LIQTMEDIUM SIGNALFINANCIAL10-K

LiqTech International shows deteriorating financial performance with an 18% revenue decline and substantial cash burn reducing cash reserves by over half.

The company's financial position weakened materially with revenue falling to $11.3M while operating cash flow remained deeply negative at -$6.1M, indicating persistent operational challenges. The reduction in cash reserves from $10.4M to $5.1M combined with declining stockholders' equity raises questions about the company's ability to fund operations and growth initiatives without additional capital.

Comparing 2026-02-27 vs 2025-03-28View on EDGAR →
FINANCIAL ANALYSIS

LiqTech experienced broad-based financial deterioration with revenue declining 18% to $11.3M while operating cash flow remained substantially negative at -$6.1M, though this represented a modest improvement from the prior year's -$7.5M. The company's liquidity position weakened significantly as cash reserves fell by over half to $5.1M, while stockholders' equity declined 37% to $10.4M, reflecting continued losses and potential dilution. Despite reduced capital expenditures and lower interest expenses, the overall financial picture signals ongoing operational challenges and potential funding pressures for this clean technology filtration company.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-71.1%
$1.4M→$395K

Capex reduced 71.1% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Cash & Equivalents
Balance Sheet
-51.4%
$10.4M→$5.1M

Cash declined 51.4% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Accounts Receivable
Balance Sheet
+43.2%
$2.4M→$3.4M

Receivables surged 43.2% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Interest Expense
P&L
-40.6%
$204K→$121K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Stockholders Equity
Balance Sheet
-37.4%
$16.7M→$10.4M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Current Assets
Balance Sheet
-22.7%
$20.6M→$16.0M

Current assets declined 22.7% — monitor working capital adequacy and short-term liquidity.

Operating Cash Flow
Cash Flow
+18.9%
-$7.5M→-$6.1M

Operating cash flow grew 18.9% — strong conversion of earnings to cash, healthy business fundamentals.

Revenue
P&L
-18.4%
$13.9M→$11.3M

Revenue softened 18.4% — monitor whether this is cyclical or structural.

Net Income
P&L
+17.6%
-$10.3M→-$8.5M

Net income grew 17.6% — bottom-line growth signals improving overall business health.

Inventory
Balance Sheet
+16.9%
$5.5M→$6.5M

Inventory built 16.9% — monitor whether demand supports this build or if write-downs may follow.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-03-28
ADDED
liqt20251231_10k.htm 0001307579 LIQTECH INTERNATIONAL INC false --12-31 FY 2025 true true true The Chief Financial Officer, who is responsible for assessing and managing our cyber risk management program, informs senior management regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents and supervises such efforts.
true The Audit Committee of the Board of Directors is responsible for overseeing cybersecurity risk exposures and the steps taken by management to monitor and mitigate cybersecurity risks.
The Audit Committee of the Board of Directors is responsible for overseeing cybersecurity risk exposures and the steps taken by management to monitor and mitigate cybersecurity risks.
true false 0.001 0.001 2,500,000 2,500,000 0 0 0 0 0.001 0.001 50,000,000 50,000,000 9,627,064 9,627,064 9,475,443 9,475,443 3 10 0 1 10 5 0 1 4 1 3 10 3 10 3 10 3 5 3 5 3 5 5 10 2 http://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentNet http://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentNet 6.8 5 5 0 5 0 10,000,000 1 3 4 2041 9,627,064 9,475,443 0 0 0 5 5 3 false false false false true true Includes write-offs, the impact of foreign currency exchange rates.
As of February 26, 2026, there we re 9,947,841 shares of common stock, $0.001 par value per share, outstanding.
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REMOVED
liqt20241231_10k.htm 0001307579 LIQTECH INTERNATIONAL INC false --12-31 FY 2024 true true true true true false 0.001 0.001 2,500,000 2,500,000 0 0 0 0 0.001 0.001 50,000,000 50,000,000 9,475,443 9,475,443 5,727,310 5,727,310 3 10 0 1 10 5 0 3 10 3 10 3 10 3 5 3 5 3 5 5 10 2 http://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentNet http://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentNet 6.7 5 5 0 5 0 1 3 4 2041 9,475,443 5,727,310 0 0 0 1 1 1 1 1 5 false false false false Includes write-offs, the impact of foreign currency exchange rates.
As of March 28, 2025, there were 9,606,024 shares of common stock, $0.001 par value per share, outstanding.
is a clean technology company that manufactures and markets highly specialized filtration products and systems.
We market our products from our offices in Denmark and through local representatives and distributors.
At present, we conduct our operations in the Kingdom of Denmark.
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