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
[email protected]
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.
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LIQTECH INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS |
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| 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 | ||||
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LIQTECH INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) |
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| 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 | ||||
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LIQTECH INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
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| 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 | ||||||||||||
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Three Months Ended September 30, |
For the Nine Months Ended September 30, |
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| 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 | ) | ||||
