Aqua Metals, Inc. (AQMS) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 14, 2026

Risk Assessment Details

Potential Dilution: 51.23% of current shares
Recent Dilution: 259.11% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
3.2M
Potential Supply
1.7M
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

AQMS currently has 3.24M outstanding shares. with significant dilution risk as 1.66M authorized shares could dilute existing holders by 51.2%. The company has significantly diluted shareholders by 259.11% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 14, 2026

10-Q filing | 3.2M shares outstanding

3.2M 1.7M
Mar 31, 2026

10-K filing | 3.0M shares outstanding

3M 1.9M
Dec 18, 2025

RW filing: Aqua Metals, Inc. is requesting to withdraw the registration statement because it has elected not to pursue the secondary registration of securities pursuant to the registration statement and confirms that no securities were sold in connection with the offering contemplated by the registration statement.

1.8M 3M
Nov 12, 2025

10-Q filing | 1.8M shares outstanding

1.8M 4M
Oct 24, 2025

S-3 filing: This prospectus relates to the offer and resale of up to an aggregate of 1,133,794 shares of common stock issuable upon the exercise of certain common stock purchase warrants.

3M 2.9M
Oct 17, 2025

S-3 filing: The company is filing an S-3 form to register a shelf offering for up to $100,000,000 in aggregate offering price of common stock, debt securities, and subscription rights.

1.8M 2.9M
Oct 16, 2025

8-K filing: Aqua Metals, Inc. entered into a securities purchase agreement to issue and sell common stock and pre-funded warrants in a registered direct offering and common stock purchase warrants in a concurrent private placement for gross proceeds of approximately $13 million. ($12.86M proceeds)

1.8M 2.9M
Oct 02, 2025

S-1 filing: This S-1 filing outlines the offering of common stock by a selling stockholder, Lincoln Park Capital Fund, LLC, for resale of up to 1,000,000 shares that may be issued to them under a Purchase Agreement.

1.8M 2.9M
Aug 13, 2025

10-Q filing | 1.0M shares outstanding

1M 2.7M
Jun 04, 2025

S-1 filing: This S-1 filing relates to the offer and sale of up to 2,000,000 shares of common stock by Lincoln Park Capital Fund, LLC, with the company potentially receiving up to $10,000,000 in gross proceeds from sales of common stock to the Selling Stockholder.

9.7M 0
May 16, 2025

8-K filing: Aqua Metals, Inc. entered into a purchase agreement with Lincoln Park Capital Fund, LLC, for the sale of up to $10.0 million of the Company's common stock.

8.1M 0
May 08, 2025

10-Q filing | 8.1M shares outstanding

8.1M 0
Mar 31, 2025

10-K filing | 7.7M shares outstanding

7.7M 0
Dec 23, 2024

8-K filing: Aqua Metals, Inc. completed a private placement of secured promissory notes and warrants for gross proceeds of $1,500,000 on December 19, 2024.

6.8M 0
Nov 14, 2024

10-Q filing | 6.8M shares outstanding

6.8M 0
Nov 01, 2024
Stock Split

8-K filing: Stock split 1-for-20 | Outstanding: 123,793,140 → 6,189,657

6.2M 0
Aug 14, 2024

10-Q filing | 123.8M shares outstanding

120M 0
May 15, 2024

10-Q filing | 110.1M shares outstanding

110M 0
May 15, 2024

8-K filing: Aqua Metals, Inc. entered into an underwriting agreement for an offering of 17,500,000 shares of common stock and warrants to purchase up to 17,500,000 shares of common stock at a public offering price of $0.39 per share and $0.01 per warrant, respectively.

110M 0
Mar 28, 2024

10-K filing | 107.9M shares outstanding

110M 0
Nov 08, 2023

10-Q filing | 101.6M shares outstanding

100M 0
Aug 09, 2023

10-Q filing | 84.2M shares outstanding

84M 0
Jul 21, 2023

8-K filing: Aqua Metals, Inc. entered into a Securities Purchase Agreement with Yulho Co, Ltd., agreeing to sell 4,545,455 shares of common stock at $1.10 per share, for gross proceeds of $5 million in a registered direct offering. ($5.0M proceeds)

81M 0
Jul 19, 2023

8-K filing: Aqua Metals, Inc. entered into an underwriting agreement for an offering of 15,820,000 shares of common stock, with an over-allotment option for an additional 2,373,000 shares, estimating gross proceeds of $17,402,000 before deducting underwriting discounts and commissions and estimated offering expenses. ($17.4M proceeds)

81M 0
May 04, 2023

10-Q filing | 81.3M shares outstanding

81M 0
Mar 09, 2023

10-K filing | 75.8M shares outstanding

76M 0
Nov 03, 2022

10-Q filing | 77.4M shares outstanding

77M 0
Oct 07, 2022

S-3 filing: The company is filing an S-3 to offer common stock, debt securities, and subscription rights up to an aggregate offering price of $100,000,000.

76M 0
Jul 21, 2022

10-Q filing | 75.2M shares outstanding

75M 0
Apr 28, 2022

10-Q filing | 71.9M shares outstanding

72M 0
Feb 24, 2022

10-K filing | 70.4M shares outstanding

70M 0
Nov 04, 2021

10-Q filing | 69.8M shares outstanding

70M 0
Jul 29, 2021

10-Q filing | 68.6M shares outstanding

69M 0
Apr 29, 2021

10-Q filing | 67.8M shares outstanding

68M 0
Feb 25, 2021

10-K filing | 64.5M shares outstanding

64M 0
Feb 17, 2021

8-K filing: Aqua Metals issued 375,000 shares of common stock to LiNiCo in exchange for 1,500 shares of LiNiCo's Series A Preferred Stock valued at $1,500,000, along with a three-year warrant to purchase an additional 500 shares of LiNiCo Series A Preferred Stock at $1,000 per share. ($1.5M proceeds)

61M 0
Oct 22, 2020

10-Q filing | 61.1M shares outstanding

61M 0
Aug 04, 2020

10-Q filing | 60.9M shares outstanding

61M 0
Apr 30, 2020

10-Q filing | 60.0M shares outstanding

60M 0
Mar 11, 2020

10-K filing | 59.8M shares outstanding

60M 0
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