LiqTech has failed to generate positive free cash flow in any of the last ten quarters, with FCF margins frequently exceeding -50% and cash reserves declining from $10.9M in 2024Q4 to $2.7M in 2026Q1.
| 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 |
|---|
| Cash from Operations | -6.75M | -6.11M | -7.53M | -4.18M | -12.04M | -7.2M | -2.6M | -4.55M | -3.91M | -3.32M | 415.79K | -2.09M | -5.73M | -2.14M | -478.08K | 5.15K | -25.18K | -23.84K | -12.79K |
| Operating CF Margin % | - | -37% | -51.59% | -23.24% | -75.33% | -39.42% | -11.54% | -13.93% | -32% | -29.23% | 2.99% | -13.22% | -39.38% | -16.7% | -2.83% | 0.02% | -0.16% | - | - |
| Operating CF Growth % | -5.42% | 18.93% | -80.07% | 65.25% | -67.12% | -177.19% | 42.84% | -16.16% | -18.06% | -897.36% | 119.89% | 63.53% | -167.76% | -347.91% | -9386.66% | 120.45% | -5.62% | -86.3% | - |
| Net Income | -8.89M | -8.6M | -10.35M | -8.57M | -14.17M | -11.13M | -9.81M | 39.62K | -3.81M | -4.46M | -16.42M | -2.19M | -3.08M | -4.85M | -2.77M | 998.89K | -24.37K | -29.36K | -14.97K |
| Depreciation & Amortization | 2.25M | 2.3M | 2.74M | 3.14M | 2.59M | 2.74M | 2.83M | 1.34M | 648.73K | 939.5K | 1.38M | 1.44M | 1.63M | 1.69M | 1.52M | 1.38M | 148 | 147 | 147 |
| Stock-Based Compensation | 487.29K | 987.07K | 664.43K | 627.9K | 934.42K | 481.11K | 343.78K | 197.94K | 116.43K | 178.94K | 435.79K | 369.53K | 573.03K | 1.32M | 120.49K | 123.98K | 0 | 0 | 0 |
| Deferred Taxes | -1.49K | -1.45K | -38.84K | -57.54K | -55.99K | -63.04K | -63.2K | 13.93K | 0 | 0 | 3.86M | -250.52K | -1.21M | -1.62M | -993.98K | 177.66K | 0 | 0 | 0 |
| Other Non-Cash Items | 784.84K | 492.65K | 1.07M | 833.04K | 2.24M | -124.63K | 567.4K | -520.71K | 556.04K | -284.28K | 9.6M | 93.41K | 422.66K | 435.57K | 1.18M | -145.48K | 0 | 0 | 0 |
| Working Capital Changes | -1.35M | -1.28M | -1.62M | -156.95K | -3.58M | 889.43K | 3.53M | -5.62M | -1.42M | 310.83K | 1.56M | -1.56M | -4.07M | 886.52K | 471.57K | -2.53M | -955 | 5.38K | 2.02K |
| Change in Receivables | -262.93K | -706.08K | 1.72M | -1.59M | -921.58K | 1.58M | 5.65M | -8.63M | -999.1K | -241.26K | 841.92K | -1.28M | 877.46K | 698.83K | 2.41M | -3.59M | 0 | 0 | 0 |
| Change in Inventory | -433.37K | -238.79K | -587.81K | -1.05M | 984.13K | -336.65K | -322.8K | -443.78K | 32.24K | 564.36K | -1.15M | -175.95K | 712.27K | -434.84K | -1.16M | -1.09M | 0 | 0 | 0 |
| Change in Payables | 220.86K | 99.78K | -1.05M | 990.54K | -158.8K | -532.72K | -2.01M | 2.12M | 347.25K | -487.46K | -1.19M | 1.12M | -2.68M | -702.27K | -737.73K | 1.96M | -979 | 5.38K | 2.02K |
| Cash from Investing | -369.83K | -217.93K | -424.04K | -2.89M | -1.69M | -1.45M | -4.01M | -3.7M | -170.89K | -123.67K | -373.74K | -592.66K | -2.33M | -648.5K | -1.74M | -946.64K | 0 | 0 | 0 |
| Capital Expenditures | -501.44K | -395.18K | -1.37M | -2.89M | -1.69M | -1.13M | -3.75M | -2.54M | -178.87K | -137.67K | -373.74K | -576.28K | -456.43K | -628.9K | -1.49M | -1.57M | 0 | 0 | 0 |
| CapEx % of Revenue | 3.13% | 2.39% | 9.37% | 16.07% | 10.58% | 6.2% | 16.67% | 7.79% | 1.46% | 1.21% | 2.69% | 3.64% | 3.13% | 4.9% | 8.81% | 7.42% | - | - | - |
| Acquisitions | 9.88K | 0 | 0 | 0 | 0 | -317.87K | -301.57K | -1.15M | 7.98K | 14K | 0 | 0 | -1.87M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 121.73K | 177.25K | 943.69K | 7.25K | 635 | 1.11K | 47.22K | -3.02K | 7.98K | 14K | 0 | -16.38K | -1.87M | 3.5K | 2.49K | 689.83K | 0 | 0 | 0 |
| Cash from Financing | -586.67K | 719.29K | 8.49M | 580.64K | 13.7M | 13.9M | 7.22M | 14.63M | 6.02M | 4.1M | -202.62K | -223.07K | 10.45M | 3.68M | 5M | 1.74M | 25K | 20K | 0 |
| Debt Issued (Net) | -397.2K | 705.5K | -1.43M | 580.64K | -10.72M | 13.9M | -38.73K | -22.57K | -12.4K | -168.57K | -202.62K | -223.07K | -355.54K | -170.29K | -5.13M | 133.53K | 67.18K | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 9.92M | 0 | 24.42M | 0 | 4.66M | 14.52M | 6.03M | 4.47M | 0 | 0 | 12.07M | 3.85M | 7.08M | 29.09K | 20K | 20K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.58M | 0 | 0 | 0 |
| Other Financing | -189.47K | 13.79K | 0 | 0 | 0 | 0 | 2.59M | 133.2K | 0 | -192.74K | 0 | 0 | -1.26M | 0 | 3.06M | 1.58M | -20K | 0 | 0 |
| Net Change in Cash | -7.71M | -5.8M | 446.55K | -6.18M | -892.01K | 4.22M | 3.48M | 6.01M | 1.29M | 1.28M | -161.94K | -4.48M | 969.48K | 1.01M | 2.84M | 473.8K | -175 | -3.83K | -12.79K |
| Free Cash Flow | -7.25M | -6.5M | -8.9M | -7.08M | -13.73M | -8.34M | -6.41M | -7.12M | -4.09M | -3.45M | 42.05K | -2.67M | -6.19M | -2.77M | -1.97M | -1.57M | -25.18K | -23.84K | -12.79K |
| FCF Margin % | -45.26% | -39.4% | -60.95% | -39.31% | -85.9% | -45.62% | -28.45% | -21.81% | -33.46% | -30.44% | 0.3% | -16.87% | -42.51% | -21.6% | -11.64% | -7.4% | -0.16% | - | - |
| FCF Growth % | 9.51% | 26.94% | -25.78% | 48.45% | -64.68% | -30.1% | 9.96% | -73.88% | -18.53% | -8310.96% | 101.58% | 56.91% | -123.45% | -40.66% | -25.67% | -6125.03% | -5.62% | -86.3% | - |
| FCF per Share | -0.74 | -0.68 | -1.41 | -1.24 | -3.10 | -3.09 | -2.42 | -2.90 | -2.05 | -2.66 | 0.04 | -2.32 | -6.12 | -3.55 | -2.67 | -3.12 | -0.09 | -0.03 | -0.10 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.72x | 0.73x | 0.49x | 0.85x | 0.65x | 0.26x | -114.77x | 1.03x | 0.74x | -0.03x | 0.95x | 1.87x | 0.44x | 0.17x | 0.01x | 3.80x | 0.81x | 0.85x |
| Interest Paid | 61.16K | 0 | 160.93K | 178.87K | 348.57K | 635.67K | 103.95K | 8.81K | 0 | 45.89K | 38.95K | 51.23K | 53.38K | 50.95K | 0 | 203.68K | 214.52K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 13.73K | 17.41K | 0 | 580 | 590 | 570 | 1K | 1K | 0 | 359.51K | 145.53K | 0 | 0 |
Persistent operational cash burn
According to quarterly financial data, LiqTech consistently reports operating cash flow that is significantly lower than net income, with OCF/NI ratios frequently hovering between 0.55 and 0.86, suggesting that the company's reported losses are actually understated relative to the cash reality of its operations.
The persistent gap between net income and operating cash flow indicates that the company is struggling to collect on its project-based revenue, likely due to the milestone-heavy nature of its industrial contracts. Investors should monitor whether this divergence reflects aggressive revenue recognition or simply the inherent difficulty of managing working capital in a project-driven business model.
As reported in financial statements, LiqTech has failed to generate positive free cash flow in any of the last ten quarters, with FCF margins frequently exceeding -50%, indicating that the business model is currently unable to self-fund its operations or capital expenditure requirements.
The consistent negative FCF trajectory highlights a structural inability to reach the break-even point required to cover both operating expenses and necessary maintenance capex. This trend suggests that the company remains entirely dependent on external financing to sustain its ongoing research and manufacturing activities.
Based on recent SEC filings, LiqTech's working capital changes have been highly erratic, swinging from a $1 million outflow in 2024Q1 to a $496k inflow in 2023Q4, which underscores the extreme difficulty in predicting cash conversion cycles for its specialized industrial filtration systems.
The volatility in working capital suggests that the company is highly susceptible to timing differences in customer payments and inventory management. Such fluctuations may indicate that the company is forced to carry significant inventory levels, which risks obsolescence given the specialized nature of its SiC membrane technology.
As evidenced by the provided data, LiqTech's capital expenditure as a percentage of revenue has remained elevated, peaking at 16.1% in 2023Q4, which reflects the heavy burden of maintaining energy-intensive kiln-firing facilities despite the company's inability to achieve meaningful top-line scale.
The high capital intensity relative to revenue suggests that the company is trapped in a cycle of reinvestment just to maintain its current manufacturing capacity. This capital-heavy profile is particularly concerning given the lack of pricing power and the persistent negative operating margins observed across the reporting period.
Based on reported figures, LiqTech's cash flow statement is heavily bolstered by non-cash adjustments, including significant depreciation and amortization charges and stock-based compensation, which effectively hide the true extent of the company's operational cash burn from a headline perspective.
The reliance on non-cash add-backs to reconcile net income to operating cash flow suggests that the company's underlying operational health is weaker than the headline cash flow figures might imply. Investors should be wary of the extent to which these accounting adjustments obscure the actual cash required to keep the business operational.
Quick answers to the most common questions about buying LIQT stock.
LiqTech International, Inc. (LIQT) generated $-6.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
LiqTech International, Inc. (LIQT) reported negative free cash flow of $6.5M in 2025, indicating capital requirements exceeded cash from operations.
LiqTech International, Inc. (LIQT) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.