LIQT · LIQTECH INTERNATIONAL INC
LiqTech International, Inc., together with its subsidiaries, engages in the design, development, production, marketing, and sale of automated filtering solutions and systems in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. It operates through three segments: Systems and Aftermarket; Filters and Membranes; and Components. The company offers silicon carbide ceramic filtration technologies for liquid and gas purification, including hybrid technology membranes and aqua solutions; and diesel particulate filters for exhaust emission control solutions under the LiqTech brand name. It also provides liquid filtration systems and solutions for pool and spa water, produced water, marine water treatment for dual fuel engine vessels, and industrial applications. In addition, the company is involved in plastics manufacturing comprising machining, welding, bending, and solvent cementing. It sells its products through direct sales, systems integrators, distributors, agents, and partners. The company was founded in 2000 and is headquartered in Ballerup, Denmark.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $0.77 |
| SO | 9.9M |
| Options | 0.0M |
| Warrants | 11.4M |
| FD SO | 21.3M |
| MC | $16.4M |
| Cash | $2.7M |
| Total debt | $1.8M |
| EV | $15.5M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 1.0x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 25.3% |
| Insiders | 18.3% |
| # Institutions | 18 |
| Analysts | 1 |
| Consensus | — |
| Avg target | $4.40 |
| Short % float | 0.2% |
| Days to cover | 0.08 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-12. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 4.14 | 3.13 | 3.81 | 4.96 |
| Revenue YoY % | (10.4%) | (8.2%) | 53.6% | 10.5% |
| Cost of Revenue | 3.74 | 3.23 | 3.06 | 4.47 |
| Gross Profit | 0.39 | (0.11) | 0.75 | 0.48 |
| Gross Profit YoY % | 214.9% | 79.7% | 456.9% | (32.4%) |
| Gross Margin % | 9.5% | (3.4%) | 19.6% | 9.8% |
| SG&A | 2.39 | 2.15 | 1.81 | 2.35 |
| R&D | 0.28 | 0.42 | 0.27 | 0.24 |
| Operating Expense | 2.67 | 2.57 | 2.08 | 2.59 |
| Operating Income | (2.28) | (2.68) | (1.33) | (2.11) |
| Operating Income YoY % | (4.2%) | 3.1% | 48.5% | (1.1%) |
| Operating Margin % | (55.1%) | (85.8%) | (35.0%) | (42.6%) |
| EBITDA | (1.92) | (2.30) | (0.92) | (1.65) |
| EBITDA Margin % | (46.4%) | (73.7%) | (24.1%) | (33.3%) |
| Pretax Income | (2.73) | (2.62) | (1.46) | (2.16) |
| Tax Provision | (0.00) | (0.00) | (0.00) | (0.00) |
| Net Income | (2.73) | (2.62) | (1.46) | (2.16) |
| Net Income to Common | (2.71) | (2.59) | (1.43) | (2.15) |
| Net Margin % | (65.9%) | (83.9%) | (38.3%) | (43.6%) |
| Basic EPS | -$0.28 | -$0.27 | -$0.15 | -$0.22 |
| Basic Avg Shares | 9.8 | — | 9.6 | 9.6 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 16.03 | 16.51 | 14.60 | 18.00 | 15.98 |
| Revenue YoY % | (2.9%) | 13.0% | (18.9%) | 12.6% | — |
| Cost of Revenue | 14.51 | 15.26 | 14.35 | 15.23 | 15.42 |
| Gross Profit | 1.52 | 1.25 | 0.25 | 2.78 | 0.57 |
| Gross Profit YoY % | 21.5% | 398.4% | (91.0%) | 389.4% | — |
| Gross Margin % | 9.5% | 7.6% | 1.7% | 15.4% | 3.5% |
| SG&A | 8.71 | 8.40 | 8.39 | 9.16 | 9.37 |
| R&D | 1.21 | 1.16 | 1.35 | 1.42 | 1.84 |
| Operating Expense | 9.92 | 9.56 | 9.74 | 10.57 | 13.10 |
| Operating Income | (8.40) | (8.31) | (9.49) | (7.80) | (12.53) |
| Operating Income YoY % | (1.1%) | 12.4% | (21.7%) | 37.8% | — |
| Operating Margin % | (52.4%) | (50.3%) | (65.0%) | (43.3%) | (78.4%) |
| EBITDA | (6.79) | (6.62) | (7.33) | (5.22) | (9.95) |
| EBITDA Margin % | (42.4%) | (40.1%) | (50.2%) | (29.0%) | (62.2%) |
| Other Income / (Expense) | (0.57) | — | (0.90) | (0.98) | (1.87) |
| Pretax Income | (8.97) | (8.60) | (10.38) | (8.78) | (14.41) |
| Tax Provision | (0.00) | (0.00) | (0.04) | (0.21) | (0.24) |
| Net Income | (8.97) | (8.60) | (10.35) | (8.57) | (14.17) |
| Net Income to Common | (8.89) | (8.53) | (10.35) | (8.57) | (14.17) |
| Net Margin % | (56.0%) | (52.1%) | (70.8%) | (47.6%) | (88.7%) |
| Basic EPS | -$0.92 | -$0.89 | -$1.64 | -$1.51 | -$3.20 |
| Basic Avg Shares | 9.8 | 9.6 | 6.3 | 5.7 | 4.4 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 2.73 | 5.07 | — | — |
| Receivables | 3.66 | 3.43 | 3.78 | 4.10 |
| Inventory | 6.48 | 6.48 | 6.43 | 5.51 |
| Other Current Assets | 1.27 | 0.98 | 8.57 | 10.18 |
| Total Current Assets | 14.15 | 15.96 | 18.78 | 19.79 |
| Net PPE | 5.62 | 5.85 | 6.17 | 6.45 |
| Operating Lease ROU | 4.37 | 4.64 | 4.54 | 4.69 |
| Goodwill | 0.24 | 0.25 | 0.25 | 0.25 |
| Intangible Assets | 0.03 | 0.04 | 0.04 | 0.04 |
| Other Assets | 0.53 | 0.55 | 0.52 | 0.51 |
| Total Assets | 24.95 | 27.28 | 30.30 | 31.72 |
| Current Lease Liabilities | 0.71 | 0.71 | 0.63 | 0.62 |
| Other Current Liabilities | 4.95 | 4.01 | 4.73 | 4.86 |
| Total Current Liabilities | 5.66 | 4.72 | 5.37 | 5.48 |
| Long-term Lease Liabilities | 3.66 | 3.93 | 3.91 | 4.07 |
| Other Liabilities | 8.08 | 8.26 | 8.24 | 8.24 |
| Total Liabilities | 17.40 | 16.91 | 17.52 | 17.79 |
| Retained Earnings | (97.51) | (94.80) | (92.20) | (90.77) |
| Total Equity | 7.55 | 10.37 | 12.78 | 13.93 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 2.73 | 5.07 | — | 10.42 | — |
| Receivables | 3.66 | 3.43 | 2.40 | 3.17 | 2.31 |
| Inventory | 6.48 | 6.48 | 5.54 | 5.27 | 4.06 |
| Other Current Assets | 1.27 | 0.98 | 12.70 | 3.23 | 21.30 |
| Total Current Assets | 14.15 | 15.96 | 20.64 | 22.09 | 27.67 |
| Net PPE | 5.62 | 5.85 | 6.62 | 9.01 | 8.30 |
| Operating Lease ROU | 4.37 | 4.64 | 4.45 | 4.06 | 3.27 |
| Goodwill | 0.24 | 0.25 | 0.22 | 0.23 | 0.23 |
| Intangible Assets | 0.03 | 0.04 | 0.04 | 0.11 | 0.21 |
| Other Assets | 0.53 | 0.55 | — | — | — |
| Total Assets | 24.95 | 27.28 | 32.43 | 35.97 | 40.13 |
| Current Lease Liabilities | 0.71 | 0.71 | 0.54 | 0.53 | 0.56 |
| Other Current Liabilities | 4.95 | 4.01 | 4.36 | 6.97 | 5.53 |
| Total Current Liabilities | 5.66 | 4.72 | 4.90 | 7.50 | 6.09 |
| Long-term Lease Liabilities | 3.66 | 3.93 | 3.91 | 3.53 | 2.71 |
| Other Liabilities | 8.08 | 8.26 | 6.96 | 7.67 | 8.02 |
| Total Liabilities | 17.40 | 16.91 | 15.77 | 18.70 | 16.82 |
| Retained Earnings | (97.51) | (94.80) | (86.27) | (75.92) | (67.35) |
| Total Equity | 7.55 | 10.37 | 16.65 | 17.28 | 23.31 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (2.73) | (2.62) | (1.46) | (2.16) |
| D&A | 0.36 | 0.38 | 0.42 | 0.46 |
| Stock-Based Comp | 0.22 | 0.26 | 0.26 | 0.23 |
| Δ Working Cap & Other | 0.21 | (0.14) | (0.28) | (0.14) |
| Operating Cash Flow | (1.94) | (2.13) | (1.07) | (1.61) |
| CapEx | (0.27) | (0.17) | (0.13) | 0.06 |
| Investing Cash Flow | (0.27) | (0.04) | (0.13) | 0.06 |
| Financing Cash Flow | (0.31) | (0.07) | (0.07) | (0.13) |
| Free Cash Flow | (2.21) | (2.30) | (1.20) | (1.55) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (8.97) | (8.60) | (10.35) | (8.57) | (14.17) |
| D&A | 1.61 | 1.69 | 2.16 | 2.58 | 2.59 |
| Stock-Based Comp | 0.96 | 0.99 | 0.66 | 0.63 | 0.93 |
| Δ Working Cap & Other | (0.35) | (0.19) | (0.01) | 1.18 | (1.39) |
| Operating Cash Flow | (6.75) | (6.11) | (7.53) | (4.18) | (12.04) |
| CapEx | (0.50) | (0.40) | (1.37) | (2.89) | (1.69) |
| Acquisitions | — | — | — | — | 0.00 |
| Other Investing | — | — | 0.94 | — | — |
| Investing Cash Flow | (0.38) | (0.22) | (0.42) | (2.89) | (1.69) |
| Other Financing | (0.58) | 0.72 | 8.49 | 0.58 | 13.70 |
| Financing Cash Flow | (0.58) | 0.72 | 8.49 | 0.58 | 13.70 |
| Free Cash Flow | (7.25) | (6.50) | (8.90) | (7.08) | (13.73) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 2.50 | 3.38 | 3.50 | 3.61 |
| Quick Ratio | 1.35 | 2.01 | 2.30 | 2.61 |
| Debt / Equity | 2.30 | 1.63 | 1.37 | 1.28 |
| EBITDA Margin % | (46.4%) | (73.7%) | (24.1%) | (33.3%) |
| Working Capital | 8.48 | 11.24 | 13.41 | 14.31 |
| Net Debt | — | — | — | — |
| ROE % | (36.1%) | (25.3%) | (11.4%) | (15.5%) |
| ROA % | (10.9%) | (9.6%) | (4.8%) | (6.8%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 2.50 | 3.38 | 4.21 | 2.95 | 4.55 |
| Quick Ratio | 1.35 | 2.01 | 3.08 | 2.24 | 3.88 |
| Debt / Equity | 2.30 | 1.63 | 0.95 | 1.08 | 0.72 |
| EBITDA Margin % | (42.4%) | (40.1%) | (50.2%) | (29.0%) | (62.2%) |
| Working Capital | 8.48 | 11.24 | 15.74 | 14.59 | 21.58 |
| Net Debt | — | — | — | — | — |
| ROE % | (118.8%) | (82.9%) | (62.1%) | (49.6%) | (60.8%) |
| ROA % | (35.9%) | (31.5%) | (31.9%) | (23.8%) | (35.3%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-06-09 | Bleichroeder LP | 10% Owner | 2026-06-08 | J | 3,000,000 | $1.00 | $3,000,000 |
| 2026-06-09 | Bleichroeder LP | 10% Owner | 2026-06-05 | P | 700,000 | $1.00 | $700,000 |
| 2026-01-13 | Chen Fei | Director, Officer (Chief Executive Officer) | 2026-01-03 | F | (67,860) | $1.49 | -$101,111 |
| 2026-01-13 | Kowalczyk David | Officer (CFO and COO) | 2026-01-03 | F | (5,589) | $1.49 | -$8,328 |
| 2026-01-13 | Kowalczyk David | Officer (CFO and COO) | 2025-12-19 | A | 94,368 | — | $0 |
| 2025-09-16 | Chen Fei | Director, Officer (Chief Executive Officer) | 2025-09-12 | F | (13,021) | $2.34 | -$30,469 |
| 2025-03-28 | Bleichroeder LP | 10% Owner | 2025-03-26 | J | (531,250) | — | $-0 |
| 2025-03-28 | Bleichroeder LP | 10% Owner | 2025-03-26 | J | 531,250 | — | $0 |
| 2025-01-13 | BUEHLER ALEXANDER J | Director | 2025-01-07 | A | 53,030 | — | $0 |
| 2025-01-13 | Boswell Peyton | Director | 2025-01-07 | A | 28,158 | — | $0 |
| 2025-01-13 | Chen Fei | Director, Officer (Chief Executive Officer) | 2025-01-07 | A | 201,335 | — | $0 |
| 2025-01-13 | Kunz Martin | Director | 2025-01-07 | A | 26,516 | — | $0 |
| 2025-01-13 | MEEUSEN RICHARD A | Director | 2025-01-07 | A | 29,294 | — | $0 |
| 2025-01-07 | Chen Fei | Director, Officer (Chief Executive Officer) | 2025-01-03 | F | (28,394) | $1.87 | -$53,097 |