LiqTech International Inc

liqtech.com

What Do They Do?

Builds and sells liquid filtration systems for industrial, marine and commercial pool customers, plus ceramic filters and membranes and engineered plastic components for industrial users.

How Do They Make Money?

Customers buy filtration products and systems; for systems, the final invoice is commonly sent at commissioning or after delivery.

FY2025 revenue by reportable segment revenue

Segment	Share	How money arrives
Systems and Aftermarket Sold outright	50%	Sold outright
Filters and Membranes	24%
Components	25%
Corporate Segment	0.8% FY2022: 2.0%

Who Are Their Customers?

Industrial, marine and pool end users buy through direct sales, systems integrators, distributors, agents and partners.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: no customer at 10% or more of revenue

Do Revenues Turn Into Profits?

No. It lost $8.5M in FY2025.

Operating income, FY2025

−50% of revenue

▼ −12% (Loss) vs FY2024 (−$9.5M, −65%)

Net income, FY2025

−52% of revenue

▼ −18% (Loss) vs FY2024 (−$10.3M, −71%)

Free cash flow, FY2025

−39% of revenue

▼ −27% (Loss) vs FY2024 (−$8.9M, −61%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −12%; vs $5M in Q2 FY2025
Net income: ▲ +40% (Loss); vs −$2.2M in Q2 FY2025

Systems and Aftermarket share of revenue vs 49.3% in Q2 FY2025

Aug 31, 2026 Chief Financial and Operating Officer plans to resign David Noerby Foss Kowalczyk notified the company of his intention to resign, effective November 30, 2026.
Jul 24, 2026 Nasdaq issued a minimum-bid-price deficiency notice The stock remained listed while LiqTech had until January 19, 2027 to meet the minimum bid-price rule.

Shrinking. Revenue fell 10% in 4 years, from $18.3M in FY2021 to $16.5M in FY2025, about 3% a year.

Marine water treatment focus The earlier report describes water treatment for marine scrubber wastewater; the latest report adds a solution for exhaust-gas recirculation in dual-fuel vessels.

Produced-water commercialization The earlier report describes testing with oil and gas operators; the latest describes commercial installations and a containerized treatment solution.

Revenue over time

Systems and Aftermarket Filters and Membranes Components Corporate Segment Plastics Segment Ceramics Segment Water Segment

$20M$10M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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