LIQTECH INTERNATIONAL INC LIQT

Industrials SIC 3590 - Misc Industrial & Commercial Machinery & Equipment NAICS Manufacturing › Machinery Manufacturing › Other General Purpose Machinery Manufacturing › All Other General Purpose Machinery Manufacturing derived Nasdaq

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.

Last close 0.34 2026-10-23
Market cap $11.0M 2026-06-30 share count
52-week range 0.33 - 2.57

Valuation FY2025 figures against the last close

P/S0.7x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS—

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Systems and Aftermarket
  • Components
  • Filters and Membranes
Revenue by segment, 3 categories over 2 years. The same figures are in the table below. FY2025 Systems and Aftermarket, FY2025: 8.2M (50.4%) 50% Systems and Aftermarket Components, FY2025: 4.1M (25.2%) 25% Components Filters and Membranes, FY2025: 4M (24.5%) 24% Filters and Membranes FY2024 Systems and Aftermarket, FY2024: 5.5M (38.1%) 38% Components, FY2024: 3.4M (23.2%) 23% Filters and Membranes, FY2024: 5.6M (38.7%) 39%
Segment FY2025FY2024
Systems and Aftermarket $8.2M $5.5M
Components $4.1M $3.4M
Filters and Membranes $4.0M $5.6M

As the company reported it, from the “Note 13 - Segment Reporting - Summary of Segment Activity (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 -0.89-1.64-1.51-3.20-0.52-0.460.00-0.24-0.11-0.45
EPS, diluted ————-0.52-0.460.00-0.24-0.11-0.45
Shares, diluted (wtd. avg.) 9.6M6.3M5.7M4.4M21.6M21.2M19.7M16.0M41.6M36.8M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -20M 0 20M 40M Revenue, FY2016: 13.9M Gross profit, FY2016: 1.4M Net income, FY2016: -16.4M Revenue, FY2017: 11.3M Gross profit, FY2017: 206.8K Net income, FY2017: -4.5M Revenue, FY2018: 12.2M Gross profit, FY2018: 1.1M Net income, FY2018: -3.8M Revenue, FY2019: 32.6M Gross profit, FY2019: 7.2M Net income, FY2019: 39.6K Revenue, FY2020: 22.5M Gross profit, FY2020: 2.1M Net income, FY2020: -9.8M Revenue, FY2021: 18.3M Gross profit, FY2021: 1.6M Net income, FY2021: -11.1M Revenue, FY2022: 16M Gross profit, FY2022: 567.1K Net income, FY2022: -14.2M Revenue, FY2023: 18M Gross profit, FY2023: 2.8M Net income, FY2023: -8.6M Revenue, FY2024: 14.6M Gross profit, FY2024: 250.9K Net income, FY2024: -10.3M Revenue, FY2025: 16.5M Gross profit, FY2025: 1.3M Net income, FY2025: -8.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $13.9M $11.3M $12.2M $32.6M $22.5M $18.3M $16.0M $18.0M $14.6M $16.5M
Gross profit $1.4M $206.8K $1.1M $7.2M $2.1M $1.6M $567.1K $2.8M $250.9K $1.3M
Net income -$16.4M -$4.5M -$3.8M $39.6K -$9.8M -$11.1M -$14.2M -$8.6M -$10.3M -$8.5M

Recent filings and events

  • Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement signed Item 1.01
  • Unregistered share sale Item 3.02
  • Material agreement signed Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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