recycling space. And that's really a big deal. Beyond just protecting our IP, it really activates a key part of our business model that we've been talking about.

是的，我很樂意。就在幾週前，我們宣布獲得了一項美國專利許可，該專利涵蓋了我們用於鋰離子電池回收領域的 ArcRefining 技術的基礎方面。這確實是一件大事。除了保護我們的智慧財產權之外，它還真正啟動了我們一直在談論的商業模式的關鍵部分。

We've always had two strategic pillars. One is to build, own and operate model where we develop and run our own recycling campuses, which as everybody knows, is capital intensive. But the other part of what we call our our business model is the enabler and partnering pillar. And this patent is really the unlock for that.

我們總是有兩大戰略支柱。一種是建造、擁有和營運模式，即我們開發和經營自己的回收園區，眾所周知，這是資本密集的。但我們所說的商業模式的另一部分是推動因素和合作支柱。這項專利確實能解決這個問題。

And with this allowance in hand, we can now pursue further high margin licensing, joint ventures, and other tech enablement types of deals with partners who want to build cost competitive, clean domestic battery recycling capabilities without reinventing the wheel.

有了這項補貼，我們現在可以與那些希望建立具有成本競爭力、清潔的國內電池回收能力而無需重新發​​明輪子的合作夥伴進一步尋求高利潤許可、合資企業和其他技術支援類型的交易。

So this isn't just a win for IP, it's a revenue enabler for us, and we're already seeing that in our conversations with these potential partners. The patent does give us a tangible defensible foundation to point in those discussions, and it's clear, it's validated, and it shows the value, I think, that we bring to the table, not just technically but also commercially.

因此，這不僅是 IP 的勝利，也是我們的收入推動力，我們在與這些潛在合作夥伴的對話中已經看到了這一點。這項專利確實為我們在討論中指出了切實可行的基礎，而且它很明確，經過了驗證，並且我認為它展示了我們所帶來的價值，不僅在技術上，而且在商業上。

Next question. This week has been interesting with a surge in lithium prices as a major producer in China closes a plant. Can you offer your take on market activity?

下一個問題。本週相當有趣，由於中國一家大型生產商關閉了一家工廠，鋰價飆升。能談談對市場活動的看法嗎？

Yeah, absolutely. It's definitely been a noteworthy week for the lithium markets and for lithium-related stocks, and I think what sparked that primarily was in a surge thing there was CATL or Contemporary Amperex, one of the world's largest battery makers, shutting down operations at a key lithium mine in China's Yichun region. That facility accounts for solely for around 6% of global lithium output, and that move really reverberated through the market immediately. And lithium carbonate prices in China popped around 3%, and lithium stocks around the world rallied.

是的，絕對是。對於鋰市場和鋰相關股票來說，這無疑是值得關注的一周，我認為引發這一現象的主要原因是全球最大的電池製造商之一寧德時代（CATL）關閉了中國伊春地區一座重要鋰礦的運營。該工廠僅佔全球鋰產量的 6% 左右，這項舉措立即在市場上引起了迴響。中國碳酸鋰價格上漲約3%，全球鋰庫存上漲。

And that really underscores though how thinly stretched supply chains have become and why prices need to rebound enough to make production viable outside of China. And oversupply and lackluster demand in recent years has driven prices down to levels that made it nearly impossible for non-China producers to even compete.

但這確實凸顯了供應鏈變得多麼緊張，以及為什麼價格需要反彈到足以使中國以外的生產變得可行。近年來，供應過剩和需求低迷導致價格下跌，非中國生產商幾乎無法參與競爭。

But in Aqua Metals, our goal has always been to help enable the US and global solution through an economically viable but also sustainable supply chain. That means making lithium carbonate and indeed really all the battery critical materials from recycled sources and even mind ones competitive on price and on quality. And we view this market movement not just as a short term bump, but I view it as a signal that more rational prices could be returning, and that's essential for building a resilient localized set of capabilities.

但在 Aqua Metals，我們的目標始終是透過經濟可行且永續的供應鏈幫助美國和全球實現解決方案。這意味著要從回收資源製造碳酸鋰以及所有電池關鍵材料，甚至在價格和品質上都具有競爭力。我們認為這種市場走勢不僅僅是短期的波動，而且我認為它是一個信號，表明更合理的價格可能正在回歸，這對於建立一套有彈性的本地化能力至關重要。

So yeah, this week's surge is a reminder that it's not just about recycling tech, it's really just about the economics, and we're building towards both sides the superior specs here at Aqua Metals and strong margins so that ex-China markets actually do have a chance to become and then remain more independent.

所以，是的，本週的飆升提醒我們，這不僅僅關乎回收技術，而實際上只關乎經濟，我們正在為 Aqua Metals 的雙方打造卓越的規格和強勁的利潤率，以便中國以外的市場確實有機會變得更加獨立，並保持獨立。

The next question. In addition to the commentary in your opening remarks, what are the next steps and milestones we can watch out for?

下一個問題。除了您在開場白中的評論之外，我們還可以關注哪些後續步驟和里程碑？

It's great. So our focus right now is on securing the right supply and offtake partnerships that will enable financing for our first commercial ARC facility.

這很棒。因此，我們現在的重點是確保正確的供應和承購合作夥伴關係，以便為我們的第一個商業 ARC 設施提供融資。

But the market has shifted for sure, and we're in a mode of we'll build it when they come versus build on spec, and we believe that we now have the financial runway to pursue the right deals with the right economics in the months ahead. I'm going to point out again that the recent IP allowance and our flexible offtake model being able to deliver nickel as metal or carbonate or nickel Manganese cobalt cake, has opened up meaningful new discussions and revenue opportunities and that furthers our chances at the right deal or even deals.

但市場肯定已經發生了變化，我們處於一種當它們到來時再建造的模式，而不是按照規格建造，我們相信我們現在擁有足夠的財務基礎，可以在未來幾個月內以正確的經濟條件達成正確的交易。我要再次指出的是，最近的 IP 配額和我們靈活的承購模式能夠以​​金屬或碳酸鹽或鎳錳鈷餅的形式交付鎳，這開闢了有意義的新討論和收入機會，並進一步增加了我們達成正確交易甚至交易的機會。

While still early, it's also notable that we're testing new feedstocks like refinery residues and undersea nodules which could greatly expand our reach beyond battery recycling, and we look forward to sharing more on those developments as we continue to progress them through lab bench and pilot scale.

雖然還處於早期階段，但值得注意的是，我們正在測試新的原料，如煉油廠殘留物和海底結核，這可以大大擴展我們在電池回收之外的覆蓋範圍，我們期待在繼續通過實驗室和中試規模推進這些進展的同時分享更多有關這些進展的信息。

Next question. Eric, as the new CFO, can you offer a few more insights about your key objectives in the coming weeks and months ahead?

下一個問題。艾瑞克，作為新任財務官，您能否就未來幾週和幾個月的主要目標提供更多見解？

Yes, I can. So my top priority is to continue the strong momentum that we've built on the fiscal side. We already made real progress improving the balance sheet, eliminating the long-term debt, and raising liquidity, and I'll be focused on keeping that trend going. The financial discipline is what gives us the ability to pursue the exciting opportunities Steve's been talking about, whether it's building our first commercial ARC or enabling others to partnerships.

是的，我可以。因此，我的首要任務是延續我們在財務方面已經建立的強勁勢頭。我們在改善資產負債表、消除長期債務和提高流動性方面已經取得了真正的進展，我將致力於維持這一趨勢。財務紀律使我們能夠追求史蒂夫一直在談論的激動人心的機會，無論是建立我們的第一個商業 ARC 還是與其他人建立合作夥伴關係。

The other big area of focus for me is on the financial modeling and partner interface side. We've got active conversations happening around feedstock, offtake, licensing, and JB opportunities, and I'll be spending a good amount of time on the modeling and the economic structuring supporting those decisions. It's all about making sure we optimize every opportunity while keeping the company on solid financial footing.

我關注的另一個重點領域是財務建模和合作夥伴介面方面。我們正在就原料、承購、許可和 JB 機會進行積極的討論，我將花費大量時間進行建模和支持這些決策的經濟結構。這一切都是為了確保我們優化每一個機會，同時保持公司穩固的財務基礎。

Next question. Why did Aqua Metals execute the reverse stock split?

下一個問題。Aqua Metals 為什麼要進行反向股票分割？

Oh, that's a good question. So the primary reason for the reverse stock split was to support our efforts to regain full compliance with the Nasdaq listing requirements. We've had an ongoing conversation with the Nasdaq, and this is to move the part of working through those final steps. We view the Nasdaq listing as a strategic asset. It brings the real benefits to our shareholders from both liquidity and visibility.

哦，這是個好問題。因此，反向股票分割的主要原因是為了支持我們努力重新完全遵守納斯達克上市要求。我們一直在與納斯達克進行對話，這是為了推動完成最後步驟。我們將納斯達克上市視為一項策略資產。它從流動性和可見性兩方面為我們的股東帶來了真正的利益。

Staying listed also gives us access to the larger pool of institutional and retail investors, especially those that prioritize the transparency, good governance, and emerging growth stories like Aqua Metals. So while these moves are never taken lightly, we see this as an important step in positioning the company for long term opportunities.

保持上市也使我們能夠接觸到更大的機構和散戶投資者群體，尤其是那些優先考慮透明度、良好​​治理和新興成長故事的投資者，例如 Aqua Metals。因此，儘管這些措施絕非輕率之舉，但我們認為這是公司掌握長期機會的重要一步。

And the next question. You discussed a cost comparison study of AquaRefining. Can you explain that a bit more?

下一個問題。您討論了 AquaRefining 的成本比較研究。你能再解釋一下嗎？

Yes, I can. This is something that we're pretty excited about because as we've said from the beginning, if the US and other markets want to truly compete with China in battery recycling, we need to change the game. We can't just match it. The study we completed internally compared the cost structure of AquaRefining to both traditional US and Chinese hydromet plants. And we have found -- what we found was really compelling. Our process is cost competitive with China and actually runs at about half the cost of traditionally US hydromet recycling.

是的，我可以。我們對此感到非常興奮，因為正如我們從一開始就說過的，如果美國和其他市場想要在電池回收方面真正與中國競爭，我們就需要改變遊戲規則。我們不能僅僅匹配它。我們內部完成的研究將 AquaRefining 的成本結構與美國和中國的傳統水文氣象工廠進行了比較。我們發現——我們的發現確實令人信服。我們的製程在成本上與中國相比具有競爭力，實際上成本僅為美國傳統水文氣象回收的一半左右。

One of the key drivers is that Aqua Metals eliminates the need to manage and dispose of huge volumes of single-use chemicals. And we use electricity instead to regenerate those needed chemicals. That's both a CapEx and an OpEx savings, and especially in ex-Chinese markets, the disposal of a byproduct like sodium sulfate is extremely expensive. Our process avoids producing and then crystallizing that sodium sulfate waste stream on the back end, which exceeds the valuable lithium, nickel and cobalt minerals combined, which is a big deal from both a cost and a sustainability standpoint.

其中一個關鍵驅動因素是 Aqua Metals 消除了管理和處置大量一次性化學品的需要。我們使用電力再生那些所需的化學物質。這不僅節省了資本支出，也節省了營運支出，尤其是在中國以外的市場，處理硫酸鈉等副產品的成本極為昂貴。我們的製程避免了在後端產生並結晶硫酸鈉廢液，其含量超過了有價值的鋰、鎳和鈷礦物的總和，從成本和可持續性的角度來看，這都是一件大事。

So when you put all that together, we believe that Aqua Metals refining gives us and our partners a much better shot at building a viable critical minerals recycling industry here in the US and other markets because at the end of the day price matters with commodities and AquaRefining is designed to compete where it counts.

所以，綜合考慮所有這些因素，我們相信 Aqua Metals 精煉廠將為我們和我們的合作夥伴在美國和其他市場建立可行的關鍵礦物回收行業提供更好的機會，因為歸根結底，價格對於大宗商品至關重要，而 AquaRefining 旨在在關鍵領域展開競爭。

Thank you. And ladies and gentlemen, that is all the time we have for questions. I'll now hand the floor back to Steve Cotton for closing remarks.

謝謝。女士們、先生們，我們的提問時間就到這裡。現在我將發言權交還給史蒂夫·科頓，請他作最後發言。

Well, thanks everybody for attending, and we are very proud of the accomplishments in the past quarter from a financial perspective, operational and commercial and kind of new strategies in addition to battery recycling, and we've done what we can do to continue to keep the stock listed through the Nasdaq and expect those conversations on compliance to be productive and our cost comparison has really made an impact in our conversations with potential partners in the US.

好的，感謝大家的出席，我們對上個季度在財務、營運、商業和電池回收等新策略方面取得的成就感到非常自豪，我們已盡我們所能繼續保持股票在納斯達克上市，並期望這些關於合規性的對話富有成效，我們的成本比較確實對我們與美國潛在合作夥伴的對話產生了影響。

They're seeing that it is, as Eric said, that price matters with commodities, and we think that we've got the right set of tools not only for ourselves but to help enable others, and we appreciate all the support from our shareholders and we look forward to reporting updates ad hoc and between now and the next quarterly call. I wish everybody a great day, a great week, and a great quarter. Thanks.

他們看到，正如埃里克所說，價格對商品很重要，我們認為我們不僅擁有適合自己而且可以幫助他人的正確工具，我們感謝股東的所有支持，我們期待著臨時報告更新情況以及從現在到下一個季度電話會議之間的更新情況。我祝福大家有美好的一天、美好的一週和美好的一個季度。謝謝。

Thank you. And with that, we conclude today's conference call. All parties may now disconnect. Have a good day.

謝謝。今天的電話會議就此結束。各方現在都可以斷開連線。祝你有美好的一天。