May 7, 2020: As US lead battery recycling firm Aqua Metals announced a 96% reduction in revenue in Q1 of 2020 compared with last year’s, CEO Steve Cotton remained upbeat in the conference call on April 30, saying the firm had ‘established a plan to be debt free this year’.
The firm announced revenue of $18,000 for the quarter ended March 31, 2020, compared with $437,000 for the same quarter of 2019.
“We are on track to have the first V1.25L electrolyzer operational within six weeks after we are able to return to the facility, following present Covid-19 restrictions.” Cotton told investors.
“These electrolyzers will AquaRefine the large quantity of valuable lead concentrate we produced and incurred cost to create prior to the plant fire, which eliminates the need for costly battery feedstock acquisition and processing costs.
“In addition, we have had meaningful conversations with potential customers and partners to consider licensing our technology.”
Cotton said he was optimistic that the company would be able to fund its forward plans despite the virus outbreak and a major fire in December 2019, which ravaged operations, destroying all 16
AquaRefining modules and much other equipment at the firm’s site in Reno, Nevada.
On May 4, Aqua Metals said it had received another $2.5 million as an insurance payment, bringing the total amount so far received to $12.5 million.
Out of this, $3,875,000 had been used to pay of a Veritex Bank loan, it said.