LIQT LIQTECH INTERNATIONAL INC

Overview and Growth

In fiscal 2025, LIQTECH INTERNATIONAL INC recorded $16.51M of revenue, net loss of $8.53M, and an operating cash outflow of $6.11M. At $16.51M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $14.60M in fiscal 2024, revenue recorded a 13.0% year-over-year increase. At period end, total assets were $27.28M, framing the scale of the company’s operating and financing commitments. Revenue equaled 0.61x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Gross profit was $1.25M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross profit represented 7.6% of revenue, showing how much of the top line remained after direct costs. The company recorded an operating loss of $8.31M after the reported operating expense base. An operating margin of -50.3% reflected costs exceeding revenue-level gross profit by 50.3% of sales. The bottom-line result was a net loss of $8.53M after operating, financing, tax, and other recognized items. The net loss equaled 51.7% of revenue, showing the bottom-line deficit relative to the company’s sales base. Negative EBITDA totaled $6.62M, confirming that the earnings deficit remained before depreciation and amortization. Before income taxes, the company recorded a loss of $8.60M, bridging the operating result to the final net loss. The pretax loss equaled 52.1% of revenue, measuring the pre-tax deficit against sales. The company recognized an income-tax benefit of $1.45K, increasing after-tax earnings relative to the pretax result. The net loss equaled 82.2% of period-end equity, showing the deficit relative to book capital. The net loss equaled 31.3% of period-end assets, showing the deficit relative to the asset base. The bottom-line deficit decreased from $10.35M in fiscal 2024 to $8.53M.

Liquidity and Capital Structure

The company held $27.28M of assets against $16.91M of liabilities and $10.37M of equity, revealing how the asset base was financed. At period end, current assets of $15.96M compared with current liabilities of $4.72M, defining the company’s short-term resource position. At 3.38x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $5.07M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 107.4% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Book equity represented 38.0% of total assets, quantifying the balance-sheet share supported by shareholder capital. Liabilities represented 62.0% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 18.6%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 15.9% from $32.43M in fiscal 2024, leaving current total assets lower year over year. Book equity was 37.7% lower than fiscal 2024 equity of $16.65M, showing how shareholder capital changed year over year.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $6.11M, rather than cash generation from operations. Capital spending of $395.18K added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Operating cash flow and capital spending combined to leave a $6.50M cash deficit after capital spending. Relative to revenue, the post-investment cash deficit represented 39.4%. The cash deficit after capital spending represented 23.8% of the period-end asset base. Cash absorbed by operations decreased from $7.53M in fiscal 2024 to $6.11M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.