LIQTHIGH SIGNALFINANCIAL10-K

LiqTech faces severe financial distress with cash reserves plummeting 51% to $5.1M while burning $6.1M annually, creating an immediate liquidity crisis.

The company's cash position has deteriorated to less than one year of operating cash flow coverage, raising serious going concern questions. Despite improvements in gross margins and reduced losses, the dramatic decline in stockholders' equity (-37%) and continued negative operating cash flow indicate the company may need immediate financing or face potential bankruptcy.

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

LiqTech shows mixed operational progress with gross profit surging 398% to $1.3M and net losses improving 18% to $8.5M, suggesting better cost management despite an 18% revenue decline to $11.3M. However, these operational improvements are overshadowed by a catastrophic cash burn, with cash reserves falling 51% to $5.1M while the company continues burning $6.1M annually in operations. The 37% collapse in stockholders' equity to $10.4M, combined with reduced capital expenditures, signals a company in severe financial distress prioritizing survival over growth.

FINANCIAL STATEMENT CHANGES
Gross Profit
P&L
+398.4%
$251K→$1.3M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

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.

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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