Ace Green Recycling, Inc.
Ace Green Recycling filed its Q1 FY2027 10-Q, reporting net sales of $9.7M — a 100% YoY increase from $4.8M — driven by lead ingot and black mass sales. GAAP diluted loss per share was $(0.74), though basic EPS showed $2.43 due to a $2.4M non-cash gain on extinguishment of convertible notes and SAFEs. The quarter's defining event: all $25.2M in SAFEs and $33.3M in convertible notes converted to common equity on June 30, 2026, flipping stockholders' equity from a $(58.7M) deficit to a marginal $118K positive.
- Net sales doubled to $9.7M in Q1 FY2027 from $4.8M in Q1 FY2026, driven by lead ingots (+92.8%) and black mass (+124.4%).
- GAAP diluted loss per share was $(0.74); basic EPS of $2.43 reflects $2.4M gain on extinguishment of convertible notes and SAFEs.
- All SAFEs ($25.2M) and convertible notes ($33.3M) converted to equity on June 30, 2026, eliminating $58.5M in current liabilities.
- Stockholders' equity swung from a $(58.7M) deficit to $118K positive, driven by the debt-to-equity conversions.
- Cash from operations was negative $(578K) for the quarter; cash on hand fell to $1.4M from $2.3M a year ago.
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A 100% revenue surge paired with a going concern warning and a balance-sheet transformation via $58.5M in debt-to-equity conversions makes this a high-stakes inflection point.
Ace Green operates in the battery recycling supply chain (lead and lithium-ion), a sector seeing tailwinds from IRA-driven domestic content requirements and EV battery material demand. Revenue doubling YoY signals commercial traction, but the going concern flag and thin cash position contrast with
Going concern warning: accumulated deficit of $61.3M, cumulative losses since inception, and management states "substantial doubt about the Company's ability to continue as a going concern within one year." Operating cash flow was negative $(578K) in Q1. The company needs additional capital to fund
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