LiqTech International Announces Second Quarter 2026 Financial Results
Rhea-AI Summary
LiqTech International (Nasdaq: LIQT) reported Q2 2026 revenue of $4.4 million, down 12% from $5.0 million in Q2 2025, as prior-year Water for Energy system deliveries did not repeat. Net loss widened to $3.1 million from $2.2 million, and Adjusted EBITDA was $(1.6) million versus $(1.3) million.
Following a June 8 capital raise and repayment of a $6.0 million senior note, cash and restricted cash rose to $15.7 million and non-current notes payable fell to zero, leaving the company substantially debt-free. LiqTech revised its FY 2026 revenue guidance to $20–$23 million, reflecting a delayed Water for Energy project now anticipated beyond 2026.
Commercial Pool revenue reached a record $1.5 million, Marine revenue increased to $0.7 million, and the company secured a $2.1 million follow-on Water for Industry order from a U.S. steel customer, with about 75% expected to be delivered by year-end 2026.
Positive
- Cash and restricted cash increased to $15.7 million at June 30, 2026
- Repayment of $6.0 million senior note left company substantially debt-free
- Commercial Pool revenue reached a record $1.5 million in Q2 2026
- Marine revenue grew to $0.7 million from $0.4 million year over year
- Secured $2.1 million follow-on Water for Industry order in U.S. steel
- Total equity increased to $25.8 million from $10.4 million at year-end
Negative
- Q2 2026 revenue declined 12.0% year over year to $4.4 million
- Q2 2026 net loss increased to $3.1 million from $2.2 million
- Q2 gross margin fell to 8.4% from 9.8% year over year
- FY 2026 revenue guidance set at $20–$23 million after WFE delay
- Other expenses rose to $720,248 from $51,277 year over year
- Common shares outstanding rose to 32.9 million from 9.6 million
News Explained
The completed raise changed LiqTech’s common-share base while borrowing-related obligations remained on the June 30 balance sheet.
LiqTech reports that its capital raise was completed; at
Although the company describes itself as substantially debt-free, its June 30 balance sheet still lists
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 06 | earnings scheduling | Neutral | +4.4% | Announced the date and webcast timing for Q2 2026 results. |
| May 13 | Q1 earnings | Negative | -2.7% | Reported lower revenue, a net loss, and reduced cash balances. |
| May 06 | earnings scheduling | Neutral | +6.8% | Scheduled the Q1 2026 results release and conference call. |
| Feb 27 | FY2025 earnings | Positive | +10.6% | Reported revenue growth, improved losses, and a positive EBITDA target. |
| Feb 24 | earnings scheduling | Neutral | +1.9% | Announced the date and conference call for FY2025 results. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
The five earnings-tagged records showed mixed outcomes, with 2 aligned reactions and 3 divergences.
Key Terms
adjusted ebitda financial
factory acceptance test technical
non-gaap financial measure financial
senior promissory notes financial
ultrafiltration technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
BALLERUP, Denmark, Aug. 12, 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 second quarter of 2026.
Recent Financial Highlights
- Q2 2026 revenue was
$4.4 million , compared to$5.0 million in Q2 2025. - Q2 2026 net loss was
$(3.1) million , compared to$(2.2) million in Q2 2025. - Q2 2026 Adjusted EBITDA was
$(1.6) million , compared to$(1.3) million in Q2 2025 - Following the successful completion of the Company’s recent capital raise, cash and cash equivalents were
$15.7 million as of June 30, 2026, significantly strengthening the Company’s liquidity position. The Company is now substantially debt-free, providing a stronger balance sheet to support its strategic priorities and growth initiatives.
Outlook
- The Company is revising its FY 2026 revenue guidance to
$20 million to$23 million , representing year-over-year growth of approximately21% to39% compared to FY 2025. The revised guidance primarily reflects delays in the timing of a Water for Energy project that was previously expected to be delivered during 2026 but is now anticipated beyond the current fiscal year.
Recent Operational Highlights
- Commercial Pool revenue reached a record
$1.5 million in Q2 2026, compared to$0.8 million in both Q2 2025 and Q1 2026. During the quarter, LiqTech completed assembly of the Plumpton Aquatic and Leisure Centre project in Australia and its first U.S. commercial pool installation in Worland, Wyoming. The large QlariFlow™ system in Den Helder, announced in April, is now operating successfully - Marine revenue totaled
$0.7 million in Q2 2026, compared to$0.4 million in Q2 2025 and$0.8 million in Q1 2026. During the quarter, the Company achieved Factory Acceptance Test (FAT) approval for the first two iCER dual-fuel water treatment units. LiqTech expects to deliver one additional iCER dual-fuel water treatment unit and two marine scrubber water treatment systems in Q3 2026. The Company also secured a commercial order for four water treatment systems for EGR-equipped vessels in China, further expanding the application of its marine filtration technology across next-generation engine platforms. Delivery of the first EGR system is expected in Q4 2026. - Within the Water for Industry (WFI) business, the Company is seeing improved near-term opportunity visibility, particularly in the steel industry and other industrial water treatment applications. Following Q2 2026, LiqTech secured a
$2.1 million follow-on order from a U.S.-based steel manufacturer for four additional QureFlow™ industrial wastewater filtration systems, with approximately75% of the order expected to be delivered by the end of 2026. The order builds directly on the successful deployment of the customer's initial system in 2025 and expands the relationship from a single installation to a broader five-system deployment. During the third quarter, LiqTech also secured a U.S. order for a wastewater reuse system treating wastewater generated from industrial equipment-cleaning operations, reflecting continued commercial traction in this market. Together, these orders provide additional commercial validation for LiqTech's QureFlow™ platform and support the Company's strategic focus on selected WFI applications that offer more repeatable demand and stronger near-term visibility. - Within the Water for Energy (WFE) business, a larger project was delayed due to extended customer decision-making and approval processes. While this delay reduces expected revenue for 2026, the Company continues to work closely with this customer and believes the project remains an active opportunity.
- Diesel particulate filter (DPF) and membrane revenue totaled
$1.0 million in Q2 2026, compared to$1.3 million in Q2 2025 and Q1 2026. The decrease was primarily attributable to temporary production delays resulting from constrained availability of a critical raw material. - Plastics revenue totaled
$920,000 in Q2 2026, compared to$1.2 million in Q2 2025 and$1.0 million in Q1 2026. The decrease primarily reflected slower customer purchasing decisions amid continued volatility in raw material prices and broader market uncertainty.
Management Commentary
"Our second quarter results reflected continued progress in our strategic focus growth markets, highlighted by record Commercial Pool revenue and solid execution in our Marine business," commented Fei Chen, CEO of LiqTech. "Since quarter-end, the
"Over the past year, we have refined our strategy based on our market experience. We are reducing our reliance on large, project-driven opportunities and increasing our focus on markets that offer more repeatable demand, shorter sales cycles and greater scalability. The progression from a successful initial installation to a four-system follow-on order with the U.S.-based steel manufacturer is an important example of this model. Accordingly, we are reallocating resources toward Commercial Pool, Marine and selected Water for Industry applications, where customer engagement and revenue visibility are stronger, while pursuing Water for Energy opportunities more selectively through strategic partnerships."
"The record Commercial Pool performance in the second quarter, continued Marine order execution and two recent U.S.-based Water for Industry orders demonstrate that this strategy is gaining momentum. Our priority remains to improve the predictability and quality of our revenue while driving operational improvements and positioning LiqTech for sustainable, profitable growth."
Q2 2026 Financial Results
Revenue for the three months ended June 30, 2026 was
Gross profit for the three months ended June 30, 2026 was
Total operating expenses for the three months ended June 30, 2026 were
Selling expenses for the three months ended June 30, 2026 were
General and administrative expenses for the three months ended June 30, 2026 were
Research and development expenses for the three months ended June 30, 2026 were
Other expenses for the three months ended June 30, 2026 were
Net loss for the three months ended June 30, 2026 was
Adjusted EBITDA (see Table included) for the three months ended June 30, 2026 was
As a result of the capital raise, concluded June 8th, cash on hand (including restricted cash) on June 30, 2026, was
Conference Call Details
Date and Time: Wednesday, August 12, 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/dP6qnar1gkL.
Replay: A webcast replay will be available at https://app.webinar.net/dP6qnar1gkL.
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 | |||||||
| June 30, | December 31, | ||||||
| 2026 | 2025 | ||||||
| Assets | |||||||
| Current Assets: | |||||||
| Cash and restricted cash | $ | 15,655,731 | $ | 5,070,385 | |||
| Accounts receivable, net | 5,230,837 | 3,429,992 | |||||
| Inventories, net | 5,956,679 | 6,479,321 | |||||
| Contract assets | 340,260 | 733,851 | |||||
| Prepaid expenses and other current assets | 526,348 | 245,702 | |||||
| Total Current Assets | 27,709,855 | 15,959,251 | |||||
| Non-Current Assets: | |||||||
| Property and equipment, net | 5,284,603 | 5,845,323 | |||||
| Operating lease right-of-use assets | 4,157,532 | 4,643,680 | |||||
| Deposits and other assets | 529,036 | 545,573 | |||||
| Intangible assets, net | 25,759 | 36,125 | |||||
| Goodwill | 240,307 | 248,145 | |||||
| Total Non-Current Assets | 10,237,237 | 11,318,846 | |||||
| Total Assets | $ | 37,947,092 | $ | 27,278,097 | |||
| LIQTECH INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) | |||||||
| June 30, | December 31, | ||||||
| 2026 | 2025 | ||||||
| Liabilities and Stockholders’ Equity | |||||||
| Current Liabilities: | |||||||
| Accounts payable | $ | 1,403,902 | $ | 1,552,890 | |||
| Accrued expenses | 2,485,634 | 1,795,382 | |||||
| Notes payable | 1,050,000 | - | |||||
| Line of credit | 88,428 | - | |||||
| Current portion of finance lease liabilities | 496,797 | 517,759 | |||||
| Current portion of operating lease liabilities | 717,820 | 714,446 | |||||
| Contract liabilities | 98,300 | 140,986 | |||||
| Total Current Liabilities | 6,340,881 | 4,721,463 | |||||
| Non-Current Liabilities: | |||||||
| Deferred tax liability | 60,914 | 63,654 | |||||
| Finance lease liabilities, net of current portion | 1,127,729 | 1,415,908 | |||||
| Operating lease liabilities, net of current portion | 3,439,712 | 3,929,234 | |||||
| Loan from related party | 1,179,042 | 1,265,057 | |||||
| Notes payable, net of debt discounts | - | 5,510,545 | |||||
| Total Non-Current Liabilities | 5,807,397 | 12,184,398 | |||||
| Total Liabilities | 12,148,278 | 16,905,861 | |||||
| Stockholders' Equity: | |||||||
| Preferred stock; par value | - | - | |||||
| Common stock; par value | 32,948 | 9,627 | |||||
| Additional paid-in capital | 131,755,874 | 110,427,993 | |||||
| Accumulated deficit | (100,521,598 | ) | (94,795,121 | ) | |||
| Accumulated other comprehensive loss | (5,357,003 | ) | (5,209,173 | ) | |||
| Total Stockholders' Equity | 25,910,221 | 10,433,326 | |||||
| Noncontrolling Interest | (111,407 | ) | (61,090 | ) | |||
| Total Equity | 25,798,814 | 10,372,236 | |||||
| Total Liabilities and Equity | $ | 37,947,092 | $ | 27,278,097 | |||
| LIQTECH INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||||||
| For The Three Months Ended | For the Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenue | $ | 4,363,752 | $ | 4,957,489 | $ | 8,500,072 | $ | 9,575,030 | |||||||
| Cost of goods sold | 3,998,213 | 4,472,911 | 7,740,789 | 8,965,396 | |||||||||||
| Gross Profit | 365,539 | 484,578 | 759,283 | 609,634 | |||||||||||
| Operating Expenses: | |||||||||||||||
| Selling expenses | 835,836 | 812,568 | 1,816,510 | 1,530,584 | |||||||||||
| General and administrative expenses | 1,589,775 | 1,539,323 | 3,003,920 | 2,901,569 | |||||||||||
| Research and development expenses | 271,745 | 242,556 | 547,879 | 472,679 | |||||||||||
| Total Operating Expenses | 2,697,356 | 2,594,447 | 5,368,309 | 4,904,832 | |||||||||||
| Loss from Operations | (2,331,817 | ) | (2,109,869 | ) | (4,609,026 | ) | (4,295,198 | ) | |||||||
| Other Income (Expense): | |||||||||||||||
| Interest and other income | 22,378 | 64,605 | 39,235 | 133,356 | |||||||||||
| Interest and other expense | (231,160 | ) | (63,466 | ) | (440,224 | ) | (111,749 | ) | |||||||
| Amortization of debt discount | (401,951 | ) | (84,318 | ) | (489,455 | ) | (252,348 | ) | |||||||
| Gain (loss) on foreign currency transactions | (94,457 | ) | 34,060 | (263,013 | ) | 69,576 | |||||||||
| Gain (loss) on disposal of property and equipment | (15,058 | ) | (2,158 | ) | (15,058 | ) | (63,464 | ) | |||||||
| Total Other Expense | (720,248 | ) | (51,277 | ) | (1,168,515 | ) | (224,629 | ) | |||||||
| Loss Before Income Taxes | (3,052,065 | ) | (2,161,146 | ) | (5,777,541 | ) | (4,519,827 | ) | |||||||
| Income tax benefit | (370 | ) | (360 | ) | (747 | ) | (699 | ) | |||||||
| Net Loss | $ | (3,051,695 | ) | $ | (2,160,786 | ) | $ | (5,776,794 | ) | $ | (4,519,128 | ) | |||
| Net Loss attributable to noncontrolling interest | (35,330 | ) | (8,901 | ) | (50,317 | ) | (15,851 | ) | |||||||
| Net Loss attributable to LiqTech International, Inc. | (3,016,365 | ) | (2,151,885 | ) | (5,726,477 | ) | (4,503,277 | ) | |||||||
| Loss Per Common Share – Basic and Diluted | $ | (0.14 | ) | $ | (0.14 | ) | $ | (0.32 | ) | $ | (0.30 | ) | |||
| Weighted-Average Common Shares Outstanding – Basic and Diluted | 20,808,160 | 14,906,781 | 18,033,180 | 14,906,781 | |||||||||||
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.
