The company's financial leverage has intensified, with the debt-to-equity ratio climbing to 1.71 in 2026Q1 as accumulated retained earnings reached a deficit of $97.5M.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Total Current Assets | 14.15M | 15.96M | 20.64M | 22.09M | 27.67M | 28.07M | 25.65M | 27.49M | 11.37M | 9.43M | 8.51M | 12.98M | 14.66M | 12.24M | 11.83M | 11.16M | 5.42K | 5.6K | 9.44K |
| Cash & Short-Term Investments | 2.73M | 5.07M | 10.87M | 9.48M | 15.16M | 15.36M | 11.75M | 7.07M | 3.78M | 2.49M | 1.21M | 1.37M | 5.85M | 4.88M | 3.87M | 1.03M | 5.42K | 5.6K | 9.44K |
| Cash Only | 2.73M | 5.07M | 10.87M | 9.48M | 15.16M | 15.36M | 11.75M | 7.07M | 3.78M | 2.49M | 1.21M | 1.37M | 5.85M | 4.88M | 3.87M | 1.03M | 5.42K | 5.6K | 9.44K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 4.3M | 4.16M | 4.06M | 6.06M | 4.56M | 3.86M | 5.84M | 11.94M | 3.03M | 2.25M | 2.06M | 6.22M | 3.51M | 2.98M | 3.44M | 6.83M | 3.55M | 0 | 0 |
| Days Sales Outstanding | 104.98 | 92.07 | 101.54 | 122.93 | 104.22 | 77.18 | 94.58 | 133.5 | 90.45 | 72.45 | 54.09 | 143.51 | 87.96 | 84.81 | 74.28 | 117.6 | 82.3 | - | - |
| Inventory | 6.48M | 0 | 5.54M | 5.27M | 4.06M | 5.42M | 5.52M | 5.2M | 4.43M | 4.66M | 5.17M | 4.92M | 4.91M | 4.26M | 4.11M | 2.98M | 0 | 0 | 0 |
| Days Inventory Outstanding | 156.61 | - | 140.91 | 126.28 | 96.18 | 118.5 | 98.9 | 74.49 | 144.88 | 152.8 | 151.42 | 142.45 | 143.93 | 135 | 105.56 | 67.3 | - | - | - |
| Other Current Assets | 636.05K | 6.73M | 168.44K | 1.28M | 2.16M | 2.13M | 1.52M | 2.71M | 0 | 0 | 0 | 464.95K | 328.52K | 104.14K | 267.33K | 17.79K | 7K | 0 | 0 |
| Total Non-Current Assets | 10.8M | 11.32M | 11.79M | 13.88M | 12.46M | 16.99M | 16.56M | 11.1M | 1.79M | 2.25M | 2.91M | 15.09M | 16.76M | 8M | 7.21M | 6.83M | 73 | 221 | 368 |
| Property, Plant & Equipment | 9.99M | 0 | 11.07M | 13.06M | 11.57M | 15.78M | 15.27M | 9.88M | 1.43M | 1.96M | 2.63M | 3.54M | 4.52M | 5.83M | 6.65M | 6.65M | 73 | 221 | 368 |
| Fixed Asset Turnover | 2.01x | - | 1.32x | 1.38x | 1.38x | 1.16x | 1.48x | 3.30x | 8.54x | 5.79x | 5.28x | 4.47x | 3.22x | 2.20x | 2.54x | 3.19x | 215463.25x | - | - |
| Goodwill | 242.54K | 248.15K | 220.69K | 233.72K | 226.09K | 240.26K | 260.23K | 236.13K | 0 | 0 | 0 | 7.58M | 8.46M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 33.32K | 36.13K | 39.37K | 114.59K | 212.93K | 334.74K | 480.06K | 488.72K | 748 | 3.35K | 5.61K | 10.39K | 16.71K | 24.69K | 29.15K | 34.17K | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.71K | 6K | 5.28K | 21.84K | 6.08K | 6.88K | 234.09K | 6.48K | 0 | 0 | 0 |
| Other Non-Current Assets | 534.5K | 11.03M | 456.66K | 470.35K | 450.04K | 628.11K | 545.67K | 498.05K | 347.93K | 283.69K | 261.55K | 252.38K | 259.07K | 271.92K | 300.28K | 146.18K | 0 | 0 | 0 |
| Total Assets | 24.95M | 27.28M | 32.43M | 35.97M | 40.13M | 45.05M | 42.21M | 38.59M | 13.16M | 11.68M | 11.41M | 28.07M | 31.43M | 20.24M | 19.04M | 17.99M | 5.5K | 5.82K | 9.8K |
| Asset Turnover | 0.56x | 0.61x | 0.45x | 0.50x | 0.40x | 0.41x | 0.53x | 0.85x | 0.93x | 0.97x | 1.22x | 0.56x | 0.46x | 0.63x | 0.89x | 1.18x | 2860.83x | - | - |
| Asset Growth % | -22.82% | -15.88% | -9.85% | -10.35% | -10.94% | 6.74% | 9.38% | 193.25% | 12.67% | 2.34% | -59.35% | -10.67% | 55.3% | 6.28% | 5.81% | 327196.89% | -5.55% | -40.62% | - |
| Total Current Liabilities | 5.66M | 4.72M | 4.9M | 7.5M | 6.09M | 16.87M | 9.81M | 10.33M | 4.62M | 4.77M | 5.01M | 5.34M | 4.09M | 4.55M | 3.76M | 9.28M | 11.65K | 12.6K | 7.22K |
| Accounts Payable | 2.04M | 1.55M | 1.3M | 2.44M | 1.39M | 1.65M | 2.33M | 4.34M | 2.12M | 1.78M | 2.26M | 3.46M | 2.34M | 1.59M | 2.29M | 3.03M | 1.07M | 11.28K | 5.9K |
| Days Payables Outstanding | 44.58 | 37.15 | 33.08 | 58.6 | 32.9 | 36 | 41.77 | 62.17 | 69.38 | 58.19 | 66.21 | 100.1 | 68.44 | 50.31 | 58.77 | 68.35 | 32.26 | - | - |
| Short-Term Debt | 1.22M | 0 | 0 | 0 | 0 | 8.4M | 0 | 0 | 13.79K | 26.19K | 60.92K | 150.16K | 170.19K | 208.42K | 203.5K | 3.78M | 1.13M | 0 | 0 |
| Deferred Revenue (Current) | 284.26K | 140.99K | 109.32K | 382.65K | 649.56K | 914.83K | 1.15M | 1.42M | 615.12K | 1.24M | 298.97K | 293.04K | 144.48K | 1.31M | 502.61K | 3.71K | -1.32K | -1.32K | 0 |
| Other Current Liabilities | 2.23M | 0 | 0 | 0 | 0 | 0 | 0 | 1.11M | 933.77K | 1.82M | 120.98K | -300.31K | -340.37K | 1.1M | 67.12K | 905.68K | 0 | 0 | 0 |
| Current Ratio | 2.50x | 3.38x | 4.21x | 2.95x | 4.55x | 1.66x | 2.61x | 2.66x | 2.46x | 1.98x | 1.70x | 2.43x | 3.58x | 2.69x | 3.15x | 1.20x | 0.47x | 0.44x | 1.31x |
| Quick Ratio | 1.35x | 3.38x | 3.08x | 2.24x | 3.88x | 1.34x | 2.05x | 2.16x | 1.50x | 1.00x | 0.67x | 1.51x | 2.38x | 1.76x | 2.05x | 0.88x | 0.47x | 0.44x | 1.31x |
| Cash Conversion Cycle | 217.02 | - | 209.36 | 190.61 | 167.5 | 159.69 | 151.71 | 145.83 | 165.95 | 167.06 | 139.3 | 185.85 | 163.46 | 169.5 | 121.07 | 116.55 | - | - | - |
| Total Non-Current Liabilities | 11.74M | 12.18M | 10.87M | 11.2M | 10.73M | 15.41M | 7.58M | 5.25M | 0 | 0 | 133.84K | 165.57K | 368.61K | 554.36K | 729.57K | 1.97M | 5K | 0 | 0 |
| Long-Term Debt | 6.76M | 10.7M | 5.3M | 4.69M | 5.48M | 6.19M | 0 | 0 | 0 | 0 | 39.9K | 0 | 0 | 0 | 0 | 350K | 400K | 0 | 0 |
| Capital Lease Obligations | 21.46M | 5.35M | 5.51M | 6.41M | 5.09M | 8.65M | 7.27M | 4.31M | 0 | 0 | 93.94K | 165.57K | 368.61K | 554.36K | 729.57K | 950.35K | 925.75K | 0 | 0 |
| Deferred Tax Liabilities | 189.78K | 63.65K | 57.96K | 101.06K | 154.65K | 224.78K | 305.17K | 338.76K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 668.48K | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | -3.93M | 0 | 0 | 0 | 346.94K | 0 | 599.17K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.8M | 0 | 0 |
| Total Liabilities | 17.4M | 16.91M | 15.77M | 18.7M | 16.82M | 32.28M | 17.39M | 15.58M | 4.62M | 4.77M | 5.14M | 5.51M | 4.46M | 5.1M | 4.49M | 11.25M | 16.65K | 12.6K | 7.22K |
| Total Debt | 12.89M | 17.28M | 11.81M | 12.22M | 11.54M | 24.46M | 8.69M | 5.35M | 13.79K | 26.19K | 194.75K | 315.73K | 538.8K | 762.78K | 933.07K | 5.27M | 5K | 1.32M | 0 |
| Net Debt | 10.16M | 12.21M | 944.93K | 2.74M | -3.62M | 9.1M | -3.06M | -1.72M | -3.76M | -2.46M | -1.01M | -1.05M | -5.31M | -4.12M | -2.94M | 4.24M | -425 | 1.32M | -9.44K |
| Debt / Equity | 1.71x | 1.67x | 0.71x | 0.71x | 0.49x | 1.91x | 0.35x | 0.23x | 0.00x | 0.00x | 0.03x | 0.01x | 0.02x | 0.05x | 0.06x | 0.78x | - | - | - |
| Debt / EBITDA | -1.93x | - | - | - | - | - | - | 6.98x | - | - | - | - | - | - | - | 2.13x | 0.00x | - | - |
| Net Debt / EBITDA | -1.52x | - | - | - | - | - | - | -2.25x | - | - | - | - | - | - | - | 1.71x | -0.00x | - | - |
| Interest Coverage | -10.16x | -26.27x | -60.97x | -56.87x | -33.31x | -14.80x | -83.97x | -12.68x | -57.23x | -103.12x | -337.91x | -55.34x | -88.65x | -125.76x | -25.51x | 7.67x | 0.21x | - | - |
| Total Equity | 7.55M | 10.37M | 16.65M | 17.28M | 23.31M | 12.77M | 24.82M | 23.01M | 8.54M | 6.91M | 6.27M | 22.57M | 26.97M | 15.13M | 14.55M | 6.74M | -11.15K | -6.78K | 2.58K |
| Equity Growth % | -62.25% | -37.72% | -3.6% | -25.88% | 82.46% | -48.53% | 7.88% | 169.4% | 23.55% | 10.25% | -72.22% | -16.31% | 78.17% | 3.99% | 115.82% | 60584.52% | -64.42% | -362.63% | - |
| Book Value per Share | 0.77 | 1.08 | 2.64 | 3.04 | 5.27 | 4.74 | 9.36 | 9.36 | 4.28 | 5.32 | 5.45 | 19.62 | 26.65 | 19.38 | 19.70 | 13.41 | -0.04 | -0.01 | 0.02 |
| Total Shareholders' Equity | 7.63M | 10.43M | 16.65M | 17.28M | 23.31M | 12.77M | 24.82M | 23.01M | 8.54M | 6.91M | 6.27M | 22.57M | 26.95M | 15.11M | 14.52M | 6.72M | -11.15K | -6.78K | 2.58K |
| Common Stock | 9.95K | 9.63K | 9.47K | 5.73K | 5.5K | 21.29K | 21.66K | 20.55K | 72.92K | 44.43K | 36.84K | 39.53K | 39.41K | 27.21K | 24.11K | 21.6K | 41.37K | 21.37K | 1.37K |
| Retained Earnings | -97.51M | -94.8M | -86.27M | -75.92M | -67.35M | -53.18M | -42.05M | -32.25M | -32.29M | -28.47M | -24.01M | -7.59M | -5.38M | -2.32M | 2.51M | 5.28M | -135.15K | -110.78K | -81.42K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -25.02K | -25.02K | 0 |
| Accumulated OCI | -5.34M | -5.21M | -6.36M | -5.6M | -6.32M | -4.98M | -3.05M | -6.17M | -5.74M | -5.04M | -5.69M | -5.38M | -2.84M | -292.56K | -542.81K | -596.01K | 1.78M | 0 | -15.98K |
| Minority Interest | -76.08K | -61.09K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.72K | 24.56K | 28.43K | 26.2K | 0 | 0 | 0 |
Insufficient liquidity for operations
As reported in financial statements, LIQT's total assets have contracted from $36.0M in 2023Q4 to $24.9M by 2026Q1, reflecting a persistent erosion of the capital base driven by recurring operating losses and the ongoing consumption of cash reserves to fund the company's high-fixed-cost manufacturing model.
The consistent decline in total assets suggests that the company is struggling to replace its capital base as it burns through liquidity. Investors should monitor whether this downward trajectory in asset value indicates a long-term inability to achieve the scale necessary for self-sustaining operations.
According to recent SEC filings, LIQT's debt-to-equity ratio has climbed significantly from 0.71 in 2024Q4 to 1.71 in 2026Q1, signaling that the company is increasingly reliant on debt financing to bridge the gap between its operational cash burn and its limited internal capital generation.
The shift toward higher leverage in the face of negative earnings warrants caution, as it increases the company's sensitivity to interest rate fluctuations and refinancing risks. This trend suggests that the balance sheet is becoming more fragile as the company attempts to navigate its current growth phase.
Based on the provided financial data, LIQT's cash position has dwindled to $2.7M as of 2026Q1, down from $10.9M in 2024Q4, which indicates a narrowing runway that may necessitate further dilutive capital raises to maintain ongoing operations and meet short-term debt obligations.
While the current ratio remains at 2.50, the absolute decline in cash reserves is the more critical metric for assessing the company's survival. The rapid depletion of liquid assets suggests that the company's current business model is not generating sufficient cash to cover its operational overhead.
As evidenced by the company's balance sheet, accumulated retained earnings have reached a deficit of $97.5M as of 2026Q1, highlighting a long-term history of value destruction that continues to weigh heavily on the company's total equity position and overall financial health.
The persistent growth of this deficit underscores the difficulty the company has faced in converting its proprietary technology into profitable outcomes. This trend suggests that shareholders have been consistently diluted to offset the cumulative impact of these operational losses over the observed period.
Based on reported figures, the company's reliance on $10.0M in net PPE against a backdrop of negative margins suggests a potential risk of future impairment charges if the manufacturing facilities fail to reach the utilization rates required to justify their current carrying values.
The lack of significant goodwill on the balance sheet is a positive, yet the concentration of value in specialized manufacturing equipment remains a concern. If the company cannot improve its yield rates, these assets may not provide the expected economic benefits, potentially leading to further balance sheet write-downs.
Quick answers to the most common questions about buying LIQT stock.
As of 2025, LiqTech International, Inc. (LIQT) had total assets of $27.3M including $16.0M in current assets.
LiqTech International, Inc. (LIQT) carries total debt of $17.3M, offset by $5.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
LiqTech International, Inc. (LIQT) has total shareholders' equity (book value) of $10.4M ($1.08 book value per share). Book value represents the net worth of the company belonging to common stock holders.
LiqTech International, Inc. (LIQT) reported a current ratio of 3.38x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.