Aqua Metals Inc (AQMS) 2025 Q4 法說會逐字稿

Greetings, and welcome to Aqua Metals fourth quarter 2025 conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Aqua Metals 2025 年第四季電話會議。(接線員指示) 提醒各位，本次會議正在錄音。

I would now like to turn the conference over to your host, [Dan Scott]. Thank you. You may begin.

現在我想把會議交給本次會議主持人，[Dan Scott]。謝謝。您可以開始了。

Thank you, operator, and thank you, everyone, for joining us today. Earlier today, Aqua Metals issued a press release providing an operational update and discussing results for the full year ended December 31, 2025. This release is available in the Investor Relations section of 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.

謝謝您，接線員，也謝謝各位今天加入我們。今天稍早，Aqua Metals 發布新聞稿，提供營運更新並討論截至 2025 年 12 月 31 日止年度的全年業績。該新聞稿可於公司網站 aquametals.com 的投資人關係專區取得。今天出席電話會議的有總裁暨執行長 Steve Cotton，以及財務長 Eric West。

Before we begin, I would like to remind participants that during this call, management will be making forward-looking statements. Please refer to the company's report on Form 10-K filed today 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.

在開始之前，我想提醒各位，管理團隊在本次電話會議中將發表前瞻性陳述。請參閱公司今日提交的 Form 10-K 報告，其中摘要說明前瞻性陳述，以及可能導致實際結果與該等前瞻性陳述存在重大差異的風險、不確定性及其他因素。

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. As a reminder, after the formal remarks, we will conduct a question-and-answer session.

Aqua Metals 提醒投資人不要過度依賴任何前瞻性陳述。除法律要求外，公司不承擔且明確否認任何更新或修訂該等陳述以反映新情況或未預期事件發生的義務。提醒各位，在正式發言結束後，我們將進行問答環節。

With that, I'd like to turn the call over to Steve Cotton, President and CEO of Aqua Metals.

接下來，我想把電話會議交給 Aqua Metals 總裁暨執行長 Steve Cotton。

Thank you, Dan, and good afternoon, everyone. I appreciate you joining us for Aqua Metals fourth quarter and full 2025 earnings call. Today, I'll walk through what was an active and milestone-filled year for our company, covering how we evolved our technology, what we accomplished on the product side, how our strategic partnerships developed and the financial foundation we built heading into 2026. Eric will then follow with a detailed financial review.

謝謝你，Dan，各位下午好。感謝各位參加 Aqua Metals 2025 年第四季及全年財報電話會議。今天我將帶各位回顧對公司而言活動頻繁且里程碑豐富的一年，涵蓋我們如何演進技術、在產品端完成了哪些成果、策略夥伴關係如何發展，以及我們在邁入 2026 年前所建立的財務基礎。接著 Eric 將進行更詳細的財務回顧。

Let me start with the overall frame for 2025. It was a year in which discipline and execution went hand-in-hand. We made deliberate adjustments to our commercialization approach as market conditions evolved, cleared important technical hurdles, extended our platform with new strategic initiatives and put the balance sheet in meaningfully better shape than where we started the year.

我先從 2025 年的整體脈絡談起。這是一個紀律與執行相輔相成的一年。隨著市場環境演變，我們對商業化方法做出審慎調整，克服重要技術門檻，透過新的策略性計畫延伸平台能力，並使資產負債表相較年初有顯著改善。

On the technology and product front, I would call 2025 the most expansive year in Aqua Metals' history in terms of what the AquaRefining process demonstrated that it can do. We grew the product portfolio. We raised the bar with product specs and proved the feedstock flexibility of our platform in ways that matter commercially and allow us to address the variability of material, not only in the battery recycling market, but beyond to include other markets like rare earths and undersea mining, for example.

在技術與產品方面，我會稱 2025 年為 Aqua Metals 歷史上最具擴展性的一年，因為 AquaRefining 製程展現了其能力邊界。我們擴充了產品組合。我們提高了產品規格門檻，並以具商業意義的方式證明平台對原料的彈性，使我們能夠因應材料的變異性，不僅在電池回收市場，也延伸至其他市場，例如稀土與深海採礦等。

One of the most important strategic decisions we made this year was to sharpen the commercial scope of our first ARC facility. With the AquaRefining platform that's capable of producing a broader range of outputs, we made the deliberate decision to simplify the first commercial plant around two core feedstock streams, NMC black mass and LFP black mass.

今年我們做出的最重要策略決策之一，是聚焦我們第一座 ARC 設施的商業範疇。在 AquaRefining 平台具備生產更廣泛輸出產品的能力之下，我們刻意決定將第一座商業化工廠簡化為兩個核心進料來源：NMC 黑粉（black mass）與 LFP 黑粉。

From those inputs, our initial commercial focus will be on three primary outputs: battery-grade lithium carbonate, nickel, cobalt mixed hydroxide precipitate or MHP, and iron phosphate. We have already successfully produced these materials at our innovation center, which gives us confidence that this is the right first commercial configuration. That decision is expected to reduce execution risk, shorten time to market, lower upfront capital requirements and support attractive unit economics and a stronger payback profile.

以這些投入為基礎，我們初期的商業重點將放在三項主要產出：電池級碳酸鋰、鎳鈷混合氫氧化物沉澱（mixed hydroxide precipitate，MHP），以及磷酸鐵。我們已在創新中心成功製造出這些材料，讓我們有信心這是正確的第一個商業化配置。預期此一決策將降低執行風險、縮短上市時間、降低前期資本需求，並支持具吸引力的單位經濟效益與更強的投資回收特性。

In short, we are intentionally designing the first commercial ARC to be simpler, faster and more capital efficient to deploy while preserving the flexibility to expand the product slate over time as we scale. We believe that it is the right disciplined approach to commercialization and long-term shareholder value creation.

簡言之，我們有意將第一座商業化 ARC 設計得更簡單、更快速、且更具資本效率地部署，同時保留隨著規模擴張而逐步擴充產品組合的彈性。我們相信，這是兼顧商業化紀律與長期股東價值創造的正確做法。

On product quality, our team delivered results that we believe set a new benchmark for the recycling industry. Our lithium carbonate achieved fluorine levels under 30 parts per million, a specification that to our knowledge, places us at or above the quality standard for any recycled lithium source globally. Material meeting this threshold has been produced at meaningful scale and distributed to strategic counterparties for evaluation. The responses have been substantive and encouraging.

在產品品質方面，我們團隊交出的成果，我們相信為回收產業樹立了新的標竿。我們的碳酸鋰氟含量低於 30 ppm（百萬分之一），據我們所知，這使我們達到或超越全球任何再生鋰來源的品質標準。符合此門檻的材料已在具意義的規模下生產，並分送給策略性合作對象進行評估。回饋內容具體且令人鼓舞。

On the broader product side, we generated product qualification representative volumes of multiple products and advanced those materials through partner qualification processes. We also developed nickel carbonate, producing initial samples calibrated to specific downstream partner requirements, which opens additional product pathways and gives us greater optionality as partner discussions mature.

在更廣泛的產品面，我們生產了多項產品的「產品認證」代表性批量，並推進這些材料進入合作夥伴的認證流程。我們也開發了碳酸鎳，並依特定下游合作夥伴需求校準後製作初始樣品，這開啟了額外的產品路徑，並在夥伴洽談逐步成熟之際，提供我們更大的選擇彈性。

Now an LFP or lithium iron phosphate battery chemistry, which is cobalt and nickel-free, I want to get this attention it deserves because I consider proving that we can economically recycle this type of material is one of the most significant technical achievements in this company's history. We moved from engineering analysis and bench scale work on lithium iron phosphate recycling all the way through to processing an entire metric ton of LFP cathode scrap at our pilot facility.

接著談 LFP（磷酸鐵鋰）電池化學體系，這是一種不含鈷與鎳的化學體系。我希望給它應有的重視，因為我認為證明我們能以具經濟性的方式回收此類材料，是公司歷史上最重要的技術成就之一。我們從對磷酸鐵鋰回收的工程分析與實驗室小試，推進到在試點設施處理整整 1 公噸的 LFP 正極邊料（cathode scrap）。

Recovering battery-grade lithium carbonate that was validated by OEM and third-party testing. That is not a lab result. That is demonstration at commercially meaningful scale. And because LFP chemistry is capturing an increasing share of both EV and stationary storage deployments, the ability to handle it gives our platform a decisive competitive advantage in terms of addressable feedstock.

並回收出經 OEM 與第三方測試驗證的電池級碳酸鋰。這不是實驗室結果。這是在具商業意義的規模下的示範。而且由於 LFP 化學體系在電動車與固定式儲能部署中的占比持續提升，具備處理能力使我們的平台在可取得的進料來源方面擁有決定性的競爭優勢。

We also initiated trials on sodium sulfate regeneration, a process that could allow P-CAM producers to convert a problematic waste stream back into a usable chemical inputs, creating cost and sustainability advantages for our partners. And we extended our alternative feedstock testing to include nickel refinery residue alongside polymetallic nodule materials, rare earth-bearing magnets and e-waste, which underscores the core flexibility built into our electrochemical process.

我們也啟動了硫酸鈉再生的試驗，該流程可讓 P-CAM 生產商將具問題性的廢棄物流轉回可用的化學投入品，為合作夥伴帶來成本與永續性優勢。此外，我們將替代進料測試延伸至鎳精煉殘渣，以及多金屬結核材料、含稀土磁體與電子廢棄物（e-waste），凸顯我們電化學製程所內建的核心彈性。

One achievement from 2025 stands out beyond the product and process milestones. We were central to producing the first cathode active material made entirely from recycled nickel sourced within the United States. That material has now entered qualification at a Tier 1 battery manufacturer. This matters not just as a technical accomplishment for Aqua Metals, but as a demonstration that a fully domestic closed-loop battery material supply chain is not a theoretical goal. It is something that can actually be built.

2025 年有一項成就，超越了產品與製程的里程碑而格外突出。我們在生產「完全由美國境內回收鎳」所製成的首批正極活性材料（cathode active material）中扮演了關鍵角色。該材料目前已進入一家一線（Tier 1）電池製造商的認證流程。這不僅是 Aqua Metals 的技術成就，更證明了完全國內化、閉環的電池材料供應鏈並非理論目標。它確實可以被建立起來。

As the field of players in this market continues to consolidate, we intend to be at the center of it. On the commercial development side, we advanced our ARC facility design to support a processing range of 10,000 to 60,000 metric tons of black mass input feedstock annually. That flexibility is intentional. It allows us to size the first commercial facility to the specific partner configuration and capital structure we ultimately bring together rather than being locked into a single predetermined scale.

隨著此市場的參與者持續整併，我們打算站在整併的核心位置。在商業開發方面，我們推進 ARC 設施設計，使其可支援每年 10,000 至 60,000 公噸黑粉進料的處理範圍。這種彈性是刻意設計的。它讓我們能依最終整合出的特定合作夥伴配置與資本結構來決定第一座商業化設施的規模，而不是被鎖定在單一、預先決定的規模上。

We also conducted structured due diligence on several candidate sites for the first commercial ARC, working through factors like feedstock proximity, offtake accessibility, utility infrastructure, permitting pathways and the strategic alignment of potential partners at each location. The process has been thorough, and we are in a good position to move forward with final site selection later this year as the remaining commercial conditions come together.

我們也針對首座商業化 ARC 的多個候選場址進行了結構化的盡職調查，評估因素包括原料來源（feedstock）鄰近性、承購（offtake）可及性、公用事業基礎設施、許可申請途徑，以及各地點潛在合作夥伴的策略一致性。整個流程相當周延；隨著其餘商業條件逐步到位，我們已具備良好條件，預計在今年稍晚推進最終場址選定。

And I want to be direct about the build decision because I think our approach is sometimes misread as a hesitation. In fact, this is exactly the opposite. We are not going to build before we are ready. And what ready means is contracted feedstock, committed offtake and project financing that is genuinely bankable. Our posture is simple: build once, build right and execute from a position of confidence. That approach protects shareholders and gives us the best possible path to a facility that ramps to profitability on a reasonable time line.

我也想就建廠決策直言不諱，因為我認為我們的做法有時被誤讀為猶豫。事實上，情況正好相反。在我們尚未準備好之前，我們不會動工建造。而所謂「準備好」，指的是已簽約的原料供應、已承諾的承購，以及真正具備可融資性（bankable）的專案融資。我們的立場很簡單：一次建好、建對，並在有把握的情況下執行。這樣的做法能保護股東，並讓我們以最佳路徑打造一座能在合理時間內爬坡至獲利的設施。

We also remain actively engaged in diligence with Lion Energy around a transaction structure that we believe could be highly strategic and meaningfully additive to Aqua Metals. If completed, this opportunity would not only provide immediate commercial revenue and extend our reach downstream into branded energy storage systems across portable, residential, commercial, data center and industrial applications, but it would also position Aqua Metals and its shareholders to participate more directly in two of the fastest-growing segments of the electrification economy, distributed energy storage and domestic LFP battery manufacturing of cells.

我們也持續與 Lion Energy 積極進行盡職調查，探討一種我們認為可能具有高度策略性、並能為 Aqua Metals 帶來實質增益的交易架構。若能完成，這項機會不僅可帶來即時的商業營收，並將我們的下游觸角延伸至具品牌的儲能系統，涵蓋可攜式、住宅、商用、資料中心與工業應用；同時也將使 Aqua Metals 及其股東更直接參與電氣化經濟中成長最快的兩個領域：分散式儲能，以及國內 LFP 電池電芯製造。

Importantly, through Lion's existing relationship with an equity stake in American Battery Factory, or ABF, this transaction would also bring with it a meaningful equity interest in ABF, creating exposure to the emerging US GigaFactory build-out and LFP cell production market. We view this as a compelling strategic fit that could broaden our platform, advance our long-term circularity vision, enhance our commercial relevance and create additional pathways for shareholder value creation. We remain disciplined and thoughtful in our process, and we look forward to updating the market in the near term.

重要的是，透過 Lion 既有的關係（其持有 American Battery Factory，或 ABF 的股權），此交易也將帶來對 ABF 具意義的股權持有，讓我們得以參與正在興起的美國 GigaFactory 建置與 LFP 電芯生產市場。我們認為這在策略上高度契合，可擴大我們的平台、推進我們長期的循環經濟願景、提升商業相關性，並創造更多股東價值的實現途徑。我們在流程上仍保持紀律與審慎，並期待在近期向市場更新進展。

Let me now turn to our partnership activity in 2025, which was broad and meaningful. I'll walk through the key relationships because the pattern they reveal is important. With 6K Energy, we formalized a multiyear supply agreement that establishes the commercial terms under which we would deliver battery-grade nickel metal and lithium carbonate into their domestic cathode active material manufacturing operations. This moves the relationship beyond technical collaboration and into a defined commercial framework, positioning Aqua Metals as a main supplier into a domestic CAM production chain.

接下來我談談我們在 2025 年的合作夥伴推進，範圍廣且意義重大。我會說明幾個關鍵關係，因為它們呈現出的脈絡很重要。與 6K Energy 方面，我們正式簽訂多年期供應協議，確立我們向其國內正極活性材料（CAM）製造營運交付電池級鎳金屬與碳酸鋰的商業條款。這使雙方關係從技術合作進一步進入明確的商業框架，讓 Aqua Metals 成為國內 CAM 供應鏈中的主要供應商。

With Westwin Elements, we entered a nonbinding LOI outlining terms for a potential supply of recycled nickel carbonate that would support Westwin's efforts to build a domestic nickel supply chain. What makes this relationship particularly interesting is the downstream implication. We believe that a Westwin Aqua Metals commercial partnership and relationship can help stand up nickel production and refining capability on US soil that simply does not exist at scale today.

與 Westwin Elements 方面，我們簽署了一份不具約束力的意向書（LOI），概述可能供應再生碳酸鎳的條款，以支持 Westwin 建立國內鎳供應鏈的努力。這段關係特別有趣之處在於其下游意涵。我們相信，Westwin 與 Aqua Metals 的商業合作與關係，能協助在美國本土建立目前尚未具規模的鎳生產與精煉能力。

We also signed two MOUs that extend the AquaRefining platform into adjacent critical minerals territory. The first with Impossible Metals explores applying our refining process to material collected responsibly from the seafloor, feedstocks that contain nickel, cobalt, copper, manganese and rare earth elements. The second with Moby Robotics evaluates whether AquaRefining can be applied to polymetallic nodules with the potential to recover true rare earth elements as well.

我們也簽署了兩份合作備忘錄（MOU），將 AquaRefining 平台延伸至相鄰的關鍵礦物領域。第一份與 Impossible Metals 的合作，探討將我們的精煉流程應用於以負責任方式自海床採集的材料，這些原料含有鎳、鈷、銅、錳與稀土元素。第二份與 Moby Robotics 的合作，評估 AquaRefining 是否可應用於多金屬結核（polymetallic nodules），並有機會回收真正的稀土元素。

Both extend our platform well beyond battery recycling and into strategic areas of focus on critical minerals in today's world. I want to address the strategic logic here directly. These are not departures from our mission. The chemistry underlying AquaRefining, electrochemical refining of dissolved critical mineral streams is the same whether the feedstock originates from black mass, refinery residue, e-waste or deep sea nodules. The intellectual property travels.

這兩項合作都使我們的平台遠遠超出電池回收，進入當今世界對關鍵礦物的策略重點領域。我想直接說明其中的策略邏輯。這些並非偏離我們的使命。AquaRefining 背後的化學原理——對溶解後的關鍵礦物流進行電化學精煉——不論原料來自黑粉（black mass）、精煉殘渣、電子廢棄物或深海結核，都是相同的。我們的智慧財產可以移植與延伸。

What these agreements do is extend our total addressable market and create optionality that a licensing and partnership-oriented business model can monetize without heavy incremental capital. Battery recycling remains our primary commercial path to these adjacencies, add strategic depth.

這些協議的作用，是擴大我們的可服務總市場（TAM），並創造可選性；在以授權與合作夥伴為導向的商業模式下，我們可在不大幅增加資本支出的情況下將其變現。電池回收仍是我們主要的商業化路徑，而這些相鄰領域則增添策略深度。

We also continued active industry engagement at our Tahoe Reno-based Innovation Center and demonstration plant throughout the year, hosting the National Battery Conference, automotive OEMs, battery manufacturers, recyclers and upstream material suppliers for facility tours and technical reviews. The consistency of the feedback about the quality of our output and the operational sophistication of our pilot plant continues to build credibility in commercial discussions. And you can see some of that feedback on our blog, the current on our website.

我們也在全年持續於位於 Tahoe Reno 的創新中心與示範工廠積極參與產業交流，接待全國電池會議、汽車 OEM、電池製造商、回收業者與上游材料供應商進行參訪與技術審查。外界對我們產出品質以及試點工廠營運成熟度的回饋一貫正面，持續在商業洽談中累積可信度。你也可以在我們網站的部落格「the current」看到部分回饋內容。

On the governance front, we made targeted additions to the Board of Directors, bringing in directors with specific expertise in growth strategy, commercialization and financial markets. These additions reflect where we are in our development, a company that is transitioning from technology validation to commercial execution, and the Board now reflects that stage appropriately. We also completed a CFO transition with Eric West stepping into the role of bringing both deep Aqua Metals institutional knowledge and a fresh financial perspective to this next phase.

在公司治理方面，我們針對性地增補董事會成員，延攬在成長策略、商業化與金融市場具專長的董事。這些增補反映了我們目前的發展階段——公司正從技術驗證轉向商業執行——而董事會的組成也已適切反映此階段需求。我們也完成了財務長（CFO）交接，由 Eric West 接任，為下一階段帶來對 Aqua Metals 深厚的內部知識與嶄新的財務視角。

On intellectual property, the US Patent Office granted allowance of a foundational patent covering key elements of our lithium battery recycling process. This is a significant addition to an already substantial IP estate and reinforces the long-term defensibility of the AquaRefining platform at commercial scale. We also filed a provisional application covering a novel low-cost leaching approach applicable to mined manganese ores and deep-sea nodule feedstocks, which is further evidence of the expanding reach of our IP program.

在智慧財產方面，美國專利商標局已核准一項基礎性專利，涵蓋我們鋰電池回收流程的關鍵要素。這是對我們既有龐大 IP 資產的重要補強，並強化 AquaRefining 平台在商業規模下的長期可防禦性。我們也提交了一份臨時專利申請，涵蓋一種新穎的低成本浸出（leaching）方法，可適用於開採的錳礦石與深海結核原料，進一步證明我們 IP 計畫的觸角正在擴大。

As we enter 2026, our priorities are well defined. We are advancing engineering and permitting work to support site selection for our first commercial ARC. We are deepening commercial negotiations with supply, offtake and project financing partners. And we are moving strategic partner qualifications for our lithium carbonate and MHP forward in a deliberate milestone-oriented way.

進入 2026 年，我們的優先事項已相當明確。我們正推進工程設計與許可申請工作，以支持首座商業化 ARC 的場址選定。我們也正深化與供應、承購與專案融資夥伴的商業談判。同時，我們以審慎、以里程碑為導向的方式，推進碳酸鋰與 MHP（混合氫氧化物沉澱物）策略夥伴的資格認定。

The broader environment for domestic critical minerals has continued to shift in our direction. The policy and geopolitical case for building domestic battery material production capability has never been stronger, and we are increasingly recognized as a technically validated credibly financed player in that space. We have the process, the people, the operating demonstration plant and the strategic relationships to move from validation to commercialization. Now it is about refining that momentum into commercial results, and I am confident in our team's ability to deliver.

國內關鍵礦物的大環境也持續朝有利於我們的方向轉變。從政策與地緣政治角度來看，建立國內電池材料生產能力的理由前所未有地強，而我們也愈來愈被視為在該領域中技術已獲驗證、且具可信融資能力的參與者。我們具備流程、人才、運轉中的示範工廠，以及策略性關係，能夠從驗證階段邁向商業化。接下來就是把這股動能精煉成商業成果；我對團隊的交付能力充滿信心。

With that, I will turn it over to Eric for the financial review. Eric, over to you.

接下來，我把時間交給 Eric 進行財務回顧。Eric，交給你。

Thanks, Steve. We'll now provide an overview of our full year 2025 financial results and balance sheet position. Given this is our fourth quarter and full year call, I will focus primarily on annual figures while noting fourth quarter specifics where relevant.

謝謝，Steve。接下來我們將概述 2025 全年的財務結果與資產負債表狀況。由於這是我們第四季暨全年電話會議，我將主要聚焦於年度數據，並在相關處補充第四季的具體情況。

Let me start with the balance sheet. We ended the year with cash and cash equivalents of approximately $10.8 million. The significant capital raise activity in 2025 is the most important context for understanding our year-end position. In October, we closed a $13 million investment from a leading institutional investor, combined with approximately $7 million raised through our ATM and equity line programs. Our total new capital raised in 2025 was approximately $20 million.

我先從資產負債表談起。我們在年底的現金及約當現金約為1,080萬美元。理解我們年末狀況最重要的背景，是2025年顯著的資本募集活動。10月，我們完成了來自一家領先機構投資人的1,300萬美元投資，並結合透過我們的ATM與股權額度計畫募集的約700萬美元。我們2025年新增募集資本總額約為2,000萬美元。

This was a proactive raise made from a position of strength and strategic momentum, and it provides us with multiple quarters of operating runway and the resources needed to advance engineering, permitting and site selection work for our first commercial scale AquaRefining facility.

這是一項在實力與策略動能基礎上主動進行的募資，為我們提供了多個季度的營運資金跑道，以及推進首座商業規模AquaRefining設施之工程、許可與場址選定工作所需的資源。

I also want to highlight a key balance sheet improvement that I'm particularly proud of. We ended the year with no long-term debt. This is the result of the deliberate financial management decisions made throughout 2025, including the completion of the Sierra ARC asset sale in the second quarter and the associated retirement of the $3 million Summit Building loan. Having fully eliminated our debt, we entered 2026 with a cleaner, more flexible capital structure than we have had in years.

我也想強調一項我特別引以為傲的資產負債表改善重點。我們在年底沒有任何長期負債。這是2025年期間審慎財務管理決策的成果，包括第二季完成Sierra ARC資產出售，以及隨之償還3,000,000美元的Summit Building貸款。在完全消除負債後，我們以比過去數年更乾淨、更具彈性的資本結構進入2026年。

Now moving to the income statement. I will cover the full year 2025 results with prior year comparisons where described. Total operating expense for the full year 2025 was approximately $23.3 million compared to approximately $23.8 million for the full year 2024. While total expenses were relatively consistent year-over-year, 2025 included approximately $9.1 million of impairment and loss on the disposal charges, compared to approximately $3.1 million in 2024. These impairment charges are nonroutine and noncash in nature.

接著談損益表。我將說明2025年全年業績，並在適當處與前一年比較。2025年全年營運費用總額約為2,330萬美元，對比2024年全年約2,380萬美元。雖然總費用年對年相對一致，但2025年包含約910萬美元的減損及處分損失費用，相較之下2024年約為310萬美元。這些減損費用屬於非例行性且為非現金性質。

Excluding these items, underlying operating expenses declined meaningful year-over-year, reflecting the sustained cost discipline we have maintained throughout 2025, including the benefit of workforce reductions implemented in the prior periods while continuing to support our key technical and commercial development programs. We are running a lean, mission-focused operation.

排除上述項目後，基礎營運費用年對年顯著下降，反映我們在2025年持續維持的成本紀律，包括受益於前期實施的人力縮減，同時仍持續支持我們關鍵的技術與商業開發計畫。我們以精實、以使命為導向的方式運作。

General and administrative expenses for the full year were approximately $10.5 million, down from approximately $12 million in the prior year. The decline was driven primarily by lower payroll and related costs following prior year workforce reductions, reduced professional fees and broader overhead efficiencies.

全年一般及行政費用約為1,050萬美元，低於前一年的約1,200萬美元。下降主要由前一年人力縮減後較低的薪資及相關成本、專業服務費降低，以及更廣泛的間接費用效率提升所帶動。

For the fourth quarter, specifically G&A came in at approximately $3.8 million. Research and development expense for the full year totaled approximately $1.3 million, reflecting our continued investment in process optimization and product expansion, including lithium carbonate quality improvement, MHP production, nickel carbonate development and LFP processing capability.

就第四季而言，G&A約為380萬美元。全年研發費用合計約為130萬美元，反映我們持續投入製程最佳化與產品擴展，包括碳酸鋰品質提升、MHP生產、碳酸鎳開發以及LFP處理能力。

For the fourth quarter, R&D was approximately $0.4 million. While we maintain disciplined cost controls, we are intentional about funding the technical work that derisks commercialization and advances partner qualification. Every dollar spent in this area has a clear commercial purpose.

第四季研發費用約為40萬美元。在維持嚴格成本控管的同時，我們也有意識地為降低商業化風險並推進合作夥伴資格認證的技術工作提供資金。在此領域花的每一美元都有明確的商業目的。

Our full year 2025 net loss was approximately $22.6 million or negative $15.15 per basic and diluted share compared to a net loss of approximately $24.6 million or negative $38.25 per share for the full year 2024. For the fourth quarter, our net loss was approximately $4.4 million or negative $2.97 per share. These figures reflect the pre-revenue development stage of our business, and they continue to trend in the right direction as our cost structure matures.

2025年全年淨損約為2,260萬美元，或每股基本及稀釋虧損15.15美元；相較之下，2024年全年淨損約為2,460萬美元，或每股虧損38.25美元。第四季淨損約為440萬美元，或每股虧損2.97美元。這些數字反映我們業務仍處於尚未產生營收的開發階段；隨著成本結構逐步成熟，趨勢仍持續朝正確方向發展。

I want to take a moment on the year-over-year net loss comparison because the 2025 figures also reflect some noncash items that are worth noting for investors evaluating our underlying operating trajectory. Our 2025 results include noncash items associated with warrant liability remeasurement, impairment on disposal of property, plant and equipment and other noncash adjustments similar to prior periods. We are pleased that the core operating cash consumptions continue to trend lower year-over-year, which is a direct reflection of the cost discipline we have discussed on every call this year.

我想花點時間說明年對年淨損比較，因為2025年的數字也反映了一些值得投資人注意的非現金項目，以評估我們基礎營運走勢。我們2025年的結果包含與認股權證負債重新衡量、處分不動產、廠房及設備的減損，以及其他與前期類似的非現金調整相關的非現金項目。我們很高興核心營運現金消耗年對年持續下降，這直接反映了我們今年每次電話會議中所討論的成本紀律。

Moving to the cash flow statement. Net cash used in operating activities for the full year 2025 was approximately $10.3 million compared to approximately $13.6 million in 2024. This improvement, a reduction of more than 24.8% year-over-year reflects our disciplined overhead management and the lower cost structure we have built over the past 18 months.

接著看現金流量表。2025年全年營運活動使用的淨現金約為1,030萬美元，對比2024年約1,360萬美元。這項改善（年對年降低超過24.8%）反映我們嚴謹的間接費用管理，以及過去18個月建立的較低成本結構。

Investing activities for the year primarily reflect the Sierra ARC building and equipment sale proceeds received in Q2, partially offset by minor fixed asset activity. In December of 2025, we also provided approximately $2.1 million of short-term financing to Lion Energy, which remained outstanding at the year-end as a note receivable.

本年度投資活動主要反映第二季收到的Sierra ARC建物與設備出售款，部分被少量固定資產活動所抵銷。此外，在2025年12月，我們也向Lion Energy提供約210萬美元的短期融資，於年末仍未償還，列為應收票據。

Subsequent to year-end in February 2026, we entered into a nonbinding term sheet contemplating the potential acquisition of Lion Energy and contributed the outstanding note along with an additional $2 million to acquire a subordinated position interest in its senior secured credit facility in connection with our evaluation of the potential transaction.

在年後的2026年2月，我們簽訂了一份不具約束力的條款清單，內容涉及可能收購Lion Energy；並在評估該潛在交易的過程中，我們以未償還的票據加上額外200萬美元，取得其高順位擔保信貸融資安排中的次順位部位權益。

On the financing side, the year was characterized by meaningful capital inflows from our October institutional raise and ongoing ATM and equity line activities, partially offset by debt repayment activity completed earlier in the year. Looking ahead, as Steve outlined, we anticipate a measured increase in cash usage as we ramp engineering, process optimization and site readiness activities in support of our first commercial facility. We will continue to manage our spending with rigorous discipline. Every dollar invested must advance a clear strategic and technical milestone.

在融資方面，本年度的特徵是10月機構募資以及持續的ATM與股權額度活動帶來可觀的資金流入，部分被年初完成的償債活動所抵銷。展望未來，如Steve所述，隨著我們為首座商業設施加速工程、製程最佳化與場址就緒活動，我們預期現金使用將溫和增加。我們將持續以嚴格紀律管理支出。每一美元的投入都必須推進明確的策略與技術里程碑。

The focus remains on maintaining adequate liquidity, aligning investment pace with commercialization progress and ensuring we have the financial platform to reach our goals. The balance sheet improvements we achieved in 2025, eliminating debt, raising $20 million in new capital and continuing to reduce our operating cash burn has positioned Aqua Metals to approach 2026 from a place of genuine financial stability. We have the runway we need and we intend to use it wisely.

重點仍在於維持充足流動性，使投資節奏與商業化進展一致，並確保我們具備達成目標所需的財務平台。我們在2025年達成的資產負債表改善——消除負債、募集2,000萬美元新資本，並持續降低營運現金消耗——使Aqua Metals得以在真正的財務穩健基礎上迎接2026年。我們擁有所需的跑道，並打算明智地運用。

That concludes my prepared remarks. I will now turn the call back to the operator for the question-and-answer session.

以上是我預先準備的發言。接下來我將把電話交回給接線員，進入問答環節。

(Operator Instructions)

（接線員指示）

Mickey Legg, The Benchmark Company.

Mickey Legg，Benchmark Company。

Hey, guys. Congrats on another quarter. Just a couple here on the Lion Energy acquisition. Assuming that it does get approved and closes, just what are your main areas of focus near term and some of the most natural areas of synergy you see for Aqua Metals? Thanks.

嗨，各位。恭喜又完成一個季度。我這裡有幾個關於收購Lion Energy的問題。假設該交易獲得核准並完成交割，短期內你們主要的工作重點會是哪些？以及你們認為對Aqua Metals而言最自然的協同效益會在哪些方面？謝謝。

Yes. Mickey, good question. And yes, so first off, we're really been very deep in due diligence across all the key work streams associated with this acquisition. That's like inclusive of financial, legal, operational and commercial. And that's included everything from auditing the financials to completing a detailed independent market, product assessment across Lion's revenue, generating portable residential, commercial, industrial and data center offerings.

是的。Mickey，問得好。是的，首先，我們確實已在與本次收購相關的所有關鍵工作流程上，進行非常深入的盡職調查。這包括財務、法律、營運與商務等面向。而且涵蓋了從審計財務報表，到針對 Lion 的營收來源進行詳細且獨立的市場與產品評估，包括可攜式、住宅、商用、工業以及資料中心的產品方案。

So we've had -- the team is spending a lot of time talking about synergies with each other in each other's facilities and working closely through all the discussions. So on the process, it's been very active, very substantive, and we expect to bring it to a conclusion in the near term and update the market accordingly.

因此我們一直在——團隊花了很多時間在彼此的廠區交流、討論協同效益，並緊密合作推進所有討論。就流程而言，進展非常積極、內容非常扎實，我們預期在短期內完成並適時向市場更新。

And in a greater sense, what we see with the synergies is an integrated battery materials and battery energy storage company is much stronger than those that stand on their own. And that's because of the synergies you can get with the circularity with the ingredients that go into the batteries, the production of the batteries, inclusive of the ownership that Lion Energy has in American Battery Factory with their planned GigaFactory in Tucson, Arizona, and being able to put that all together and expose the shareholder, frankly, to the optionality of having a stock they can buy that is really a combination of energy storage, battery materials and GigaFactory production.

更宏觀地說，我們看到的協同效益在於：一家具備電池材料與電池儲能整合能力的公司，會比各自獨立運作的公司強得多。原因在於，你可以透過電池原料的循環性、電池的生產等環節取得協同效益；其中也包括 Lion Energy 在 American Battery Factory 的持股，以及其規劃於亞利桑那州圖森（Tucson）的 GigaFactory，並能把這些整合起來，坦白說，讓股東得以享有一種「選擇權」：買到一檔股票，實質上同時結合了儲能、電池材料與 GigaFactory 製造產能。

It's much how it's done in China. And the one reason that China has been successful is by integrating these solutions and creating those kinds of synergies to reduce costs, increase efficiency and have a better story about the overall solution.

這很像中國的做法。而中國之所以成功的一個原因，就是透過整合這些解決方案並創造此類協同效益，以降低成本、提升效率，並能更完整地敘述整體解決方案的價值。

So we're really excited about that opportunity to work everything out with Lion Energy and come out swinging is what we think will be the first integrated energy solution provider and battery materials provider in North America.

因此我們對於與 Lion Energy 一起把所有事情梳理到位的機會感到非常興奮，並且我們認為，屆時我們將以強勢姿態出擊，成為北美第一家整合式能源解決方案供應商與電池材料供應商。

Great. Okay. Okay. That's very helpful. And then just one more on the acquisition. And I want to understand a little bit better the equity stake it could bring in American Battery Factory, how does that fit in there? Does it just sort of align with your closing remarks there, your ending remarks about fitting into the domestic end-to-end battery ecosystem? Thanks.

很好。好的。好的。這非常有幫助。那再就收購多問一個。我想更了解一下：它可能帶來的 American Battery Factory 股權持份，這在整體架構中如何定位？這是否就是呼應你剛才結語所說、融入國內端到端電池生態系的那一塊？謝謝。

Yes. So definitely, the equity stake in American Battery Factory is a huge value creator and a huge synergistic opportunity. But American Battery Factory is planning a first GigaFactory in Tucson, Arizona. They've already secured the land about 270 acres, where we see synergistic opportunities as one of the sites we're considering to deploy our ARC facility at a commercial grade plus Lion Energy having some battery fabrication.

是的。所以毫無疑問，American Battery Factory 的股權持份是巨大的價值創造來源，也是非常大的協同機會。American Battery Factory 正在規劃其第一座位於亞利桑那州圖森的 GigaFactory。他們已經取得約 270 英畝的土地；我們看到的協同機會之一，是把那裡作為我們正在考慮部署商業級 ARC 設施的候選地點之一，同時 Lion Energy 也會有一些電池製造。

So if you can think of like a single location that would have cells being generated, the agreement that we already have with American Battery Factory in an MOU form today, which is that we would take the scrap from that GigaFactory as an input to our recycling facility and get lithium carbonate right back to that GigaFactory. While right in that same area, you've got Lion Energy putting together really innovative battery energy storage products for the various segments of the marketplace I was talking about earlier.

所以你可以想像成一個單一地點：那裡會生產電芯；而我們目前已與 American Battery Factory 以 MOU 形式簽有協議，也就是我們會把該 GigaFactory 的製程廢料（scrap）作為我們回收設施的投入原料，並把碳酸鋰再回送到該 GigaFactory。同時在同一區域內，Lion Energy 也在組裝非常創新的電池儲能產品，面向我先前提到的各個市場區隔。

So the GigaFactory plays are large plays. And what American Battery Factory is seeking is the final phase of financing to get that GigaFactory started this year -- later this year. And those are hundreds of millions of dollars of investment -- based on project finance, we think our equity position would still be -- still quite meaningful post financing and a GigaFactory produces a heck of a lot of revenue and a heck of a lot of product that also adds to those synergies. So we really see that as a key aspect of our relationship with Lion Energy and American Battery Factories kind of tying that all together.

因此，GigaFactory 的布局是很大的布局。American Battery Factory 目前正在尋求最後一階段的融資，以便在今年——今年稍晚——啟動該 GigaFactory。這將是數億美元等級的投資——以專案融資為基礎；我們認為在完成融資後，我們的股權部位仍將——仍然相當有意義；而且 GigaFactory 會帶來非常可觀的營收與大量產品，也會進一步強化這些協同效益。因此我們確實把這視為我們與 Lion Energy 及 American Battery Factory 關係中的關鍵面向，將這一切串聯起來。

Okay. That's very helpful. That's all from you today and congrats again on the quarter, guys.

好的。這非常有幫助。我今天就到這裡，再次恭喜各位本季表現。

Thanks. Appreciate it, Mickey.

謝謝。感謝你，Mickey。

I would now like to turn the call back to Dan to facilitate questions that were submitted online.

我現在想把電話會議交回給 Dan，由他來協助處理線上提交的問題。

All right. Thank you very much. First question for Steve. Could you give us a site selection update? Where does the process stand? And when can we expect an announcement?

好的。非常感謝。第一個問題給 Steve。你能否提供一下選址的最新進度？目前流程進展到哪一步？我們何時可以期待公告？

Sure. So the biggest gating factors now are really site selection, project structure, lining up the right capital and commercial partners. And as we've already mentioned, we're in active due diligence on two specific potential sites, looking at things like feedstock access, logistics, utilities, permitting and of course, the overall economics of the project in that particular type of location.

當然。所以目前最大的關鍵制約因素，主要是選址、專案架構、以及媒合到合適的資本與商業合作夥伴。如同我們先前提到的，我們正針對兩個特定的潛在場址進行積極的盡職調查，評估例如原料來源可得性、物流、公用事業（utilities）、許可申請，當然也包括該地點類型下整體專案經濟性。

And our goal is to settle on and secure the lead site and then spend the balance of the year making real progress on site-specific FEL2 engineering. And that's really basically the stage where you move from concept into a much more defined and specific plant design down to every nut and bolt for that particular location, cost estimate and the execution plan to begin executing a bond.

我們的目標是確定並取得主要場址，然後在今年剩餘時間內，針對該場址的 FEL2 工程取得實質進展。這基本上就是你從概念階段，進入更明確、具體的工廠設計階段——針對該地點把每一個螺絲與螺帽都定義清楚——並完成成本估算與執行計畫，以開始推進執行一項債券（bond）。

Excellent. The second question, Steve, is what is the status of the feedstock market? There's been a lot of volatility in battery metal prices. How does that affect your commercial position?

很好。第二個問題，Steve，目前原料市場的狀況如何？電池金屬價格波動很大。這對你們的商業地位有何影響？

Yes, great question. So today, effectively all of the black mass produced in the United States and really North America is being exported offshore, simply because there really aren't yet commercial scale refining options here domestically. And that's exactly the opportunity we're pursuing with the first build of our commercial ARC. The market does demand competitive payables for feedstock, but we believe our lithium AquaRefining process puts us in a very strong position because of its potential CapEx and OpEx advantages.

是的，問得好。目前，美國、其實整個北美所產出的黑粉（black mass）幾乎都被出口到海外，原因很簡單：國內尚未有商業規模的精煉選項。而這正是我們透過首次建置商業級 ARC 所要把握的機會。市場確實要求對原料支付具競爭力的應付款（payables），但我們相信，我們的鋰 AquaRefining 製程因其潛在的資本支出（CapEx）與營運支出（OpEx）優勢，讓我們處於非常有利的位置。

And importantly, we're already working to diversify through both end-of-life batteries and GigaFactory scrap, as I mentioned earlier. And that includes our announced MOU, like I mentioned earlier, with American Battery Factory in Tucson.

而且很重要的是，我們也正如我先前提到的，透過報廢電池（end-of-life）與 GigaFactory 製程廢料兩個來源來分散供應。其中也包括我們已公告的 MOU——如我先前提到的——與圖森的 American Battery Factory。

So we can take end-of-life and beginning of life batteries that didn't make it. And that's about half of the scrap of the overall material is GigaFactory scrap at this point in time. It's also important to note that the overall economics around refining black mass have improved meaningfully over the last year. A number of projects across the industry, which including ours, slowed or paused when lithium carbonate prices fell to around $8,000 a ton in 2024.

因此我們可以處理報廢電池，以及那些在生命週期初期就未能通過的電池。就目前而言，整體材料中約有一半的廢料來自 GigaFactory 製程廢料。同時也必須指出，過去一年，圍繞黑粉精煉的整體經濟性已顯著改善。產業內許多專案——包括我們的——在 2024 年碳酸鋰價格跌至每噸約 8,000 美元時，曾放緩或暫停。

With pricing now having recovered to roughly the $20,000 plus or minus range per ton, we think that creates a much healthier backdrop. And that's, in turn, a real opportunity for the remaining US players and especially for Aqua Metals given the stage that we're at today.

隨著定價如今已回升至每噸約 20,000 美元上下的區間，我們認為這創造了更健康得多的市場背景。而這反過來也為剩餘的美國業者帶來真正的機會，尤其是就我們今天所處的階段而言，對 Aqua Metals 更是如此。

Thanks, Steve. Next one we got is, can you talk about the LFP breakthrough in more detail? Why is it significant? And what does it mean for your business model?

謝謝你，Steve。下一題是：你能更詳細談談 LFP 的突破嗎？為什麼它很重要？以及它對你們的商業模式意味著什麼？

Yes, great. As I mentioned in my prepared remarks, the LFP breakthrough is really about our ability to economically recover lithium while also recovering the iron phosphate into a reusable form. And that's really a big deal. LFP does not have nickel or cobalt to support the economics. So you really have to run an efficient process.

好的，很棒。如同我在事先準備的發言中提到的，LFP 的突破主要在於我們能夠以具經濟效益的方式回收鋰，同時也能把磷酸鐵回收成可再利用的形式。而這確實非常關鍵。LFP 不含鎳或鈷，無法支撐其經濟性。因此你必須運行一個高效率的製程。

And that's exactly where our lithium AquaRefining technology stands out. That matters not just for future end-of-life batteries, but for the growing volume of LFP GigaFactory scrap such as American Battery Factory already being generated today and what we expect from American Battery Factory as they come online. As LFP continues to scale across energy storage and EVs, we really think that puts us in a strong position to be a leader in the new LFP batteries.

而這正是我們的鋰 AquaRefining 技術脫穎而出的地方。這不僅對未來的報廢電池重要，對於目前已在產生、且我們預期美國電池工廠（American Battery Factory）在投產後將持續增加的 LFP 超級工廠（GigaFactory）製程廢料也同樣重要。隨著 LFP 在儲能與電動車領域持續擴張，我們確實認為這讓我們處於有利位置，成為新一代 LFP 電池領域的領導者。

All right. Eric, next one is for you. Can you expand on your liquidity position coming out of 2025? And how long is the current capital -- and how long your current capital supports your operations?

好的。Eric，下一題給你。你能進一步說明你們在 2025 年之後的流動性狀況嗎？以及目前的資本——以及你們目前的資本能支撐營運多久？

Yes, definitely happy to expand on that. Point to, we ended the year with $10.8 million of cash, no long-term debt and a lower operating burn. This has put us in a pretty strong position as compared to prior periods. We continue to exercise cost discipline as we continue to progress. And just to add some additional context, the capital raised during 2025 was about $20 million in total, which really helped us to strengthen the balance sheet and put us in a position to fund all of the work that we're doing now.

可以，當然很樂意進一步說明。重點是，我們在年底時有 1,080 萬美元現金，沒有長期負債，且營運現金消耗率更低。相較於先前期間，這讓我們處於相當強勁的位置。在持續推進的同時，我們也持續維持成本紀律。另外補充一些背景：2025 年籌集的資金總計約 2,000 萬美元，這確實幫助我們強化資產負債表，並讓我們有能力為目前正在進行的所有工作提供資金。

So really that gives us the solid flexibility as we continue to move forward on the overall engineering site selection and our partnerships that we've discussed that really lead us to our first commercial facility. So overall, we feel good about where we are. The focus now is just continuing to be disciplined and making sure that we deploy the capital against the right milestones.

因此，這確實讓我們在持續推進整體工程、場址選定，以及我們已討論過、最終引導我們走向第一座商業化設施的合作夥伴關係方面，具備穩健的彈性。總體而言，我們對目前的狀況感到滿意。現在的重點就是持續保持紀律，並確保把資本部署在正確的里程碑上。

All right. A couple more. Steve, you've announced MOUs with Impossible Metals and Moby Robotics for deep sea mineral applications and also an LOI with Westwin Elements. How do these partnerships fit with Aqua Metals core business? And what do they look like commercially?

好的。再來幾題。Steve，你們已宣布與 Impossible Metals 與 Moby Robotics 就深海礦物應用簽署 MOU，也與 Westwin Elements 簽署 LOI。這些合作夥伴關係如何契合 Aqua Metals 的核心業務？在商業化方面會是什麼樣子？

Yes. So at a high level, all of these partnerships are about applying our core AquaRefining platform to new sources of critical minerals and importantly, opening up to a very large high TAM market set access to that, where we can really monetize that capability.

是的。從高層次來看，這些合作夥伴關係都是將我們核心的 AquaRefining 平台應用到新的關鍵礦物來源上；更重要的是，讓我們得以切入一個非常龐大、TAM 很高的市場組合，從而真正將這項能力變現。

So we view them as directionally aligned and not a distraction at all. Whether it's black mass or GigaFactory scrap or primary resources like deep sea nodules or refining intermediates from partners like Westwin, the common thread is our ability to process these complex materials efficiently and with a lower environmental footprint and have access to the TAM of those gigantic markets in addition to battery recycling in our sites.

因此我們認為它們在方向上是一致的，完全不是分心之舉。無論是黑粉（black mass）、超級工廠（GigaFactory）製程廢料，或是像深海結核這類的一次資源，或是來自 Westwin 等合作夥伴的精煉中間產品，共通點都是我們能以高效率、較低環境足跡處理這些複雜材料，並且除了我們場址的電池回收之外，還能觸及那些巨大市場的 TAM。

Okay. The last question we have is, Steve, how do you view the ongoing consolidation in the battery recycling industry? And does it create opportunity or risk for Aqua Metals?

好的。我們最後一題是：Steve，你如何看待電池回收產業持續的整併？這對 Aqua Metals 來說是機會還是風險？

So we view the consolidation overall as a net positive for Aqua Metals. The reality is that the lithium price collapse that happened in 2024 exposed which models were resilient and which were not. And at the same time, the industry is learning that simply copying China's chemical-intensive hydro approach into North America is really a very tough economic proposition. That's why we built AquaRefining differently from the beginning. And that is inclusive, again, as a reminder of vastly lower chemical intensity and costs, lower waste because we don't produce sodium sulfate waste streams.

我們整體上將整併視為對 Aqua Metals 的淨正面因素。現實是，2024 年發生的鋰價崩跌暴露了哪些商業模式具韌性、哪些則否。同時，產業也正在學習到：把中國化學品密集的濕法（hydro）路線直接複製到北美，在經濟性上其實非常艱難。這也是為什麼我們從一開始就以不同方式打造 AquaRefining。再次提醒，這包括大幅降低化學品使用強度與成本、降低廢棄物，因為我們不會產生硫酸鈉廢物流。

Whereas the incumbent China hydro process produces more sodium sulfate waste stream than product, we produce zero sodium sulfate waste stream and don't have all the costs associated with it. And it's a process that we believe is much better suited to North American permitting and operating realities with safe jobs and a much more clean type of an operation without the cost in those waste streams. So as the weaker models fall away, we think that our position does become increasingly and interestingly more differentiated and stronger.

相較之下，既有的中國濕法製程產生的硫酸鈉廢物流甚至比產品還多；我們則是零硫酸鈉廢物流，也不會承擔與之相關的所有成本。我們相信這套製程更適合北美的許可審批與營運現實，能提供安全的工作機會，並以更潔淨的方式運作，同時避免那些廢物流帶來的成本。因此，隨著較弱的模式逐步退出，我們認為我們的定位會變得愈來愈、而且相當有意思地，更加差異化且更強。

Okay. Thank you. There are no further questions at this time. I'd like to pass the call back over to Steve for any closing remarks.

好的。謝謝。目前沒有其他問題。我想把電話交回給 Steve，請他做任何結語。

All right. Well, thank you, everybody, for listening in. And for those of you that are reading the transcript in the future, we look forward to continued communicating our updates in the near future as we continue to develop Aqua Metals and the rest of 2026. We're really excited to keep everybody in the loop. Thanks again.

好的。感謝各位收聽。也對於未來閱讀逐字稿的各位，我們期待在近期持續溝通我們的最新進展，因為我們將持續推進 Aqua Metals 的發展以及 2026 年剩餘期間的工作。我們非常期待讓大家持續掌握最新狀況。再次感謝。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線，並感謝您的參與。