LiqTech International Announces First Quarter 2026 Financial Results
Rhea-AI Summary
LiqTech (Nasdaq: LIQT) reported Q1 2026 revenue of $4.1 million, down 10.4% from Q1 2025. Net loss was $(2.7) million, and Adjusted EBITDA was $(1.5) million. Gross margin improved to 9.5%.
The company reiterated its FY 2026 revenue outlook of $23–$27 million, implying 39%–64% growth over 2025, and highlighted higher activity in Commercial Pool, Marine, DPF/membrane, and Plastics segments. Cash on hand at March 31, 2026 was $2.7 million.
Positive
- FY 2026 revenue guidance reiterated at $23–$27 million, up 39%–64% over 2025
- Q1 2026 gross profit margin improved to 9.5% from 2.7% in Q1 2025
- Commercial Pool deliveries increased to $0.8 million from $0.3 million year over year
- Marine business revenue rose to $0.8 million from $0.2 million in Q1 2025
- DPF and membrane revenue grew to $1.3 million from $1.0 million year over year
- Plastics revenue increased 5% to $1.0 million, driven by food processing activity
Negative
- Q1 2026 revenue declined 10.4% to $4.1 million versus $4.6 million in Q1 2025
- Q1 2026 net loss widened to $(2.7) million from $(2.4) million year over year
- Q1 2026 Adjusted EBITDA loss was $(1.5) million versus $(1.4) million in Q1 2025
- Total operating expenses increased to $2.7 million from $2.3 million in Q1 2025
- Other expenses rose to $0.4 million from $0.2 million year over year
- Cash on hand at March 31, 2026 was $2.7 million, limiting financial flexibility
News Market Reaction – LIQT
In the May 13 session, LIQT declined 2.67%, reflecting a moderate negative market reaction. Argus tracked a peak move of +12.7% during that session. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 06 | Earnings call notice | Neutral | +6.8% | Announcement of Q1 2026 results date and related conference call details. |
| Feb 27 | Full-year results | Positive | +10.6% | FY2025 revenue growth, reduced net loss, FY2026 guidance and EBITDA target. |
| Feb 24 | Earnings call notice | Neutral | +1.9% | Announcement of Q4 and FY2025 results date and conference call schedule. |
| Nov 13 | Quarterly results | Positive | +2.7% | Q3 2025 revenue and margin improvement with strong pool and marine activity. |
| Nov 06 | Earnings call notice | Neutral | +0.1% | Scheduling of Q3 2025 results release and investor webcast information. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings and related announcement headlines have typically been followed by modestly positive single‑day moves, suggesting investors have responded constructively to past updates.
Over the last few quarters, LiqTech has used earnings and related announcements to highlight revenue growth, margin improvement, and expanding commercial pool and marine activity. Prior updates showed FY2025 revenue of $16.5M with reduced net loss, Q3 2025 revenue of $3.8M and 19.6% gross margin, and reiterated FY2026 guidance of $23M–$27M. These communications framed a gradual shift toward higher‑margin, scalable systems, which today’s Q1 2026 results continue by emphasizing mix, pool and marine growth, and maintained 2026 revenue targets.
Key Terms
adjusted EBITDA financial
gross profit margin financial
restricted cash financial
senior promissory notes financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
BALLERUP, Denmark, May 13, 2026 (GLOBE NEWSWIRE) -- LiqTech International, Inc. (Nasdaq: LIQT) ("LiqTech"), a clean technology company that manufactures and markets highly specialized filtration technologies, today announced its financial results for the first quarter of 2026.
Recent Financial Highlights
- Q1 2026 revenue of
$4.1 million compared to$4.6 million in Q1 2025. - Q1 2026 net loss of
$(2.7) million compared to$(2.4) million in Q1 2025. - Q1 2026 Adjusted EBITDA of
$(1.5) million compared to$(1.4) million in Q1 2025. - Ending cash balance of
$2.7 million on March 31, 2026.
Outlook
- The Company is reiterating its expectation for FY 2026 revenue between
$23 million and$27 million , which would represent an increase of39% to64% over FY 2025.
Recent Operational Highlights
- Elevated Commercial Pool activity with strong deliveries during the quarter totaling
$0.8 million compared to$0.3 million in the prior-year quarter, with new orders setting the stage for improved pool results in the second quarter and throughout 2026. Key new orders include:- the first U.S. pool system order for three systems to be installed at the Weston County School District #1 Aquatic Center in Newcastle, Wyoming;
- one in partnership with Lotec for a new large-scale commercial pool project in Den Helder, Netherlands;
- and a follow on record order in partnership with Waterco Limited for 10 systems for the Plumpton Aquatic and Leisure Centre in Fraser Rise, Victoria, Australia.
- Two systems delivered during the first quarter for marine dual-fuel engine water treatment for LNG vessels with two more expected to be delivered during the second quarter. Further sustainable order flow is expected throughout 2026 driven by the Company’s China JV. First quarter revenue from the marine business totaled
$0.8 million compared to$0.2 million in the prior-year quarter. - Commenced a new pilot program in West Texas for produced water treatment with an energy services and solutions company.
- Diesel particle filters (DPF) and membrane business experienced growth during the first quarter to
$1.3 million compared to$1.0 million in the prior-year quarter, driven by strong order flow from both existing and new customers and renewed focus within this segment. - Plastic revenue increased
5% , totaling$1.0 million during the quarter and driven primarily by strong activity within food processing.
Management Commentary
“LiqTech’s first quarter results were in line with our expectations and reflect the continued execution of our strategy to place a greater emphasis on more predictable end markets,” commented Fei Chen, CEO of LiqTech. “Importantly, we are reiterating our 2026 outlook for revenue growth, which we believe underscores the progress we are making in building a more balanced business. We believe that the nature of our business and associated sales cycle mean that the improvements we made in 2025 will show gradual improvements quarter over quarter in 2026. The year-over-year revenue comparison was impacted by a significant Water for Energy delivery in 2025 that did not repeat in the quarter along with the timing of order conversion. We saw strong momentum across several of our priority end markets, including Commercial Pool, Marine, DPF and Membrane, and Plastics.”
“Our strategy focused on reducing reliance on larger, one-off projects and increasing exposure to repeatable, scalable markets,” Chen continued. “Commercial Pool is a strong example of this strategy, with growing customer adoption, increasing order activity, and opportunities to scale across multiple geographies. Based on our order book, we expected a record quarter for commercial swimming pool and continued delivery of marine water treatment systems in Q2 2026. At the same time, our water for industry/energy pipeline remains active, and we continue to expect order activity in 2026. By focusing on markets where our silicon carbide membrane technology offers clear value, while maintaining a disciplined cost structure, we believe LiqTech is well positioned to advance toward durable, profitable growth.”
Q1 2026 Financial Results
Revenue for the three months ended March 31, 2026 was
Gross profit for the three months ended March 31, 2026 was
Total operating expenses for the three months ended March 31, 2026 were
Selling expenses for the three months ended March 31, 2026 were
General and administrative expenses for the three months ended March 31, 2026 were
Research and development expenses for the three months ended March 31, 2026 were
Other expenses for the three months ended March 31, 2026 were
Net loss for the three months ended March 31, 2026 was
Adjusted EBITDA (see Table included) for the three months ended March 31, 2026 was
Cash on hand (including restricted cash) on March 31, 2026, was
Conference Call Details
Date and Time: Wednesday, May 13, 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://www.liqtech.com/investor-relations/ or at https://app.webinar.net/WaNVyXlyEGe.
Replay: A webcast replay will be available at https://app.webinar.net/WaNVyXlyEGe.
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 Linkedln: 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. CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and restricted cash | $ | 2,732,739 | $ | 5,070,385 | ||||
| Accounts receivable, net | 3,664,250 | 3,429,992 | ||||||
| Inventories, net | 6,478,114 | 6,479,321 | ||||||
| Contract assets | 634,154 | 733,851 | ||||||
| Prepaid expenses and other current assets | 636,047 | 245,702 | ||||||
| Total Current Assets | 14,145,304 | 15,959,251 | ||||||
| Non-Current Assets: | ||||||||
| Property and equipment, net | 5,624,902 | 5,845,323 | ||||||
| Operating lease right-of-use assets | 4,369,053 | 4,643,680 | ||||||
| Deposits and other assets | 534,502 | 545,573 | ||||||
| Intangible assets, net | 33,320 | 36,125 | ||||||
| Goodwill | 242,544 | 248,145 | ||||||
| Total Non-Current Assets | 10,804,321 | 11,318,846 | ||||||
| Total Assets | $ | 24,949,625 | $ | 27,278,097 | ||||
| LIQTECH INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) | ||||||||
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 2,036,019 | $ | 1,552,890 | ||||
| Accrued expenses | 2,227,908 | 1,795,382 | ||||||
| Current portion of finance lease liabilities | 504,799 | 517,759 | ||||||
| Current portion of operating lease liabilities | 711,295 | 714,446 | ||||||
| Contract liabilities | 181,553 | 140,986 | ||||||
| Total Current Liabilities | 5,661,574 | 4,721,463 | ||||||
| Non-Current Liabilities: | ||||||||
| Deferred tax liability | 61,847 | 63,654 | ||||||
| Finance lease liabilities, net of current portion | 1,260,692 | 1,415,908 | ||||||
| Operating lease liabilities, net of current portion | 3,657,758 | 3,929,234 | ||||||
| Loan from related party | 1,159,369 | 1,265,057 | ||||||
| Notes payable, net of debt discounts | 5,598,049 | 5,510,545 | ||||||
| Total Non-Current Liabilities | 11,737,715 | 12,184,398 | ||||||
| Total Liabilities | 17,399,289 | 16,905,861 | ||||||
| Stockholders' Equity: | ||||||||
| Preferred stock; par value | - | - | ||||||
| Common stock; par value | 9,948 | 9,627 | ||||||
| Additional paid-in capital | 110,463,498 | 110,427,993 | ||||||
| Accumulated deficit | (97,505,233 | ) | (94,795,121 | ) | ||||
| Accumulated other comprehensive loss | (5,341,800 | ) | (5,209,173 | ) | ||||
| Total Stockholders' Equity | 7,626,413 | 10,433,326 | ||||||
| Noncontrolling Interest | (76,077 | ) | (61,090 | ) | ||||
| Total Equity | 7,550,336 | 10,372,236 | ||||||
| Total Liabilities and Equity | $ | 24,949,625 | $ | 27,278,097 | ||||
| LIQTECH INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||
| For The Three Months Ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenue | $ | 4,136,320 | $ | 4,617,541 | ||||
| Cost of goods sold | 3,742,576 | 4,492,485 | ||||||
| Gross Profit | 393,744 | 125,056 | ||||||
| Operating Expenses: | ||||||||
| Selling expenses | 980,674 | 718,016 | ||||||
| General and administrative expenses | 1,414,145 | 1,362,246 | ||||||
| Research and development expenses | 276,134 | 230,123 | ||||||
| Total Operating Expenses | 2,670,953 | 2,310,385 | ||||||
| Loss from Operations | (2,277,209 | ) | (2,185,329 | ) | ||||
| Other Income (Expense): | ||||||||
| Interest and other income | 16,857 | 68,751 | ||||||
| Interest and other expense | (209,064 | ) | (48,283 | ) | ||||
| Amortization of debt discount | (87,504 | ) | (168,030 | ) | ||||
| Gain (loss) on foreign currency transactions | (168,556 | ) | 35,516 | |||||
| Gain (loss) on disposal of property and equipment | - | (61,306 | ) | |||||
| Total Other Expense | (448,267 | ) | (173,352 | ) | ||||
| Loss Before Income Taxes | (2,725,476 | ) | (2,358,681 | ) | ||||
| Income tax benefit | (377 | ) | (339 | ) | ||||
| Net Loss | $ | (2,725,099 | ) | $ | (2,358,342 | ) | ||
| Net Loss attributable to noncontrolling interest | (14,987 | ) | (6,950 | ) | ||||
| Net Loss attributable to LiqTech International, Inc. | (2,710,112 | ) | (2,351,392 | ) | ||||
| Loss Per Common Share – Basic and Diluted | $ | (0.28 | ) | $ | (0.25 | ) | ||
| Weighted-Average Common Shares Outstanding – Basic and Diluted | 9,847,218 | 9,602,354 | ||||||
Use of Non-GAAP Financial Measures
In order to provide greater transparency regarding our operating performance, the financial results in this press release refer to a non-GAAP financial measure that involves adjustments to GAAP results. Non-GAAP financial measures exclude certain income and/or expense items that management deems are not directly attributable to the Company's core operating results and/or certain items that are inconsistent in amounts and frequency, making it difficult to perform a meaningful evaluation of our current or past operating performance.
Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) is defined by LiqTech as net (loss) or income adjusted for (i) taxes, (ii) [other expenses], (iii) depreciation and amortization, (iv) amortization of right-to-use assets, and (v) stock based compensation.
Management believes that the presentation of operating results using this non-GAAP financial measure provides useful supplemental information for investors by providing them with the non-GAAP financial measure used by management for financial and operational decision making, planning and forecasting and in managing the business. This non-GAAP financial measure does not replace the presentation of financial information in accordance with U.S. GAAP. These non-GAAP financial results should not be considered a measure of liquidity and is unlikely to be comparable to non-GAAP financial measures provided by other companies.
| LIQTECH INTERNATIONAL, INC. UNAUDITED RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA | ||||||||
| For the three months Ended | ||||||||
| March 31, | ||||||||
| 2025 | 2024 | |||||||
| Net Loss (GAAP) | $ | (2,725,099 | ) | $ | (2,358,342 | ) | ||
| Income tax benefit | (377 | ) | (339 | ) | ||||
| Total Other Expense | 448,267 | 173,352 | ||||||
| Depreciation & amortization | 356,894 | 442,002 | ||||||
| Amortization of right-of-use assets | 172,864 | 134,824 | ||||||
| EBITDA (Non-GAAP) | (1,747,451 | ) | (1,608,503 | ) | ||||
| Stock-based compensation | 218,325 | 241,245 | ||||||
| Adjusted EBITDA (Non-GAAP) | $ | (1,529,126 | ) | $ | (1,367,258 | ) | ||
