Recent Financial Highlights
- Q1 2026 revenue of
$4.1 million compared to$4.6 million in Q1 2025. - Q1 2026 net loss of
$(2.7) million compared to$(2.4) million in Q1 2025. - Q1 2026 Adjusted EBITDA of
$(1.5) million compared to$(1.4) million in Q1 2025. - Ending cash balance of
$2.7 million onMarch 31, 2026 .
Outlook
- The Company is reiterating its expectation for FY 2026 revenue between
$23 million and$27 million , which would represent an increase of 39% to 64% over FY 2025.
Recent Operational Highlights
Elevated Commercial Pool activity with strong deliveries during the quarter totaling$0.8 million compared to$0.3 million in the prior-year quarter, with new orders setting the stage for improved pool results in the second quarter and throughout 2026. Key new orders include:- the first
U.S. pool system order for three systems to be installed at theWeston County School District #1Aquatic Center inNewcastle, Wyoming ; - one in partnership with Lotec for a new large-scale commercial pool project in Den Helder,
Netherlands ; - and a follow on record order in partnership with Waterco Limited for 10 systems for the Plumpton Aquatic and
Leisure Centre inFraser Rise ,Victoria, Australia .
- the first
- Two systems delivered during the first quarter for marine dual-fuel engine water treatment for LNG vessels with two more expected to be delivered during the second quarter. Further sustainable order flow is expected throughout 2026 driven by the Company’s China JV. First quarter revenue from the marine business totaled
$0.8 million compared to$0.2 million in the prior-year quarter. - Commenced a new pilot program in
West Texas for produced water treatment with an energy services and solutions company. - Diesel particle filters (DPF) and membrane business experienced growth during the first quarter to
$1.3 million compared to$1.0 million in the prior-year quarter, driven by strong order flow from both existing and new customers and renewed focus within this segment. - Plastic revenue increased 5%, totaling
$1.0 million during the quarter and driven primarily by strong activity within food processing.
Management Commentary
“LiqTech’s first quarter results were in line with our expectations and reflect the continued execution of our strategy to place a greater emphasis on more predictable end markets,” commented
“Our strategy focused on reducing reliance on larger, one-off projects and increasing exposure to repeatable, scalable markets,” Chen continued. “Commercial Pool is a strong example of this strategy, with growing customer adoption, increasing order activity, and opportunities to scale across multiple geographies. Based on our order book, we expected a record quarter for commercial swimming pool and continued delivery of marine water treatment systems in Q2 2026. At the same time, our water for industry/energy pipeline remains active, and we continue to expect order activity in 2026. By focusing on markets where our silicon carbide membrane technology offers clear value, while maintaining a disciplined cost structure, we believe
Q1 2026 Financial Results
Revenue for the three months ended
Gross profit for the three months ended
Total operating expenses for the three months ended
Selling expenses for the three months ended
General and administrative expenses for the three months ended
Research and development expenses for the three months ended
Other expenses for the three months ended
Net loss for the three months ended
Adjusted EBITDA (see Table included) for the three months 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://www.liqtech.com/investor-relations/ or at https://app.webinar.net/WaNVyXlyEGe.
Replay: A webcast replay will be available at https://app.webinar.net/WaNVyXlyEGe.
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
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
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and restricted cash | $ | 2,732,739 | $ | 5,070,385 | ||||
| Accounts receivable, net | 3,664,250 | 3,429,992 | ||||||
| Inventories, net | 6,478,114 | 6,479,321 | ||||||
| Contract assets | 634,154 | 733,851 | ||||||
| Prepaid expenses and other current assets | 636,047 | 245,702 | ||||||
| Total Current Assets | 14,145,304 | 15,959,251 | ||||||
| Non-Current Assets: | ||||||||
| Property and equipment, net | 5,624,902 | 5,845,323 | ||||||
| Operating lease right-of-use assets | 4,369,053 | 4,643,680 | ||||||
| Deposits and other assets | 534,502 | 545,573 | ||||||
| Intangible assets, net | 33,320 | 36,125 | ||||||
| 242,544 | 248,145 | |||||||
| Total Non-Current Assets | 10,804,321 | 11,318,846 | ||||||
| Total Assets | $ | 24,949,625 | $ | 27,278,097 | ||||
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) | ||||||||
| 2026 | 2025 | |||||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 2,036,019 | $ | 1,552,890 | ||||
| Accrued expenses | 2,227,908 | 1,795,382 | ||||||
| Current portion of finance lease liabilities | 504,799 | 517,759 | ||||||
| Current portion of operating lease liabilities | 711,295 | 714,446 | ||||||
| Contract liabilities | 181,553 | 140,986 | ||||||
| Total Current Liabilities | 5,661,574 | 4,721,463 | ||||||
| Non-Current Liabilities: | ||||||||
| Deferred tax liability | 61,847 | 63,654 | ||||||
| Finance lease liabilities, net of current portion | 1,260,692 | 1,415,908 | ||||||
| Operating lease liabilities, net of current portion | 3,657,758 | 3,929,234 | ||||||
| Loan from related party | 1,159,369 | 1,265,057 | ||||||
| Notes payable, net of debt discounts | 5,598,049 | 5,510,545 | ||||||
| Total Non-Current Liabilities | 11,737,715 | 12,184,398 | ||||||
| Total Liabilities | 17,399,289 | 16,905,861 | ||||||
| Stockholders' Equity: | ||||||||
| Preferred stock; par value | - | - | ||||||
| Common stock; par value | 9,948 | 9,627 | ||||||
| Additional paid-in capital | 110,463,498 | 110,427,993 | ||||||
| Accumulated deficit | (97,505,233 | ) | (94,795,121 | ) | ||||
| Accumulated other comprehensive loss | (5,341,800 | ) | (5,209,173 | ) | ||||
| Total Stockholders' Equity | 7,626,413 | 10,433,326 | ||||||
| Noncontrolling Interest | (76,077 | ) | (61,090 | ) | ||||
| Total Equity | 7,550,336 | 10,372,236 | ||||||
| Total Liabilities and Equity | $ | 24,949,625 | $ | 27,278,097 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||
| For The Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Revenue | $ | 4,136,320 | $ | 4,617,541 | ||||
| Cost of goods sold | 3,742,576 | 4,492,485 | ||||||
| Gross Profit | 393,744 | 125,056 | ||||||
| Operating Expenses: | ||||||||
| Selling expenses | 980,674 | 718,016 | ||||||
| General and administrative expenses | 1,414,145 | 1,362,246 | ||||||
| Research and development expenses | 276,134 | 230,123 | ||||||
| Total Operating Expenses | 2,670,953 | 2,310,385 | ||||||
| Loss from Operations | (2,277,209 | ) | (2,185,329 | ) | ||||
| Other Income (Expense): | ||||||||
| Interest and other income | 16,857 | 68,751 | ||||||
| Interest and other expense | (209,064 | ) | (48,283 | ) | ||||
| Amortization of debt discount | (87,504 | ) | (168,030 | ) | ||||
| Gain (loss) on foreign currency transactions | (168,556 | ) | 35,516 | |||||
| Gain (loss) on disposal of property and equipment | - | (61,306 | ) | |||||
| Total Other Expense | (448,267 | ) | (173,352 | ) | ||||
| Loss Before Income Taxes | (2,725,476 | ) | (2,358,681 | ) | ||||
| Income tax benefit | (377 | ) | (339 | ) | ||||
| Net Loss | $ | (2,725,099 | ) | $ | (2,358,342 | ) | ||
| Net Loss attributable to noncontrolling interest | (14,987 | ) | (6,950 | ) | ||||
| Net Loss attributable to | (2,710,112 | ) | (2,351,392 | ) | ||||
| Loss Per Common Share – Basic and Diluted | $ | (0.28 | ) | $ | (0.25 | ) | ||
| Weighted-Average Common Shares Outstanding – Basic and Diluted | 9,847,218 | 9,602,354 | ||||||
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
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
UNAUDITED RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA | ||||||||
| For the three months Ended | ||||||||
| 2025 | 2024 | |||||||
| Net Loss (GAAP) | $ | (2,725,099 | ) | $ | (2,358,342 | ) | ||
| Income tax benefit | (377 | ) | (339 | ) | ||||
| Total Other Expense | 448,267 | 173,352 | ||||||
| Depreciation & amortization | 356,894 | 442,002 | ||||||
| Amortization of right-of-use assets | 172,864 | 134,824 | ||||||
| EBITDA (Non-GAAP) | (1,747,451 | ) | (1,608,503 | ) | ||||
| Stock-based compensation | 218,325 | 241,245 | ||||||
| Adjusted EBITDA (Non-GAAP) | $ | (1,529,126 | ) | $ | (1,367,258 | ) | ||
