LiqTech International Announces Financial Results for Fourth Quarter and Full Year 2025
Rhea-AI Summary
LiqTech (Nasdaq: LIQT) reported FY2025 revenue of $16.5M, up 13% from FY2024, and a FY2025 net loss of $8.6M versus $10.3M a year earlier. Adjusted EBITDA improved to $(5.0)M. Ending cash was $5.1M. The company guided FY2026 revenue of $23M–$27M and is targeting positive adjusted EBITDA for FY2026.
Operationally, systems and aftermarket revenue rose 49% to $8.2M, pool system sales hit a record 34 units, and new commercial deployments include a membrane system to NorthStar BlueScope Steel.
Positive
- Revenue +13% year-over-year to $16.5M in FY2025
- Adjusted EBITDA improved from $(6.1)M to $(5.0)M
- Systems and aftermarket revenue +49% to $8.2M
- Record pool system sales: 34 units in 2025
- FY2026 revenue guidance of $23M–$27M (39%–64% growth target)
- Targeting positive FY2026 Adjusted EBITDA assuming constant currency
Negative
- Net loss remained material at $8.6M for FY2025
- Underutilized manufacturing capacity materially depresses profitability
- Inventory obsolescence and slow-moving adjustments impacted gross margins
- Delays in a large oil and gas order caused missed original guidance
Key Figures
Market Reality Check
Peers on Argus
LIQT was down 1.91% pre-release with mixed peer action: CLIR up 1.72% while TOMZ, CLWT, DEVS and ZONE were modestly negative, and only ERII appeared on momentum scans, up 2.59%. This points to stock-specific dynamics rather than a broad sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 24 | Earnings call notice | Neutral | +1.9% | Announcement of Q4 and FY 2025 results release and conference call timing. |
| Nov 13 | Quarterly earnings | Positive | +2.7% | Q3 2025 results with higher revenue, improved margins and narrower net loss. |
| Nov 06 | Earnings call notice | Neutral | +0.1% | Scheduling of Q3 2025 results release and investor webcast details. |
| Aug 13 | Quarterly earnings | Neutral | -2.0% | Q2 2025 results with revenue growth but ongoing net loss and margin pressure. |
| Aug 07 | Earnings call notice | Neutral | -6.3% | Announcement of upcoming Q2 2025 results release and conference call. |
Earnings-related headlines have produced mixed reactions, with both rallies and selloffs around results and conference-call notices.
Over the last several quarters, LiqTech’s earnings cycle has highlighted gradual operational improvement but persistent losses. Q2 and Q3 2025 results showed revenue growth and better margins, with Q3 delivering higher gross profit and a narrower net loss, which the market generally rewarded with positive moves. Call-announcement releases around Aug 13, 2025, Nov 13, 2025, and Feb 27, 2026 drew relatively small but directionally mixed price reactions. Today’s full-year 2025 report extends that storyline of improving metrics but continued loss-making operations.
Historical Comparison
In the past five earnings-related releases, LIQT’s average move was -0.7%, with both rallies on improving results and selloffs on outlook or call notices, suggesting modest but variable sensitivity to earnings news.
Earnings updates over 2025 show revenue growth and better margins from Q2 to Q3, with today’s full-year 2025 report extending the theme of operational improvement alongside continued net losses.
Market Pulse Summary
This announcement details FY 2025 progress, with revenue rising to $16.5M, gross margin improving to 7.6%, and the net loss narrowing to $(8.6)M. Management highlighted a 49% increase in systems and aftermarket revenue, record pool system sales, and momentum in energy, industrial and marine applications. At the same time, underutilized manufacturing capacity and negative $(5.0)M Adjusted EBITDA underscore ongoing challenges. Investors may watch delivery timing, margin trajectory and execution on FY 2026 guidance of $23–$27M revenue.
Key Terms
adjusted ebitda financial
gross profit margin financial
constant currency financial
AI-generated analysis. Not financial advice.
BALLERUP, Denmark, Feb. 27, 2026 (GLOBE NEWSWIRE) -- LiqTech International, Inc. (Nasdaq: LIQT) ("LiqTech"), a clean technology company that manufactures and markets highly specialized filtration technologies, today announces its financial results for the fourth quarter and fiscal year 2025 for the period ended December 31, 2025.
Recent Financial Highlights
- FY 2025 revenue of
$16.5 million , a13% increase from$14.6 million in FY 2024. Q4 2025 revenue of$3.1 million , compared to$3.4 million in Q4 2024, an8% decrease. - FY 2025 net loss of
$(8.6) million compared to$(10.3) million in FY 2024. Q4 2025 net loss of$(2.6) million compared to$(3.0) million in Q4 2024. - FY 2025 Adjusted EBITDA of
$(5.0) million compared to$(6.1) million in FY 2024. - Ending cash balance of
$5.1 million on December 31, 2025.
Outlook
- The Company expects FY 2026 revenue to be between
$23 million and$27 million which would equate to a39% to64% increase from FY 2025. - The Company is targeting a positive FY 2026 Adjusted EBITDA in the mid to high range of the revenue guidance assuming constant currency, compared to
$(5.0) million in FY 2025.
Recent Operational Highlights
- Total system and aftermarket revenue increased by
49% during the year totaling$8.2 million driven by strong pool system deliveries and the delivery of systems within water for energy, industrial applications and marine water treatment systems. - Sold 34 pool systems during the year, a new record for LiqTech. Of those, 24 systems were delivered in 2025, with the remaining 10 scheduled for delivery in early 2026. Pool system revenue totaled
$2.6 million for the year compared to$1.2 million in 2024. - Delivered and commissioned two commercial systems for new water for energy and industrial applications in 2025, led by an advanced membrane-based filtration system to treat oily wastewater to NorthStar BlueScope Steel, a major U.S.-based steel producer.
- Marine segment is building renewed momentum, particularly through the Company’s joint venture in China, with the receipt of 3 commercial orders for 8 marine dual-fuel engine water treatment systems during 2025. 5 of the systems are in backlog and are expected to be delivered in 2026.
- Expanded U.S. presence with Texas service center to support produced water and industrial filtration solutions.
Management Commentary
"2025 represented a meaningful step forward for LiqTech. For the full year, revenue increased
“The momentum we generated in 2025 — including record pool system sales, progress in produced water, marine system deployments, and industrial installations such as our project with a major steel producer — demonstrates the expanding global recognition of our technology’s value. As we look ahead, our direction is well defined. We are prioritizing growth in our most attractive verticals while maintaining disciplined execution across the organization. At the same time, we remain firmly focused on scaling the business to position LiqTech for durable, profitable growth over the long term,” Chen concluded.
2025 Financial Results
Revenue for the year ended December 31, 2025, was
Gross profit for the year ended December 31, 2025, was
Total operating expenses for the year ended December 31, 2025, were
Selling expenses for the year ended December 31, 2025, were
General and administrative expenses for the year ended December 31, 2025, were
Research and development expense for the year ended December 31, 2025, was
Total Other expense for the year ended December 31, 2025, was
Net loss for the year ended December 31, 2025, of
Adjusted EBITDA (see Table included) for the year ended December 31, 2025, of
Cash on hand (including restricted cash) on December 31, 2025, was
Conference Call Details
Date and Time: Friday, February 27, 2026, at 9:00 a.m. Eastern time
Webcast: Interested parties can access the conference call via a live webcast, which is available in the Investor Relations section of the Company's website at https://liqtech.com/investor/ or at https://app.webinar.net/k4yZo49MX5m.
Replay: A webcast replay will be available at https://app.webinar.net/k4yZo49MX5m.
About LiqTech International Inc.
LiqTech International, Inc., a Nevada corporation, is a high-tech filtration technology company that provides state-of-the-art ceramic silicon carbide filtration technologies for gas and liquid purification. LiqTech's silicon carbide membranes are designed to be used in the most challenging purification applications, and its silicon carbide filters are used to control diesel exhaust soot emissions. Using nanotechnology, LiqTech develops products using its proprietary silicon carbide technology, resulting in a wide range of component membranes, membrane systems, and filters for both microfiltration and ultrafiltration applications. By incorporating LiqTech's SiC liquid membrane technology with the Company´s extensive systems design experience and capabilities, LiqTech offers unique, modular designed filtration solutions for the most difficult water purification applications.
For more information, please visit www.liqtech.com
Follow LiqTech on LinkedIn: http://www.linkedin.com/company/liqtech-international
Follow LiqTech on Twitter: https://twitter.com/LiqTech
Forward–Looking Statement
This press release contains "forward-looking statements." Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us in the reports filed with the Securities and Exchange Commission, including the risk factors that attempt to advise interested parties of the risks that may affect our business, financial condition, results of operation, and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release.
We assume no obligation to update any forward-looking statements to reflect any event or circumstance that may arise after the date of this release.
LiqTech Company Contact
Susan Keegan Elleskov
Head of Marketing
LiqTech International, Inc.
Phone: +45 31315941
www.liqtech.com
LiqTech Investor Contact
Robert Blum
Lytham Partners, LLC
Phone: 602-889-9700
liqt@lythampartners.com
| LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | ||||||||
| December 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and restricted cash | $ | 5,070,385 | $ | 10,868,728 | ||||
| Accounts receivable, net | 3,429,992 | 2,396,056 | ||||||
| Inventories, net | 6,479,321 | 5,541,192 | ||||||
| Contract assets | 733,851 | 1,666,698 | ||||||
| Prepaid expenses and other current assets | 245,702 | 168,443 | ||||||
| Total Current Assets | 15,959,251 | 20,641,117 | ||||||
| Non-Current Assets: | ||||||||
| Property and equipment, net | 5,845,323 | 6,618,822 | ||||||
| Operating lease right-of-use assets | 4,643,680 | 4,450,822 | ||||||
| Deposits and other assets | 545,573 | 456,658 | ||||||
| Intangible assets, net | 36,125 | 39,367 | ||||||
| Goodwill | 248,145 | 220,693 | ||||||
| Total Non-Current Assets | 11,318,846 | 11,786,362 | ||||||
| Total Assets | $ | 27,278,097 | $ | 32,427,479 | ||||
| LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | ||||||||
| December 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 1,552,890 | $ | 1,300,966 | ||||
| Accrued expenses | 1,795,382 | 2,491,479 | ||||||
| Current portion of finance lease liabilities | 517,759 | 458,347 | ||||||
| Current portion of operating lease liabilities | 714,446 | 544,197 | ||||||
| Contract liabilities | 140,986 | 109,319 | ||||||
| Total Current Liabilities | 4,721,463 | 4,904,308 | ||||||
| Non-Current Liabilities: | ||||||||
| Deferred tax liability | 63,654 | 57,960 | ||||||
| Finance lease liabilities, net of current portion | 1,415,908 | 1,600,931 | ||||||
| Operating lease liabilities, net of current portion | 3,929,234 | 3,906,625 | ||||||
| Loan from related party, net of current portion | 1,265,057 | - | ||||||
| Notes payable, net of debt discounts | 5,510,545 | 5,303,563 | ||||||
| Total Non-Current Liabilities | 12,184,398 | 10,869,079 | ||||||
| Total Liabilities | 16,905,861 | 15,773,387 | ||||||
| Stockholders' Equity: | ||||||||
| Preferred stock; par value | - | - | ||||||
| Common stock; par value | 9,627 | 9,475 | ||||||
| Additional paid-in capital | 110,427,993 | 109,274,166 | ||||||
| Accumulated deficit | (94,795,121 | ) | (86,267,438 | ) | ||||
| Accumulated other comprehensive loss | (5,209,173 | ) | (6,362,111 | ) | ||||
| Total Stockholders' Equity | 10,433,326 | 16,654,092 | ||||||
| Noncontrolling Interest | (61,090 | ) | - | |||||
| Total Equity | 10,372,236 | 16,654,092 | ||||||
| Total Liabilities and Equity | $ | 27,278,097 | $ | 32,427,479 | ||||
| LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| For the Year Ended | ||||||||
| December 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenue | $ | 16,507,558 | $ | 14,604,618 | ||||
| Cost of goods sold | 15,257,035 | 14,353,713 | ||||||
| Gross Profit | 1,250,523 | 250,905 | ||||||
| Operating Expenses: | ||||||||
| Selling expenses | 2,718,047 | 2,725,239 | ||||||
| General and administrative expenses | 5,677,525 | 5,661,455 | ||||||
| Research and development expenses | 1,163,651 | 1,352,060 | ||||||
| Total Operating Expenses | 9,559,223 | 9,738,754 | ||||||
| Loss from Operations | (8,308,700 | ) | (9,487,849 | ) | ||||
| Other Income (Expense): | ||||||||
| Interest and other income | 445,496 | 178,834 | ||||||
| Interest and other expense | (315,458 | ) | (167,556 | ) | ||||
| Amortization of debt discount | (426,982 | ) | (615,552 | ) | ||||
| Gain (loss) on foreign currency transactions | 67,917 | 164,310 | ||||||
| Gain (loss) on disposal of property and equipment | (65,667 | ) | (456,282 | ) | ||||
| Total Other Expense | (294,694 | ) | (896,246 | ) | ||||
| Loss Before Income Taxes | (8,603,394 | ) | (10,384,095 | ) | ||||
| Income tax benefit | (1,454 | ) | (38,837 | ) | ||||
| Net Loss | $ | (8,601,940 | ) | $ | (10,345,258 | ) | ||
| Net Loss attributable to noncontrolling interest | (74,257 | ) | - | |||||
| Net Loss attributable to LiqTech International, Inc. | (8,527,683 | ) | (10,345,258 | ) | ||||
| Loss Per Common Share – Basic and Diluted | $ | (0.89 | ) | (1.64 | ) | |||
| Weighted-Average Common Shares Outstanding – Basic and Diluted | 9,614,426 | 6,310,379 | ||||||
| LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES UNAUDITED RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA | ||||||||
| For the Year Ended | ||||||||
| December 31, | ||||||||
| 2025 | 2024 | |||||||
| Net Loss | $ | (8,601,940 | ) | $ | (10,345,258 | ) | ||
| Income tax benefit | (1,454 | ) | (38,837 | ) | ||||
| Total Other Expense | 294,694 | 896,246 | ||||||
| Depreciation & amortization | 1,692,178 | 2,160,837 | ||||||
| Amortization of right-of-use assets | 605,106 | 574,403 | ||||||
| EBITDA (Non-GAAP) | (6,011,416 | ) | (6,752,609 | ) | ||||
| Stock-based compensation | 987,072 | 664,434 | ||||||
| Adjusted EBITDA (Non-GAAP) | $ | (5,024,344 | ) | $ | (6,088,175 | ) | ||
FAQ
What were LiqTech's FY2025 revenue and net loss (LIQT)?
How did LiqTech's Adjusted EBITDA and cash position look at year-end (LIQT)?
What guidance did LiqTech give for FY2026 revenue and profitability (LIQT)?
Which operational milestones did LiqTech report for 2025 (LIQT)?
