BALLERUP, Denmark, Nov. 13, 2025 (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 2025 for the period ended September 30, 2025.
Recent Financial Highlights
- Q3 2025 revenue of $3.8 million, an increase of 54% increase from $2.5 million in Q3 2024.
- Strong gross profit margins improvement (+28.1% points) and operating expense reduction (down 12.6%) highlight operational efficiencies.
- Q3 2025 net loss of $(1.5) million compared to $(2.8) million in Q3 2024.
- Ending cash balance of $7.3 million on September 30, 2025.
Outlook
- Q4 2025 revenue expected to be between $4.6 and $5.6 million, equating to 38% to 67% growth compared to Q4 2024.
- The Company expects full year 2025 revenue to be between $18.0 million and $19.0 million which would equate to a 23% to 30% increase from the full year 2024. The change in guidance is solely driven by timing in purchase orders in the Company's systems business, where customers have moved two orders from Q4 2025 to start Q1 2026.
Recent Operational Highlights
- Total water system revenue increased by 187% during the quarter totaling $2.0 million driven by strong pool system deliveries and the delivery of a system for oily wastewater.
- Pool system revenue, totaling $1.0 million during the quarter, was fueled by multiple large orders, including one of the Company's largest pool system orders to date, valued at over $500,000. The market interest is strong, and the pipeline continues to grow in the Company's key markets.
- Successful delivery and commissioning during the quarter of an advanced membrane-based filtration system to treat oily wastewater to NorthStar BlueScope Steel, a major U.S.-based steel producer.
- Received the first two commercial orders for marine dual-fuel engine water treatment systems, totaling three units at the Company's joint venture in China.
- Expanded U.S. presence with Texas service center to support produced water and industrial filtration solutions.
- Plastic revenue increased 54% totaling $1.0 million during the quarter driven by strong external interest within especially food processing, and the movement of our production facility in Q3 2024.
Management Commentary
"We successfully executed during the quarter against our key strategic objectives resulting in 54% revenue growth, improvement in gross margins, reduction in operating expenses, and strong bookings," commented Fei Chen, CEO of LiqTech. "A key driver during the quarter was the strength within our water treatment systems business, led by our swimming pool operations which achieved their highest quarterly revenue to date and new bookings which indicates a continuation of this positive trend. The market is increasingly recognizing the unique attributes of our QlariFlow filtration system and the compelling alternative it offers to traditional media filtration systems used in commercial pools."
"More broadly, we are seeing increased interest in our systems from a wide variety of applications across the world, including water for energy, industrial applications, and the marine industry. We received the first commercial orders for marine dual-fuel engine water treatment systems through our JV in China, and are seeing increased inquiries from U.S. operators to support produced water and industrial filtration solutions. The increased order flow and interest is a direct result of the numerous successful pilot programs we have implemented over the past two years showing real world examples of our robust Silicon Carbide (SiC) membrane technology designed to deliver consistent, high-quality filtration."
"With a strong order backlog heading into the fourth quarter, and a keen focus on operational efficiencies, we look forward to ending the year on a high note which continues to pave the way towards our goal of achieving positive adjusted EBITDA," Chen concluded.
Q3 2025 Financial Results
Revenue for the quarter ended September 30, 2025, was $3.8 million compared to $2.5 million for the same period in 2024, representing an increase of 54%. The favorable change was attributable to an increase in liquid filtration systems, specifically an increase in pool system deliveries and aftermarket sales, along with increased sales of plastics products, partially offset by a decrease in deliveries of DPFs.
Gross profit for the quarter ended September 30, 2025, was $0.7 million, reflecting a gross profit margin of 19.6%, compared to $(0.2) million, or a gross profit margin of (8.5)% in the same period of 2024. This improvement in gross profit was primarily driven by system sales utilization of the Company's manufacturing capacity for membranes and low depreciation expenses offset by write-offs for slow-moving inventory linked to DPF activity. Included in the gross profit was depreciation of $371,654 and $478,902 for the three months ended September 30, 2025, and 2024, respectively.
Total operating expenses for the quarter ended September 30, 2025, were $2.1 million, representing a decrease of $0.3 million, or 12.6%, compared for the same period in 2024.
Selling expenses for the three months ended September 30, 2025 were $0.5 million compared to $0.6 million for the same period in 2024, representing a decrease of 11.4%. The decrease in selling expenses is related lower depreciation partially offset by costs associated with the newly formed joint venture in China, Nantong JiTRI LiqTech Green Energy Technology Co., Ltd. (the "JV"). The primary focus of the JV is to develop and commercialize systems for the marine water treatment market in China.
General and administrative expenses for the three months ended September 30, 2025 were $1.3 million compared to $1.5 million for the same period in 2024. While overall expenses remained stable, an increase in non-cash compensation was offset by corresponding decrease in salaries. Included in general and administrative expenses were non-cash compensation of $0.3 million and $0.2 million for the three months ended September 30, 2025, and 2024, respectively.
Research and development expenses for the three months ended September 30, 2025 were $0.27 million compared to $0.28 million for the same period in 2024. The slight decrease was primarily attributed to one-time exit costs of a loss-making external development project in the prior-year period and, a reduction in the average number of employees engaged in research and development activity as the Company streamlined and centralized the R&D function.
Total Other expenses for the three months ended September 30, 2025 were $0.1 million compared to other expenses of $0.3 million for the comparable period in 2024. The change was primarily attributable to lower amortization of debt discount, reduced losses on currency transactions, and a decrease of net interest expenses for the three months ended September 30, 2025
Net loss for the quarter ended September 30, 2025 was $(1.4) million, compared to $(2.8) million in the prior year.
Cash on hand (including restricted cash) on September 30, 2025 was $7.3 million.
We are currently unable to file our Quarterly Report on Form 10-Q with the Securities and Exchange Commission because we do not possess the EDGAR codes necessary to make the filing. The company expects to file the Form 10-Q upon the end of the government shutdown and receipt of the EDGAR codes.
Conference Call Details
Date and Time: Thursday, November 13, 2025, 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/AQWpNL0NweP.
Replay: A webcast replay will be available at https://app.webinar.net/AQWpNL0NweP.
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
liqt@lythampartners.com
| LIQTECH INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| September 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and restricted cash | $ | 7,354,024 | $ | 10,868,728 | ||||
| Accounts receivable, net | 3,775,455 | 2,396,056 | ||||||
| Inventories, net | 6,425,768 | 5,541,192 | ||||||
| Contract assets | 964,171 | 1,666,698 | ||||||
| Prepaid expenses and other current assets | 255,649 | 168,443 | ||||||
| Total Current Assets | 18,775,067 | 20,641,117 | ||||||
| Non-Current Assets: | ||||||||
| Property and equipment, net | 6,172,371 | 6,618,822 | ||||||
| Operating lease right-of-use assets | 4,543,004 | 4,450,822 | ||||||
| Deposits and other assets | 519,360 | 456,658 | ||||||
| Intangible assets, net | 38,128 | 39,367 | ||||||
| Goodwill | 247,938 | 220,693 | ||||||
| Total Non-Current Assets | 11,520,801 | 11,786,362 | ||||||
| Total Assets | $ | 30,295,868 | $ | 32,427,479 | ||||
| LIQTECH INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) | ||||||||
| September 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| (Unaudited) | ||||||||
| Liabilities and Stockholders' Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 1,964,959 | $ | 1,300,966 | ||||
| Accrued expenses | 2,185,853 | 2,491,479 | ||||||
| Current portion of finance lease liabilities | 513,746 | 458,347 | ||||||
| Current portion of operating lease liabilities | 633,385 | 544,197 | ||||||
| Contract liabilities | 70,241 | 109,319 | ||||||
| Total Current Liabilities | 5,368,184 | 4,904,308 | ||||||
| Non-Current Liabilities: | ||||||||
| Deferred tax liability | 63,984 | 57,960 | ||||||
| Finance lease liabilities, net of current portion | 1,546,110 | 1,600,931 | ||||||
| Operating lease liabilities, net of current portion | 3,909,619 | 3,906,625 | ||||||
| Loan from related party | 1,208,588 | - | ||||||
| Notes payable, net | 5,422,525 | 5,303,563 | ||||||
| Total Non-Current Liabilities | 12,150,826 | 10,869,079 | ||||||
| Total Liabilities | 17,519,010 | 15,773,387 | ||||||
| Stockholders' Equity: | ||||||||
| Preferred stock; par value $0.001, 2,500,000 shares authorized, 0 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | - | - | ||||||
| Common stock; par value $0.001, 50,000,000 shares authorized and 9,627,064 and 9,475,443 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 9,627 | 9,475 | ||||||
| Additional paid-in capital | 110,171,256 | 109,274,166 | ||||||
| Accumulated deficit | (92,202,628 | ) | (86,267,438 | ) | ||||
| Accumulated other comprehensive loss | (5,170,641 | ) | (6,362,111 | ) | ||||
| Total Stockholders' Equity | 12,807,614 | 16,654,092 | ||||||
| Noncontrolling Interest | (30,756 | ) | - | |||||
| Total Equity | 12,776,858 | 16,654,092 | ||||||
| Total Liabilities and Equity | $ | 30,295,868 | $ | 32,427,479 | ||||
| LIQTECH INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 3,807,274 | $ | 2,478,221 | $ | 13,382,304 | $ | 11,198,627 | ||||||||
| Cost of goods sold | 3,059,396 | 2,687,754 | 12,024,792 | 10,419,847 | ||||||||||||
| Gross Profit (Loss) | 747,878 | (209,533 | ) | 1,357,512 | 778,780 | |||||||||||
| Operating Expenses: | ||||||||||||||||
| Selling expenses | 541,259 | 610,713 | 2,071,843 | 1,983,414 | ||||||||||||
| General and administrative expenses | 1,270,195 | 1,491,366 | 4,171,764 | 4,577,413 | ||||||||||||
| Research and development expenses | 269,426 | 278,361 | 742,105 | 940,465 | ||||||||||||
| Total Operating Expenses | 2,080,880 | 2,380,440 | 6,985,712 | 7,501,292 | ||||||||||||
| Loss from Operations | (1,333,002 | ) | (2,589,973 | ) | (5,628,200 | ) | (6,722,512 | ) | ||||||||
| Other Income (Expense): | ||||||||||||||||
| Interest and other income | 64,354 | 24,079 | 197,710 | 138,909 | ||||||||||||
| Interest expense | (63,391 | ) | (34,523 | ) | (175,140 | ) | (135,532 | ) | ||||||||
| Amortization of debt discount | (86,614 | ) | (156,988 | ) | (338,962 | ) | (453,619 | ) | ||||||||
| Gain (loss) on foreign currency transactions | (39,932 | ) | (89,086 | ) | 29,644 | 250,912 | ||||||||||
| Gain (loss) on disposal of property and equipment | (1,552 | ) | (4,096 | ) | (65,016 | ) | (457,329 | ) | ||||||||
| Total Other Expense | (127,135 | ) | (260,614 | ) | (351,764 | ) | (656,659 | ) | ||||||||
| Loss Before Income Taxes | (1,460,137 | ) | (2,850,587 | ) | (5,979,964 | ) | (7,379,171 | ) | ||||||||
| Income tax benefit | (375 | ) | (10,061 | ) | (1,074 | ) | (38,650 | ) | ||||||||
| Net Loss | $ | (1,459,762 | ) | $ | (2,840,526 | ) | $ | (5,978,890 | ) | $ | (7,340,521 | ) | ||||
| Net Loss attributable to noncontrolling interest | (27,849 | ) | - | (43,700 | ) | - | ||||||||||
| Net Loss attributable to LiqTech International, Inc. | (1,431,913 | ) | (2,840,526 | ) | (5,935,190 | ) | (7,340,521 | ) | ||||||||
| Loss Per Common Share - Basic and Diluted | $ | (0.15 | ) | $ | (0.49 | ) | $ | (0.62 | ) | $ | (1.26 | ) | ||||
| Weighted-Average Common Shares Outstanding - Basic and Diluted | 9,616,591 | 5,820,225 | 9,610,167 | 5,811,051 | ||||||||||||
