Recent Financial Highlights
- FY 2025 revenue of
$16.5 million , a 13% increase from$14.6 million in FY 2024. Q4 2025 revenue of$3.1 million , compared to$3.4 million in Q4 2024, an 8% decrease. - FY 2025 net loss of
$(8.6) million compared to$(10.3) million in FY 2024. Q4 2025 net loss of$(2.6) million compared to$(3.0) million in Q4 2024. - FY 2025 Adjusted EBITDA of
$(5.0) million compared to$(6.1) million in FY 2024. - Ending cash balance of
$5.1 million onDecember 31, 2025 .
Outlook
- The Company expects FY 2026 revenue to be between
$23 million and$27 million which would equate to a 39% to 64% increase from FY 2025. - The Company is targeting a positive FY 2026 Adjusted EBITDA in the mid to high range of the revenue guidance assuming constant currency, compared to
$(5.0) million in FY 2025.
Recent Operational Highlights
- Total system and aftermarket revenue increased by 49% during the year totaling
$8.2 million driven by strong pool system deliveries and the delivery of systems within water for energy, industrial applications and marine water treatment systems. - Sold 34 pool systems during the year, a new record for
LiqTech . Of those, 24 systems were delivered in 2025, with the remaining 10 scheduled for delivery in early 2026. Pool system revenue totaled$2.6 million for the year compared to$1.2 million in 2024. - Delivered and commissioned two commercial systems for new water for energy and industrial applications in 2025, led by an advanced membrane-based filtration system to treat oily wastewater to NorthStar BlueScope Steel, a major
U.S. -based steel producer. - Marine segment is building renewed momentum, particularly through the Company’s joint venture in
China , with the receipt of 3 commercial orders for 8 marine dual-fuel engine water treatment systems during 2025. 5 of the systems are in backlog and are expected to be delivered in 2026. - Expanded
U.S. presence withTexas service center to support produced water and industrial filtration solutions.
Management Commentary
"2025 represented a meaningful step forward for
“The momentum we generated in 2025 — including record pool system sales, progress in produced water, marine system deployments, and industrial installations such as our project with a major steel producer — demonstrates the expanding global recognition of our technology’s value. As we look ahead, our direction is well defined. We are prioritizing growth in our most attractive verticals while maintaining disciplined execution across the organization. At the same time, we remain firmly focused on scaling the business to position
2025 Financial Results
Revenue for the year ended
Gross profit for the year ended
Total operating expenses for the year ended
Selling expenses for the year ended
General and administrative expenses for the year ended
Research and development expense for the year ended
Total Other expense for the year ended
Net loss for the year ended
Adjusted EBITDA (see Table included) for the year ended
Cash on hand (including restricted cash) on
Conference Call Details
Date and 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://liqtech.com/investor/ or at https://app.webinar.net/k4yZo49MX5m.
Replay: A webcast replay will be available at https://app.webinar.net/k4yZo49MX5m.
About
For more information, please visit www.liqtech.com
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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
Phone: +45 31315941
www.liqtech.com
LiqTech Investor Contact
Phone: 602-889-9700
liqt@lythampartners.com
CONSOLIDATED BALANCE SHEETS | ||||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and restricted cash | $ | 5,070,385 | $ | 10,868,728 | ||||
| Accounts receivable, net | 3,429,992 | 2,396,056 | ||||||
| Inventories, net | 6,479,321 | 5,541,192 | ||||||
| Contract assets | 733,851 | 1,666,698 | ||||||
| Prepaid expenses and other current assets | 245,702 | 168,443 | ||||||
| Total Current Assets | 15,959,251 | 20,641,117 | ||||||
| Non-Current Assets: | ||||||||
| Property and equipment, net | 5,845,323 | 6,618,822 | ||||||
| Operating lease right-of-use assets | 4,643,680 | 4,450,822 | ||||||
| Deposits and other assets | 545,573 | 456,658 | ||||||
| Intangible assets, net | 36,125 | 39,367 | ||||||
| 248,145 | 220,693 | |||||||
| Total Non-Current Assets | 11,318,846 | 11,786,362 | ||||||
| Total Assets | $ | 27,278,097 | $ | 32,427,479 | ||||
CONSOLIDATED BALANCE SHEETS | ||||||||
| 2025 | 2024 | |||||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 1,552,890 | $ | 1,300,966 | ||||
| Accrued expenses | 1,795,382 | 2,491,479 | ||||||
| Current portion of finance lease liabilities | 517,759 | 458,347 | ||||||
| Current portion of operating lease liabilities | 714,446 | 544,197 | ||||||
| Contract liabilities | 140,986 | 109,319 | ||||||
| Total Current Liabilities | 4,721,463 | 4,904,308 | ||||||
| Non-Current Liabilities: | ||||||||
| Deferred tax liability | 63,654 | 57,960 | ||||||
| Finance lease liabilities, net of current portion | 1,415,908 | 1,600,931 | ||||||
| Operating lease liabilities, net of current portion | 3,929,234 | 3,906,625 | ||||||
| Loan from related party, net of current portion | 1,265,057 | - | ||||||
| Notes payable, net of debt discounts | 5,510,545 | 5,303,563 | ||||||
| Total Non-Current Liabilities | 12,184,398 | 10,869,079 | ||||||
| Total Liabilities | 16,905,861 | 15,773,387 | ||||||
| Stockholders' Equity: | ||||||||
| Preferred stock; par value | - | - | ||||||
| Common stock; par value | 9,627 | 9,475 | ||||||
| Additional paid-in capital | 110,427,993 | 109,274,166 | ||||||
| Accumulated deficit | (94,795,121 | ) | (86,267,438 | ) | ||||
| Accumulated other comprehensive loss | (5,209,173 | ) | (6,362,111 | ) | ||||
| Total Stockholders' Equity | 10,433,326 | 16,654,092 | ||||||
| Noncontrolling Interest | (61,090 | ) | - | |||||
| Total Equity | 10,372,236 | 16,654,092 | ||||||
| Total Liabilities and Equity | $ | 27,278,097 | $ | 32,427,479 | ||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| For the Year Ended | ||||||||
| 2025 | 2024 | |||||||
| Revenue | $ | 16,507,558 | $ | 14,604,618 | ||||
| Cost of goods sold | 15,257,035 | 14,353,713 | ||||||
| Gross Profit | 1,250,523 | 250,905 | ||||||
| Operating Expenses: | ||||||||
| Selling expenses | 2,718,047 | 2,725,239 | ||||||
| General and administrative expenses | 5,677,525 | 5,661,455 | ||||||
| Research and development expenses | 1,163,651 | 1,352,060 | ||||||
| Total Operating Expenses | 9,559,223 | 9,738,754 | ||||||
| Loss from Operations | (8,308,700 | ) | (9,487,849 | ) | ||||
| Other Income (Expense): | ||||||||
| Interest and other income | 445,496 | 178,834 | ||||||
| Interest and other expense | (315,458 | ) | (167,556 | ) | ||||
| Amortization of debt discount | (426,982 | ) | (615,552 | ) | ||||
| Gain (loss) on foreign currency transactions | 67,917 | 164,310 | ||||||
| Gain (loss) on disposal of property and equipment | (65,667 | ) | (456,282 | ) | ||||
| Total Other Expense | (294,694 | ) | (896,246 | ) | ||||
| Loss Before Income Taxes | (8,603,394 | ) | (10,384,095 | ) | ||||
| Income tax benefit | (1,454 | ) | (38,837 | ) | ||||
| Net Loss | $ | (8,601,940 | ) | $ | (10,345,258 | ) | ||
| Net Loss attributable to noncontrolling interest | (74,257 | ) | - | |||||
| Net Loss attributable to | (8,527,683 | ) | (10,345,258 | ) | ||||
| Loss Per Common Share – Basic and Diluted | $ | (0.89 | ) | (1.64 | ) | |||
| Weighted-Average Common Shares Outstanding – Basic and Diluted | 9,614,426 | 6,310,379 | ||||||
UNAUDITED RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA | ||||||||
| For the Year Ended | ||||||||
| 2025 | 2024 | |||||||
| Net Loss | $ | (8,601,940 | ) | $ | (10,345,258 | ) | ||
| Income tax benefit | (1,454 | ) | (38,837 | ) | ||||
| Total Other Expense | 294,694 | 896,246 | ||||||
| Depreciation & amortization | 1,692,178 | 2,160,837 | ||||||
| Amortization of right-of-use assets | 605,106 | 574,403 | ||||||
| EBITDA (Non-GAAP) | (6,011,416 | ) | (6,752,609 | ) | ||||
| Stock-based compensation | 987,072 | 664,434 | ||||||
| Adjusted EBITDA (Non-GAAP) | $ | (5,024,344 | ) | $ | (6,088,175 | ) | ||
