LiqTech International Announces Third Quarter 2025 Financial Results

Rhea-AI Summary

LiqTech (Nasdaq: LIQT) reported Q3 2025 results for the period ended September 30, 2025: revenue $3.8M (+54% vs Q3 2024), gross profit $0.7M (19.6% margin, improvement of 28.1 percentage points) and net loss $(1.4)M (improved from $(2.8)M). Ending cash was $7.3M on September 30, 2025.

Operational highlights include water system revenue $2.0M (+187%), pool system revenue $1.0M (one order >$500k), plastic revenue $1.0M (+54%), first commercial marine JV orders (three units), and a new Texas service center. Q4 2025 revenue guidance is $4.6–$5.6M; full-year 2025 revenue guidance is $18.0–$19.0M (23%–30% growth). The company cites order timing shifts as the driver of guidance changes.

Positive

• Revenue +54% year-over-year in Q3 2025 to $3.8M
• Gross margin improvement of 28.1 percentage points to 19.6%
• Water system revenue $2.0M (+187%) in Q3 2025
• Pool system order >$500k contributed to highest quarterly pool revenue
• Ending cash $7.3M on September 30, 2025

Negative

• Net loss of $(1.4)M in Q3 2025
• Company moved two system orders from Q4 2025 to Q1 2026, impacting timing
• Unable to file Form 10-Q due to lack of EDGAR codes amid government shutdown

Insights

Corporate Financial Analyst

LiqTech shows clear operational recovery: strong revenue growth, sharply improved margins, and reduced net loss with positive guidance.

LiqTech International grew revenue to $3.8 million in Q3 2025, up 54% year-over-year, with gross profit of $0.7 million and a margin of 19.6%, reversing a prior negative margin. Management reduced operating expenses 12.6% and cut the quarter net loss from $(2.8) million to $(1.4) million, while ending cash was $7.3 million. These facts point to improved unit economics and better absorption of fixed costs driven by increased system and plastics sales.

The progress depends on sustained systems order flow and the timing of a few large orders: guidance for Q4 2025 revenue of $4.6–$5.6 million (a 38–67% increase vs Q4 2024) and full-year 2025 revenue guidance of $18.0–$19.0 million assume delayed orders moved into Q1 2026. Key operational wins include large pool-system orders (one > $500,000), the delivery to NorthStar BlueScope Steel, first commercial marine JV orders, and expansion of a Texas service center; these are concrete revenue drivers but remain execution-sensitive.

Watch near-term booking conversion, JV commercialization in China, and quarterly backlog realization over the next 3–6 months. If systems deliveries and the marine JV scale as disclosed, margin and cash trends should continue; conversely, further PO timing shifts would compress near-term revenue despite improving unit economics.

BALLERUP, Denmark, Nov. 13, 2025 (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 third quarter of 2025 for the period ended September 30, 2025.

Recent Financial Highlights

• Q3 2025 revenue of $3.8 million, an increase of 54% increase from $2.5 million in Q3 2024.
• Strong gross profit margins improvement (+28.1% points) and operating expense reduction (down 12.6%) highlight operational efficiencies.
• Q3 2025 net loss of $(1.5) million compared to $(2.8) million in Q3 2024.
• Ending cash balance of $7.3 million on September 30, 2025.
  
  

Outlook

• Q4 2025 revenue expected to be between $4.6 and $5.6 million, equating to 38% to 67% growth compared to Q4 2024.
• The Company expects full year 2025 revenue to be between $18.0 million and $19.0 million which would equate to a 23% to 30% increase from the full year 2024. The change in guidance is solely driven by timing in purchase orders in the Company’s systems business, where customers have moved two orders from Q4 2025 to start Q1 2026.
  
  

Recent Operational Highlights

• Total water system revenue increased by 187% during the quarter totaling $2.0 million driven by strong pool system deliveries and the delivery of a system for oily wastewater.
• Pool system revenue, totaling $1.0 million during the quarter, was fueled by multiple large orders, including one of the Company’s largest pool system orders to date, valued at over $500,000. The market interest is strong, and the pipeline continues to grow in the Company’s key markets.
• Successful delivery and commissioning during the quarter of an advanced membrane-based filtration system to treat oily wastewater to NorthStar BlueScope Steel, a major U.S.-based steel producer.
• Received the first two commercial orders for marine dual-fuel engine water treatment systems, totaling three units at the Company’s joint venture in China.
• Expanded U.S. presence with Texas service center to support produced water and industrial filtration solutions.
• Plastic revenue increased 54% totaling $1.0 million during the quarter driven by strong external interest within especially food processing, and the movement of our production facility in Q3 2024.
  
  

Management Commentary

"We successfully executed during the quarter against our key strategic objectives resulting in 54% revenue growth, improvement in gross margins, reduction in operating expenses, and strong bookings,” commented Fei Chen, CEO of LiqTech. “A key driver during the quarter was the strength within our water treatment systems business, led by our swimming pool operations which achieved their highest quarterly revenue to date and new bookings which indicates a continuation of this positive trend. The market is increasingly recognizing the unique attributes of our QlariFlow™ filtration system and the compelling alternative it offers to traditional media filtration systems used in commercial pools.”

“More broadly, we are seeing increased interest in our systems from a wide variety of applications across the world, including water for energy, industrial applications, and the marine industry. We received the first commercial orders for marine dual-fuel engine water treatment systems through our JV in China, and are seeing increased inquiries from U.S. operators to support produced water and industrial filtration solutions. The increased order flow and interest is a direct result of the numerous successful pilot programs we have implemented over the past two years showing real world examples of our robust Silicon Carbide (SiC) membrane technology designed to deliver consistent, high-quality filtration.”

“With a strong order backlog heading into the fourth quarter, and a keen focus on operational efficiencies, we look forward to ending the year on a high note which continues to pave the way towards our goal of achieving positive adjusted EBITDA,” Chen concluded.

Q3 2025 Financial Results

Revenue for the quarter ended September 30, 2025, was $3.8 million compared to $2.5 million for the same period in 2024, representing an increase of 54%. The favorable change was attributable to an increase in liquid filtration systems, specifically an increase in pool system deliveries and aftermarket sales, along with increased sales of plastics products, partially offset by a decrease in deliveries of DPFs.

Gross profit for the quarter ended September 30, 2025, was $0.7 million, reflecting a gross profit margin of 19.6%, compared to $(0.2) million, or a gross profit margin of (8.5)% in the same period of 2024. This improvement in gross profit was primarily driven by system sales utilization of the Company’s manufacturing capacity for membranes and low depreciation expenses offset by write-offs for slow-moving inventory linked to DPF activity. Included in the gross profit was depreciation of $371,654 and $478,902 for the three months ended September 30, 2025, and 2024, respectively.

Total operating expenses for the quarter ended September 30, 2025, were $2.1 million, representing a decrease of $0.3 million, or 12.6%, compared for the same period in 2024.

Selling expenses for the three months ended September 30, 2025 were $0.5 million compared to $0.6 million for the same period in 2024, representing a decrease of 11.4%. The decrease in selling expenses is related lower depreciation partially offset by costs associated with the newly formed joint venture in China, Nantong JiTRI LiqTech Green Energy Technology Co., Ltd. (the "JV"). The primary focus of the JV is to develop and commercialize systems for the marine water treatment market in China.

General and administrative expenses for the three months ended September 30, 2025 were $1.3 million compared to $1.5 million for the same period in 2024. While overall expenses remained stable, an increase in non-cash compensation was offset by corresponding decrease in salaries. Included in general and administrative expenses were non-cash compensation of $0.3 million and $0.2 million for the three months ended September 30, 2025, and 2024, respectively.

Research and development expenses for the three months ended September 30, 2025 were $0.27 million compared to $0.28 million for the same period in 2024. The slight decrease was primarily attributed to one-time exit costs of a loss-making external development project in the prior-year period and, a reduction in the average number of employees engaged in research and development activity as the Company streamlined and centralized the R&D function.

Total Other expenses for the three months ended September 30, 2025 were $0.1 million compared to other expenses of $0.3 million for the comparable period in 2024. The change was primarily attributable to lower amortization of debt discount, reduced losses on currency transactions, and a decrease of net interest expenses for the three months ended September 30, 2025

Net loss for the quarter ended September 30, 2025 was $(1.4) million, compared to $(2.8) million in the prior year.

Cash on hand (including restricted cash) on September 30, 2025 was $7.3 million.

We are currently unable to file our Quarterly Report on Form 10-Q with the Securities and Exchange Commission because we do not possess the EDGAR codes necessary to make the filing. The company expects to file the Form 10-Q upon the end of the government shutdown and receipt of the EDGAR codes.

Conference Call Details

Date and Time: Thursday, November 13, 2025, 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/AQWpNL0NweP.

Replay: A webcast replay will be available at https://app.webinar.net/AQWpNL0NweP.

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
		September 30,				December 31,
		2025				2024
			(Unaudited)
Assets
Current Assets:
Cash and restricted cash		$	7,354,024			$	10,868,728
Accounts receivable, net			3,775,455				2,396,056
Inventories, net			6,425,768				5,541,192
Contract assets			964,171				1,666,698
Prepaid expenses and other current assets			255,649				168,443
Total Current Assets			18,775,067				20,641,117
Non-Current Assets:
Property and equipment, net			6,172,371				6,618,822
Operating lease right-of-use assets			4,543,004				4,450,822
Deposits and other assets			519,360				456,658
Intangible assets, net			38,128				39,367
Goodwill			247,938				220,693
Total Non-Current Assets			11,520,801				11,786,362
Total Assets		$	30,295,868			$	32,427,479

LIQTECH INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
		September 30,				December 31,
		2025				2024
			(Unaudited)
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable		$	1,964,959			$	1,300,966
Accrued expenses			2,185,853				2,491,479
Current portion of finance lease liabilities			513,746				458,347
Current portion of operating lease liabilities			633,385				544,197
Contract liabilities			70,241				109,319
Total Current Liabilities			5,368,184				4,904,308
Non-Current Liabilities:
Deferred tax liability			63,984				57,960
Finance lease liabilities, net of current portion			1,546,110				1,600,931
Operating lease liabilities, net of current portion			3,909,619				3,906,625
Loan from related party			1,208,588				-
Notes payable, net			5,422,525				5,303,563
Total Non-Current Liabilities			12,150,826				10,869,079
Total Liabilities			17,519,010				15,773,387
Stockholders' Equity:
Preferred stock; par value $0.001, 2,500,000 shares authorized, 0 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively			-				-
Common stock; par value $0.001, 50,000,000 shares authorized and 9,627,064 and 9,475,443 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively			9,627				9,475
Additional paid-in capital			110,171,256				109,274,166
Accumulated deficit			(92,202,628	)			(86,267,438	)
Accumulated other comprehensive loss			(5,170,641	)			(6,362,111	)
Total Stockholders' Equity			12,807,614				16,654,092
Noncontrolling Interest			(30,756	)			-
Total Equity			12,776,858				16,654,092
Total Liabilities and Equity		$	30,295,868			$	32,427,479

LIQTECH INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
		For the Three Months Ended								For the Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
Revenue		$	3,807,274			$	2,478,221			$	13,382,304			$	11,198,627
Cost of goods sold			3,059,396				2,687,754				12,024,792				10,419,847
Gross Profit (Loss)			747,878				(209,533	)			1,357,512				778,780
Operating Expenses:
Selling expenses			541,259				610,713				2,071,843				1,983,414
General and administrative expenses			1,270,195				1,491,366				4,171,764				4,577,413
Research and development expenses			269,426				278,361				742,105				940,465
Total Operating Expenses			2,080,880				2,380,440				6,985,712				7,501,292
Loss from Operations			(1,333,002	)			(2,589,973	)			(5,628,200	)			(6,722,512	)
Other Income (Expense):
Interest and other income			64,354				24,079				197,710				138,909
Interest expense			(63,391	)			(34,523	)			(175,140	)			(135,532	)
Amortization of debt discount			(86,614	)			(156,988	)			(338,962	)			(453,619	)
Gain (loss) on foreign currency transactions			(39,932	)			(89,086	)			29,644				250,912
Gain (loss) on disposal of property and equipment			(1,552	)			(4,096	)			(65,016	)			(457,329	)
Total Other Expense			(127,135	)			(260,614	)			(351,764	)			(656,659	)
Loss Before Income Taxes			(1,460,137	)			(2,850,587	)			(5,979,964	)			(7,379,171	)
Income tax benefit			(375	)			(10,061	)			(1,074	)			(38,650	)
Net Loss		$	(1,459,762	)		$	(2,840,526	)		$	(5,978,890	)		$	(7,340,521	)
Net Loss attributable to noncontrolling interest			(27,849	)			-				(43,700	)			-
Net Loss attributable to LiqTech International, Inc.			(1,431,913	)			(2,840,526	)			(5,935,190	)			(7,340,521	)
Loss Per Common Share – Basic and Diluted		$	(0.15	)		$	(0.49	)		$	(0.62	)		$	(1.26	)
Weighted-Average Common Shares Outstanding – Basic and Diluted			9,616,591				5,820,225				9,610,167				5,811,051

FAQ

What were LiqTech's Q3 2025 revenue and net loss (LIQT)?

Q3 2025 revenue was $3.8M and net loss was $(1.4)M.

What guidance did LiqTech (LIQT) give for Q4 2025 and full-year 2025 revenue?

Q4 2025 revenue guidance is $4.6–$5.6M; full-year 2025 guidance is $18.0–$19.0M.

How did LiqTech's water systems perform in Q3 2025 (LIQT)?

Water system revenue was $2.0M, up 187%, driven by pool systems and an oily wastewater system delivery.

Did LiqTech (LIQT) report cash on hand at quarter end?

Yes. Cash (including restricted cash) totaled $7.3M on September 30, 2025.

What operational milestones did LiqTech (LIQT) announce in Q3 2025?

Delivered an oily wastewater membrane system to NorthStar BlueScope Steel, received first commercial marine JV orders (three units), and opened a Texas service center.

Why did LiqTech (LIQT) change its revenue timing for 2025?

Management said two systems were moved from Q4 2025 into Q1 2026, driving the guidance shift.

Is LiqTech (LIQT) current on SEC filings after Q3 2025?

The company stated it cannot file the Form 10-Q until it receives EDGAR codes following the government shutdown.