LiqTech International Inc posted record pool revenue in its Q2 2026 earnings call highlights. Record pool revenue points to stronger core segment performance that can lift revenue trajectory and investor sentiment.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | 2 | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2020 | ‡‡‡ |
|
| 2019 | ‡‡‡ |
|
| 2017 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 10.42 | 10.87 | 5.07 | 15.66 |
| Receivables | 3.17 | 2.40 | 3.43 | 5.23 |
| Inventory | 5.27 | 5.54 | 6.48 | 5.96 |
| Other | 2.89 | 1.67 | 0.73 | 0.34 |
| 22.09 | 20.64 | 15.96 | 27.71 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 2.44 | 1.30 | 1.55 | 1.40 |
| ST’ Debt | — | — | — | — |
| Other | 0.38 | 0.11 | 0.14 | 0.10 |
| 7.50 | 4.90 | 4.72 | 6.34 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡ | ‡‡‡ | ‡‡‡ |
| Earnings | ‡‡‡ | ‡‡‡ | ‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 4.14 | 4.36 | — | — |
—
|
| ’25 | 4.62 | 4.96 | 3.81 | 3.13 |
16.51
|
| ’24 | 4.24 | 4.49 | 2.48 | 3.41 |
14.60
|
| ’23 | 4.01 | 4.99 | 5.07 | 3.93 |
18.00
|
| ’22 | 3.64 | 5.02 | 3.31 | 4.02 |
15.98
|
| ’21 | 4.00 | 4.02 | 4.14 | 6.12 |
18.27
|
| ’20 | 10.28 | 4.64 | 3.54 | 4.06 |
22.53
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (1.94) | (3.10) | — | — |
—
|
| ’25 | (1.30) | (1.61) | (1.07) | (2.13) |
(6.11)
|
| ’24 | (1.96) | (1.82) | (1.75) | (2.01) |
(7.53)
|
| ’23 | (2.29) | (1.47) | 0.78 | (1.21) |
(4.18)
|
| ’22 | (5.03) | (6.00) | (0.45) | (0.56) |
(12.04)
|
| ’21 | (1.30) | 0.39 | (3.50) | (2.80) |
(7.20)
|
| ’20 | (1.96) | 3.19 | (1.83) | (2.00) |
(2.60)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (2.21) | (3.08) | — | — |
—
|
| ’25 | (1.41) | (1.55) | (1.19) | (2.18) |
(6.33)
|
| ’24 | (1.40) | (2.04) | (2.11) | (2.40) |
(7.96)
|
| ’23 | (2.37) | (1.67) | (1.19) | (1.84) |
(7.07)
|
| ’22 | (5.22) | (6.04) | (1.01) | (1.45) |
(13.73)
|
| ’21 | (1.72) | 0.09 | (3.71) | (3.00) |
(8.34)
|
| ’20 | (3.03) | 2.06 | (2.57) | (2.77) |
(6.31)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.28) | (0.14) | — | — |
—
|
| ’25 | (0.25) | (0.22) | (0.15) | (0.27) |
(0.89)
|
| ’24 | (0.41) | (0.36) | (0.49) | (0.39) |
(1.64)
|
| ’23 | (0.40) | (0.27) | (0.25) | (0.56) |
(1.51)
|
| ’22 | (1.44) | (1.60) | (0.32) | (0.24) |
(3.20)
|
| ’21 | (0.88) | (1.12) | (1.04) | (1.04) |
(4.16)
|
| ’20 | 0.08 | (0.96) | (1.44) | (1.36) |
(3.68)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 2.80 | 2.80 | 1.51 | 1.34 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 50.16 | 4.64 | 3.61 | 3.35 | — | — | — |
High Price
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 105 | 119 | 105 | 92 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.15 | 0.15 | 0.14 | 0.18 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 15.98 | 18.00 | 14.60 | 16.51 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.55% | 15.42% | 1.72% | 7.58% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (14.41) | (8.78) | (10.38) | (8.60) | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (90.14%) | (48.76%) | (71.10%) | (52.12%) | ‡‡‡ | ‡‡‡ | — |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (14.17) | (8.57) | (10.35) | (8.60) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.98 | 3.54 | 3.35 | 2.72 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.61 | 3.16 | 2.31 | 1.72 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.20) | (1.51) | (1.64) | (0.89) | ‡‡‡‡ | ‡‡‡‡‡ | — |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.72) | (0.74) | (1.19) | (0.64) | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.38) | (0.51) | (0.07) | (0.02) | ‡‡‡ | ‡‡‡ | — |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.10) | (1.24) | (1.26) | (0.66) | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.27 | 3.04 | 2.64 | 1.08 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.42 | 5.69 | 6.31 | 9.61 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Shares
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.84 | 1.09 | 0.80 | 0.85 | ‡‡‡ | ‡‡‡ | — |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.58 | 1.14 | 0.70 | 1.35 | ‡‡‡ | ‡‡‡ | — |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.36 | 0.99 | 0.60 | 1.11 | ‡‡‡‡ | ‡‡‡‡ | — |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.41) | (2.51) | (1.09) | (2.86) | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (12.04) | (4.18) | (7.53) | (6.11) | ‡‡‡ | ‡‡‡ | — |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.69) | (2.89) | (0.42) | (0.22) | ‡‡‡‡‡ | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (13.73) | (7.07) | (7.96) | (6.33) | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 21.58 | 14.59 | 15.74 | 11.24 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.82 | 7.57 | 6.90 | 8.19 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (7.77) | (2.85) | (3.96) | 3.12 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 23.31 | 17.28 | 16.65 | 10.37 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (33.27%) | (22.53%) | (30.25%) | (28.81%) | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (50.42%) | (33.80%) | (46.73%) | (38.49%) | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (78.53%) | (42.24%) | (60.98%) | (63.66%) | — | — | — |
ROE
|
LiqTech International (LIQT), a microcap innovator in ceramic silicon carbide filtration for water treatment and industrial uses, has ridden a rollercoaster of explosive growth followed by brutal setbacks. Revenue soared 189% from 2016 to a 2019 peak of $32.6 million, driven by diesel filters and wastewater solutions amid recovering energy markets, but cratered 55% to $14.6 million by 2024 due to COVID disruptions, oil volatility, and a pivot to stabler sectors. Gross margins collapsed from 21.95% to 1.72%, fueling chronic losses, negative free cash flow, and aggressive share dilution that ballooned the count 140% since 2021—leaving shares at depressed lows after a 96% plunge from 2021 highs.
Yet, a turnaround narrative is emerging: analysts forecast 27% revenue growth to $18.6 million in 2025 and 18% more to $21.9 million in 2026, with EBT swinging to +$4 million positivity and losses narrowing sharply. Backed by a resilient balance sheet (net cash position, $15.7 million working capital), cheap valuations (PS 0.8x, PB 0.7x vs. peers at 2-4x), and tailwinds from global water scarcity, Wall Street’s consensus targets 132% upside—positioning LIQT as a potential cleantech redemption story.
Risks abound—margin fragility, execution hurdles, and zero insider buying amid competition from giants—but at current multiples, it’s a high-stakes bet on mid-teens growth and profitability inflection. Dive into the full analysis for the data-driven drama on whether this underdog filters out the noise or drowns in dilution.
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