LIQT on Nasdaq

LIQTECH INTERNATIONAL INC

The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties.4 From its latest annual report

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Last updated Oct 19, 2026.

Overview

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  • TickerLIQT on Nasdaq2
  • IndustryMisc Industrial & Commercial Machinery & Equipment2
  • HeadquartersCarson City, United States2
  • Incorporated inNV3
  • Business addressIndustriparken 22C, Ballerup, G7 Dk-27503
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formProfit Corporation2
  • LEI5493001UFZ03YRLEYN282
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O NATIONAL REGISTERED AGENTS, INC., 89701 Carson City, United States2
  • Registered withBusiness Center (Secretary of State), C17450-20042

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The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. Our plans and objectives are based, in part, on assumptions involving the continued expansion of our business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future political, legislative, economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. This is especially underlined by the anticipated impacts from the prevailing macro-economic uncertainty on the Company, including the related effects to our business operations, results of operations, cash flows, and financial position. Although we believe that our assumptions underlying the forward-looking statements are reasonable, any of the assumption…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

7.6%Gross margin5
-50.3%Operating margin5
-51.7%Net margin5
13.0%Revenue growth, 20255
-81.7%Return on equity5
-$6.5MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Systems and Aftermarket brought in 50% of the revenue LIQTECH INTERNATIONAL INC broke down this way in fiscal 2025.

  1. Systems and Aftermarket$8.2M550%up 49% from 2024
  2. Components$4.1M525%up 22% from 2024
  3. Filters and Membranes$4.0M524%down 29% from 2024
  4. Corporate$137.0K51%up 177% from 2024
Business segments by year
Business segments20242025
Systems and Aftermarket$5.5M$8.2M
Components$3.4M$4.1M
Filters and Membranes$5.6M$4.0M
Corporate$49.5K$137.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue92¢$15.3M
  • Research and development7¢$1.2M
  • Other costs1¢$85.4K
  • Income tax0¢$1.5K

Out of $16.5M in revenue.5 The company lost money this year.

Financial statements

Revenue6789105$16.5M in 2025−49% since 2019
0$10.0M$20.0M$30.0M$40.0M2019: $32.6M$32.6M20192020: $22.5M$22.5M2020−31%2021: $18.3M$18.3M2021−19%2022: $16.0M$16.0M2022−13%2023: $18.0M$18.0M2023+13%2024: $14.6M$14.6M2024−19%2025: $16.5M$16.5M2025+13%
Gross profit6789105$1.3M in 2025−83% since 2019
0$2.0M$4.0M$6.0M$8.0M2019: $7.2M$7.2M20192020: $2.1M$2.1M2020−70%2021: $1.6M$1.6M2021−27%2022: $567.1K$567.1K2022−64%2023: $2.8M$2.8M2023+389%2024: $250.9K$250.9K2024−91%2025: $1.3M$1.3M2025+398%
Operating income6789105-$8.3M in 2025+1340% since 2019
-$15.0M-$10.0M-$5.0M02019: -$577.1K-$577.1K20192020: -$8.3M-$8.3M2020+1330%2021: -$10.7M-$10.7M2021+29%2022: -$12.5M-$12.5M2022+17%2023: -$7.8M-$7.8M2023−38%2024: -$9.5M-$9.5M2024+22%2025: -$8.3M-$8.3M2025−12%
Net income6789105-$8.5M in 2025
-$15.0M-$10.0M-$5.0M0$5.0M2019: $39.6K$39.6K20192020: -$9.8M-$9.8M20202021: -$11.1M-$11.1M2021+13%2022: -$14.2M-$14.2M2022+27%2023: -$8.6M-$8.6M2023−40%2024: -$10.3M-$10.3M2024+21%2025: -$8.5M-$8.5M2025−18%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Revenue$16.5M$14.6M
Cost of goods sold$15.3M$14.4M
Gross Profit$1.3M$250.9K
Selling expenses$2.7M$2.7M
General and administrative expenses$5.7M$5.7M
Research and development expenses$1.2M$1.4M
Total Operating Expenses$9.6M$9.7M
Loss from Operations-$8.3M-$9.5M
Interest and other income$445.5K$178.8K
Interest and other expense-$315.5K-$167.6K
Amortization of debt discount-$427.0K-$615.6K
Gain (loss) on foreign currency transactions$67.9K$164.3K
Gain (loss) on disposal of property and equipment-$65.7K-$456.3K
Total Other Expense-$294.7K-$896.2K
Loss Before Income Taxes-$8.6M-$10.4M
Income tax benefit-$1.5K-$38.8K
Net Loss-$8.6M-$10.3M
Net Loss attributable to noncontrolling interest-$74.3K$0
Net Loss attributable to LiqTech International, Inc.-$8.5M-$10.3M
Loss Per Common Share Basic and Diluted (in dollars per share)-$0.89-$1.64
Weighted-Average Common Shares Outstanding Basic and Diluted (in shares)9.6M shares6.3M shares

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Leadership

Who has led LIQTECH INTERNATIONAL INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Lasse Andreassen2011–2012
  2. Finn Helmer2013
  3. Mathiesen Sune2014–2022
  4. Henrik Laursen2015
  5. Alexander J. Buehler2022
  6. Fei Chen2022–now

President

  1. Donald S. Debelak2014–2015

Chief financial officer

  1. Soren Degn2011–2013
  2. Claus Toftegaard2019–2020
  3. Simon Seidelin Stadil2021–2024
  4. Phillip Massie Price2024
  5. David Kowalczyk2025–now

Chief operating officer

  1. David Kowalczyk2025–now
201520202025
Board members and other officers (19)

Former names

  • Blue Moose Media IncOct 29, 2004 to Oct 11, 20113

Timeline

  1. Sep 15, 2022New chief executive Fei Chen becomes CEO14
  2. May 19, 2022New chief executive Alexander J. Buehler becomes CEO13
  3. Apr 10, 2015New chief executive Henrik Laursen becomes CEO15
  4. Aug 27, 2014New chief executive Mathiesen Sune becomes CEO16
  5. May 21, 2013New chief executive Finn Helmer becomes CEO17
  6. Aug 30, 2011New chief executive Lasse Andreassen becomes CEO18

Filings

173 filings to the SEC since October 2021: 8 annual reports, 15 quarterly reports, 29 major events, 59 insider forms, 28 large holders, 34 other. The latest 20:

  1. Oct 6, 20268-K EDGAR
  2. Sep 8, 20268-K EDGAR
  3. Aug 19, 20264 EDGAR
  4. Aug 14, 2026SCHEDULE 13G EDGAR
  5. Aug 13, 2026SCHEDULE 13G/A EDGAR
  6. Aug 12, 202610-Q EDGAR
  7. Jul 24, 20268-K EDGAR
  8. Jun 17, 2026SCHEDULE 13G EDGAR
  9. Jun 9, 20264 PRIMARY DOCUMENT EDGAR
  10. Jun 9, 20268-K EDGAR
  11. Jun 9, 2026SCHEDULE 13D/A EDGAR
  12. Jun 5, 2026424B4 EDGAR
  13. Jun 1, 2026EFFECT EDGAR
  14. Jun 1, 20268-K EDGAR
  15. May 28, 2026CORRESP EDGAR
  16. May 28, 2026CORRESP EDGAR
  17. May 28, 2026CORRESP EDGAR
  18. May 28, 2026CORRESP EDGAR
  19. May 28, 2026S-1/A EDGAR
  20. May 27, 2026S-1 EDGAR

The 173 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

25 open-market trades by officers, directors and large owners since October 2021: 20 buys and 5 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 5, 2026Bleichroeder LP10% ownerBuy700,000$1.00$700.0KForm 4
Jun 5, 2026Wowk RobertDirectorBuy50,000$1.00$50.0KForm 4
Dec 4, 2023Stadil Simon SeidelinChief Financial OfficerSale14,438$3.23$46.6KForm 4
Nov 30, 2023Stadil Simon SeidelinChief Financial OfficerSale562$3.40$1.9KForm 4
Nov 21, 2023Stadil Simon SeidelinChief Financial OfficerSale3,100$3.57$11.1KForm 4
Nov 15, 2023Stadil Simon SeidelinChief Financial OfficerSale4,100$3.89$15.9KForm 4
Nov 13, 2023Stadil Simon SeidelinChief Financial OfficerSale2,800$3.82$10.7KForm 4
Jun 14, 2023Chen FeiChief Executive OfficerBuy10,784$3.94$42.5KForm 4
May 26, 2023Chen FeiChief Executive OfficerBuy22,000$3.20$70.4KForm 4
May 19, 2022MEEUSEN RICHARD ADirectorBuy95,000$0.55$52.2KForm 4
May 18, 2022MEEUSEN RICHARD ADirectorBuy97,125$0.52$50.5KForm 4
May 17, 2022Boswell PeytonDirectorBuy500,000$0.50$250.0KForm 4
May 17, 2022BUEHLER ALEXANDER JDirectorBuy2,000,000$0.50$1.0MForm 4
May 17, 2022VERNON MARKDirectorBuy500,000$0.50$250.0KForm 4
May 17, 2022Stadil Simon SeidelinChief Financial OfficerBuy80,000$0.50$40.0KForm 4
May 13, 2022LYTTON LAURENCE W10% ownerBuy1,375,000$0.50$687.5KForm 4
Jan 25, 2022LYTTON LAURENCE W10% ownerBuy100$5.44$544Form 4
Jan 24, 2022LYTTON LAURENCE W10% ownerBuy16,089$5.24$84.3KForm 4
Jan 21, 2022LYTTON LAURENCE W10% ownerBuy20,000$5.40$108.0KForm 4
Jan 4, 2022LYTTON LAURENCE W10% ownerBuy10,900$5.95$64.9KForm 4

All 25 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 27. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Bleichroeder LP6,882,239$5.8M1.0%+3,700,000
Alyeska Investment Group, L.P.2,000,000$1.7M0.0%New
Cable Car Capital, LP1,000,000$849.0K0.0%New
Sequoia Financial Advisors, LLC500,000$424.5K0.0%New
Morgan Stanley454,303$385.7K0.0%+145,000
Corsair Capital Management, L.P.250,000$212.2K0.0%New
Warberg Asset Management LLC91,746$77.9K0.1%New
Clear Harbor Asset Management, LLC60,756$51.6K0.0%No change
HighTower Advisors, LLC60,432$51.3K0.0%No change
Hohimer Wealth Management, LLC50,000$42.5K0.0%New
Vanguard Capital Management LLC49,175$41.8K0.0%No change
Geode Capital Management, LLC41,574$35.3K0.0%−17,661
WealthTrust Axiom LLC40,389$34.3K0.0%−5,627
Mesirow Financial Investment Management, Inc.25,737$21.9K0.0%No change
Vanguard Fiduciary Trust Co21,970$18.7K0.0%No change
Mercer Global Advisors Inc /adv20,000$17.0K0.0%New
Mission Wealth Management, LP18,750$15.9K0.0%No change
XTX Topco Ltd17,377$14.8K0.0%New
Jane Street Group, LLC14,705$12.5K0.0%New
Northern Trust Corp11,428$9.7K0.0%New
BlackRock, Inc.5,480$4.7K0.0%No change
Tower Research Capital LLC (TRC)1,580$1.3K0.0%+315
Royal Bank Of Canada1,379$1.0K0.0%+1,358
Hrt Financial LP34,923$290.0%New
Virtu Financial LLC12,348$100.0%New

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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