Aqua Metals Inc (AQMS) 2026 Q1 法說會逐字稿

Good afternoon. Welcome to Aqua Metals' first-quarter 2026 earnings conference call. My name is Tom, and I will be your operator this afternoon. (Operator Instructions)

下午好。歡迎參加 Aqua Metals 2026 年第一季財報電話會議。我叫 Tom，今天下午將擔任你們的接線員。（接線員指示）

It is now my pleasure to turn the call over to your host, Dan Scott, Investor Relations. Dan, please proceed.

現在我很榮幸把電話交給今天的主持人、投資人關係部的 Dan Scott。Dan，請開始。

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 first-quarter ended March 31, 2026. 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，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 2026 年 3 月 31 日止第一季的業績。該新聞稿可於公司網站 aquametals.com 的投資人關係專區取得。今天與會的有總裁兼執行長 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 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作出前瞻性陳述。請參閱公司 Form 10-K 報告中對前瞻性陳述的摘要，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，我想把電話交給 Aqua Metals 總裁兼執行長 Steve Cotton。

Thank you, Dan. Good afternoon, everyone, and thank you for joining us. The first-quarter of 2026 was an important quarter for Aqua Metals as we continued advancing a commercialization pathway for our AquaRefining platform while also broadening the strategic scope of the business across both critical minerals and energy storage markets.

謝謝你，Dan。各位下午好，感謝大家加入我們。2026 年第一季對 Aqua Metals 而言是重要的一季，我們持續推進 AquaRefining 平台的商業化路徑，同時也在關鍵礦物與儲能市場兩端擴大公司的策略範疇。

During the quarter, we continued advancing site selection and engineering work for what we intend to be our first commercial lithium battery recycling facility. We are now evaluating a short list of US locations with a focus on feedstock access, logistics, strategic relationships and long-term operating economics. At the same time, we continued refining plant configuration, operating parameters and capital planning so that we are positioned to move quickly as we advance towards commercialization.

本季期間，我們持續推進我們預計的首座商用鋰電池回收設施之選址與工程工作。我們目前正在評估一份美國地點的短名單，重點考量原料取得、物流、策略關係以及長期營運經濟性。同時，我們也持續優化工廠配置、操作參數與資本規劃，以便在邁向商業化的過程中能夠快速推進。

One thing I want to emphasize is that Aqua enters this next phase from a position of resilience and operational readiness. Over the last two years, the battery materials industry went through a very significant downturn. Battery-grade lithium carbonate pricing, which had generally remained above roughly $20,000 per metric tonne fell below the $10,000 per tonne level during portions of 2024 and 2025.

我想強調的一點是，Aqua 進入下一階段時具備韌性與營運就緒的基礎。過去兩年，電池材料產業經歷了非常顯著的下行週期。電池級碳酸鋰價格原本大多維持在每公噸約 20,000 美元以上，但在 2024 與 2025 年的部分期間跌破每公噸 10,000 美元。

Projects across the industry were delayed or canceled and a number of companies in the sector faced restructurings or insolvencies. Throughout that period, Aqua Metals remained disciplined. We preserved capital, protected shareholder value, maintained our core technical capabilities and continued operating and advancing our innovation center and demonstration plant here in Reno.

產業內多個專案延後或取消，且該領域有不少公司面臨重整或破產。在那段期間，Aqua Metals 始終保持紀律。我們保留資本、保護股東價值、維持核心技術能力，並持續在雷諾的創新中心與示範工廠運轉與推進研發。

Today, we believe those actions position us differently from many companies that either paused development entirely or significantly scaled back operations during the downturn. At our innovation center, we have now surpassed 5,000 cumulative operating hours across extended multi-feedstock campaigns, which continues to validate both the AquaRefining platform and our pathway to broader commercialization.

我們相信，這些作為使我們與許多在景氣下行期間完全暫停開發或大幅縮減營運的公司有所不同。在我們的創新中心，我們目前已在多種原料、長時間連續運轉的測試活動中累計超過 5,000 小時的運轉時數，持續驗證 AquaRefining 平台以及我們邁向更廣泛商業化的路徑。

During the quarter, we achieved several important technical milestones. We successfully produced battery-grade lithium carbonate from multiple recycled feedstocks, including both NMC or nickel manganese cobalt and LFP or lithium iron phosphate materials with independent validation confirming industry-grade specifications from our processes.

本季我們達成數項重要的技術里程碑。我們成功自多種回收原料生產出電池級碳酸鋰，原料包含 NMC（鎳錳鈷）與 LFP（磷酸鐵鋰）材料，且經獨立驗證確認我們製程產出的規格符合產業級標準。

We also achieved manganese sulfate production purity of approximately 99.8%, demonstrating the broader applicability of AquaRefining across additional critical minerals and battery precursor markets. In parallel, we continued advancing our iron phosphate recovery work from LFP materials, which we believe is increasingly important as LFP adoption continues to accelerate, particularly in stationary energy storage applications.

我們也達成約 99.8% 的硫酸錳產品純度，展現 AquaRefining 在更多關鍵礦物與電池前驅體市場的更廣泛適用性。同時，我們持續推進自 LFP 材料回收磷酸鐵的工作；隨著 LFP 採用持續加速，特別是在固定式儲能應用中，我們認為這項能力愈發重要。

With LFP continuing to grow its share across both electric vehicles and stationary storage applications, we believe our demonstrated ability to recycle it economically strengthens our competitive position and expands our addressable feedstock opportunity in a meaningful way. On the strategic side, we continue pursuing opportunities designed to broaden our participation across the battery and energy storage ecosystem and create additional pathways towards future revenue generation.

隨著 LFP 在電動車與固定式儲能應用中的市占持續提升，我們相信我們已證實能以具經濟性的方式回收 LFP，將強化我們的競爭地位，並以有意義的方式擴大我們可取得的原料來源機會。在策略面，我們持續尋求機會，以擴大我們在電池與儲能生態系中的參與，並創造更多未來營收生成的路徑。

That includes our previously announced commercial relationships with companies, including 6K Energy, Westwin Elements, Impossible Metals, Mobi Robotics and American Battery Factory. Now let me provide an update regarding Lion Energy. Following detailed diligence, we have determined not to proceed with the acquisition under the structure contemplated in the previously announced non-binding term sheet.

這包括我們先前宣布與多家公司建立的商業合作關係，其中包括 6K Energy、Westwin Elements、Impossible Metals、Mobi Robotics 以及 American Battery Factory。接下來我提供關於 Lion Energy 的最新進展。經過詳細盡職調查後，我們已決定不在先前公布之不具約束力條款清單所設想的架構下推進該收購案。

We continue to see long-term strategic value in the integration of energy storage solutions with domestic battery materials infrastructure, and we are evaluating alternative strategic structures and pathways that could potentially accomplish those objectives in a more capital-efficient manner. Our approach remains disciplined and focused on protecting shareholder value while maintaining strategic flexibility.

我們仍看好將儲能解決方案與國內電池材料基礎設施整合的長期策略價值，並正在評估其他替代性的策略架構與路徑，可能以更具資本效率的方式達成這些目標。我們的方法仍維持紀律，聚焦於保護股東價值，同時維持策略彈性。

Looking ahead through the balance of 2026, our priorities remain clear. Advancing site selection, continuing engineering and technical validation, expanding commercial engagement and evaluating strategic opportunities that can accelerate long-term value creation. We believe AquaRefining has the potential to become an important part of a more domestic, efficient and resilient battery material supply chain in North America.

展望 2026 年剩餘期間，我們的優先事項依然明確：推進選址、持續工程與技術驗證、擴大商業接洽，以及評估可加速長期價值創造的策略機會。我們相信 AquaRefining 有潛力成為北美更本土化、更高效率且更具韌性的電池材料供應鏈中的重要一環。

Our process eliminates the waste streams and chemical costs that make traditional recycling uncompetitive in North America. And we have demonstrated battery-grade lithium carbonate at fluorine levels we believe are the best-in-class for any recycled source globally. We believe our cost profile is highly competitive with incumbent processes, both domestically and internationally, and that is the foundation we are building the commercial business on to drive that value creation.

我們的製程消除了使傳統回收在北美缺乏競爭力的廢棄物流與化學品成本。我們也已展示電池級碳酸鋰，其氟含量水準我們認為在全球任何回收來源中屬同級最佳。我們相信我們的成本結構相較既有製程在國內與國際上都具高度競爭力，而這正是我們建立商業化業務、推動價值創造的基礎。

As we move forward, we do so with a validated technology platform, growing intellectual property portfolio, operating infrastructure already in place and what we believe is an increasingly favorable backdrop for domestic critical minerals development and battery supply chain localization.

隨著我們持續向前推進，我們具備已驗證的技術平台、持續成長的智慧財產權組合、既有的營運基礎設施，以及我們認為對國內關鍵礦物開發與電池供應鏈在地化愈加有利的外部環境。

With that, I'll turn the call over to Eric for the financial review.

接下來，我把電話交給 Eric 進行財務回顧。

Thanks, Steve. For the first-quarter of 2026, we reported a net loss of approximately $4 million or $1.22 per basic and diluted share compared to a net loss of approximately $8.3 million or $10.27 per basic and diluted share in the first-quarter of 2025. The improvement year-over-year was primarily driven by the noncash impairment charges that were recorded in the prior year period and did not repeat in Q1 of 2026.

謝謝，Steve。2026 年第一季，我們報告淨損約 400 萬美元，或每股基本及稀釋虧損 1.22 美元；相較之下，2025 年第一季淨損約 830 萬美元，或每股基本及稀釋虧損 10.27 美元。年對年改善主要來自前一年期間認列的非現金減損費用，而該費用在 2026 年第一季未再發生。

Total operating expenses were approximately $4.1 million for the quarter compared to approximately $8.7 million for the first-quarter of 2025. We ended the quarter with approximately $6.8 million in cash and cash equivalents and working capital of approximately $7.5 million. Cash used in operating activities was approximately $3.8 million during the quarter.

本季總營運費用約 410 萬美元，較 2025 年第一季約 870 萬美元為低。本季末我們持有約 680 萬美元的現金及約當現金，營運資金約 750 萬美元。本季營運活動使用現金約 380 萬美元。

We continue to manage spend carefully while still supporting the technical, engineering and strategic work that Steve discussed. During the quarter, we raised approximately $1.3 million in net proceeds under our ATM program. As of the quarter ended, approximately $48.6 million remained available underneath the ATM. We continue to evaluate financing alternatives and are focused on maintaining flexibility as we move through the next phase of commercialization and strategic planning.

我們持續謹慎管理支出，同時仍支持 Steve 所提到的技術、工程與策略工作。本季我們透過 ATM 計畫募集約 130 萬美元的淨收益。截至季末，ATM 額度下仍可動用約 4,860 萬美元。我們持續評估融資替代方案，並在進入下一階段商業化與策略規劃時，專注於維持彈性。

On Lion Energy, during the quarter, we contributed the previously outstanding note balance and advanced an additional $2 million to acquire a subordinated participation interest in Lion Energy's senior secured credit facility. As disclosed in the 10-Q, we recorded a provision for credit losses of approximately $437,000 during the quarter based on our assessment of the exposure and the expected recovery assumptions.

關於 Lion Energy，本季我們投入先前尚未結清的票據餘額，並額外墊付 200 萬美元，以取得 Lion Energy 之第一順位擔保信貸融資中的次順位參與權益。如 10-Q 所揭露，我們基於對曝險與預期回收假設的評估，本季認列約 43.7 萬美元的信用損失準備。

Subsequent to quarter end, we elected to not proceed with the acquisition under the structure and terms outlined in the February 11, 2026, non-binding term sheet, but we continue to evaluate alternative structures that may better align with our capital discipline and shareholder value objectives. Overall, our approach remains consistent, preserve capital, stay disciplined with spending and focus our resources on the activities we believe best support commercialization, strategic flexibility and our long-term shareholder value.

在季後，我們選擇不依據 2026 年 2 月 11 日不具約束力條款清單所列的架構與條件推進該收購案，但我們仍持續評估其他替代架構，以期更符合我們的資本紀律與股東價值目標。整體而言，我們的方法維持一致：保留資本、在支出上保持紀律，並將資源聚焦於我們認為最能支持商業化、策略彈性與長期股東價值的活動。

With that, I'll turn the call back over to the moderator to begin Q&A.

接下來，我把電話交回主持人，開始問答環節。

(Operator Instructions) Mickey Legg, Benchmark.

（接線員指示）Mickey Legg，Benchmark。

Just got to ask about the Lion Energy transaction. Any additional color you can give us there on what led to the decision not to follow through and just how discussions are going, if they're ongoing at all about potential alternatives and that exposure on the note you have out there. Just any comments on that and how confident you are you can recover that or any alternative plans there?

想請教一下 Lion Energy 這筆交易。您能否再提供一些補充說明，關於是什麼原因導致決定不繼續推進，以及目前討論進展如何——如果仍在進行的話——是否有任何潛在替代方案，以及你們手上那張票據的曝險情況。也請談談你們對於能否收回該款項的信心，或是否有其他替代計畫？

Mickey, thanks for hopping on and asking the question. So yes, so I think we'll do a two-part answer. I'll answer part of your question. I'll turn it over to Eric to answer the second part. But my part, as we progress through the diligence, it became clear to us that the originally contemplated structure just no longer aligned with our capital discipline, risk profile or shareholder value objectives.

Mickey，謝謝你加入並提出這個問題。是的，我想我們會分兩部分回答。我先回答你問題的一部分，然後把另一部分交給 Eric 回答。就我這部分而言，隨著我們推進盡職調查，我們逐漸清楚地看到，原先設想的交易架構已不再符合我們的資本紀律、風險輪廓或股東價值目標。

We approached the process really thoughtfully and objectively. And ultimately, we concluded that preserving flexibility and protecting the balance sheet for the company was really the right decision. But that said, we do continue to believe that there is a strategic value at this intersection of energy storage systems and domestic battery materials. So the broader thesis has not changed.

我們以非常審慎且客觀的方式來推進這個流程。最終，我們認為保留彈性並保護公司的資產負債表才是正確的決定。不過，我們仍然相信，在儲能系統與國內電池材料的交會點上具有策略價值，因此整體論點並未改變。

What did change was our view that the structure that's required to responsibly pursue that opportunity would need to change. So we are evaluating alternatives, and that could potentially allow us to participate in selected assets, technologies, customer relationships or customer channels in a much more capital-efficient and risk-balanced manner.

改變的是我們的看法：若要負責任地追求該機會，所需的架構必須調整。因此我們正在評估替代方案，這些方案可能讓我們以更具資本效率、風險更平衡的方式，參與特定資產、技術、客戶關係或客戶通路。

But we're not -- excuse me, we are going to remain disciplined, and we're not interested in pursuing growth really at any cost, and we are interested in applying that discipline.

但我們不會——抱歉——我們會保持紀律，我們不會為了成長而不計代價，我們也會把這份紀律落實在行動上。

I'll let Eric answer the second half of your question.

我讓 Eric 來回答你問題的後半段。

Yes. Thanks for the question, Mickey. So at the quarter end, our total exposure associated with the Lion Energy financing activities was approximately $4.1 million. Given the evolving situation and the prudent accounting standards, we recorded a partial reserve during the quarter, reflecting the increased uncertainty at this time. It's really driven by GAAP principles.

好的。謝謝你的問題，Mickey。截至季度末，我們與 Lion Energy 融資活動相關的總曝險約為 410 萬美元。鑑於情勢演變以及審慎的會計準則，我們在本季度提列了部分備抵，反映目前不確定性上升。這主要是由 GAAP 原則所驅動。

So importantly, our position remains as a senior secured second to their current ABL who has first position. We're actively developing or actively monitoring developments and evaluating a range of potential recovery outcomes tied to the collateral base and of course, any future restructuring scenarios. I'd also add that throughout this process, we remain very focused on downside protection and capital preservation.

重要的是，我們的地位仍為資深擔保的第二順位，其現有 ABL 為第一順位。我們正積極追蹤事態發展並評估一系列可能的回收結果，這些結果與擔保品基礎以及當然任何未來重整情境相關。我也要補充，在整個過程中，我們始終非常專注於下行保護與資本保全。

We approached the financing strategically, and we continue to believe that our secured position provides us with multiple paths to potentially preserve value while maintaining optionality around future strategic outcomes.

我們以策略性方式進行這項融資，我們仍相信我們的擔保順位讓我們有多條路徑可望保全價值，同時保留對未來策略結果的選擇權。

Okay. Got it. Yes. That's all super helpful. And then maybe just one more on how the -- where should we be looking over the next 12 to 18 months? Where -- what milestones should we kind of be looking for? It seems like there's a lot of focus like you're saying, Steve, on the energy storage market. So just curious on what we should be looking for.

好的，了解。是的，這些都非常有幫助。那再問一個：接下來 12 到 18 個月我們應該關注哪些方向？有哪些里程碑是我們應該留意的？看起來如你所說的，Steve，市場對儲能領域有很多關注，所以想了解我們應該看哪些重點。

Yes, for sure. So a lot of the milestones from our core Aqua Metals business, of course, is a site selection for our first commercial art facility. And that is something that is very far along and underway, in fact, a big portion of our team is returning today from some more visits at a short list of sites that we're looking at selection.

是的，當然。我們核心 Aqua Metals 業務的許多里程碑，當然包括我們第一座商業 ART 設施的選址。這項工作其實已經進展到相當後期並正在進行中；事實上，我們團隊有很大一部分今天正從對一份候選場址短名單的進一步實地訪查返程，我們正在從中做出選擇。

So that is something that we expect we'll be able to proceed with in a reasonable time frame on the site selection. And so the criteria for those site selection hasn't really changed materially and all that, and we've always prioritized for that site selection, things like feedstock logistics and infrastructure availability, utility economics, permitting environment, access to workforce and really importantly, proximity to the strategic ecosystem partners we're looking for, for feedstock and offtake.

因此，我們預期能在合理的時間範圍內推進選址。選址標準並沒有出現重大變化；我們一直優先考量的因素包括原料供應物流與基礎設施可用性、公用事業成本結構、許可環境、勞動力取得，以及非常重要的——與我們尋求的策略生態系夥伴（原料供應與承購）之距離。

So in some ways, stepping back from the originally contemplated structure with Lion actually increases our flexibility on that milestone because it allows us to optimize purely around long-term operating economics and strategic positioning for our core business. But that doesn't mean that alternative structures with Lion Energy and/or other initiatives that we would take to achieve an earlier revenue production in the energy storage space is something that we're working on and expect to update the markets accordingly as we make progress on that portion of the initiative. I hope that answers the question.

從某些角度來看，退出原先與 Lion 所設想的架構，反而提升了我們在這個里程碑上的彈性，因為這讓我們能純粹以長期營運經濟性與核心業務的策略定位來做最佳化。但這並不表示我們不在推進相關工作：與 Lion Energy 的替代架構和/或其他能讓我們在儲能領域更早產生營收的計畫，都是我們正在努力的方向；隨著該部分計畫取得進展，我們也預期會適時向市場更新。我希望這回答了你的問題。

Yes, it does. That's all I had. Congrats on another quarter guys.

有的，回答到了。我就這些。恭喜各位又交出一個季度的成績。

I would now like to turn the call back to Dan Scott to facilitate questions that were submitted online. Dan, the floor is yours.

我現在想把電話會議交回給 Dan Scott，由他來協助處理線上提交的問題。Dan，交給你了。

Thanks, Tom. We have a couple that have come in. The first is for Steve. The question is, you've surpassed 5,000 cumulative operating hours in independently validated battery-grade lithium carbonate from both NMC and LFP feedstocks. What specific remaining technical or commercial milestones need to be cleared before you can commit to a site and begin FEL2 engineering?

謝謝你，Tom。我們收到幾個問題。第一個是給 Steve 的。問題是：你們在經獨立驗證、以 NMC 與 LFP 兩種原料所產出的電池級碳酸鋰，累計運轉時數已超過 5,000 小時。在你們能承諾選定場址並開始 FEL2 工程之前，還需要完成哪些具體的技術或商業里程碑？

Yes. So we're continuing to make very solid progress across the remaining milestones. At this stage, our focus is less about proving the core chemistry and process flows because we've already done that and achieved that with our innovation center and pilot and demonstration plant and a lot more about optimization, integration, throughput validation and commercial configuration aspects.

是的。我們在剩餘里程碑上持續取得非常扎實的進展。在這個階段，我們的重點已較少放在證明核心化學與製程流程，因為我們已透過創新中心、試驗與示範工廠完成並達成；目前更著重於最佳化、整合、產能/吞吐量驗證，以及商業化配置等面向。

We've now demonstrated that battery-grade lithium carbonate across multiple feedstocks. And that was really an important validation point for us. And we're also continuing to refine impurity management, leveraging our assets and our operations for things like reagent efficiency and operation stability as well as the overall process economics, which are really important.

我們已在多種原料上證明可產出電池級碳酸鋰，這對我們而言是非常重要的驗證點。我們也持續精進雜質管理，並運用我們的資產與營運來提升例如試劑效率與操作穩定性，以及整體製程經濟性——這些都非常關鍵。

On the commercial side, that site selection that I talked about answering the prior question from Mickey with the team that's in the field literally this week, as I mentioned, feedstock alignment and infrastructure considerations and customer qualification discussions, things like project financing conversations, all come together in parallel as we take our disciplined phased development approach because we really want the first commercial facility positioned for long-term success and not just to get the short-term gratification of celebrating a groundbreaking.

在商業面，正如我在回答 Mickey 前一題時提到的選址工作，本週團隊確實正在現場推進；如我所說，原料對接與基礎設施考量、客戶資格認證討論、專案融資對話等，都會在我們採取有紀律的分階段開發方法下並行整合，因為我們希望第一座商業設施能為長期成功而定位，而不只是為了短期的滿足感去慶祝動工。

Okay. Great, Steve. And then there's one more question also for Steve. You've maintained commercial relationships with 6K Energy, Westwin, American Battery Factory, Impossible Metals and Mobi. Have any of these moved from MOU or LOI status towards binding agreements? And what does the commercial conversion timeline look like?

好的，很好，Steve。還有一個問題同樣是給 Steve 的：你們與 6K Energy、Westwin、American Battery Factory、Impossible Metals 以及 Mobi 維持商業關係。這些關係中是否有任何已從 MOU 或 LOI 階段推進到具約束力的協議？商業轉換的時間表大概是什麼樣子？

Yes. So we continue to, of course, actively engage with all of those parties named in the question and others. I would characterize several of those relationships is continuing to deepen both technically and commercially. And that said, at this stage, many of these discussions really naturally evolve alongside that timing of commercialization and site selection.

是的。我們當然持續與題目中提到的所有夥伴以及其他夥伴積極互動。我會形容其中幾段關係在技術與商業兩方面都在持續加深。不過在目前階段，許多討論會很自然地隨著商業化與選址時程同步演進。

And then getting into qualification work and overall project structure. So it's a sequencing thing that's really important to converting those to full force commercial agreements because you really have to have the site secured and line that out before you finalize everything else. What's encouraging is that we continue to see really strong interest in domestic refining solutions, recycled battery materials and low-carbon supply chain positioning.

接著會進入資格認證工作與整體專案架構的討論。因此，要把這些轉換成完整且具效力的商業協議，時序安排非常重要，因為你必須先把場址確定並把這部分規劃清楚，才能最終敲定其他所有事項。令人鼓舞的是，我們持續看到市場對國內精煉解決方案、回收電池材料以及低碳供應鏈定位有非常強的興趣。

And the industry really understands that North America needs a scalable domestic refining capacity. And we're also really pleased that the lithium prices have recovered from the 2024 and 2025, I'll call it, lithium lull, where lithium prices went well below $20,000 to $10,000 a tonne, as I mentioned. And now we're in an environment where we feel that we're in a great position as one of the few companies remaining in North America to be able to fulfill this commercial plant and those commercial contracts as it relates to the commercial plant.

產業也理解北美需要可擴展的國內精煉產能。我們也很高興看到鋰價已從 2024 與 2025 年（我稱之為）鋰價低迷期回升；當時鋰價如我提到的，從每噸低於 20,000 美元一路跌到 10,000 美元以下。現在的環境下，我們認為自己處於非常有利的位置，作為北美少數仍能推進並交付這座商業工廠、以及與該商業工廠相關商業合約的公司之一。

Okay. Steve, thanks. That's it for online submissions. I'll turn it over to Steve for closing remarks.

好的，Steve，謝謝。線上提交的問題就到這裡。我把時間交回給 Steve 做結語。

Yes. Well, thank you, everyone, for calling in, and we really appreciate the continued support of Aqua Metals. We expect that we'll have new information to report to the market soon. So stay tuned.

好的。感謝各位來電參與，我們非常感謝大家持續支持 Aqua Metals。我們預期很快就會有新的資訊向市場報告，敬請期待。

Thank you. This does conclude today's conference call and webcast. You may disconnect at this time, and have a wonderful day. Thank you once again for your participation.

謝謝。今天的電話會議與網路直播到此結束。您現在可以中斷連線，祝您有美好的一天。再次感謝您的參與。