BALLERUP, Denmark, May 13, 2026 (GLOBE NEWSWIRE) -- LiqTech International, Inc. (NASDAQ:LIQT) ("LiqTech"), a clean technology company that manufactures and markets highly specialized filtration technologies, today announced its financial results for the first quarter of 2026.

Recent Financial Highlights

Q1 2026 revenue of $4.1 million compared to $4.6 million in Q1 2025.
Q1 2026 net loss of $(2.7) million compared to $(2.4) million in Q1 2025.
Q1 2026 Adjusted EBITDA of $(1.5) million compared to $(1.4) million in Q1 2025.
Ending cash balance of $2.7 million on March 31, 2026.

Outlook

The Company is reiterating its expectation for FY 2026 revenue between $23 million and $27 million, which would represent an increase of 39% to 64% over FY 2025.

Recent Operational Highlights

Elevated Commercial Pool activity with strong deliveries during the quarter totaling $0.8 million compared to $0.3 million in the prior-year quarter, with new orders setting the stage for improved pool results in the second quarter and throughout 2026. Key new orders include:
- the first U.S. pool system order for three systems to be installed at the Weston County School District #1 Aquatic Center in Newcastle, Wyoming;
- one in partnership with Lotec for a new large-scale commercial pool project in Den Helder, Netherlands;
- and a follow on record order in partnership with Waterco Limited for 10 systems for the Plumpton Aquatic and Leisure Centre in Fraser Rise, Victoria, Australia.
Two systems delivered during the first quarter for marine dual-fuel engine water treatment for LNG vessels with two more expected to be delivered during the second quarter. Further sustainable order flow is expected throughout 2026 driven by the Company's China JV. First quarter revenue from the marine business totaled $0.8 million compared to $0.2 million in the prior-year quarter.
Commenced a new pilot program in West Texas for produced water treatment with an energy services and solutions company.
Diesel particle filters (DPF) and membrane business experienced growth during the first quarter to $1.3 million compared to $1.0 million in the prior-year quarter, driven by strong order flow from both existing and new customers and renewed focus within this segment.
Plastic revenue increased 5%, totaling $1.0 million during the quarter and driven primarily by strong activity within food processing.

Management Commentary

"LiqTech's first quarter results were in line with our expectations and reflect the continued execution of our strategy to place a greater emphasis on more predictable end markets," commented Fei Chen, CEO of LiqTech. "Importantly, we are reiterating our 2026 outlook for revenue growth, which we believe underscores the progress we are making in building a more balanced business. We believe that the nature of our business and associated sales cycle mean that the improvements we made in 2025 will show gradual improvements quarter over quarter in 2026. The year-over-year revenue comparison was impacted by a significant Water for Energy delivery in 2025 that did not repeat in the quarter along with the timing of order conversion. We saw strong momentum across several of our priority end markets, including Commercial Pool, Marine, DPF and Membrane, and Plastics."

"Our strategy focused on reducing reliance on larger, one-off projects and increasing exposure to repeatable, scalable markets," Chen continued. "Commercial Pool is a strong example of this strategy, with growing customer adoption, increasing order activity, and opportunities to scale across multiple geographies. Based on our order book, we expected a record quarter for commercial swimming pool and continued delivery of marine water treatment systems in Q2 2026. At the same time, our water for industry/energy pipeline remains active, and we continue to expect order activity in 2026. By focusing on markets where our silicon carbide membrane technology offers clear value, while maintaining a disciplined cost structure, we believe LiqTech is well positioned to advance toward durable, profitable growth."

Q1 2026 Financial Results

Revenue for the three months ended March 31, 2026 was $4.1 million compared to $4.6 million for the same period in 2025, representing a decrease of 10.4%. The decrease was attributable to a reduction in system sales, reflecting a significant Water for Energy delivery in 2025 that did not recur in 2026. Within the Systems segment, sales to both the Pool and Marine segments increased significantly. Furthermore, deliveries of Filters, Membranes, and Components increased during the period.

Gross profit for the three months ended March 31, 2026 was $0.4 million (representing a gross profit margin of 9.5%) compared to a gross profit of $0.1 million (representing a gross profit margin of 2.7%) for the same period in 2025. This increase was primarily driven by mix in system sales, better utilization of our manufacturing capacity, procurement effects on prices, and low depreciation expenses.

Total operating expenses for the three months ended March 31, 2026 were $2.7 million compared to $2.3 million for the same period in 2025. Approximately 60% of the increase relates a 9.9% weakening of the US dollar versus Danish kroner for the three months ended March.

Selling expenses for the three months ended March 31, 2026 were $1.0 million compared to $0.7 million for the same period in 2025. Excluding the impact of foreign exchange developments, costs increased primarily due to the full-year effect of hires within our joint venture in China with JiTRI as well as continued investments in the sales organization across the United States and Europe.

General and administrative expenses for the three months ended March 31, 2026 were $1.4 million compared to $1.4 million for the same period in 2025. Adjusting for FX foreign exchange rates, expenses remained stable and below general inflation, as the hiring of open positions was offset by savings from other overheads. Included in general and administrative expenses were non-cash compensation of approximately $0.2 million for the three months ended March 31, 2026, and 2025, respectively.

Research and development expenses for the three months ended March 31, 2026 were $0.3 million compared to $0.2 million for the same period in 2025. The increase was primarily attributed to membrane development costs and expenses related to the development of Marine systems.

Other expenses for the three months ended March 31, 2026 were $0.4 million compared to other expenses of $0.2 million for the comparable period in 2025. The change was primarily attributable to losses on foreign currency transactions, lower interest income, and accrued interests on the senior promissory notes, partly balanced by lower amortization of debt discount, and a decrease of net interest expenses for the three months ended March 31, 2026.

Net loss for the three months ended March 31, 2026 was $(2.7) million compared to $(2.4) million for the comparable period in 2025.

Adjusted EBITDA (see Table included) for the three months ended March 31, 2026 was $(1.5) million compared to $(1.4) million for the comparable period in 2025.

Cash on hand (including restricted cash) on March 31, 2026, was $2.7 million.

Conference Call Details

Date and Time: Wednesday, May 13, 2026, at 9:00 a.m. Eastern time

Webcast: Interested parties can access the conference call via a live webcast, which is available in the Investor Relations section of the Company's website at https://www.liqtech.com/investor-relations/ or at https://app.webinar.net/WaNVyXlyEGe.

Replay: A webcast replay will be available at https://app.webinar.net/WaNVyXlyEGe.

About LiqTech International Inc.

LiqTech International, Inc., a Nevada corporation, is a high-tech filtration technology company that provides state-of-the-art ceramic silicon carbide filtration technologies for gas and liquid purification. LiqTech's silicon carbide membranes are designed to be used in the most challenging purification applications, and its silicon carbide filters are used to control diesel exhaust soot emissions. Using nanotechnology, LiqTech develops products using its proprietary silicon carbide technology, resulting in a wide range of component membranes, membrane systems, and filters for both microfiltration and ultrafiltration applications. By incorporating LiqTech's SiC liquid membrane technology with the Company´s extensive systems design experience and capabilities, LiqTech offers unique, modular designed filtration solutions for the most difficult water purification applications.

For more information, please visit www.liqtech.com

Follow LiqTech on Linkedln: http://www.linkedin.com/company/liqtech-international

Follow LiqTech on Twitter: https://twitter.com/LiqTech

Forward–Looking Statement

This press release contains "forward-looking statements." Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us in the reports filed with the Securities and Exchange Commission, including the risk factors that attempt to advise interested parties of the risks that may affect our business, financial condition, results of operation, and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release.

We assume no obligation to update any forward-looking statements to reflect any event or circumstance that may arise after the date of this release.

LiqTech Company Contact

Susan Keegan Elleskov

Head of Marketing

LiqTech International, Inc.

Phone: +45 31315941

www.liqtech.com

LiqTech Investor Contact

Robert Blum

Lytham Partners, LLC

Phone: 602-889-9700

liqt@lythampartners.com


LIQTECH INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31,		December 31,
	2026		2025

Assets

Current Assets:
Cash and restricted cash	$	2,732,739	$	5,070,385
Accounts receivable, net		3,664,250		3,429,992
Inventories, net		6,478,114		6,479,321
Contract assets		634,154		733,851
Prepaid expenses and other current assets		636,047		245,702

Total Current Assets		14,145,304		15,959,251

Non-Current Assets:
Property and equipment, net		5,624,902		5,845,323
Operating lease right-of-use assets		4,369,053		4,643,680
Deposits and other assets		534,502		545,573
Intangible assets, net		33,320		36,125
Goodwill		242,544		248,145

Total Non-Current Assets		10,804,321		11,318,846

Total Assets	$	24,949,625	$	27,278,097


LIQTECH INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

	March 31,			December 31,
	2026			2025

Liabilities and Stockholders' Equity

Current Liabilities:
Accounts payable	$	2,036,019		$	1,552,890
Accrued expenses		2,227,908			1,795,382
Current portion of finance lease liabilities		504,799			517,759
Current portion of operating lease liabilities		711,295			714,446
Contract liabilities		181,553			140,986

Total Current Liabilities		5,661,574			4,721,463

Non-Current Liabilities:
Deferred tax liability		61,847			63,654
Finance lease liabilities, net of current portion		1,260,692			1,415,908
Operating lease liabilities, net of current portion		3,657,758			3,929,234
Loan from related party		1,159,369			1,265,057
Notes payable, net of debt discounts		5,598,049			5,510,545

Total Non-Current Liabilities		11,737,715			12,184,398

Total Liabilities		17,399,289			16,905,861


Stockholders' Equity:
Preferred stock; par value $0.001, 2,500,000 shares authorized, 0 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively		-			-
Common stock; par value $0.001, 50,000,000 shares authorized and 9,947,841 and 9,627,064 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively		9,948			9,627
Additional paid-in capital		110,463,498			110,427,993
Accumulated deficit		(97,505,233	)		(94,795,121	)
Accumulated other comprehensive loss		(5,341,800	)		(5,209,173	)

Total Stockholders' Equity		7,626,413			10,433,326

Noncontrolling Interest		(76,077	)		(61,090	)

Total Equity		7,550,336			10,372,236

Total Liabilities and Equity	$	24,949,625		$	27,278,097


LIQTECH INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	For The Three Months Ended
	March 31,
	2026			2025
Revenue	$	4,136,320		$	4,617,541
Cost of goods sold		3,742,576			4,492,485

Gross Profit		393,744			125,056

Operating Expenses:
Selling expenses		980,674			718,016
General and administrative expenses		1,414,145			1,362,246
Research and development expenses		276,134			230,123

Total Operating Expenses		2,670,953			2,310,385

Loss from Operations		(2,277,209	)		(2,185,329	)

Other Income (Expense):
Interest and other income		16,857			68,751
Interest and other expense		(209,064	)		(48,283	)
Amortization of debt discount		(87,504	)		(168,030	)
Gain (loss) on foreign currency transactions		(168,556	)		35,516
Gain (loss) on disposal of property and equipment		-			(61,306	)

Total Other Expense		(448,267	)		(173,352	)

Loss Before Income Taxes		(2,725,476	)		(2,358,681	)

Income tax benefit		(377	)		(339	)

Net Loss	$	(2,725,099	)	$	(2,358,342	)

Net Loss attributable to noncontrolling interest		(14,987	)		(6,950	)
Net Loss attributable to LiqTech International, Inc.		(2,710,112	)		(2,351,392	)

Loss Per Common Share – Basic and Diluted	$	(0.28	)	$	(0.25	)

Weighted-Average Common Shares Outstanding – Basic and Diluted		9,847,218			9,602,354

Use of Non-GAAP Financial Measures

In order to provide greater transparency regarding our operating performance, the financial results in this press release refer to a non-GAAP financial measure that involves adjustments to GAAP results. Non-GAAP financial measures exclude certain income and/or expense items that management deems are not directly attributable to the Company's core operating results and/or certain items that are inconsistent in amounts and frequency, making it difficult to perform a meaningful evaluation of our current or past operating performance.

Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") is defined by LiqTech as net (loss) or income adjusted for (i) taxes, (ii) [other expenses], (iii) depreciation and amortization, (iv) amortization of right-to-use assets, and (v) stock based compensation.

Management believes that the presentation of operating results using this non-GAAP financial measure provides useful supplemental information for investors by providing them with the non-GAAP financial measure used by management for financial and operational decision making, planning and forecasting and in managing the business. This non-GAAP financial measure does not replace the presentation of financial information in accordance with U.S. GAAP. These non-GAAP financial results should not be considered a measure of liquidity and is unlikely to be comparable to non-GAAP financial measures provided by other companies.


LIQTECH INTERNATIONAL, INC. UNAUDITED RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA

	For the three months Ended
	March 31,
		2025			2024
Net Loss (GAAP)	$	(2,725,099	)	$	(2,358,342	)

Income tax benefit		(377	)		(339	)

Total Other Expense		448,267			173,352

Depreciation & amortization		356,894			442,002

Amortization of right-of-use assets		172,864			134,824

EBITDA (Non-GAAP)		(1,747,451	)		(1,608,503	)

Stock-based compensation		218,325			241,245

Adjusted EBITDA (Non-GAAP)	$	(1,529,126	)	$	(1,367,258	)