Anion exchange membrane water electrolysis (AEM-WE) is a promising method for hydrogen production, offering advantages over proton exchange membrane water electrolysis (PEM-WE), such as the use of nonprecious metal catalysts and perfluorosulfonic acid free membranes. Despite achieving impressive current densities, challenges in efficiency and stability remain. This study employs electrochemical impedance spectroscopy (EIS), the equivalent circuit model (ECM) and distribution of relaxation times (DRT) analysis to investigate AEM-WE cells. DRT analysis identifies and quantifies five loss mechanisms within the AEM-WE system, including hydrogen and oxygen evolution reactions and ionic transport losses. Long-term experiments reveal catalyst degradation and its impact on performance, providing insights for targeted optimisation. The findings enhance understanding of the electrochemical processes in AEM-WE, offering pathways to improve stability and efficiency.