SCHEDULE 13G/A 0000810972-25-000007 0000810972 XXXXXXXX LIVE 1 Common Stock 12/31/2025 0001621832 Aqua Metals, Inc. 03837J309 5370 Kietzke Lane Suite 201 Reno NV 89511 Rule 13d-1(b) BAIRD ROBERT W & CO INC /WI/ WI 0.00 550.00 0.00 550.00 550.00 0.0 IA CO Items (6), (8), (9) and (11) reflect Common Stock ("Shares") that Robert W. Baird & Co. Incorporated ("RWB") may be deemed to beneficially own within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the "Act"), by virtue of the investment discretion or voting authority granted to it by its clients over such Shares. BAIRD FINANCIAL CORP WI 0.00 550.00 0.00 550.00 550.00 0.0 HC CO Items (6), (8), (9) and (11) consist of Shares held by Robert W. Baird & Co. Incorporated. Baird Financial Group, Inc. WI 0.00 550.00 0.00 550.00 550.00 0.0 HC CO Items (6), (8), (9) and (11) consist of Shares held by Robert W. Baird & Co. Incorporated. Aqua Metals, Inc. 5370 Kietzke Lane, Suite 201, Reno, NEVADA, 89511. (1) Robert W. Baird & Co. Incorporated ("RWB") (2) Baird Financial Corporation ("BFC") (3) Baird Financial Group, Inc. ("BFG") The address of the principal business office of each of RWB, BFC and BFG is: 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202 RWB, BFC and BFG are Wisconsin corporations. N IA HC See the responses to Item (9) on the foregoing cover pages. This Schedule includes those securities beneficially owned by, or deemed beneficially owned by, RWB, BFC, and BFG (collectively, "Baird Reporting Units") that have been aggregated together in accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release") for purposes of filing this Schedule. This Schedule does not include securities, if any, beneficially owned by, or deemed beneficially owned by, RWB, BFC or BFG or their respective subsidiaries or affiliates that has been disaggregated from that of the Baird Reporting Units in accordance with the Release. In accordance with Rule 13d-4 of the Act, the Reporting Persons expressly declare that the filing of this Schedule shall not be construed as an admission that a Reporting Person is, for purposes of Section 13(d) or 13(g) of the Act, the beneficial owner of any securities covered by this Schedule. See the responses to Item (11) on the foregoing cover pages. The percentage was calculated based upon 8,290,601 Shares of Common Stock outstanding at March 18, 2025 as reported by the Issuer in its Annual Report on Form 10-K for the year ended December 31, 2024. See the responses to Item (5) on the foregoing cover pages. See the responses to Item (6) on the foregoing cover pages. See the responses to Item (7) on the foregoing cover pages. See the responses to Item (8) on the foregoing cover pages. Y Y N See the response to Item 3 above. RWB is owned directly by BFC. BFC is, in turn, owned by BFG, which is the ultimate parent company of RWB. Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. BAIRD ROBERT W & CO INC /WI/ Paul L. Schultz 02/06/2026 BAIRD FINANCIAL CORP Paul L. Schultz 02/06/2026 Baird Financial Group, Inc. Paul L. Schultz 02/06/2026