LIQTECH INTERNATIONAL INC

Listed Company

LIQTCIK 0001307579NasdaqNon-AcceleratedSmaller ReportingMisc Industrial & Commercial Machinery & EquipmentNevadaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-8.53M

Total Assets

$27.28M

Equity

$10.43M

Shares Out

9.95M

Op. Cash Flow

$-6.11M

Business

LIQTECH INTERNATIONAL INC manufactures and markets specialized filtration products and systems using patented silicon carbide technology. It offers silicon carbide ceramic membranes (SiC), Hybrid Technology Membranes (HTM), Aqua Solution® systems, diesel particulate filters (DPFs) with proprietary nano wash coats, and engineered plastic components for industrial applications. The company operates three main business areas—liquid filtration membranes and systems, diesel exhaust particulate filters, and plastic manufacturing/assembly for system integration. LiqTech conducts operations in Denmark and sells globally through direct sales, distributors, agents, system integrators, and local representatives.

Summary from filing dated 2025-03-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	17	15	18	16	18
Cost of goods sold	15	14	15	15	17
Gross Profit	1	250,905	3	567,144	2
Selling expenses	3	3	4	4	5
General and administrative expenses	6	6	5	6	6
Research and development expenses	1	1	1	2	2
Total Operating Expenses	10	10	11	13	12
Loss from Operations	−8	−9	−8	−13	−11
Interest and other income	445,496	178,834	366,365	384,058	371,467
Interest and other expense	−315,458	−167,556	—	—	—
Amortization of debt discount	−426,982	−615,552	−400,903	−2	−835,331
Gain (loss) on foreign currency transactions	67,917	164,310	−359,960	404,162	668,255
Gain (loss) on disposal of property and equipment	−65,667	−456,282	7,254	—	—
Total Other Expense	−294,694	−896,246	−978,302	−2	−502,672
Loss Before Income Taxes	−9	−10	−9	−14	−11
Income tax benefit	−1,454	−38,837	−206,207	−237,410	−63,036
Net Loss	−9	−10	—	—	—
Net Loss attributable to noncontrolling interest	−74,257	0	—	—	—
Net Loss attributable to LiqTech International, Inc.	−9	−10	−9	−14	−11
Loss Per Common Share Basic and Diluted (in dollars per share)	−0.89	−1.64	−1.51	−3.2	−0.52
Weighted-Average Common Shares Outstanding Basic and Diluted (in shares)	10	6	6	4	22

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-09-30
Cash and restricted cash	5	11	10	17	—
Accounts receivable, net	3	2	3	2	—
Inventories, net	6	6	5	4	—
Contract assets	733,851	2	3	2	—
Prepaid expenses and other current assets	245,702	168,443	337,391	2	—
Total Current Assets	16	21	22	28	—
Property, Plant and Equipment, Net	6	7	9	8	—
Operating lease right-of-use assets	5	4	4	3	—
Deposits and other assets	545,573	456,658	470,349	450,038	—
Intangible assets, net	36,125	39,367	114,593	212,933	—
Goodwill	248,145	220,693	233,723	226,095	—
Total Non-Current Assets	11	12	14	12	—
Total Assets	27	32	36	40	40
Accounts payable	2	1	2	1	—
Accrued expenses	2	2	4	3	—
Current portion of finance lease liabilities	517,759	458,347	590,550	399,198	—
Current portion of operating lease liabilities	714,446	544,197	531,355	561,182	—
Contract liabilities	140,986	109,319	382,647	649,557	—
Total Current Liabilities	5	5	7	6	—
Deferred tax liability	63,654	57,960	101,059	154,645	—
Finance lease liabilities, net of current portion	1	2	3	2	—
Operating lease liabilities, net of current portion	4	4	4	3	—
Notes payable, net of debt discounts	6	5	5	5	—
Total Non-Current Liabilities	12	11	11	11	—
Total Liabilities	17	16	19	17	—
Preferred stock; par value $0.001, 2,500,000 shares authorized, 0 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	0	0	0	0	—
Common stock; par value $0.001, 50,000,000 shares authorized and 9,627,064 and 9,475,443 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	9,627	9,475	5,727	5,498	—
Additional paid-in capital	110	109	99	97	—
Accumulated deficit	−95	−86	−76	−67	—
Accumulated other comprehensive loss	−5	−6	−6	−6	—
Total Stockholders' Equity	10	17	—	—	—
Noncontrolling Interest	−61,090	0	—	—	—
Total Equity	10	17	17	23	—
Total Liabilities and Equity	27	32	36	40	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	2	2	3	3	3
Stock-based compensation	987,072	664,434	627,904	934,423	481,105
Amortization of right-of-use assets	605,106	574,403	565,493	—	—
Deferred taxes	−1,454	−38,837	−57,539	−55,994	−63,036
Loss on disposal of property and equipment	65,667	456,282	−7,254	—	—
Accounts receivable	−706,079	620,116	−765,956	−460,837	971,460
Inventories	−238,788	−587,806	−1	984,130	−336,651
Contract assets	1	1	−825,974	−460,743	610,476
Prepaid expenses and other current assets	−143,604	40,598	1	−354,307	479,423
Accounts payable	99,782	−1	990,538	−158,797	−532,718
Accrued expenses	−799,274	−908,607	639,309	−2	798,543
Operating lease liabilities	−605,106	−576,948	−562,948	—	—
Contract liabilities	17,337	−261,223	−282,614	−234,873	−155,291
Net Cash used in Operating Activities	−6	−8	−4	−12	−7
Purchase of property and equipment	−395,180	−1	−3	−2	−1
Proceeds from the disposal of property and equipment	177,250	943,693	7,254	635	1,113
Net Cash used in Investing Activities	−217,930	−424,036	−3	−2	−1
Repayments of finance lease liabilities	−508,302	−1	−435,343	77,939	−380,334
Proceeds from issuance of common stock and prefunded warrants	0	10	0	24	0
Proceeds from related party loan	1	0	—	—	—
Capital contribution from noncontrolling interest	13,788	0	—	—	—
Net Cash provided by Financing Activities	719,287	8	580,645	14	14
Net Change in Cash, Cash Equivalents, and Restricted Cash	−6	446,547	−6	−892,009	4
Effect of exchange rate changes on cash, cash equivalents and restricted cash	−191,524	−88,645	314,119	−859,554	−1
Cash paid for interest	157,286	160,926	178,872	348,575	635,671
Cash paid for income taxes	0	0	0	0	—
Financed purchases of property and equipment	149,532	166,443	1	—	—

Filings

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