LiqTech International Announces Third Quarter 2026 Financial Results

Rhea-AI Summary

LiqTech International (Nasdaq: LIQT) reported third-quarter 2026 revenue of $4.4 million, with growth accompanied by a wider year-over-year net loss. Revenue increased 15.5% from Q3 2025, while net loss widened to $1.8 million from $1.5 million. Gross margin fell to 12.3% from 19.6%, but improved from 8.4% in Q2 2026.

The company maintained 2026 revenue guidance of $20 million to $23 million, representing approximately 21% to 39% annual growth. Achievement depends on production, customer acceptance, shipment and revenue recognition; the upper end also requires additional orders and project execution. LiqTech sees potential for 30% to 40% revenue growth in 2027, a preliminary outlook rather than formal guidance. Cash and restricted cash totaled $13.9 million at September 30, down from $15.7 million at June 30. The May bridge loan was fully repaid on July 22, 2026.

18 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 12 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 2026 revenue increased 15.5% year over year to $4.4 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Maintained 2026 revenue guidance targets $20 million to $23 million, approximately 21% to 39% annual growth.
• Moderate point. Forward-looking: it has not happened yet and may not happen.LiqTech sees potential for 30% to 40% revenue growth in 2027 versus full-year 2026.
• Moderate pointThe May bridge loan was fully repaid July 22, 2026.
• Moderate point. Forward-looking: it has not happened yet and may not happen.The $2.1 million follow-on order covers four additional steel-manufacturer systems, now expected substantially complete by year-end. 20% of market cap
• Moderate pointDiesel particulate filter sales orders rose 30% January 1–November 1, 2026, versus the corresponding 2025 period.

12 minor points

• Minor pointNotes payable, net of discounts, fell to zero at September 30, 2026, from $5,510,545 at year-end 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.Water Works Industrial Services’ QureFlow QF-6 order is progressing, with delivery expected in Q4 2026.
• Minor pointMarine revenue increased to approximately $0.9 million in Q3 2026 from $0.5 million in Q3 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.Marine execution included the third iCER system delivery; the first of four ordered EGR systems remains scheduled for Q4 2026.
• Minor pointShanghai Qiyao ordered two iCER water treatment units in October, extending an existing customer relationship.
• Minor pointThe first Finland commercial Aquatics order expands LiqTech’s geographic reach through partner Pool4You.
• Minor point. Forward-looking: it has not happened yet and may not happen.The first U.S. commercial pool system’s installation and initial operation are scheduled for November 2026.
• Minor pointDiesel particulate filter revenue increased to approximately $1.1 million in Q3 2026 from $0.8 million a year earlier.
• Minor pointThe diesel particulate filter business’s raw-material availability issue was resolved before entering Q4.
• Minor pointPlastics saw stronger orders entering Q4 after softer third-quarter activity.
• Minor pointGeneral and administrative expenses declined 21.5% to $997,203 year over year, partly reflecting annual-meeting timing.
• Minor pointTotal other expense declined 56.4% to $55,372 in Q3 2026 versus Q3 2025.

Negative

• Major pointOutstanding common shares increased to 32,947,841 at September 30, 2026, from 9,627,064 at year-end 2025, diluting holders.
• Moderate pointQ3 2026 net loss widened to $1.8 million from $1.5 million in Q3 2025.
• Moderate pointGross profit fell 27.8% to $539,804; margin declined year over year but improved sequentially.
• Moderate pointAdjusted EBITDA, an adjusted earnings measure, worsened to $(1,134,494) from $(505,891) in Q3 2025.
• Moderate pointSelling expenses increased 93.7% to $1,048,363 in Q3 2026 versus Q3 2025.

7 minor points

• Minor pointCash and restricted cash declined to $13.9 million at September 30, 2026, from $15.7 million at June 30.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 guidance depends on production, acceptance, shipment and revenue recognition; upper-end revenue also requires additional orders and execution.
• Minor point. Forward-looking: it has not happened yet and may not happen.The 2027 growth outlook is preliminary, not formal guidance, and depends on order conversion and project timing.
• Minor point. Forward-looking: it has not happened yet and may not happen.Two completed scrubber systems’ deliveries moved from Q3 to Q4 2026 because of customer acceptance-testing timing.
• Minor pointCommercial Pool revenue declined to approximately $0.8 million in Q3 2026 from $1.0 million a year earlier.
• Minor pointPlastics revenue declined to approximately $0.7 million in Q3 2026 from $1.0 million a year earlier.
• Minor pointResearch and development expenses increased 7.3% to $289,108 in Q3 2026 versus Q3 2025.

News Explained

The release reports 32,947,841 common shares issued and outstanding at September 30, 2026, up from 9,627,064 at December 31, 2025; holders whose share counts did not change therefore have a smaller proportional ownership stake.

Argus Nov 12 session 11 alerts

-8.81% close to close 2.5x rel. volume Open Argus

Details

Market move: LIQT -8.81% in the Nov 12 session. Q3 2026 earnings report

-12.2% Trough in 1 hr 40 min

$9.38M Mkt Cap at Peak Alert

On Nov 12, the day this news came out, LIQT closed 8.81% below the previous close. Argus tracked a trough of -12.2% from its starting point during tracking. Our momentum scanner recorded 11 alerts for this stock that day. That session’s volume was 2.5x the stock’s average daily volume.

Data tracked by StockTitan Argus for the Nov 12 session.

Key Figures

Q3 revenue: $4.4 million, up 15.5% Net loss: $(1.8) million versus $(1.5) million Adjusted EBITDA: $(1.1) million versus $(0.5) million +4 more

Q3 revenue

$4.4 million, up 15.5%

Q3 2026 versus Q3 2025

Net loss

$(1.8) million versus $(1.5) million

Q3 2026 versus Q3 2025

Adjusted EBITDA

$(1.1) million versus $(0.5) million

Q3 2026 versus Q3 2025

Gross profit margin

12.3% versus 19.6%

Q3 2026 versus Q3 2025

Cash and restricted cash

$13.9 million versus $15.7 million

September 30, 2026 versus June 30, 2026

FY2026 revenue guidance

$20 million to $23 million

Maintained full-year guidance

Preliminary 2027 revenue growth outlook

30% to 40%

Compared with full-year 2026 revenue; not formal guidance

Previous Earnings Reports

1 past event · Latest: Aug 12

Same Type 1 event

1. Aug 12

   Q2 earnings report

   24h Move

   -13.3%

   Revenue declined, net loss widened, and FY2026 revenue guidance was revised to $20–$23 million.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, percent of completion basis, factory acceptance testing, non-gaap financial measure

4 terms

adjusted ebitda financial

"Q3 2026 Adjusted EBITDA was $(1.1) million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

percent of completion basis financial

"revenue recognized on a percent of completion basis"

An accounting method for recognizing revenue and profit from long-term contracts by recording amounts in proportion to the contract's estimated completion. Under the percent-of-completion basis a company measures progress toward finishing a contract (commonly by cost-to-cost, labor hours, or physical milestones) and recognizes revenue, costs, and gross profit each reporting period equal to that percentage of the contract totals. The method requires reasonably reliable estimates of total contract revenue, costs, and progress; if such estimates are not dependable, the completed-contract approach is used instead.

factory acceptance testing technical

"timing of customer Factory Acceptance Testing"

A final round of checks performed on machinery, systems, or equipment at the manufacturer's site to confirm they meet contractual specifications and work as expected before shipment and installation. Like a test-drive or dress rehearsal, it reduces the risk of defects, delays, or extra costs once the item is on-site, and matters to investors because successful testing protects revenue timing, lowers warranty or remediation expenses, and supports predictable project schedules and cash flow.

non-gaap financial measure financial

"refer to a non-GAAP financial measure"

A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BALLERUP, Denmark, Nov. 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 third quarter of 2026.

Recent Financial Highlights

• Q3 2026 revenue was $4.4 million, an increase of 15.5% compared to $3.8 million in Q3 2025.
• Q3 2026 net loss was $(1.8) million, compared to $(1.5) million in Q3 2025.
• Q3 2026 Adjusted EBITDA was $(1.1) million, compared to $(0.5) million in Q3 2025.
• Cash and restricted cash totaled $13.9 million as of September 30, 2026, compared to $15.7 million as of June 30, 2026. The bridge loan obtained in May was fully repaid on July 22, 2026, which is reflected in the Company’s cash position as of September 30, 2026.
  
  

Outlook

• The Company maintains its full-year 2026 revenue guidance of $20 million to $23 million, representing approximately 21% to 39% growth year over year. Existing orders and backlog support a substantial portion of the low end of this range. Achievement of the guidance remains dependent on timely production, customer acceptance, shipment and revenue recognition. Revenue toward the upper end also depends on additional orders and project execution, including potential Water for Energy opportunities.
• Looking ahead to 2027, the Company believes its opportunity pipeline supports the potential for revenue growth of 30% to 40% compared with full-year 2026 revenue. This is a preliminary growth outlook based on current opportunities, not formal 2027 financial guidance, and remains subject to order conversion and project timing.
  
  

Management Commentary

“Our third-quarter results reflect continued commercial progress, with revenue increasing 15.5% year over year and sequential improvements in gross margin, net loss and Adjusted EBITDA,” said Fei Chen, Chief Executive Officer of LiqTech. “Across 2026, we have made important advances in our core markets. In Water for Industry, an initial system for a U.S. steel manufacturer has led to a follow-on order for four additional systems, and we secured a QureFlow system order for industrial cleaning-water reuse. In Commercial Aquatics, we expanded into Finland and advanced our first U.S. commercial installation. Our DPF business has regained momentum and entered the fourth quarter with a strong order backlog. In Marine, we secured projects across iCER, EGR and scrubber applications, with deliveries of all three system types planned during 2026.”

“We are maintaining our full-year revenue guidance of $20 million to $23 million. Revenue already recognized, together with our existing orders and backlog, provides meaningful visibility into fourth-quarter activity, particularly in industrial wastewater, Marine and DPF. Realizing that potential requires disciplined execution: completing production, meeting customer acceptance milestones and delivering systems on schedule so that revenue can be recognized before year-end. We remain focused on these priorities while maintaining cost discipline.”

“Throughout 2026, we have invested in developing a more robust opportunity pipeline to strengthen commercial execution and improve revenue visibility. Based on the opportunities currently identified, we believe the pipeline supports the potential for 30% to 40% revenue growth in 2027 relative to full-year 2026. This preliminary outlook is not formal guidance; converting opportunities into orders and revenue will depend on customer decisions and execution. Our priority remains building a scalable business and progressing toward sustainable profitability.”

Recent Operational Highlights

• Within Water for Industry, LiqTech continued execution of its $2.1 million follow-on order from a U.S.-based steel manufacturer for four additional QureFlow™ systems. The Company now expects these systems to be substantially completed by year-end with revenue recognized on a percent of completion basis. LiqTech is also progressing the QureFlow™ QF-6 system for Water Works Industrial Services, LLC at its new Freeport, Texas facility, with delivery expected in Q4 2026. The system is expected to recover more than 95% of incoming industrial equipment-cleaning wastewater for reuse as wash water, reducing freshwater consumption and disposal volumes. These projects demonstrate the application of LiqTech’s technology to demanding industrial wastewater streams and support its focus on repeatable deployments.
• Marine revenue was approximately $0.9 million in Q3 2026, compared to $0.5 million in Q3 2025. LiqTech delivered its third iCER water treatment system during the quarter. Two completed scrubber systems moved from the third-quarter delivery schedule to the fourth quarter due to the timing of customer Factory Acceptance Testing. The first of four previously ordered EGR water treatment systems remains scheduled for delivery in Q4 2026. In October, LiqTech also announced an order from Shanghai Qiyao Environmental Technology Co. Ltd. for two iCER water treatment units, expanding an existing scrubber customer relationship into an additional marine application.
• Commercial Pool revenue was approximately $0.8 million in Q3 2026, compared to $1.0 million in Q3 2025. Following quarter-end, LiqTech announced its first commercial Aquatics order in Finland, bringing its QlariFlow™ filtration technology to the Original Sokos Hotel Presidentti in Helsinki through local partner Pool4You. The project expands LiqTech’s geographic reach and is expected to provide a reference installation for future opportunities in Finland. Installation and initial operation of the Company’s first U.S. commercial pool system in Worland, Wyoming, are scheduled for November 2026.
• Diesel particulate filter (DPF) revenue was approximately $1.1 million in Q3 2026, compared with $0.8 million in Q3 2025. The raw-material availability issue that affected second-quarter production has been resolved, and the Company entered the fourth quarter with a strong DPF order backlog. Sales orders received from January 1 through November 1, 2026 increased 30% compared with the corresponding period in 2025.
• Plastics revenue was approximately $0.7 million in Q3 2026, compared to $1.0 million in Q3 2025. Following softer third-quarter activity, the Company has seen stronger orders entering the fourth quarter.
  
  

Q3 2026 Financial Results

Revenue for the three months ended September 30, 2026 was $4,396,894 compared to $3,807,274 for the same period in 2025, representing an increase of $589,620, or 15.5%. The increase reflected higher Systems and Aftermarket and Filters and Membranes revenue, including growth in Marine and Water for Industry, as well as contributions from externally funded research and development activities, partially offset by lower Components revenue.

Gross profit for the three months ended September 30, 2026 was $539,804, representing a gross profit margin of 12.3%, compared to $747,878, or 19.6%, for the same period in 2025, a decrease of $208,074, or 27.8%. The decline reflected a shift in revenue mix toward systems, particularly Marine, and away from aftermarket services, as well as lower manufacturing capacity utilization compared to the prior-year quarter, when production supported safety stock building. Depreciation included in cost of goods sold was $242,903 compared to $371,654 in the prior-year period. Sequentially, gross profit increased from $365,539 and gross margin improved from 8.4% in Q2 2026.

Total operating expenses for the three months ended September 30, 2026 were $2,334,674 compared to $2,080,880 for the same period in 2025, an increase of $253,794, or 12.2%. Foreign exchange rates were broadly comparable to the prior-year period. Operating expenses declined by $362,682, or 13.4%, compared to Q2 2026.

Selling expenses for the three months ended September 30, 2026 were $1,048,363 compared to $541,259 for the same period in 2025, an increase of $507,104, or 93.7%. The increase primarily reflected new hires within the commercial organization, costs associated with the U.S. Service Center and the reversal of bonus and other accruals in the prior-year period.

General and administrative expenses for the three months ended September 30, 2026 were $997,203 compared to $1,270,195 for the same period in 2025, a decrease of $272,992, or 21.5%. The decrease was supported by the timing of the annual general meeting, which moved to the fourth quarter in 2026. Included in general and administrative expenses was non-cash compensation of $218,252 and $258,538 for the third quarters of 2026 and 2025, respectively.

Research and development expenses for the three months ended September 30, 2026 were $289,108 compared to $269,426 for the same period in 2025, an increase of $19,682, or 7.3%. The increase primarily reflected membrane development costs and development of Marine and Commercial Pool systems.

Total other expense for the three months ended September 30, 2026 was $55,372 compared to $127,135 for the same period in 2025, a decrease of $71,763, or 56.4%. The decrease was primarily attributable to the repayment of debt in June 2026.

Net loss for the three months ended September 30, 2026 was $1,849,872 compared to $1,459,762 for the same period in 2025. Net loss attributable to LiqTech International, Inc. was $1,837,917, or $0.05 per basic and diluted share, compared to $1,431,913, or $0.10 per basic and diluted share, in the prior-year period.

Adjusted EBITDA for the three months ended September 30, 2026 was $(1,134,494) compared to $(505,891) for the same period in 2025.

Cash and restricted cash were $13,885,650 as of September 30, 2026, compared to $15,655,731 as of June 30, 2026 and $5,070,385 as of December 31, 2025.

Conference Call Details

Date and Time: Thursday, November 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/GjlVNZKo5QA.

Replay: A webcast replay will be available at https://app.webinar.net/GjlVNZKo5QA.

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

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) income tax benefit or expense, (ii) total other expense or income, (iii) depreciation and amortization, (iv) amortization of right-of-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. CONDENSED CONSOLIDATED BALANCE SHEETS
		September 30,				December 31,
		2026				2025
Assets
Current Assets:
Cash and restricted cash		$	13,885,650			$	5,070,385
Accounts receivable, net			4,645,103				3,429,992
Inventories, net			5,910,674				6,479,321
Contract assets			942,033				733,851
Prepaid expenses and other current assets			444,446				245,702
Total Current Assets			25,827,906				15,959,251
Non-Current Assets:
Property and equipment, net			5,010,594				5,845,323
Operating lease right-of-use assets			3,968,856				4,643,680
Deposits and other assets			553,488				545,573
Intangible assets, net			24,046				36,125
Goodwill			239,449				248,145
Total Non-Current Assets			9,796,433				11,318,846
Total Assets		$	35,624,339			$	27,278,097

LIQTECH INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
		September 30,				December 31,
		2026				2025
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable		$	1,759,885			$	1,552,890
Accrued expenses			2,308,093				1,795,382
Line of credit			89,489				-
Current portion of finance lease liabilities			491,529				517,759
Current portion of operating lease liabilities			728,539				714,446
Contract liabilities			602,184				140,986
Total Current Liabilities			5,979,719				4,721,463
Non-Current Liabilities:
Deferred tax liability			60,331				63,654
Finance lease liabilities, net of current portion			1,001,646				1,415,908
Operating lease liabilities, net of current portion			3,240,317				3,929,234
Loan from related party			1,193,183				1,265,057
Notes payable, net of debt discounts			-				5,510,545
Total Non-Current Liabilities			5,495,477				12,184,398
Total Liabilities			11,475,196				16,905,861
Stockholders' Equity:
Preferred stock; par value $0.001, 2,500,000 shares authorized, 0 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively			-				-
Common stock; par value $0.001, 50,000,000 shares authorized and 32,947,841 and 9,627,064 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively			32,948				9,627
Additional paid-in capital			131,974,124				110,427,993
Accumulated deficit			(102,359,515	)			(94,795,121	)
Accumulated other comprehensive loss			(5,375,052	)			(5,209,173	)
Total Stockholders' Equity			24,272,505				10,433,326
Noncontrolling Interest			(123,362	)			(61,090	)
Total Equity			24,149,143				10,372,236
Total Liabilities and Equity		$	35,624,339			$	27,278,097

LIQTECH INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
		For The Three Months Ended								For the Nine Months Ended
		September 30,								September 30,
		2026				2025				2026				2025
Revenue		$	4,396,894			$	3,807,274			$	12,896,966			$	13,382,304
Cost of goods sold			3,857,090				3,059,396				11,597,879				12,024,792
				​				​				​				​
Gross Profit			539,804				747,878				1,299,087				1,357,512
				​				​				​				​
Operating Expenses:				​				​				​				​
Selling expenses			1,048,363				541,259				2,864,873				2,071,843
General and administrative expenses			997,203				1,270,195				4,001,123				4,171,764
Research and development expenses			289,108				269,426				836,987				742,105
				​				​				​				​
Total Operating Expenses			2,334,674				2,080,880				7,702,983				6,985,712
				​				​				​				​
Loss from Operations			(1,794,870	)			(1,333,002	)			(6,403,896	)			(5,628,200	)
				​				​				​				​
Other Income (Expense):				​				​				​				​
Interest and other income			80,398				64,354				119,633				197,710
Interest and other expense			(111,623	)			(63,391	)			(551,847	)			(175,140	)
Amortization of debt discount			-				(86,614	)			(489,455	)			(338,962	)
Gain (loss) on foreign currency transactions			(24,224	)			(39,932	)			(287,237	)			29,644
Gain (loss) on disposal of property and equipment			77				(1,552	)			(14,981	)			(65,016	)
				​				​				​				​
Total Other Expense			(55,372	)			(127,135	)			(1,223,887	)			(351,764	)
				​				​				​				​
Loss Before Income Taxes			(1,850,242	)			(1,460,137	)			(7,627,783	)			(5,979,964	)
				​				​				​				​
Income tax benefit			(370	)			(375	)			(1,117	)			(1,074	)
				​				​				​				​
Net Loss		$	(1,849,872	)		$	(1,459,762	)		$	(7,626,666	)		$	(5,978,890	)
				​				​				​				​
Net Loss attributable to noncontrolling interest			(11,955	)			(27,849	)			(62,272	)			(43,700	)
Net Loss attributable to LiqTech International, Inc.			(1,837,917	)			(1,431,913	)			(7,564,394	)			(5,935,190	)
				​				​				​				​
Loss Per Common Share – Basic and Diluted		$	(0.05	)		$	(0.10	)		$	(0.30	)		$	(0.40	)
				​				​				​				​
Weighted-Average Common Shares Outstanding – Basic and Diluted			38,247,720				14,916,470				24,845,406				14,916,470

		Three Months Ended September 30,								For the Nine Months Ended September 30,
			2026				2025				2026				2025
Net Loss (GAAP)		$	(1,849,872	)		$	(1,459,762	)		$	(7,626,666	)		$	(5,978,890	)
Income tax benefit		$	(370	)		$	(375	)			(1,117	)			(1,074	)
Total Other Expense		$	55,372			$	127,135				1,223,887				351,764
Depreciation & amortization		$	266,140			$	415,451				924,574				1,316,217
Amortization of right-of-use assets		$	175,986			$	153,123				523,674				434,762
EBITDA (Non-GAAP)			(1,352,744	)			(764,428	)			(4,955,648	)			(3,877,221	)
Stock-based compensation		$	218,250			$	258,537				654,900				730,335
Adjusted EBITDA (Non-GAAP)		$	(1,134,494	)		$	(505,891	)		$	(4,300,748	)		$	(3,146,886	)

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were LiqTech’s third-quarter 2026 revenue and net loss?

LiqTech reported $4.4 million in revenue and a $1.8 million net loss for Q3 2026. Revenue increased 15.5% from Q3 2025, while the net loss widened from $1.5 million.

What is LiqTech’s 2026 revenue guidance and 2027 growth outlook?

LiqTech maintained 2026 revenue guidance of $20 million to $23 million and sees potential for 30% to 40% revenue growth in 2027 versus full-year 2026. The 2027 outlook is preliminary, not formal financial guidance, and remains subject to order conversion and project timing.

How will LiqTech recognize revenue on its steel-manufacturer follow-on order?

Revenue on the $2.1 million follow-on order for four additional QureFlow systems will be recognized on a percent-of-completion basis, meaning as work progresses. LiqTech now expects the systems to be substantially completed by year-end.