LiqTech International, Inc. (LIQT) Financials

LIQT

Trailing 12 months to June 30, 2026

Revenue $15.4M -0.2% YoY

Net Income -$9.8M +5.8% YoY

Free Cash Flow -$8.8M -15.2% YoY

Operating Cash Flow -$8.2M -23.6% YoY

Market Cap $15.4M as of Oct 8, 2026

Price / Sales 1.0x on $15.4M revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book 0.6x on $25.9M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 8, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 12, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the LIQT SEC filings page.

LiqTech International, Inc. (LIQT) reported $15.4M in revenue over the twelve months to Jun 30, 2026, down 0.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI LIQT FY2025 2026-10-04

LiqTech’s 2025 recovery improved cash use, but persistent operating losses and rising leverage leave the business reliant on financing inflows.

Gross margin rebounded from 1.7% in FY2024 to 7.6% in FY2025, yet operating margin only improved from -65.0% to -50.3%: the added gross profit is being absorbed by overhead rather than translating into break-even economics.

Capital expenditures fell to $395K in FY2025 while operating cash flow was -$6.1M, so the year’s cash use was mainly operational rather than driven by heavy reinvestment. Free cash flow remained close to operating cash flow, reinforcing that operations—not an outsized investment program—drove the shortfall.

Debt-to-equity reached 1.6x in FY2025 as total equity fell to $10.4M, making the capital structure more creditor-dependent. A 3.4x current ratio indicates reported current assets exceed current liabilities, but it does not offset the higher long-term leverage.

Financial Health Signals

Financial Health Score 30/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of LiqTech International, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

LiqTech International, Inc. held $5.1M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $6.1M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and LiqTech International, Inc. scores 30/100 among other emerging companies.

Dilution

LiqTech International, Inc. had 10M shares outstanding at the end of fiscal year 2025, against 10M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and LiqTech International, Inc. scores 26/100 among other emerging companies.

R&D Intensity

LiqTech International, Inc. spent $1.2M on research and development in fiscal year 2025, which was 4.7% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and LiqTech International, Inc. scores 23/100 among other emerging companies.

Revenue Progress

LiqTech International, Inc. reported revenue of $16.5M in fiscal year 2025, against $14.6M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and LiqTech International, Inc. scores 38/100 among other emerging companies.

Burn Trend

LiqTech International, Inc.'s operations used $6.1M of cash in fiscal year 2025, against $7.5M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and LiqTech International, Inc. scores 30/100 among other emerging companies.

Balance Sheet

LiqTech International, Inc.'s cash, cash equivalents and investments came to $5.1M at the end of fiscal year 2025, against $16.9M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and LiqTech International, Inc. scores 33/100 among other emerging companies.

Altman Z-Score Distress

-4.22

LiqTech International, Inc. scores -4.22, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($15.4M) relative to total liabilities ($16.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

4/8

LiqTech International, Inc. passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality No Cash Backing

N/A

LiqTech International, Inc. reported a net loss of $8.5M while operations used $6.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$4.4M

YoY-12.0%

QoQ+5.5%

5Y CAGR+1.7%

10Y CAGR+0.8%

LiqTech International, Inc. generated $4.4M in revenue in Q2 2026. This represents a decrease of 12.0% from the same quarter a year earlier. Against the prior quarter it is up 5.5%.

EBITDA

-$2.0M

YoY-23.0%

QoQ-5.7%

LiqTech International, Inc.'s EBITDA was -$2.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 23.0% from the same quarter a year earlier. Against the prior quarter it is down 5.7%.

Net Income

-$3.0M

YoY-40.2%

QoQ-11.3%

LiqTech International, Inc. reported -$3.0M in net income in Q2 2026. This represents a decrease of 40.2% from the same quarter a year earlier. Against the prior quarter it is down 11.3%.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

-$3.1M

YoY-85.6%

QoQ-40.4%

LiqTech International, Inc. recorded an outflow of $3.1M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 85.6% from the same quarter a year earlier. Against the prior quarter it is down 40.4%.

Shares Outstanding

33M

5Y CAGR+8.6%

10Y CAGR-1.8%

LiqTech International, Inc. had 33M shares outstanding in Q2 2026.

Cash & Debt

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

8.4%

YoY-1.4pp

QoQ-1.1pp

5Y change+0.4pp

10Y change-19.7pp

LiqTech International, Inc.'s gross margin was 8.4% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 1.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.1 percentage points.

Operating Margin

-53.4%

YoY-10.9pp

QoQ+1.6pp

5Y change+10.4pp

10Y change-47.7pp

LiqTech International, Inc.'s operating margin was -53.4% in Q2 2026, reflecting core business profitability. This is down 10.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.6 percentage points.

Net Margin

-69.1%

YoY-25.7pp

QoQ-3.6pp

5Y change+8.0pp

10Y change-60.9pp

LiqTech International, Inc.'s net profit margin was -69.1% in Q2 2026, showing the share of revenue converted to profit. This is down 25.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 3.6 percentage points.

Return on Equity

-11.6%

YoY+3.8pp

QoQ+23.9pp

5Y change+4.6pp

10Y change-9.9pp

LiqTech International, Inc.'s ROE was -11.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 3.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 23.9 percentage points.

Capital Allocation

R&D Spending

$272K

YoY+12.0%

QoQ-1.6%

5Y CAGR-9.0%

10Y CAGR+5.2%

LiqTech International, Inc. invested $272K in research and development in Q2 2026. This represents an increase of 12.0% from the same quarter a year earlier. Against the prior quarter it is down 1.6%.

Capital Expenditures

$8K

YoY-87.0%

QoQ-97.1%

5Y CAGR-51.8%

10Y CAGR-7.8%

LiqTech International, Inc. invested $8K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 87.0% from the same quarter a year earlier. Against the prior quarter it is down 97.1%.

Share Buybacks

Not reported for Q2 2026.

LIQT Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

LIQT quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$15.4M	$16.5M+13.0%	$14.6M-18.9%	$18.0M+12.6%	$16.0M-12.5%	$18.3M-18.9%	$22.5M-31.0%	$32.6M+166.8%	$12.2M+7.8%	$11.3M-18.4%	$13.9M-12.1%	$15.8M+8.6%	$14.6M+13.5%	$12.8M-24.2%	$16.9M-20.2%	$21.2M
Cost of Revenue	$14.0M	$15.3M+6.3%	$14.4M-5.7%	$15.2M-1.2%	$15.4M-7.7%	$16.7M-18.1%	$20.4M-20.0%	$25.5M+128.2%	$11.2M+0.3%	$11.1M-10.7%	$12.5M-1.0%	$12.6M+1.1%	$12.5M+8.2%	$11.5M-19.0%	$14.2M-12.0%	$16.2M
Gross Profit	$1.4M	$1.3M+398.4%	$251K-91.0%	$2.8M+389.4%	$567K-64.0%	$1.6M-26.6%	$2.1M-70.0%	$7.2M+571.8%	$1.1M+415.7%	$207K-85.6%	$1.4M-55.4%	$3.2M+53.3%	$2.1M+59.9%	$1.3M-51.5%	$2.7M-46.2%	$5.0M
R&D Expenses	$1.2M	$1.2M-13.9%	$1.4M-4.7%	$1.4M-22.7%	$1.8M-1.4%	$1.9M+45.7%	$1.3M+70.6%	$749K+13.3%	$661K+23.1%	$537K-14.3%	$626K-11.5%	$708K+110.6%	$336K-32.8%	$500K-32.6%	$742K+47.7%	$502K
SG&A Expenses	$5.8M	$5.7M+0.3%	$5.7M+16.6%	$4.9M-14.8%	$5.7M-2.3%	$5.8M-5.9%	$6.2M+36.0%	$4.6M+43.2%	$3.2M+36.7%	$2.3M-41.7%	$4.0M+42.0%	$2.8M-6.8%	$3.0M-1.5%	$3.1M-7.2%	$3.3M+69.9%	$1.9M
Operating Income	-$8.6M	-$8.3M+12.4%	-$9.5M-21.7%	-$7.8M+37.8%	-$12.5M-17.3%	-$10.7M-29.5%	-$8.3M-1330.4%	-$577K+87.1%	-$4.5M+2.6%	-$4.6M+64.9%	-$13.1M-286.4%	-$3.4M+34.5%	-$5.2M+16.5%	-$6.2M-59.7%	-$3.9M-455.0%	$1.1M
EBITDA	N/A	-$6.6M+9.7%	-$7.3M-40.3%	-$5.2M+47.5%	-$9.9M-25.2%	-$7.9M-46.4%	-$5.4M-808.5%	$766K+120.0%	-$3.8M-4.6%	-$3.7M+68.8%	-$11.8M-501.2%	-$2.0M+45.1%	-$3.6M+21.4%	-$4.5M-90.5%	-$2.4M-196.0%	$2.5M
Interest Expense	N/A	N/A	$168K+10.5%	$152K-63.9%	$420K-40.7%	$708K+485.7%	$121K+542.0%	$19K-73.8%	$72K+56.4%	$46K+17.8%	$39K-24.0%	$51K-4.0%	$53K+4.8%	$51K-65.7%	$149K-27.0%	$204K
Income Tax	-$2K	-$1K+96.3%	-$39K+81.2%	-$206K+13.1%	-$237K-276.6%	-$63K+86.4%	-$465K-56.5%	-$297K+18.7%	-$365K-15.0%	-$318K-109.9%	$3.2M+561.4%	-$698K+59.0%	-$1.7M-5.6%	-$1.6M-38.3%	-$1.2M-424.2%	$360K
Net Income	-$9.8M	-$8.5M+17.6%	-$10.3M-20.7%	-$8.6M+39.5%	-$14.2M-27.3%	-$11.1M-13.4%	-$9.8M-24858.6%	$40K+101.0%	-$3.8M+14.5%	-$4.5M+72.8%	-$16.4M-643.0%	-$2.2M+27.9%	-$3.1M+36.5%	-$4.8M-74.0%	-$2.8M-402.4%	$917K
EPS (Basic)	N/A	-$0.89+45.7%	-$1.64-8.6%	-$1.51+52.8%	-$3.20-515.4%	-$0.52-13.0%	-$0.46	$0.00+100.0%	-$0.24-118.2%	-$0.11+75.6%	-$0.45-650.0%	-$0.06+33.3%	-$0.09+52.6%	-$0.19-58.3%	-$0.12-300.0%	$0.06
EPS (Diluted)	—	N/A	N/A	N/A	N/A	N/A	-$0.46	$0.00	-$0.24	-$0.11+75.6%	-$0.45-650.0%	-$0.06+33.3%	-$0.09+52.6%	-$0.19-58.3%	-$0.12	$0.06
Diluted Shares (Avg)	N/A	N/A	N/A	N/A	N/A	N/A	21M+7.8%	20M	16M	42M+12.9%	37M+0.1%	37M+13.6%	32M+29.7%	25M+5.7%	24M	16M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$4.4M-12.0%	$4.1M-10.4%	$3.1M-8.2%	$3.8M+53.6%	$5.0M+10.5%	$4.6M+9.0%	$3.4M-13.3%	$2.5M-51.1%
Cost of Revenue	$4.0M-10.6%	$3.7M-16.7%	$3.2M-17.8%	$3.1M+13.8%	$4.5M+18.7%	$4.5M+13.3%	$3.9M+7.6%	$2.7M-34.8%
Gross Profit	$366K-24.6%	$394K+214.9%	-$107K+79.7%	$748K+456.9%	$485K-32.4%	$125K-53.9%	-$528K-293.3%	-$210K-122.1%
R&D Expenses	$272K+12.0%	$276K+20.0%	$422K+2.4%	$269K-3.2%	$243K-40.4%	$230K-9.7%	$412K+43.0%	$278K-35.1%
SG&A Expenses	$1.6M+3.3%	$1.4M+3.8%	$1.5M+38.9%	$1.3M-14.8%	$1.5M-0.1%	$1.4M-11.8%	$1.1M-7.1%	$1.5M+18.9%
Operating Income	-$2.3M-10.5%	-$2.3M-4.2%	-$2.7M+3.1%	-$1.3M+48.5%	-$2.1M-1.1%	-$2.2M-6.8%	-$2.8M-20.0%	-$2.6M-52.5%
EBITDA	-$2.0M-23.0%	-$1.9M-10.2%	-$2.3M-3.5%	-$918K+54.9%	-$1.7M-5.8%	-$1.7M-15.9%	-$2.2M-36.1%	-$2.0M-95.1%
Interest Expense	N/A	N/A	N/A	$63K+83.6%	$63K+116.7%	$48K-32.7%	$32K-45.8%	$35K-0.6%
Income Tax	-$370-2.8%	-$377-11.2%	-$380-103.2%	-$375+96.3%	-$360+97.5%	-$339+97.7%	-$187+99.9%	-$10K+30.5%
Net Income	-$3.0M-40.2%	-$2.7M-15.3%	-$2.6M+13.7%	-$1.4M+49.6%	-$2.2M-1.9%	-$2.4M+1.5%	-$3.0M+6.5%	-$2.8M-100.9%
EPS (Basic)	-$0.140.0%	-$0.28-12.0%	-$0.27+28.9%	-$0.15+69.4%	-$0.14+61.1%	-$0.25+39.0%	-$0.38+33.3%	-$0.49-96.0%

Not reported in any period shown, so not listed: EPS (Diluted), Diluted Shares (Avg).

LIQT Balance Sheet

LIQT quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$27.3M-15.9%	$32.4M-9.9%	$36.0M-10.4%	$40.1M-10.9%	$45.1M+6.7%	$42.2M+9.4%	$38.6M+193.3%	$13.2M+12.7%	$11.7M+2.3%	$11.4M-59.3%	$28.1M-10.7%	$31.4M+55.3%	$20.2M+6.3%	$19.0M+4.3%	$18.3M
Current Assets	$16.0M-22.7%	$20.6M-6.6%	$22.1M-20.2%	$27.7M-1.4%	$28.1M+9.4%	$25.7M-6.7%	$27.5M+141.7%	$11.4M+20.6%	$9.4M+10.8%	$8.5M-34.5%	$13.0M-11.5%	$14.7M+19.8%	$12.2M+3.5%	$11.8M+3.6%	$11.4M
Cash & Equivalents	$5.1M	N/A	$10.4M	N/A	$15.4M+30.8%	$11.7M+66.2%	$7.1M+87.2%	$3.8M+51.9%	$2.5M+105.7%	$1.2M-11.8%	$1.4M-76.6%	$5.9M+19.8%	$4.9M+26.1%	$3.9M+274.9%	$1.0M
Short-Term Investments	$0	N/A	$0	N/A	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$6.5M+16.9%	$5.5M+5.2%	$5.3M+29.7%	$4.1M-25.1%	$5.4M-1.8%	$5.5M+6.2%	$5.2M+17.3%	$4.4M-4.9%	$4.7M-9.9%	$5.2M+5.3%	$4.9M0.0%	$4.9M+15.4%	$4.3M+3.6%	$4.1M+38.0%	$3.0M
Accounts Receivable	$3.4M+43.2%	$2.4M-24.4%	$3.2M+37.3%	$2.3M+18.0%	$2.0M-37.4%	$3.1M-50.1%	$6.3M+379.5%	$1.3M+16.3%	$1.1M+1.2%	$1.1M-65.2%	$3.2M+60.2%	$2.0M-14.9%	$2.3M-18.0%	$2.9M-46.1%	$5.3M
Long-Term Investments	$0	N/A	$0	N/A	$0	$0	$0-100.0%	$6K-4.8%	$6K+13.6%	$5K-75.8%	$22K+258.9%	$6K-11.6%	$7K-95.6%	$158K+2339.3%	$6K
Goodwill	$248K+12.4%	$221K-5.6%	$234K+3.4%	$226K-5.9%	$240K-7.7%	$260K+10.2%	$236K	N/A	N/A	N/A	$7.6M-10.4%	$8.5M	$0	$0	N/A
Total Liabilities	$16.9M+7.2%	$15.8M-15.6%	$18.7M+11.2%	$16.8M-47.9%	$32.3M+85.6%	$17.4M+11.6%	$15.6M+237.3%	$4.6M-3.1%	$4.8M-7.3%	$5.1M-6.6%	$5.5M+23.4%	$4.5M-12.6%	$5.1M+13.7%	$4.5M-61.0%	$11.5M
Current Liabilities	$4.7M-3.7%	$4.9M-34.6%	$7.5M+23.2%	$6.1M-63.9%	$16.9M+71.9%	$9.8M-5.0%	$10.3M+123.7%	$4.6M-3.1%	$4.8M-4.8%	$5.0M-6.2%	$5.3M+30.5%	$4.1M-10.0%	$4.5M+21.0%	$3.8M-60.6%	$9.5M
Non-Current Liabilities	$12.2M+12.1%	$10.9M-2.9%	$11.2M+4.3%	$10.7M-30.4%	$15.4M+103.4%	$7.6M+44.3%	$5.3M	$0	$0-100.0%	$134K-19.2%	$166K-55.1%	$369K-33.5%	$554K-24.0%	$730K-62.9%	$2.0M
Long-Term Debt	N/A	N/A	N/A	N/A	$6.2M	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$10.4M-37.4%	$16.7M-3.6%	$17.3M-25.9%	$23.3M+82.5%	$12.8M-48.5%	$24.8M+7.9%	$23.0M+169.4%	$8.5M+23.5%	$6.9M+10.2%	$6.3M-72.2%	$22.6M-16.3%	$27.0M+78.2%	$15.1M+4.0%	$14.6M+115.8%	$6.7M
Retained Earnings	-$94.8M-9.9%	-$86.3M-13.6%	-$75.9M-12.7%	-$67.4M-26.6%	-$53.2M-26.5%	-$42.1M-30.4%	-$32.2M+0.1%	-$32.3M-13.4%	-$28.5M-18.6%	-$24.0M-216.2%	-$7.6M-41.1%	-$5.4M-132.3%	-$2.3M-192.3%	$2.5M-52.5%	$5.3M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$37.9M+19.6%	$24.9M-21.3%	$27.3M-15.9%	$30.3M+5.5%	$31.7M+11.0%	$31.7M+1.1%	$32.4M-9.9%	$28.7M-22.0%
Current Assets	$27.7M+40.0%	$14.1M-32.4%	$16.0M-22.7%	$18.8M+17.6%	$19.8M+15.2%	$20.9M+7.7%	$20.6M-6.6%	$16.0M-35.0%
Cash & Equivalents	N/A	$2.7M	$5.1M	N/A	N/A	N/A	N/A	$4.5M-61.7%
Short-Term Investments	N/A	$0	$0	N/A	N/A	N/A	N/A	$0
Inventory	$6.0M+8.0%	$6.5M+13.4%	$6.5M+16.9%	$6.4M+2.6%	$5.5M-1.9%	$5.7M+3.7%	$5.5M+5.2%	$6.3M+37.5%
Accounts Receivable	$5.2M+27.7%	$3.7M+6.5%	$3.4M+43.2%	$3.8M+62.9%	$4.1M+46.0%	$3.4M+27.1%	$2.4M-24.4%	$2.3M-40.3%
Long-Term Investments	N/A	$0	$0	N/A	N/A	N/A	N/A	$0
Goodwill	$240K-3.0%	$243K+6.1%	$248K+12.4%	$248K+4.7%	$248K+9.4%	$228K-0.1%	$221K-5.6%	$237K+5.7%
Total Liabilities	$12.1M-31.7%	$17.4M-0.6%	$16.9M+7.2%	$17.5M+1.2%	$17.8M+9.1%	$17.5M+4.0%	$15.8M-15.6%	$17.3M-1.5%
Current Liabilities	$6.3M+15.7%	$5.7M+2.8%	$4.7M-3.7%	$5.4M-10.5%	$5.5M-12.4%	$5.5M-17.0%	$4.9M-34.6%	$6.0M-22.4%
Non-Current Liabilities	$5.8M-52.8%	$11.7M-2.2%	$12.2M+12.1%	$12.2M+7.5%	$12.3M+22.6%	$12.0M+17.7%	$10.9M-2.9%	$11.3M+15.0%
Total Equity	$25.9M+86.0%	$7.6M-49.4%	$10.4M-37.4%	$12.8M+12.1%	$13.9M+13.5%	$15.1M+3.6%	$16.7M-3.6%	$11.4M-40.7%
Retained Earnings	-$100.5M-10.7%	-$97.5M-10.0%	-$94.8M-9.9%	-$92.2M-10.7%	-$90.8M-12.9%	-$88.6M-13.2%	-$86.3M-13.6%	-$83.3M-14.5%

Not reported in any period shown, so not listed: Long-Term Debt.

LIQT Cash Flow Statement

LIQT quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	-$8.2M	-$6.1M+18.9%	-$7.5M-80.1%	-$4.2M+65.2%	-$12.0M-67.1%	-$7.2M-177.2%	-$2.6M+42.8%	-$4.5M-16.2%	-$3.9M-18.1%	-$3.3M-897.4%	$416K+119.9%	-$2.1M+63.5%	-$5.7M-167.8%	-$2.1M-347.9%	-$478K-9386.7%	$5K
Depreciation & Amortization	N/A	$1.7M-21.7%	$2.2M-16.1%	$2.6M-0.4%	$2.6M-5.6%	$2.7M-3.1%	$2.8M+110.5%	$1.3M+107.1%	$649K-30.9%	$940K-31.8%	$1.4M-4.6%	$1.4M-11.4%	$1.6M-3.5%	$1.7M+11.5%	$1.5M+9.9%	$1.4M
Stock-Based Compensation	N/A	$987K+48.6%	$664K+5.8%	$628K-32.8%	$934K+94.2%	$481K+39.9%	$344K+73.7%	$198K+70.0%	$116K-34.9%	$179K-58.9%	$436K+17.9%	$370K-35.5%	$573K-56.5%	$1.3M+992.9%	$120K-2.8%	$124K
Capital Expenditures	$570K	$395K-71.1%	$1.4M-52.7%	$2.9M+71.1%	$1.7M+49.2%	$1.1M-69.8%	$3.8M+47.6%	$2.5M+1321.6%	$179K+29.9%	$138K-63.2%	$374K-35.1%	$576K+26.3%	$456K-27.4%	$629K-57.8%	$1.5M-5.1%	$1.6M
Free Cash Flow	-$8.8M	-$6.5M+26.9%	-$8.9M-25.8%	-$7.1M+48.5%	-$13.7M-64.7%	-$8.3M-31.2%	-$6.4M+10.4%	-$7.1M-73.2%	-$4.1M-18.5%	-$3.5M-8311.0%	$42K+101.6%	-$2.7M+56.9%	-$6.2M-123.4%	-$2.8M-40.7%	-$2.0M-25.7%	-$1.6M
Investing Cash Flow	-$428K	-$218K+48.6%	-$424K+85.3%	-$2.9M-70.8%	-$1.7M-16.5%	-$1.5M+63.8%	-$4.0M-8.3%	-$3.7M-2065.5%	-$171K-38.2%	-$124K+66.9%	-$374K	N/A	N/A	-$648K+62.8%	-$1.7M-84.1%	-$947K
Financing Cash Flow	$15.6M	$719K-91.5%	$8.5M+1362.7%	$581K-95.8%	$13.7M-1.5%	$13.9M+92.6%	$7.2M-50.7%	$14.6M+143.1%	$6.0M+46.6%	$4.1M+2125.8%	-$203K+9.2%	-$223K-102.1%	$10.5M+184.4%	$3.7M-26.5%	$5.0M+187.0%	$1.7M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$4.6M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$3.1M-92.2%	-$1.9M-49.7%	-$2.1M-6.3%	-$1.1M+38.9%	-$1.6M+11.6%	-$1.3M+33.7%	-$2.0M-65.7%	-$1.7M-323.3%
Depreciation & Amortization	$302K-34.3%	$357K-19.3%	$376K-30.2%	$415K-25.1%	$459K-12.8%	$442K-18.4%	$539K-19.5%	$555K-15.4%
Stock-Based Compensation	N/A	$218K-9.5%	N/A	N/A	N/A	$241K+24.8%	N/A	N/A
Capital Expenditures	$8K-87.0%	$270K+65.0%	$166K-57.4%	$127K-65.4%	-$61K-72.5%	$163K-58.0%	$390K-38.3%	$365K-81.5%
Free Cash Flow	-$3.1M-85.6%	-$2.2M-51.4%	-$2.3M+4.1%	-$1.2M+43.4%	-$1.7M+18.3%	-$1.5M+37.7%	-$2.4M-30.0%	-$2.1M-78.0%
Investing Cash Flow	$12K-80.6%	-$270K-143.3%	-$45K+88.7%	-$125K+65.4%	$63K+128.8%	-$111K-120.1%	-$395K+36.7%	-$362K+81.6%
Financing Cash Flow	$16.1M+12162.2%	-$309K-131.2%	-$68K-100.8%	-$69K-107.0%	-$133K-26.0%	$990K+198.0%	$8.6M+6360.1%	$989K+7.7%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

LIQT Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

LIQT quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	7.6%+5.9pp	1.7%-13.7pp	15.4%+11.9pp	3.5%-5.1pp	8.6%-0.9pp	9.5%-12.4pp	21.9%+13.2pp	8.7%+6.9pp	1.8%-8.5pp	10.3%-10.0pp	20.3%+5.9pp	14.4%+4.2pp	10.2%-5.8pp	16.0%-7.7pp	23.7%
Operating Margin	-50.3%+14.6pp	-65.0%-21.6pp	-43.3%+35.1pp	-78.4%-19.9pp	-58.5%-21.8pp	-36.6%-34.9pp	-1.8%+34.9pp	-36.7%+3.9pp	-40.6%+53.8pp	-94.5%-73.0pp	-21.5%+14.1pp	-35.6%+12.8pp	-48.5%-25.5pp	-23.0%-28.2pp	5.2%
Net Margin	-51.7%+19.2pp	-70.8%-23.2pp	-47.6%+41.0pp	-88.6%-27.8pp	-60.9%-17.3pp	-43.5%-43.7pp	0.1%+31.3pp	-31.2%+8.1pp	-39.3%	-118.1%	-14.0%+7.1pp	-21.1%+16.6pp	-37.6%-21.3pp	-16.4%-20.7pp	4.3%
Return on Equity	-81.7%-19.6pp	-62.1%-12.5pp	-49.6%+11.2pp	-60.8%+26.3pp	-87.1%-47.6pp	-39.5%-39.7pp	0.2%+44.8pp	-44.7%+19.9pp	-64.5%+197.3pp	-261.9%-252.1pp	-9.8%+1.6pp	-11.4%+20.5pp	-31.9%-12.8pp	-19.1%-32.7pp	13.6%
Return on Assets	-31.3%+0.6pp	-31.9%-8.1pp	-23.8%+11.5pp	-35.3%-10.6pp	-24.7%-1.5pp	-23.2%-23.3pp	0.1%+29.1pp	-29.0%+9.2pp	-38.2%+105.7pp	-143.9%-136.0pp	-7.9%+1.9pp	-9.8%+14.1pp	-23.9%-9.3pp	-14.6%-19.6pp	5.0%
Current Ratio	3.38-0.8x	4.21+1.3x	2.95-1.6x	4.55+2.9x	1.66-0.9x	2.610.0x	2.66+0.2x	2.46+0.5x	1.98+0.3x	1.70-0.7x	2.43-1.2x	3.58+0.9x	2.69-0.5x	3.15+2.0x	1.20
Debt-to-Equity	1.62+0.7x	0.95-0.1x	1.08+0.4x	0.72+0.2x	0.48+0.5x	0.00-0.7x	0.68+0.1x	0.54-0.1x	0.69-0.1x	0.82+0.6x	0.24+0.1x	0.17-0.2x	0.340.0x	0.31-1.4x	1.71
Asset Turnover	0.61+0.2x	0.450.0x	0.50+0.1x	0.400.0x	0.41-0.1x	0.53-0.3x	0.85-0.1x	0.930.0x	0.97-0.2x	1.22+0.7x	0.56+0.1x	0.46-0.2x	0.63-0.3x	0.89-0.3x	1.16
FCF Margin	-39.4%+21.6pp	-61.0%-21.6pp	-39.3%+46.6pp	-85.9%-40.3pp	-45.6%-17.4pp	-28.2%-6.5pp	-21.7%+11.7pp	-33.5%-3.0pp	-30.4%-30.7pp	0.3%+17.2pp	-16.9%+25.6pp	-42.5%-20.9pp	-21.6%-10.0pp	-11.6%-4.3pp	-7.4%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	8.4%-1.4pp	9.5%+6.8pp	-3.4%+12.1pp	19.6%+28.1pp	9.8%-6.2pp	2.7%-3.7pp	-15.5%-22.4pp	-8.5%-27.2pp
Operating Margin	-53.4%-10.9pp	-55.0%-7.7pp	-85.8%-4.6pp	-35.0%	-42.6%+4.0pp	-47.3%+1.0pp	-81.2%-22.5pp	-104.5%
Net Margin	-69.1%-25.7pp	-65.5%-14.6pp	-83.0%+5.3pp	-37.6%	-43.4%+3.7pp	-50.9%+5.5pp	-88.2%-6.5pp	-114.6%
Return on Equity	-11.6%+3.8pp	-35.5%-19.9pp	-24.8%-6.8pp	-11.2%+13.7pp	-15.4%+1.8pp	-15.6%+0.8pp	-18.0%+0.6pp	-24.9%-17.5pp
Return on Assets	-8.0%-1.2pp	-10.9%-3.5pp	-9.5%-0.2pp	-4.7%+5.2pp	-6.8%+0.6pp	-7.4%+0.2pp	-9.3%-0.3pp	-9.9%-6.1pp
Current Ratio	4.37+0.8x	2.50-1.3x	3.38-0.8x	3.50+0.8x	3.61+0.9x	3.80+0.9x	4.21+1.3x	2.66-0.5x
Debt-to-Equity	0.47-0.8x	2.28+1.1x	1.62+0.7x	1.37-0.1x	1.28-0.1x	1.160.0x	0.95-0.1x	1.51+0.6x
Asset Turnover	0.120.0x	0.170.0x	0.110.0x	0.130.0x	0.160.0x	0.150.0x	0.100.0x	0.09-0.1x
FCF Margin	-71.1%-37.4pp	-53.5%-21.8pp	-73.5%-3.2pp	-31.4%+53.9pp	-33.7%+11.9pp	-31.6%+23.8pp	-70.3%-23.5pp	-85.3%-61.9pp

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
LiqTech International, Inc. LIQT	FY2025	$16.5M	-$8.5M	-51.7%	$15.4M	30/100
ClearSign Technologies Corporation CLIR	FY2025	$5.2M	-$5.5M	N/A	$22.5M	62/100
TOMI Environmental Solutions, Inc. TOMZ	FY2025	$5.6M	-$3.7M	-66.5%	$12.9M	33/100
Euro Tech Holdings Co Ltd. New CLWT	FY2025	$13.3M	$167K	1.3%	$9.3M	34/100
DevvStream Corp. DEVS	FY2025	$26K	-$12.1M	N/A	$5.4M	—
Zone Frontier Inc. ZONE	FY2026	$3.4M	-$174.2M	N/A	$67.2M	35/100

Where LiqTech International, Inc. Ranks

Frequently Asked Questions

What is LiqTech International, Inc.'s annual revenue?

LiqTech International, Inc. (LIQT) reported $16.5M in total revenue for fiscal year 2025. This represents a 13.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is LiqTech International, Inc.'s revenue growing?

LiqTech International, Inc. (LIQT) revenue grew by 13.0% year-over-year, from $14.6M to $16.5M in fiscal year 2025.

Is LiqTech International, Inc. profitable?

No, LiqTech International, Inc. (LIQT) reported a net income of -$8.5M in fiscal year 2025, with a net profit margin of -51.7%.

What is LiqTech International, Inc.'s EBITDA?

LiqTech International, Inc. (LIQT) had EBITDA of -$6.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is LiqTech International, Inc.'s gross margin?

LiqTech International, Inc. (LIQT) had a gross margin of 7.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is LiqTech International, Inc.'s operating margin?

LiqTech International, Inc. (LIQT) had an operating margin of -50.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is LiqTech International, Inc.'s net profit margin?

LiqTech International, Inc. (LIQT) had a net profit margin of -51.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is LiqTech International, Inc.'s return on equity (ROE)?

LiqTech International, Inc. (LIQT) has a return on equity of -81.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is LiqTech International, Inc.'s free cash flow?

LiqTech International, Inc. (LIQT) recorded an outflow of $6.5M in free cash flow during fiscal year 2025. This represents a 26.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is LiqTech International, Inc.'s operating cash flow?

LiqTech International, Inc. (LIQT) recorded an outflow of $6.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are LiqTech International, Inc.'s total assets?

LiqTech International, Inc. (LIQT) had $27.3M in total assets as of fiscal year 2025, including both current and long-term assets.

What are LiqTech International, Inc.'s capital expenditures?

LiqTech International, Inc. (LIQT) invested $395K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does LiqTech International, Inc. spend on research and development?

LiqTech International, Inc. (LIQT) invested $1.2M in research and development during fiscal year 2025.

How many shares does LiqTech International, Inc. have outstanding?

LiqTech International, Inc. (LIQT) had 10M shares outstanding as of fiscal year 2025.

What is LiqTech International, Inc.'s current ratio?

LiqTech International, Inc. (LIQT) had a current ratio of 3.38 as of fiscal year 2025, which is generally considered healthy.

What is LiqTech International, Inc.'s debt-to-equity ratio?

LiqTech International, Inc. (LIQT) had a debt-to-equity ratio of 1.62 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is LiqTech International, Inc.'s return on assets (ROA)?

LiqTech International, Inc. (LIQT) had a return on assets of -31.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is LiqTech International, Inc.'s P/E ratio?

LiqTech International, Inc. (LIQT) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $15.4M as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is LiqTech International, Inc.'s price-to-sales ratio?

LiqTech International, Inc. (LIQT) trades at 1.0x sales, its market capitalization divided by revenue of $15.4M revenue, trailing 12 months to June 30, 2026. The market capitalization is $15.4M as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does LiqTech International, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, LiqTech International, Inc. (LIQT) held $5.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $6.1M over that year. Dividing the one by the other, the reported balance equals about 10 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is LiqTech International, Inc.'s Altman Z-Score?

LiqTech International, Inc. (LIQT) has an Altman Z-Score of -4.22, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is LiqTech International, Inc.'s Piotroski F-Score?

LiqTech International, Inc. (LIQT) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are LiqTech International, Inc.'s earnings high quality?

LiqTech International, Inc. (LIQT) reported a net loss of $8.5M while operations used $6.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is LiqTech International, Inc.?

LiqTech International, Inc. (LIQT) scores 30 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.