What are the investment strengths of LiqTech International Inc (LIQT)?

54% YoY revenue growth (TTM) shows demand inflection; if sustained, operating leverage could emerge as fixed costs spread 8.8M equity issuance (TTM) provides capital to fund growth without immediate debt pressure; P/B 1.37x near tangible book

What are the investment risks for LiqTech International Inc (LIQT)?

Gross margin 4.9% (TTM) is structurally broken - cost of revenue 95% of sales leaves no room for operating costs or profit Cash burn -6.6M FCF (TTM) with 7.4M cash = dilution or debt inevitable within 12 months to survive

LiqTech International Inc

LIQT

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LiqTech International Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-17

Snapshot

Revenue up 54% YoY (TTM 16.8M) but operating margin -50% vs industry median +6.7% - growth destroying value[Operating Margin TTM]
FCF burn of -6.6M (TTM) against 7.4M cash = ~13 months runway without dilution or debt[Free Cash Flow TTM]
Debt/equity 1.03x with 12.1M long-term debt on 12.8M equity - leveraged micro-cap burning cash[Debt to Equity]

Watch Triggers

Gross Margin TTM: Rises above 15% — Would signal cost structure fix; current 4.9% makes profitability mathematically impossible
Cash and Equivalents: Falls below 4M — Would force dilutive raise or debt; 7.4M with -6.6M FCF burn is critical
Total Revenue 1yr Growth: Sustains above 30% — Only path to operating leverage; 54% growth must continue to reach scale

Bull Case

54% YoY revenue growth (TTM) shows demand inflection; if sustained, operating leverage could emerge as fixed costs spread

Total Revenue 1yr GrowthOperating Expense TTM

8.8M equity issuance (TTM) provides capital to fund growth without immediate debt pressure; P/B 1.37x near tangible book

Issuance of Capital Stock TTMP/B Ratio

Bear Case

Gross margin 4.9% (TTM) is structurally broken - cost of revenue 95% of sales leaves no room for operating costs or profit

Gross Margin TTMCost of Revenue TTM

Cash burn -6.6M FCF (TTM) with 7.4M cash = dilution or debt inevitable within 12 months to survive

Free Cash Flow TTMCash and Equivalents

Bull vs Bear Balance

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Forward Thesis

Path to profitability requires gross margin expansion from 4.9% toward 30%+ industry norm

1-3ylow

Gross margin TTM 4.9% vs industry median 33%
Operating expenses 55% of revenue
Revenue scale insufficient to absorb fixed costs

Gross profit 830K on 16.8M revenue TTMOpEx 9.2M vs gross profit 830K TTM5yr revenue CAGR only 1.4%

Valuation Context

Caveats

Public Strategies Rankings

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LIQT Fundamentals

Manufacturing → Machinery Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$17.91M		—
Enterprise Value	$26.19M		—
P/E Ratio	0.00		—
Total Revenue - TTM	$16.51M	+13.0%	—
Earnings Per Share (diluted) - TTM	$-0.89		—
Operating Margin - TTM	-50.3%	+14.6%	—
Net Margin - TTM	-51.7%	+19.2%	—
Free Cash Flow - TTM	$-6.5M		—
Return on Common Equity - TTM	-63.0%	-2.0%	—
Beta 5Y (Monthly)	unknown		—

LIQT Dividend History

No dividends

LIQT Stock Splits

2 stock splits

05/26/238:1 split

04/09/194:1 split

LIQT SEC Filings

Filing Date	Report Date	Report Type	Filing Link
02/27/26	12/31/25	10-K	0001437749-26-005983
11/14/25	09/30/25	10-Q	0001437749-25-034985
08/13/25	06/30/25	10-Q	0001437749-25-026498
05/14/25	03/31/25	10-Q	0001437749-25-016825
03/28/25	12/31/24	Unknown	0001437749-25-009832
11/14/24	09/30/24	10-Q	0001437749-24-035290
08/14/24	06/30/24	10-Q	0001437749-24-026779
05/14/24	03/31/24	10-Q	0001437749-24-016604
03/22/24	12/31/23	10-K	0001437749-24-009045
11/09/23	09/30/23	10-Q	0001437749-23-031248
08/11/23	06/30/23	10-Q	0001437749-23-023143
05/11/23	03/31/23	10-Q	0001437749-23-013916
03/22/23	12/31/22	10-K	0001437749-23-007544
11/10/22	09/30/22	10-Q	0001437749-22-026887
08/11/22	06/30/22	10-Q	0001437749-22-020136
05/12/22	03/31/22	10-Q	0001437749-22-012160
03/31/22	12/31/21	10-K	0001437749-22-007742
11/15/21	09/30/21	10-Q	0001437749-21-026642
08/16/21	06/30/21	10-Q	0001437749-21-020209
05/12/21	03/31/21	10-Q	0001437749-21-011831
03/31/21	12/31/20	10-K	0001437749-21-007884
11/09/20	09/30/20	10-Q	0001437749-20-023254
08/10/20	06/30/20	10-Q	0001437749-20-017365
05/11/20	03/31/20	10-Q	0001437749-20-010325
03/30/20	12/31/19	10-K	0001437749-20-006576
11/14/19	09/30/19	10-Q	0001437749-19-022944
08/14/19	06/30/19	10-Q	0001437749-19-016685
05/14/19	03/31/19	10-Q	0001437749-19-009865
04/01/19	12/31/18	10-K	0001437749-19-006256
11/14/18	09/30/18	10-Q	0001437749-18-020850
08/14/18	06/30/18	10-Q	0001437749-18-015619
05/15/18	03/31/18	10-Q	0001437749-18-010020
03/23/18	12/31/17	10-K	0001437749-18-005356
11/14/17	09/30/17	10-Q	0001437749-17-019362
08/14/17	06/30/17	10-Q	0001437749-17-014721
05/15/17	03/31/17	10-Q	0001437749-17-009248
03/30/17	12/31/16	10-K	0001437749-17-005629
11/14/16	09/30/16	10-Q	0001437749-16-042094
08/11/16	06/30/16	10-Q	0001437749-16-037179
05/12/16	03/31/16	10-Q	0001437749-16-031673
03/23/16	12/31/15	10-K	0001437749-16-028290
11/12/15	09/30/15	10-Q	0001437749-15-020637
08/13/15	06/30/15	10-Q	0001437749-15-015747
05/14/15	03/31/15	10-Q	0001437749-15-010179
03/25/15	12/31/14	10-K	0001437749-15-005998
11/13/14	09/30/14	10-Q	0001437749-14-020670
08/12/14	06/30/14	10-Q	0001437749-14-015081
05/15/14	03/31/14	10-Q	0001437749-14-009256
03/27/14	12/31/13	10-K	0001437749-14-005254
11/14/13	09/30/13	10-Q	0001437749-13-014784
08/14/13	06/30/13	10-Q	0001437749-13-010823
05/15/13	03/31/13	10-Q	0001437749-13-006031
03/27/13	12/31/12	10-K	0001437749-13-003532
11/14/12	09/30/12	10-Q	0001437749-12-011727
08/14/12	06/30/12	10-Q	0001437749-12-008458
05/15/12	03/31/12	10-Q	0001437749-12-005057
03/29/12	12/31/11	10-K	0001437749-12-003008
11/15/11	09/30/11	10-Q	0001078782-11-003295
08/11/11	06/30/11	10-Q	0001078782-11-002167
05/10/11	03/31/11	10-Q	0001078782-11-001264
03/28/11	12/31/10	10-K	0001078782-11-000769
11/02/10	09/30/10	10-Q	0001078782-10-002420
08/06/10	06/30/10	10-Q	0001078782-10-001722
05/10/10	03/31/10	10-Q	0001078782-10-000990
03/19/10	12/31/09	10-K	0001078782-10-000516
11/02/10	09/30/09	10-Q	0001078782-10-002420
08/06/10	06/30/09	10-Q	0001078782-10-001722
05/10/10	03/31/09	10-Q	0001078782-10-000990