LiqTech International (LIQT) investor relations material

Executive summary

• Revenue grew 13% year-over-year to $16.5 million, driven by a 49% increase in systems and aftermarket revenue and record pool system sales.

• Strategic focus shifted toward higher-value, standardized system sales, especially in pool, industry, and marine segments.

• Net loss for FY 2025 narrowed to $8.6 million from $10.3 million in FY 2024; adjusted EBITDA improved to -$5 million from -$6.1 million.

• Expansion into new geographies, including the U.S. and six countries overall, with a new Texas service center and a joint venture in China.

• Delays in large oil and gas orders impacted original revenue guidance, but the pipeline remains active.

Financial highlights

• 2025 revenue was $16.5 million, up from $14.6 million in 2024.

• Systems and aftermarket sales reached $8.2 million, up from $5.5 million; DPF and ceramic membrane sales declined to $4 million from $5.6 million.

• Gross margin improved to 7.6% from 1.7% year-over-year.

• Adjusted EBITDA was -$5 million, an improvement from -$6.1 million in 2024.

• Ended the quarter with $5.1 million in cash.

Outlook and guidance

• 2026 revenue guidance is $23 million-$27 million, with positive adjusted EBITDA expected in the mid-to-high range of guidance.

• Pool revenue projected at $5 million-$6 million, marine at $4 million, water for energy and industry at $5 million-$8 million, and legacy DPF/plastics at $9 million.

• Systems revenue expected to grow 70%-120% to $14 million-$18 million.

• Growth driven by pool, industry, and marine segments; oil and gas timing remains unpredictable.