Revenue remains highly volatile with a 10.4% contraction in 2026Q1, while structural inefficiencies have driven operating margins to consistently negative levels, often exceeding -50% over the last ten quarters.
| 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 |
|---|
| Sales/Revenue | 16.03M | 16.51M | 14.6M | 18M | 15.98M | 18.27M | 22.53M | 32.64M | 12.23M | 11.34M | 13.91M | 15.81M | 14.56M | 12.83M | 16.92M | 21.19M | 15.73M | 0 | 0 |
| Revenue Growth % | 6.94% | 13.03% | -18.87% | 12.63% | -12.54% | -18.88% | -30.98% | 166.82% | 7.84% | -18.43% | -12.06% | 8.6% | 13.53% | -24.21% | -20.15% | 34.73% | - | - | - |
| Cost of Goods Sold | 14.51M | 15.26M | 14.35M | 15.23M | 15.42M | 16.7M | 20.38M | 25.48M | 11.17M | 11.14M | 12.47M | 12.6M | 12.46M | 11.51M | 14.22M | 16.16M | 12.05M | 0 | 0 |
| COGS % of Revenue | - | 92.42% | 98.28% | 84.58% | 96.45% | 91.37% | 90.47% | 78.05% | 91.29% | 98.18% | 89.7% | 79.67% | 85.6% | 89.77% | 84.02% | 76.27% | 76.64% | - | - |
| Gross Profit | 1.52M | 1.25M | 250.91K | 2.78M | 567.14K | 1.58M | 2.15M | 7.16M | 1.07M | 206.75K | 1.43M | 3.21M | 2.1M | 1.31M | 2.7M | 5.03M | 3.67M | 0 | 0 |
| Gross Margin % | 9.48% | 7.58% | 1.72% | 15.42% | 3.55% | 8.63% | 9.53% | 21.95% | 8.71% | 1.82% | 10.3% | 20.32% | 14.4% | 10.23% | 15.98% | 23.73% | 23.36% | - | - |
| Gross Profit Growth % | - | 398.4% | -90.96% | 389.38% | -64.02% | -26.58% | -70.03% | 571.89% | 415.6% | -85.56% | -55.44% | 53.27% | 59.83% | -51.48% | -46.22% | 36.86% | - | - | - |
| Operating Expenses | 9.92M | 9.56M | 9.74M | 10.57M | 13.1M | 12.26M | 10.4M | 7.74M | 5.55M | 4.81M | 7.22M | 6.61M | 7.29M | 7.53M | 6.6M | 3.93M | 24.34K | 29.36K | 14.97K |
| OpEx % of Revenue | - | 57.91% | 66.68% | 58.74% | 81.97% | 67.11% | 46.18% | 23.71% | 45.39% | 42.44% | 51.95% | 41.83% | 50.06% | 58.72% | 38.99% | 18.55% | 0.15% | - | - |
| Selling, General & Admin | 8.71M | 8.4M | 8.39M | 9.16M | 9.37M | 10.4M | 9.12M | 6.99M | 4.89M | 4.28M | 6.6M | 5.91M | 6.95M | 7.03M | 5.86M | 3.43M | 24.34K | 29.36K | 14.97K |
| SG&A % of Revenue | - | 50.86% | 57.42% | 50.86% | 58.64% | 56.92% | 40.5% | 21.42% | 39.99% | 37.71% | 47.45% | 37.35% | 47.75% | 54.82% | 34.61% | 16.18% | 0.15% | - | - |
| Research & Development | 1.21M | 1.16M | 1.35M | 1.42M | 1.84M | 1.86M | 1.28M | 749.25K | 661.01K | 536.85K | 626.15K | 707.84K | 336.07K | 499.97K | 742.01K | 502.41K | 0 | 0 | 0 |
| R&D % of Revenue | - | 7.05% | 9.26% | 7.88% | 11.49% | 10.19% | 5.67% | 2.3% | 5.4% | 4.73% | 4.5% | 4.48% | 2.31% | 3.9% | 4.38% | 2.37% | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 1.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.51K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -8.4M | -8.31M | -9.49M | -7.8M | -12.53M | -10.69M | -8.26M | -577.12K | -4.49M | -4.61M | -13.13M | -3.4M | -5.19M | -6.22M | -3.89M | 1.1M | 27.07K | -29.36K | -14.97K |
| Operating Margin % | -52.42% | -50.33% | -64.96% | -43.32% | -78.42% | -58.49% | -36.65% | -1.77% | -36.67% | -40.62% | -94.46% | -21.5% | -35.66% | -48.5% | -23.01% | 5.18% | 0.17% | - | - |
| Operating Income Growth % | - | 12.43% | -21.65% | 37.78% | -17.28% | -29.46% | -1330.39% | 87.13% | 2.63% | 64.93% | -286.44% | 34.53% | 16.53% | -59.73% | -454.97% | 3951.86% | 192.2% | -96.2% | - |
| EBITDA | -6.68M | -6.01M | -6.75M | -4.66M | -9.95M | -7.95M | -5.43M | 766.13K | -3.66M | -3.67M | -11.76M | -1.96M | -3.56M | -4.53M | -2.38M | 2.48M | 1.18M | -29.22K | -14.82K |
| EBITDA Margin % | -41.68% | -36.42% | -46.24% | -25.88% | -62.24% | -43.49% | -24.1% | 2.35% | -29.96% | -32.33% | -84.55% | -12.36% | -24.46% | -35.32% | -14.05% | 11.69% | 7.5% | - | - |
| EBITDA Growth % | 4.46% | 10.98% | -44.96% | 53.17% | -25.18% | -46.42% | -808.47% | 120.91% | 0.08% | 68.81% | -501.38% | 45.1% | 21.39% | -90.5% | -196% | 110.06% | 4136.05% | -97.15% | - |
| D&A (Non-Cash Add-back) | 1.72M | 2.3M | 2.74M | 3.14M | 2.59M | 2.74M | 2.83M | 1.34M | 821.59K | 939.5K | 1.38M | 1.44M | 1.63M | 1.69M | 1.52M | 1.38M | 1.15M | 147 | 147 |
| EBIT | -7.57M | -8.29M | -10.22M | -8.63M | -13.99M | -10.48M | -10.15M | -238.81K | -4.11M | -4.73M | -13.16M | -2.83M | -4.73M | -6.41M | -3.79M | 1.56M | 44.92K | 737.92K | -14.97K |
| Net Interest Income | -547.1K | -315.46K | 11.28K | 214.69K | -35.88K | -337K | 18.61K | 54.8K | -43.38K | -44.37K | -37.98K | 46.94K | -42.87K | -44.14K | 10.02K | -103K | -149.6K | 0 | 0 |
| Interest Income | 197.96K | 0 | 178.83K | 366.37K | 384.06K | 371.47K | 139.51K | 73.64K | 28.4K | 1.51K | 968 | 98.17K | 10.51K | 6.81K | 158.63K | 100.99K | 64.92K | 0 | 0 |
| Interest Expense | 745.06K | 315.46K | 167.56K | 151.67K | 419.94K | 708.18K | 120.9K | 18.83K | 71.78K | 45.89K | 38.95K | 51.23K | 53.38K | 50.95K | 148.61K | 203.68K | 214.52K | 0 | 0 |
| Other Income/Expense | -569.61K | -294.69K | -896.25K | -978.3K | -1.87M | -502.67K | -2.02M | 319.49K | 305.55K | -171K | -64.15K | 513.47K | 406.46K | -238K | -45.34K | 261.33K | -196.68K | 0 | 0 |
| Pretax Income | -8.97M | -8.6M | -10.38M | -8.78M | -14.41M | -11.19M | -10.27M | -257.64K | -4.18M | -4.78M | -13.2M | -2.89M | -4.79M | -6.46M | -3.94M | 1.36M | -169.6K | 0 | 0 |
| Pretax Margin % | -55.97% | -52.12% | -71.1% | -48.76% | -90.14% | -61.24% | -45.61% | -0.79% | -34.17% | -42.12% | -94.92% | -18.25% | -32.86% | -50.35% | -23.28% | 6.41% | -1.08% | - | - |
| Income Tax | -90.74K | -75.71K | -38.84K | -206.21K | -237.41K | -63.04K | -465.14K | -297.25K | -365K | -318K | 3.22M | -698K | -1.7M | -1.61M | -1.17M | 359.51K | 145.53K | 0 | 0 |
| Effective Tax Rate % | 1.01% | 0.88% | 0.37% | 2.35% | 1.65% | 0.56% | 4.53% | 115.38% | 8.73% | 6.66% | -24.4% | 24.19% | 35.59% | 24.96% | 29.6% | 26.47% | -85.81% | - | - |
| Net Income | -8.89M | -8.53M | -10.35M | -8.57M | -14.17M | -11.13M | -9.81M | 39.62K | -3.81M | -4.46M | -16.42M | -2.21M | -3.07M | -4.83M | -2.77M | 917.21K | -6.63K | -29.36K | -14.97K |
| Net Margin % | -55.45% | -51.66% | -70.84% | -47.61% | -88.65% | -60.89% | -43.54% | 0.12% | -31.19% | -39.32% | -118.07% | -13.98% | -21.06% | -37.63% | -16.39% | 4.33% | -0.04% | - | - |
| Net Income Growth % | 13.79% | 17.57% | -20.7% | 39.51% | -27.34% | -13.44% | -24858.58% | 101.04% | 14.46% | 72.84% | -642.94% | 27.92% | 36.48% | -74.01% | -402.44% | 13936.34% | 77.42% | -96.2% | - |
| Net Income (Continuing) | -8.88M | -8.53M | -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 | -315.13K | -29.36K | -14.97K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 |
| EPS (Diluted) | -0.90 | -0.89 | -1.64 | -1.51 | -3.20 | -4.13 | -3.70 | 0.02 | -1.91 | -3.43 | -14.40 | -1.92 | -3.03 | -6.18 | -3.84 | 1.92 | -0.08 | -0.03 | -0.12 |
| EPS Growth % | 37.16% | 45.73% | -8.61% | 52.81% | 22.52% | -11.62% | -23081.37% | 100.84% | 44.31% | 76.18% | -650% | 36.63% | 50.97% | -60.94% | -300% | 2391.17% | -143.6% | 71.33% | - |
| EPS (Basic) | - | -0.89 | -1.64 | -1.51 | -3.20 | -4.13 | -3.70 | 0.02 | -1.91 | -3.52 | -14.40 | -1.92 | -3.03 | -6.18 | -3.84 | 1.92 | -0.08 | -0.03 | -0.12 |
| Diluted Shares Outstanding | 9.85M | 9.61M | 6.31M | 5.69M | 4.42M | 2.7M | 2.65M | 2.46M | 2M | 1.3M | 1.15M | 1.15M | 1.01M | 780.91K | 738.9K | 503.03K | 290.88K | 872.66K | 128.6K |
| Basic Shares Outstanding | 9.85M | 9.61M | 6.31M | 5.69M | 4.42M | 2.7M | 2.65M | 2.46M | 2M | 1.27M | 1.14M | 1.15M | 1.01M | 780.91K | 722.37K | 442.66K | 290.88K | 872.66K | 128.6K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent negative operating margins
As evidenced by the quarterly data, LIQT's revenue trajectory remains highly erratic, fluctuating between a 53.6% growth spike in 2025Q3 and a 10.4% contraction in 2026Q1, reflecting the inherent lumpiness of project-based industrial filtration contracts and a lack of recurring revenue stability.
The company's reliance on large-scale, transactional project wins creates significant quarter-over-quarter volatility that complicates long-term forecasting. Without a shift toward recurring membrane replacement cycles, revenue growth appears tethered to the unpredictable capital expenditure cycles of maritime and industrial clients.
Based on reported financial statements, LIQT's gross margin has struggled to maintain positive territory, frequently dipping into negative values such as the -15.5% recorded in 2024Q4, which highlights severe manufacturing inefficiencies and an inability to achieve the scale necessary for profitable production.
The persistent inability to sustain gross margins above 10% suggests that the company's high-temperature SiC sintering process is currently cost-prohibitive at existing volume levels. Investors should monitor whether these thin margins are a result of temporary yield issues or a structural failure to price the product at a premium to its manufacturing cost.
According to recent SEC filings, LIQT's operating expenses consistently dwarf gross profit, resulting in operating margins that have remained deeply negative, often exceeding -50% in recent quarters, indicating that the current administrative and R&D overhead is unsustainable relative to the company's top-line output.
The company appears to be trapped in a cycle where revenue scale is insufficient to absorb the fixed costs of its Danish manufacturing facilities. This lack of operating leverage implies that significant revenue growth is required just to reach a break-even point, leaving little room for error in execution.
As reported in financial statements, the company's cost structure is dominated by high fixed manufacturing and administrative expenses, which have consistently resulted in quarterly operating losses exceeding $2 million, regardless of the fluctuations in quarterly revenue performance observed over the last ten periods.
The energy-intensive nature of SiC membrane production creates a rigid cost floor that the company has yet to overcome through volume growth. Management's expense discipline appears insufficient to offset the high overhead, suggesting that the current business model may require a fundamental restructuring to achieve long-term viability.
Based on the provided financial data, the market's skepticism appears justified by the company's persistent cash burn and inability to convert its proprietary SiC technology into positive net income, with net margins frequently falling below -50% across the observed ten-quarter period.
While proponents might argue that the company is a specialized materials science play, the financials suggest a distressed entity struggling with commercialization. The lack of a clear path to profitability warrants significant caution, as the company's survival may depend on continued external financing rather than operational self-sufficiency.
Quick answers to the most common questions about buying LIQT stock.
For fiscal year 2025, LiqTech International, Inc. (LIQT) reported total revenue of $16.5M.
LiqTech International, Inc. (LIQT) reported a net loss of $8.5M for the fiscal year ending 2025.
LiqTech International, Inc. (LIQT) reported an operating income of $-8.3M, resulting in an operating profit margin of -50.3%. This margin reflects the operational efficiency of the business before interest and taxes.
LiqTech International, Inc. (LIQT) generated $1.3M in gross profit for the year, representing a gross profit margin of 7.6%. This demonstrates the company's core pricing power and production efficiency.