LIQTECH INTERNATIONAL INC LIQT
LiqTech International, Inc. is a clean technology company that provides state-of-the-art gas and liquid purification products by manufacturing ceramic silicon carbide filters and membranes as well as developing industry-leading and fully automated filtration solutions and systems. For more than two decades, we have developed and manufactured products of re-crystallized silicon carbide. We specialize in three business areas: ceramic membranes and membrane incorporated liquid filtration systems, ceramic diesel particulate filters (DPFs) to control soot exhaust particles and black carbon emission from diesel engines, and plastic components for usage across various industries. Using nanotechnology, we develop proprietary products using patented silicon carbide technology. Our products are based on innovative silicon carbide membranes that facilitate new applications and improve existing technologies. We market our products from our offices in Denmark and through local representatives and distributors. The products are shipped directly to customers from our production facilities in Denmark.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.5M | $14.6M | $18.0M | $16.0M | $18.3M | $22.5M | $32.6M | $12.2M | $11.3M | $13.9M |
| Cost of revenue | $15.3M | $14.4M | $15.2M | $15.4M | $16.7M | $20.4M | $25.5M | $11.2M | $11.1M | $12.5M |
| Gross profit | $1.3M | $250.9K | $2.8M | $567.1K | $1.6M | $2.1M | $7.2M | $1.1M | $206.8K | $1.4M |
| R&D | $1.2M | $1.4M | $1.4M | $1.8M | $1.9M | $1.3M | $749.2K | $661.0K | $536.8K | $626.1K |
| SG&A | $5.7M | $5.7M | $4.9M | $5.7M | $5.8M | $6.2M | $4.6M | $3.2M | $2.3M | $4.0M |
| Total operating expenses | $9.6M | $9.7M | $10.6M | $13.1M | $12.3M | $10.4M | $7.7M | $5.6M | $4.8M | $14.6M |
| Operating income | -$8.3M | -$9.5M | -$7.8M | -$12.5M | -$10.7M | -$8.3M | -$577.1K | -$4.5M | -$4.6M | -$13.1M |
| Interest expense | — | — | — | — | — | $120.9K | $18.8K | $71.8K | $45.9K | $38.9K |
| Pre-tax income | -$8.6M | -$10.4M | -$8.8M | -$14.4M | -$11.2M | -$10.3M | -$257.6K | -$4.2M | -$4.8M | -$13.2M |
| Income tax | $1.5K | $38.8K | $206.2K | $237.4K | $63.0K | $465.1K | $297.3K | $365.4K | $317.8K | $3.2M |
| Net income | -$8.5M | -$10.3M | -$8.6M | -$14.2M | -$11.1M | -$9.8M | $39.6K | -$3.8M | -$4.5M | -$16.4M |
| EPS, basic | -0.89 | -1.64 | -1.51 | -3.20 | -0.52 | -0.46 | 0.00 | -0.24 | -0.11 | -0.45 |
| EPS, diluted | — | — | — | — | -0.52 | -0.46 | 0.00 | -0.24 | -0.11 | -0.45 |
| Shares, diluted (wtd. avg.) | $9.6M | $6.3M | $5.7M | $4.4M | $21.6M | $21.2M | $19.7M | $16.0M | $41.6M | $36.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.1M | — | $10.4M | — | $15.4M | $11.7M | $7.1M | $3.8M | $2.5M | $1.2M |
| Receivables | $3.4M | $2.4M | $3.2M | $2.3M | $2.0M | $3.1M | $6.3M | $1.3M | $1.1M | $1.1M |
| Inventory | $6.5M | $5.5M | $5.3M | $4.1M | $5.4M | $5.5M | $5.2M | $4.4M | $4.7M | $5.2M |
| Total current assets | $16.0M | $20.6M | $22.1M | $27.7M | $28.1M | $25.7M | $27.5M | $11.4M | $9.4M | $8.5M |
| Property, plant and equipment | $5.8M | $6.6M | $9.0M | $8.3M | $8.9M | $10.3M | $4.8M | $1.4M | $2.0M | $2.6M |
| Goodwill | $248.1K | $220.7K | $233.7K | $226.1K | $240.3K | $260.2K | $236.1K | — | — | — |
| Other intangibles | $36.1K | $39.4K | $114.6K | $212.9K | $334.7K | $480.1K | $488.7K | $748 | $3.3K | $5.6K |
| Total assets | $27.3M | $32.4M | $36.0M | $40.1M | $45.1M | $42.2M | $38.6M | $13.2M | $11.7M | $11.4M |
| Total current liabilities | $4.7M | $4.9M | $7.5M | $6.1M | $16.9M | $9.8M | $10.3M | $4.6M | $4.8M | $5.0M |
| Long-term debt | — | — | — | — | $6.2M | $0 | — | — | — | — |
| Total liabilities | $16.9M | $15.8M | $18.7M | $16.8M | $32.3M | $17.4M | $15.6M | $4.6M | $4.8M | $5.1M |
| Retained earnings | -$94.8M | -$86.3M | -$75.9M | -$67.4M | -$53.2M | -$42.1M | -$32.2M | -$32.3M | -$28.5M | -$24.0M |
| Total equity | $10.4M | $16.7M | $17.3M | $23.3M | $12.8M | $24.8M | $23.0M | $8.5M | $6.9M | $6.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$6.1M | -$7.5M | -$4.2M | -$12.0M | -$7.2M | -$2.6M | -$4.5M | -$3.9M | -$3.3M | $415.8K |
| Depreciation and amortisation | $1.7M | $2.2M | $2.6M | $2.6M | $2.7M | $2.8M | $1.3M | $648.7K | $939.5K | $1.4M |
| Stock-based compensation | $987.1K | $664.4K | $627.9K | $934.4K | $481.1K | $343.8K | $197.9K | $116.4K | $178.9K | $435.8K |
| Capital expenditure | $395.2K | $1.4M | $2.9M | $1.7M | $1.1M | $3.8M | $2.5M | $178.9K | $137.7K | $373.7K |
| Investing cash flow | -$217.9K | -$424.0K | -$2.9M | -$1.7M | -$1.5M | -$4.0M | -$3.7M | -$170.9K | -$123.7K | -$373.7K |
| Financing cash flow | $719.3K | $8.5M | $580.6K | $13.7M | $13.9M | $7.2M | $14.6M | $6.0M | $4.1M | -$202.6K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-008965.
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