LiqTech International (LIQT) investor relations material

Company overview and technology

• Manufactures patented silicon carbide membranes and filtration systems for demanding water and emission challenges, serving six end markets across Europe, North America, and Asia.

• Proprietary technology offers superior flux, chemical inertness, thermal properties, and long service life compared to polymeric membranes.

• Membranes are produced in Denmark, with systems assembled and serviced globally through regional operations and partners.

• Business model captures value from membrane manufacturing, system integration, and recurring aftermarket service.

• Addressable market estimated at $6 billion, with focus on commercial pools, marine, industrial, and energy sectors.

Financial performance and position

• FY 2025 revenue reached $16.5M, up 13% year-over-year; FY 2026 revenue guidance is $20–23M, implying 21–39% growth.

• Cash position at June 30, 2026 was $15.7M, with the company substantially debt-free after a June capital raise.

• Operating expenses held roughly flat from FY 2024 to FY 2025, supporting improved operating leverage.

• Adjusted EBITDA remains negative but is targeted to turn positive in 2027, with EBIT and Free Cash Flow positive in 2028.

• Balance sheet shows $25.8M in stockholders’ equity and $22.7M market capitalization as of September 2026.

Strategic focus and market execution

• Shifting revenue mix toward standardized, short-cycle platforms (QlariFlow for pools, QureFlow for industry) to accelerate sales and margin expansion.

• Commercial pool segment achieved record revenue in Q2 2026, with rapid expansion in Australia, the US, and Europe.

• Marine business rebuilt around a China joint venture, delivering iCER and EGR water treatment systems for vessels.

• Industrial water segment secured a $2.1M follow-on order from a major US steel producer, demonstrating the land-prove-expand model.

• Energy sector pursued through strategic partnerships, focusing on pilot deployments and long-term market entry.