NASDAQ : LIQT
LiqTech International, Inc. — Financial statements
Industrials · Pollution & Treatment Controls · Denmark
Last price 0.323 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 10.64M
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Financial statements
LiqTech International, Inc. (LIQT) reported revenue of 15.43M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 15.43M | 16.51M | 14.60M | 18.00M | 15.98M | 18.27M |
| Cost of Revenue | 14.03M | 15.26M | 14.35M | 15.23M | 15.42M | 16.70M |
| Gross Profit | 1.40M | 1.25M | 250.91K | 2.78M | 567.14K | 1.58M |
| Selling, General & Admin | 8.78M | 8.40M | 8.39M | 9.16M | 9.37M | 10.40M |
| Research & Development | 1.24M | 1.16M | 1.35M | 1.42M | 1.84M | 1.86M |
| Operating Expenses | 10.02M | 9.56M | 9.74M | 10.57M | 11.21M | 12.26M |
| Operating Income | -8.62M | -8.31M | -9.49M | -7.80M | -10.64M | -10.69M |
| Interest Expense | -1.31M | -742.44K | -783.11K | -552.57K | -419.94K | -708.18K |
| Interest & Investment Income | 351.38K | 445.50K | 178.83K | 366.37K | 384.06K | 371.47K |
| Currency Exchange Gain (Loss) | -264.67K | 67.92K | 164.31K | -359.96K | 404.16K | 668.25K |
| Other Non Operating Income (Expenses) | -2.39M | -835.33K | ||||
| EBT Excluding Unusual Items | -9.84M | -8.54M | -9.93M | -8.35M | -12.66M | -11.19M |
| Merger & Restructuring Charges | -1.89M | |||||
| Gain (Loss) on Sale of Assets | -17.26K | -65.67K | -456.28K | -432.13K | 635.00 | 1.11K |
| Other Unusual Items | 147.45K | |||||
| Pretax Income | -9.86M | -8.60M | -10.38M | -8.78M | -14.41M | -11.19M |
| Income Tax Expense | -1.50K | -1.45K | -38.84K | -206.21K | -237.41K | -63.04K |
| Earnings From Continuing Operations | -9.86M | -8.60M | -10.35M | -8.57M | -14.17M | -11.13M |
| Minority Interest in Earnings | 108.72K | 74.26K | ||||
| Net Income | -9.75M | -8.53M | -10.35M | -8.57M | -14.17M | -11.13M |
| Net Income to Common | -9.75M | -8.53M | -10.35M | -8.57M | -14.17M | -11.13M |
| Shares Outstanding (Basic) | 11.18M | 9.61M | 6.31M | 5.69M | 4.42M | 2.70M |
| Shares Outstanding (Diluted) | 11.18M | 9.61M | 6.31M | 5.69M | 4.42M | 2.70M |
| EPS (Basic) | -0.87 | -0.89 | -1.64 | -1.51 | -3.20 | -4.13 |
| EPS (Diluted) | -0.87 | -0.89 | -1.64 | -1.51 | -3.20 | -4.13 |
| Free Cash Flow | -8.81M | -6.50M | -8.90M | -7.08M | -13.73M | -8.34M |
| Free Cash Flow Per Share | -0.79 | -0.68 | -1.41 | -1.24 | -3.10 | -3.09 |
| Gross Margin | 9.07% | 7.58% | 1.72% | 15.42% | 3.55% | 8.62% |
| Operating Margin | -55.87% | -50.33% | -64.96% | -43.32% | -66.58% | -58.49% |
| Profit Margin | -63.18% | -51.66% | -70.84% | -47.61% | -88.65% | -60.89% |
| Free Cash Flow Margin | -57.07% | -39.40% | -60.95% | -39.31% | -85.91% | -45.62% |
| EBITDA | -7.17M | -6.62M | -7.33M | -5.22M | -8.05M | -7.95M |
| EBITDA Margin | -46.48% | -40.08% | -50.17% | -29.02% | -50.40% | -43.49% |
| D&A For EBITDA | 1.45M | 1.69M | 2.16M | 2.58M | 2.59M | 2.74M |
| EBIT | -8.62M | -8.31M | -9.49M | -7.80M | -10.64M | -10.69M |
| EBIT Margin | -55.87% | -50.33% | -64.96% | -43.32% | -66.58% | -58.48% |
| Advertising Expenses | 105.85K | 56.04K | 70.58K | 144.04K | 308.88K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 15.66M | 5.07M | 10.87M | 9.48M | 15.16M | 15.36M |
| Cash & Short-Term Investments | 15.66M | 5.07M | 10.87M | 9.48M | 15.16M | 15.36M |
| Accounts Receivable | 5.57M | 4.16M | 4.06M | 6.06M | 4.56M | 3.86M |
| Receivables | 5.57M | 4.16M | 4.06M | 6.06M | 4.56M | 3.86M |
| Inventory | 5.96M | 6.48M | 5.54M | 5.27M | 4.06M | 5.42M |
| Prepaid Expenses | 526.35K | 245.70K | 168.44K | 337.39K | 1.72M | 1.29M |
| Restricted Cash | 941.36K | 1.44M | 2.13M | |||
| Other Current Assets | 723.87K | |||||
| Total Current Assets | 27.71M | 15.96M | 20.64M | 22.09M | 27.67M | 28.07M |
| Property, Plant & Equipment | 9.44M | 10.49M | 11.07M | 13.06M | 11.57M | 15.78M |
| Goodwill | 240.31K | 248.15K | 220.69K | 233.72K | 226.09K | 240.26K |
| Other Intangible Assets | 25.76K | 36.12K | 39.37K | 114.59K | 212.93K | 334.74K |
| Other Long-Term Assets | 529.04K | 545.57K | 456.66K | 470.35K | 450.04K | 628.11K |
| Total Assets | 37.95M | 27.28M | 32.43M | 35.97M | 40.13M | 45.05M |
| Accounts Payable | 1.40M | 1.55M | 1.30M | 2.44M | 1.39M | 1.65M |
| Accrued Expenses | 2.07M | 1.27M | 1.87M | 2.92M | 2.19M | 3.72M |
| Current Portion of Long-Term Debt | 8.40M | |||||
| Current Portion of Leases | 1.21M | 1.23M | 1.00M | 1.12M | 960.38K | 1.22M |
| Current Unearned Revenue | 98.30K | 140.99K | 109.32K | 382.65K | 649.56K | 914.83K |
| Other Current Liabilities | 420.04K | 524.83K | 621.03K | 629.10K | 898.07K | 962.31K |
| Total Current Liabilities | 6.34M | 4.72M | 4.90M | 7.50M | 6.09M | 16.87M |
| Long-Term Debt | 1.18M | 6.78M | 5.30M | 4.69M | 5.48M | 6.19M |
| Long-Term Leases | 4.57M | 5.35M | 5.51M | 6.41M | 5.09M | 8.65M |
| Long-Term Deferred Tax Liabilities | 60.91K | 63.65K | 57.96K | 101.06K | 154.65K | 224.78K |
| Other Long-Term Liabilities | 346.94K | |||||
| Total Liabilities | 12.15M | 16.91M | 15.77M | 18.70M | 16.82M | 32.28M |
| Common Stock | 32.95K | 9.63K | 9.47K | 5.73K | 5.50K | 21.29K |
| Additional Paid-In Capital | 131.76M | 110.43M | 109.27M | 98.80M | 96.98M | 70.91M |
| Retained Earnings | -100.52M | -94.80M | -86.27M | -75.92M | -67.35M | -53.18M |
| Comprehensive Income & Other | -5.36M | -5.21M | -6.36M | -5.60M | -6.32M | -4.98M |
| Total Common Equity | 25.91M | 10.43M | 16.65M | 17.28M | 23.31M | 12.77M |
| Minority Interest | -111.41K | -61.09K | ||||
| Shareholders' Equity | 25.80M | 10.37M | 16.65M | 17.28M | 23.31M | 12.77M |
| Total Liabilities & Equity | 37.95M | 27.28M | 32.43M | 35.97M | 40.13M | 45.05M |
| Total Debt | 8.10M | 13.35M | 11.81M | 12.22M | 11.54M | 24.46M |
| Net Cash (Debt) | 7.56M | -8.28M | -944.93K | -2.74M | 3.62M | -9.10M |
| Net Cash Per Share | 0.68 | -0.86 | -0.15 | -0.48 | 0.82 | -3.37 |
| Filing Date Shares Outstanding | 32.95M | 9.95M | 9.61M | 5.81M | 5.66M | 2.67M |
| Total Common Shares Outstanding | 32.95M | 9.63M | 9.48M | 5.73M | 5.50M | 2.66M |
| Working Capital | 21.37M | 11.24M | 15.74M | 14.59M | 21.58M | 11.20M |
| Book Value Per Share | 0.79 | 1.08 | 1.76 | 3.02 | 4.24 | 4.80 |
| Tangible Book Value | 25.64M | 10.15M | 16.39M | 16.93M | 22.87M | 12.20M |
| Tangible Book Value Per Share | 0.78 | 1.05 | 1.73 | 2.96 | 4.16 | 4.59 |
| Machinery | 13.80M | 12.18M | 12.21M | 10.38M | 9.81M | |
| Leasehold Improvements | 3.38M | 3.01M | 3.18M | 3.08M | 3.27M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -9.75M | -8.53M | -10.35M | -8.57M | -14.17M | -11.13M |
| Depreciation & Amortization | 2.12M | 2.30M | 2.74M | 3.14M | 2.59M | 2.74M |
| Other Amortization | 664.09K | 426.98K | 615.55K | 400.90K | 2.39M | 835.33K |
| Loss (Gain) From Sale of Assets | -12.86K | 65.67K | 456.28K | 432.13K | -635.00 | -1.11K |
| Stock-Based Compensation | 951.92K | 987.07K | 664.43K | 627.90K | 934.42K | 481.11K |
| Other Operating Activities | -110.22K | -75.71K | -38.84K | -57.54K | -203.45K | -63.03K |
| Change in Accounts Receivable | -558.24K | 387.87K | 1.72M | -1.59M | -921.58K | 1.58M |
| Change in Inventory | -386.63K | -238.79K | -587.81K | -1.05M | 984.13K | -336.65K |
| Change in Accounts Payable | -82.50K | 99.78K | -1.05M | 990.54K | -158.80K | -532.72K |
| Change in Unearned Revenue | -3.28K | 17.34K | -261.22K | -282.61K | -234.87K | -155.29K |
| Change in Other Net Operating Assets | -1.07M | -1.55M | -1.44M | 1.77M | -3.24M | -626.69K |
| Operating Cash Flow | -8.24M | -6.11M | -7.53M | -4.18M | -12.04M | -7.20M |
| Capital Expenditures | -570.48K | -395.18K | -1.37M | -2.89M | -1.69M | -1.13M |
| Sale of Property, Plant & Equipment | 142.92K | 177.25K | 943.69K | 7.25K | 635.00 | 1.11K |
| Cash Acquisitions | -317.87K | |||||
| Investing Cash Flow | -427.57K | -217.93K | -424.04K | -2.89M | -1.69M | -1.45M |
| Long-Term Debt Issued | 1.21M | 1.02M | 6.08M | 14.28M | ||
| Long-Term Debt Repaid | -508.30K | -1.43M | -435.34K | -16.80M | -380.33K | |
| Net Debt Issued (Repaid) | -2.30M | 705.50K | -1.43M | 580.64K | -10.72M | 13.90M |
| Issuance of Common Stock | 18.11M | 9.92M | 24.42M | |||
| Other Financing Activities | 1.06K | 13.79K | ||||
| Financing Cash Flow | 15.62M | 719.29K | 8.49M | 580.64K | 13.70M | 13.90M |
| Foreign Exchange Rate Adjustments | 23.77K | -191.52K | -88.64K | 314.12K | -859.55K | -1.02M |
| Net Cash Flow | 6.98M | -5.80M | 446.55K | -6.18M | -892.01K | 4.22M |
| Free Cash Flow | -8.81M | -6.50M | -8.90M | -7.08M | -13.73M | -8.34M |
| Free Cash Flow Margin | -57.07% | -39.40% | -60.95% | -39.31% | -85.91% | -45.62% |
| Free Cash Flow Per Share | -0.79 | -0.68 | -1.41 | -1.24 | -3.10 | -3.09 |
| Levered Free Cash Flow | -4.32M | -3.87M | -3.41M | -2.79M | -4.62M | -4.14M |
| Unlevered Free Cash Flow | -4.17M | -3.83M | -3.54M | -2.85M | -6.75M | -4.54M |
| Cash Interest Paid | 360.08K | 157.29K | 160.93K | 178.87K | 348.57K | 635.67K |
| Change in Working Capital | -2.10M | -1.28M | -1.62M | -156.95K | -3.58M | -69.41K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 10.55M | 14.06M | 17.41M | 19.53M | 16.68M | 121.75M |
| Enterprise Value | 2.99M | 19.90M | 25.18M | 19.43M | 11.14M | 127.15M |
| Last Close Price | 0.32 | 1.46 | 1.84 | 3.41 | 3.04 | 45.76 |
| Forward PE | 85.50 | 85.50 | 85.50 | 85.50 | 85.50 | |
| PS Ratio | 0.68 | 0.85 | 1.19 | 1.08 | 1.04 | 6.66 |
| PB Ratio | 0.41 | 1.35 | 1.05 | 1.13 | 0.72 | 9.53 |
| P/TBV Ratio | 0.41 | 1.39 | 1.06 | 1.15 | 0.73 | 9.98 |
| PEG Ratio | 1.81 | 1.81 | 1.81 | 1.81 | 1.81 | |
| EV/Sales Ratio | 0.19 | 1.21 | 1.72 | 1.08 | 0.70 | 6.96 |
| Debt / Equity Ratio | 0.31 | 1.29 | 0.71 | 0.71 | 0.49 | 1.92 |
| Net Debt / Equity Ratio | -0.29 | 0.80 | 0.06 | 0.16 | -0.15 | 0.71 |
| Net Debt / EBITDA Ratio | 1.05 | -1.25 | -0.13 | -0.52 | 0.45 | -1.15 |
| Net Debt / FCF Ratio | 0.86 | -1.27 | -0.11 | -0.39 | 0.26 | -1.09 |
| Asset Turnover | 0.44 | 0.55 | 0.43 | 0.47 | 0.38 | 0.42 |
| Inventory Turnover | 2.45 | 2.54 | 2.66 | 3.26 | 3.25 | 3.05 |
| Quick Ratio | 3.35 | 1.96 | 3.04 | 2.07 | 3.24 | 1.14 |
| Current Ratio | 4.37 | 3.38 | 4.21 | 2.94 | 4.55 | 1.66 |
| Return on Equity (ROE) | -49.63% | -63.66% | -60.98% | -42.24% | -78.53% | -59.20% |
| Return on Assets (ROA) | -15.47% | -17.39% | -17.34% | -12.81% | -15.62% | -15.31% |
| Return on Capital Employed (ROCE) | -27.30% | -36.80% | -34.50% | -27.40% | -31.30% | -37.90% |
| Earnings Yield | -272.53% | -60.67% | -59.41% | -43.89% | -84.94% | -9.14% |
| FCF Yield | -83.51% | -46.27% | -51.12% | -36.24% | -82.31% | -6.85% |
| Buyback Yield / Dilution | -2.92% | -52.36% | -10.94% | -28.57% | -64.12% | -1.69% |