Aqua Metals Q1 2023 net loss $4.6M; no revenue; secures site for commercial recycling

During the first quarter of 2023, Aqua Metals continued to focus on its ability to recycle metals found in lithium-ion batteries. The Company was not in commercial-scale production during 2022 and, as a result, generated no revenue during the first quarter. Cost of product sales increased by approximately 7% during the quarter to $1.1 million compared to approximately $1 million in Q1 2022. Research and development costs included expenditures related to progressing the Lithium-ion battery recycling technology. Research and development cost decreased approximately 19% during the first quarter compared to the same period in 2022, which is what we expected as we move from development to commercialization of our AquaRefining technology. General and administrative expenses increased approximately 8.7% for the three months ended March 31, 2023, compared to the three months ended March 31, 2022. For the first quarter 2023, the Company had an operating loss of $4.5 million, compared to an oper