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Aqua Metals (NASDAQ:AQMS) stock is taking a beating on Tuesday alongside the release of the metals recycling company’s earnings report for Q2 2024.
The bad news for AQMS stock comes from the lack of revenue reported by Aqua Metals during the quarter. That’s not what Wall Street was expecting with a Q2 revenue estimate of $27,500.
Additionally, its adjusted earnings per share came in at -5 cents. That matches what analysts were expecting from Aqua Metals. It’s also slightly better than the -6 cents per share from the same period of the year prior.
AQMS Stock: Sierra ARC Update
Aqua Metals provided investors with the following update on its Sierra ARC plans in its latest earnings report.
“To complete the Sierra ARC, the Company will need additional financing. In May 2024, Aqua Metals announced the signing of a non-binding term sheet with one of the world’s largest privately held companies for a secured credit facility of up to $33 million. However, the Company was recently advised by the lender that it was suspending further activity with regard to the secured credit facility due to continued high interest rates and recent declines in the market price for lithium-ion minerals, including an over 25% drop in lithium carbonate pricing, since signing the term sheet.”
AQMS stock is down 27% as of Tuesday morning.
Investors will want to stick around for more of the most recent stock market stories today!
We have all of the hottest stock market news that traders need to know about on Tuesday! That includes all of the latest happenings for SunPower (NASDAQ:SPWR) stock, VBI Vaccines (NASDAQ:VBIV) stock and Lytus Technologies (NASDAQ:LYT) stock today. You can read up on all of this news at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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