BALLERUP, Denmark, March 23, 2026 (GLOBE NEWSWIRE) -- LiqTech International, Inc. (Nasdaq: LIQT), a leading clean technology company specializing in advanced filtration systems, has received its first commercial pool order in the United States for three QlariFlow™ ceramic membrane filtration systems. The systems will be installed at the Weston County School District #1 Aquatic Center in Newcastle, Wyoming. The order was secured in collaboration with LiqTech’s U.S. partner, Treatment Specialties – Powered by ...

Financial Data and Key Metrics Changes - Revenue for the year increased to slightly above $16.5 million, up from $14.6 million a year ago, representing a 13% growth [5][16] - Gross margins improved to 7.6% from 1.7% in the previous year, driven by higher overall revenue and increased system deliveries [18] - Adjusted EBITDA was negative $5 million, an improvement from negative $6.1 million in the prior year [21] Business Line Data and Key Metrics Changes - Systems and aftermarket sales reached $8.2 million, compared to $5.5 million in the prior year, driven by increased deliveries in pool filtration and industry systems [16][17] - Pool system revenue totaled $2.6 million for the year, with a record sale of 34 pool systems [7][16] - Marine revenue, including service sales, was approximately $1.5 million in 2025, with a target of $4 million in 2026 [13][16] Market Data and Key Metrics Changes - The company expects water for energy and water for industry-related revenue to be between $5 million and $8 million in 2026, compared to $4.1 million in 2025 [12][22] - The marine segment is building momentum, with three marine orders for eight commercial vessels in backlog scheduled for delivery throughout 2026 [13] Company Strategy and Development Direction - The company is focusing on building a diversified systems portfolio with stronger visibility and improved margin profiles, particularly in swimming pools and industrial applications [6][10] - Strategic focus remains on scaling standardized, higher-margin system platforms while maintaining disciplined cost control [15][25] - Investments in marine-focused R&D and localization in China aim to enhance supply chain resilience and cost competitiveness [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged delays in a large oil and gas order affecting revenue guidance but remains optimistic about future growth in more predictable segments [5][9] - The company is prioritizing growth in attractive verticals, including food, industry applications, and marine, while aiming for profitability [24][25] - Revenue guidance for 2026 is projected to be in the range of $23 million to $27 million, driven by continued expansion in pool systems and industry applications [22][15] Other Important Information - The company ended the year with $5.1 million in cash, indicating a stable cash position [22] - The legacy DPF and membrane business remains a stable contributor, with expected revenue slightly increasing to $9 million in 2026 [14][22] Q&A Session Summary Question: When can we expect revenue from the large oil and gas order push-out to be booked? - Management expects the oil and gas project to materialize in 2026, ideally by Q2 [27] Question: Do tariffs affect your U.S. oil and gas business? Are your products competitively priced? - Management is actively managing tariff impacts and focusing on cost reduction and standardization to maintain competitiveness [29] Question: What are the drivers of your 2026 revenue outlook of $23 million-$27 million? - Growth is expected from diversified verticals, with specific contributions from pool systems, marine, and water for energy and industry segments [32][33]

Financial Data and Key Metrics Changes - Revenue for the year increased to slightly above $16.5 million, up from $14.6 million a year ago, representing a 13% growth [5][16] - Gross margins improved to 7.6% from 1.7% in the previous year, driven by higher overall revenue and improved contribution margins [18] - Adjusted EBITDA was -$5 million, an improvement from -$6.1 million in the prior year [21] Business Line Data and Key Metrics Changes - Systems and aftermarket sales reached $8.2 million, compared to $5.5 million in the prior year, driven by increased deliveries in pool filtration and industry systems [16][17] - Pool system revenue totaled $2.6 million for the year, with a record sale of 34 pool systems [6][7] - Marine revenue, including service sales, was approximately $1.5 million in 2025, with a target of $4 million in 2026 [13] Market Data and Key Metrics Changes - The company expects pool revenue of approximately $5 million-$6 million in 2026, compared to $2.6 million in 2025 [9] - Water for energy and water for industry-related revenue is anticipated to be between $5 million and $8 million, compared to $4.1 million in 2025 [12][22] - The legacy DPF and plastics business is expected to remain stable, with a slight increase from $8 million to $9 million [14][22] Company Strategy and Development Direction - The company is focusing on building a diversified systems portfolio with stronger visibility and improved margin profiles [5][6] - There is a strategic shift towards more predictable business segments, such as swimming pools, which are expected to drive future growth [6][9] - The company aims to scale standardized, higher-margin system platforms while maintaining disciplined cost control [15][25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged delays in a large oil and gas order but remains optimistic about its potential to materialize in 2026 [5][27] - The company is committed to leveraging its silicon carbide filtration technology to address global water challenges and support sustainability goals [24][25] - Future growth is expected to be driven by continued expansion in pool systems, industry applications, and marine [15][22] Other Important Information - The company ended the year with $5.1 million in cash [22] - A dedicated service center was opened in Texas to enhance customer support and service capabilities [11] Q&A Session Summary Question: When can we expect revenue from the large oil and gas order push-out to be booked? - Management expects the oil and gas project to materialize in 2026, ideally by Q2 [27] Question: Do tariffs affect your U.S. oil and gas business? Are your products competitively priced? - Management is actively managing tariff impacts and focusing on cost reduction and standardization to maintain competitiveness [29] Question: What are the drivers of your 2026 revenue outlook of $23 million-$27 million? - The revenue growth is driven by diversified segments, including pool systems, marine, and water for energy and industry, with a focus on higher predictability [32][33]

Financial Data and Key Metrics Changes - Revenue for the year increased to slightly above $16.5 million, up from $14.6 million in the previous year, representing a growth of approximately 13% [5][18] - Gross margins improved to 7.6% from 1.7% in 2024, driven by higher overall revenue and increased deliveries of systems [20] - Adjusted EBITDA was negative $5 million, an improvement from negative $6.1 million in the previous year [22] Business Line Data and Key Metrics Changes - Systems and aftermarket sales reached $8.2 million, compared to $5.5 million in the prior year, reflecting strong performance in pool filtration and industry systems [18] - Pool system revenue totaled $2.6 million in 2025, with expectations of $5 million-$6 million in 2026 [7][10] - Marine revenue was approximately $1.5 million in 2025, with a target of $4 million in 2026 [15] Market Data and Key Metrics Changes - The company sold pool systems in six different countries in 2025, indicating a growing international presence [9] - Water for energy and water for industry-related revenue is expected to be between $5 million and $8 million in 2026, compared to $4.1 million in 2025 [13][23] Company Strategy and Development Direction - The company is focusing on building a diversified systems portfolio with stronger visibility and improved margin profiles, particularly in swimming pools and industrial applications [6][10] - Strategic investments include a new marine-focused R&D sales center in China and a dedicated service center in Texas to enhance customer support [12][14] - The long-term strategy emphasizes scaling standardized, higher-margin system platforms while maintaining disciplined cost control [17][25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged delays in a large oil and gas order but remains optimistic about its potential to materialize in 2026 [5][28] - The company is prioritizing growth in attractive verticals such as food, industry applications, and marine, aiming for durable, profitable growth [25][26] - The revenue guidance for 2026 is set between $23 million and $27 million, driven by expansion in pool systems, industry applications, and marine [23][33] Other Important Information - The company ended the year with $5.1 million in cash, indicating a stable cash position [23] - The legacy DPF and membrane business remains a stable contributor, with expected revenue slightly increasing to $9 million in 2026 [16][23] Q&A Session Summary Question: When can we expect revenue from the large oil and gas order push-out to be booked? - Management expects the oil and gas project to materialize in 2026, ideally by Q2 [28] Question: Do tariffs affect your U.S. oil and gas business? Are your products competitively priced? - Management is actively managing tariff impacts and focusing on cost reduction and standardization to maintain competitiveness [30] Question: What are the drivers of your 2026 revenue outlook of $23 million-$27 million? - The revenue growth is driven by diversified verticals, with specific contributions from pool systems, marine, and water for energy and industry segments [33]

Company Overview - LiqTech International, Inc. specializes in ceramic silicon carbide filters and membranes, focusing on liquid and gas purification products across various industries[13]. - The company has a projected addressable market of approximately $6 billion within the global filtration technology sector, which is part of a larger $300 billion wastewater equipment market[27]. - LiqTech's silicon carbide membranes are designed for high efficiency, offering significant operational cost savings and improved product characteristics in industrial applications[29]. Market Growth and Opportunities - The global market for produced water treatment is expected to grow at a CAGR of 8%, reaching $16 billion by 2032, indicating strong demand for LiqTech's filtration solutions in the oil & gas sector[30]. - In 2024, LiqTech developed the QureFlow™ container solution, capable of operating at capacities starting from 10,000 barrels per day, targeting the oil & gas industry[20]. - The European commercial pool market is projected to grow at a CAGR of 6.1% from 2024 to 2028, reaching a total addressable market of $687 million[32]. - The global market for new DPF filters manufactured by OEMs is expected to grow at approximately 13% per year[36]. Technology and Innovation - LiqTech's Aqua Solution® technology offers significant advantages over conventional sand filters, including reduced space requirements and lower energy consumption[18]. - The company aims to leverage its proprietary membrane technology to penetrate attractive end markets, focusing on customer needs and regulatory trends[24]. - The company plans to continue investing in R&D to develop new technologies and improve existing products, enhancing its competitive advantages in the market[22]. - The company has six full-time employees dedicated to R&D activities related to silicon carbide product technologies[38]. - The company has developed state-of-the-art technologies for gas and liquid purification using silicon carbide ceramic filters, particularly for diesel engine soot exhaust control and liquid filtration[136]. Financial Performance - Revenue for the year ended December 31, 2025, was $16,507,558, an increase of $1,902,940 or 13.0% compared to $14,604,618 in 2024[140]. - Gross profit for 2025 was $1,250,523, representing a gross profit margin of 7.6%, up from $250,905 and 1.7% in 2024, an increase of $999,618 or 398.4%[142]. - Total operating expenses decreased to $9,559,223 in 2025, a reduction of $179,531 or 1.8% from $9,738,754 in 2024[143]. - Net loss for 2025 was $8,601,940, an improvement of $1,743,318 or 16.9% from a net loss of $10,345,258 in 2024[149]. - Cash used by operating activities improved to $6,108,176 in 2025 from $7,534,072 in 2024, reflecting a decrease of $1,425,896[152]. Customer and Market Risks - For the year ended December 31, 2025, the company's four largest customers accounted for approximately 30% of net sales, up from 24% in 2024[70]. - The company relies on a limited number of major customers, which increases the risk of revenue decline if any of these customers reduce orders or fail to meet financial obligations[71]. - The company faces risks related to supply chain constraints, particularly for critical materials like silicon carbide, which could affect product availability and profitability[72]. - Future growth may be hindered by delays in funding for emissions control programs and the enforcement of environmental regulations[76]. Intellectual Property and Legal Risks - The company's ability to protect intellectual property rights is crucial for maintaining competitive advantage, but challenges exist in securing and enforcing these rights[81]. - The company faces potential risks related to intellectual property rights, including the possibility of needing licenses for technologies developed by others, which could limit future product manufacturing[85]. - Ongoing collaboration with third parties for research and development may result in shared intellectual property, potentially leading to disputes over ownership rights[86]. - The company is exposed to costly intellectual property litigation that could adversely affect business operations and financial resources[87]. Operational and Financial Challenges - The company has reported material weaknesses in internal controls over financial reporting, which could undermine investor confidence and affect stock price[98]. - Cybersecurity risks pose a threat to the integrity of information technology systems, potentially leading to financial losses and reputational damage[100]. - The company has incurred significant costs from operating as a public company, which may adversely affect its financial condition and results of operations[115]. - The company has experienced significant volatility in the market price of its common stock, which may not reflect its operating performance or long-term business prospects[108]. Future Outlook and Strategic Initiatives - The company plans to assemble marine water treatment systems in China starting in 2025 to reduce production costs and be closer to customers[39]. - The company is focused on expanding its aftermarket sales through service and maintenance agreements, leveraging its installed base of filtration systems[33]. - The company aims to actively market existing products to new customers while optimizing manufacturing capacity[43]. - The company continues to evaluate financing alternatives and strategic opportunities to enhance its capital position amid ongoing operating losses[151].

Core Insights - LiqTech International, Inc. reported a 13% increase in revenue for FY 2025, totaling $16.5 million, driven by a 49% rise in total systems and aftermarket revenue [4][6][7] - The company experienced a net loss of $(8.6) million for FY 2025, an improvement from $(10.3) million in FY 2024 [6][13] - LiqTech anticipates FY 2026 revenue between $23 million and $27 million, representing a potential increase of 39% to 64% from FY 2025 [6][14] Recent Financial Highlights - FY 2025 revenue was $16.5 million, up from $14.6 million in FY 2024, while Q4 2025 revenue decreased by 8% to $3.1 million compared to $3.4 million in Q4 2024 [6][7] - Adjusted EBITDA for FY 2025 was $(5.0) million, an improvement from $(6.1) million in FY 2024 [14] - The ending cash balance as of December 31, 2025, was $5.1 million [6][14] Recent Operational Highlights - The company sold a record 34 pool systems in FY 2025, generating $2.6 million in revenue, compared to $1.2 million in 2024 [6][8] - LiqTech made significant progress in various sectors, including produced water, marine system deployments, and industrial installations, notably with NorthStar BlueScope Steel [4][6] - The marine segment is gaining momentum, with three commercial orders for marine dual-fuel engine water treatment systems received during 2025 [6][8] Management Commentary - The CEO highlighted that 2025 marked a significant advancement for LiqTech, emphasizing the shift towards higher-value system sales and the growing adoption of silicon carbide membrane technology [4] - The company remains focused on scaling its business for sustainable, profitable growth while prioritizing attractive verticals [4]

Core Viewpoint - LiqTech International, Inc. will report its fourth quarter and fiscal year 2025 results on February 27, 2026, and will host a conference call to discuss these results [1]. Group 1: Conference Call Details - The conference call is scheduled for February 27, 2026, at 9:00 a.m. Eastern time [2]. - Interested parties can access the conference call via a live webcast available on the company's Investor Relations website [2]. - A replay of the webcast will also be available after the call [2]. Group 2: Company Overview - LiqTech International, Inc. specializes in advanced filtration systems for liquid and gas applications [3]. - The company was founded in 2000 and is known for its patented SiC membranes designed for challenging fluids in various sectors including industrial and municipal water, marine scrubber, and oil & gas applications [3].

Core Viewpoint - LiqTech International, Inc. has appointed Bob Wowk to its Board of Directors, which is expected to enhance the company's growth strategy and market position in the clean technology sector [1][3]. Company Overview - LiqTech International, Inc. specializes in advanced filtration systems and clean technology, focusing on manufacturing and marketing highly specialized filtration products for liquid and gas applications [4]. - The company was founded in 2000 and utilizes patented SiC membranes designed to treat challenging fluids in various sectors, including industrial and municipal water, marine scrubber, and oil & gas applications [4]. Leadership Appointment - Bob Wowk brings over 30 years of experience in finance and business development, particularly in the industrial gas and renewable energy sectors [2]. - His previous roles include over 20 years in senior financial positions at companies like Linde, Gulf Cryo, and Air Products, followed by CFO roles in smaller firms focused on solar, waste-to-energy, lithium, and hydrogen [2]. - Wowk holds an M.B.A. in finance from The Wharton Graduate School of Business and a civil engineering degree from Lafayette College [2]. Strategic Importance - The Chairman of the Board, Alexander J. Buehler, emphasized that Wowk's extensive experience in industrial applications and global perspective will be crucial for executing the company's growth strategy [3]. - Wowk expressed his commitment to supporting LiqTech's long-term strategy and addressing critical environmental challenges through innovative filtration technologies [3].

Core Insights - LiqTech International, Inc. achieved record sales of 34 commercial pool filtration systems in 2025, marking the strongest year for its commercial pool segment and indicating accelerating market adoption of its filtration technology [1][5] Group 1: Product and Technology - All systems sold in 2025 are based on LiqTech's proprietary QlariFlow™ commercial pool filtration platform, designed to meet complex operational, regulatory, and space requirements of modern aquatic facilities [2] - QlariFlow™ systems provide stable water quality and enable efficient, automated pool operations, with a compact, modular design suitable for both new constructions and retrofits [3] - The systems utilize LiqTech's ceramic membrane filtration technology, featuring automated operation and modular scalability, which allows facilities to expand capacity as demand evolves [4] Group 2: Market Trends and Future Outlook - The record sales reflect growing customer acceptance and increasing confidence among operators in LiqTech's technology, as facilities prioritize water quality, automation, and space efficiency [4] - With the 34 systems sold in 2025, LiqTech has delivered over 150 commercial pool filtration systems globally, and expects continued momentum as operators focus on long-term operational efficiency and modernization of filtration infrastructure [5]

Company Overview - ParaZero Technologies Ltd. focuses on creating autonomous parachute safety systems for commercial drones, enhancing safety as drone usage expands globally [1] - Top Ships Inc. operates in the transportation of crude oil and other bulk liquids [2] - LiqTech International, Inc. is a clean technology company that designs filtration systems [3] Stock Performance - ParaZero Technologies Ltd. is currently trading at $1.41 with a target price of $1.42, indicating a minimal growth potential of 0.44% [1][5] - Top Ships Inc. is trading at $5.01, significantly above its discounted cash flow (DCF) valuation of $2.97, reflecting a price difference of -40.70% [2][5] - LiqTech International, Inc. is trading at $1.77 with a DCF valuation of $1.87, showing a positive price difference of 6.00% [3][5] Earnings and Valuation - Top Ships Inc. has a positive earnings per share (EPS) of 2.22 and a price-to-earnings (P/E) ratio of 5.54, yet is trading above its DCF valuation [2][5] - LiqTech International, Inc. has a negative EPS of -1 and a P/E ratio of -1.12, but its current price suggests higher growth potential compared to ParaZero Technologies Ltd. [3][4][5] Investment Outlook - The comparison indicates that while ParaZero Technologies Ltd. has modest growth potential, LiqTech International, Inc. stands out with higher growth prospects despite negative earnings [4]