LIQT Nasdaq Misc Industrial & Commercial Machinery & Equipment Financials FY2016βFY2025
Liqtech International Inc had $16.5M of revenue in fiscal 2025, up 13.0% on the year before. Over five years, revenue changed β6.0% a year on average.
Last close Β· Oct 23, 2026
$0.34
4.7%Hi! I read Liqtech International Incβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+13.0%
Yes. Sales grew 13.0% last year.
Does it make a profit?
β51.7%
No. It lost money last year.
Does profit turn into cash?
β39.4%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 7
Mixed. It passes 4 of 7 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Liqtech International Inc did it, and the next one. Share prices often move a lot on those days.
Next results
November 12, 2026
Thursday Β· in 17 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 12, 2026 | Q2 '26 | Before the market opens | 10-Q β |
| May 13, 2026 | Q1 '26 | Before the market opens | 10-Q β |
| Feb 27, 2026 | Q4 '25 | Before the market opens | 10-K β |
| Nov 14, 2025 | Q3 '25 | Before the market opens | 10-Q β |
| Aug 13, 2025 | Q2 '25 | After the market closes | 10-Q β |
| May 14, 2025 | Q1 '25 | After the market closes | 10-Q β |
| Mar 28, 2025 | Q4 '24 | After the market closes | 10-K β |
| Nov 14, 2024 | Q3 '24 | After the market closes | 10-Q β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Liqtech International Inc had $16.5M of revenue in fiscal 2025, up 13.0% on the year before. Over five years, revenue changed β6.0% a year on average. Its operating margin was β50.3%, up 14.6Β pts: of every 100 in sales, about β50 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Liqtech International Inc lost $8.5M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$6.5M in fiscal 2025, β39.4% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Liqtech International Inc can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $15.4M | β | $10.4M | β | $5.1M |
| Debt incl. finance leases | $9.1M | β | β | β | β |
| Debt / equity | 0.5x | β | β | β | β |
| Current ratio | 1.7x | 4.5x | 2.9x | 4.2x | 3.4x |
| Quick ratio | 1.3x | 3.9x | 2.2x | 3.1x | 2.0x |
| Total assets | $45.1M | $40.1M | $36.0M | $32.4M | $27.3M |
| Total liabilities | $32.3M | $16.8M | $18.7M | $15.8M | $16.9M |
| Shareholders' equity | $12.8M | $23.3M | $17.3M | $16.7M | $10.4M |
| Net debt (β = net cash) | β$6.3M | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Liqtech International Inc passes 4 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 3 / 8 | 4 / 8 | 4 / 8 | 1 / 8 | 1 / 9 | 2 / 7 | 4 / 7 | 2 / 7 | 4 / 7 |
| Accruals ratio | β147.5% | β9.9% | 0.8% | 17.7% | β17.8% | β9.0% | β5.0% | β11.5% | β8.2% | β8.1% |
| Altman Z'' | β11.30 | β6.46 | β4.98 | 1.64 | β0.60 | β3.40 | β2.59 | β4.71 | β6.35 | β10.03 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $13.9M | $11.3M | $12.2M | $32.6M | $22.5M | $18.3M | $16.0M | $18.0M | $14.6M | $16.5M |
| Gross profit | $1.4M | $0.2M | $1.1M | $7.2M | $2.1M | $1.6M | $0.6M | $2.8M | $0.3M | $1.3M |
| Research and development | $0.6M | $0.5M | $0.7M | $0.7M | $1.3M | $1.9M | $1.8M | $1.4M | $1.4M | $1.2M |
| Operating income | β$13.1M | β$4.6M | β$4.5M | β$0.6M | β$8.3M | β$10.7M | β$12.5M | β$7.8M | β$9.5M | β$8.3M |
| Interest expense | $0.0M | $0.0M | $0.1M | $0.0M | $0.1M | β | β | β | β | β |
| Pretax income | β$13.2M | β$4.8M | β$4.2M | β$0.3M | β$10.3M | β$11.2M | β$14.4M | β$8.8M | β$10.4M | β$8.6M |
| Income tax | $3.2M | β$0.3M | β$0.4M | β$0.3M | β$0.5M | β$0.1M | β$0.2M | β$0.2M | β$0.0M | β$0.0M |
| Net income | β$16.4M | β$4.5M | β$3.8M | $0.0M | β$9.8M | β$11.1M | β$14.2M | β$8.6M | β$10.3M | β$8.5M |
| Diluted EPS | β$0.45 | β$0.11 | β$0.24 | $0.00 | β$0.46 | β$0.52 | β | β | β | β |
| Diluted shares | 0.04B | 0.04B | 0.02B | 0.02B | 0.02B | 0.02B | β | β | β | β |
| Cash flow | ||||||||||
| Cash from operations | $0.4M | β$3.3M | β$3.9M | β$4.5M | β$2.6M | β$7.2M | β$12.0M | β$4.2M | β$7.5M | β$6.1M |
| Capital expenditure | $0.4M | $0.1M | $0.2M | $2.5M | $3.8M | $1.1M | $1.7M | $2.9M | $1.4M | $0.4M |
| Free cash flow | $0.0M | β$3.5M | β$4.1M | β$7.1M | β$6.4M | β$8.3M | β$13.7M | β$7.1M | β$8.9M | β$6.5M |
| Depreciation and amortization | $1.4M | $0.9M | $0.6M | $1.3M | $2.8M | $2.7M | $2.6M | $2.6M | $2.2M | $1.7M |
| Stock-based compensation | $0.4M | $0.2M | $0.1M | $0.2M | $0.3M | $0.5M | $0.9M | $0.6M | $0.7M | $1.0M |
| Acquisitions | β | β | β | $1.2M | $0.3M | $0.3M | $0.0M | β | β | β |
| Balance sheet | ||||||||||
| Cash and short-term investments | $1.2M | $2.5M | $3.8M | $7.1M | $11.7M | $15.4M | β | $10.4M | β | $5.1M |
| Total debt | β | β | β | β | $0.0M | $6.2M | β | β | β | β |
| Finance lease liabilities | β | β | $0.0M | $0.2M | $3.5M | $2.9M | $2.8M | $3.5M | $2.1M | $1.9M |
| Current assets | $8.5M | $9.4M | $11.4M | $27.5M | $25.7M | $28.1M | $27.7M | $22.1M | $20.6M | $16.0M |
| Current liabilities | $5.0M | $4.8M | $4.6M | $10.3M | $9.8M | $16.9M | $6.1M | $7.5M | $4.9M | $4.7M |
| Inventory | $5.2M | $4.7M | $4.4M | $5.2M | $5.5M | $5.4M | $4.1M | $5.3M | $5.5M | $6.5M |
| Property and equipment, net | $2.6M | $2.0M | $1.4M | $4.8M | $10.3M | $8.9M | $8.3M | $9.0M | $6.6M | $5.8M |
| Goodwill | β | β | β | $0.2M | $0.3M | $0.2M | $0.2M | $0.2M | $0.2M | $0.2M |
| Intangible assets | $0.0M | $0.0M | $0.0M | $0.5M | $0.5M | $0.3M | $0.2M | $0.1M | $0.0M | $0.0M |
| Total assets | $11.4M | $11.7M | $13.2M | $38.6M | $42.2M | $45.1M | $40.1M | $36.0M | $32.4M | $27.3M |
| Total liabilities | $5.1M | $4.8M | $4.6M | $15.6M | $17.4M | $32.3M | $16.8M | $18.7M | $15.8M | $16.9M |
| Preferred stock | β | $0.0M | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $6.3M | $6.9M | $8.5M | $23.0M | $24.8M | $12.8M | $23.3M | $17.3M | $16.7M | $10.4M |
| Margins | ||||||||||
| Gross margin | 10.3% | 1.8% | 8.7% | 21.9% | 9.5% | 8.6% | 3.5% | 15.4% | 1.7% | 7.6% |
| Operating margin | β94.5% | β40.6% | β36.7% | β1.8% | β36.6% | β58.5% | β78.4% | β43.3% | β65.0% | β50.3% |
| EBITDA margin | β84.5% | β32.3% | β31.4% | 2.3% | β24.1% | β43.5% | β62.2% | β29.0% | β50.2% | β40.1% |
| Net margin | β118.1% | β39.3% | β31.2% | 0.1% | β43.5% | β60.9% | β88.7% | β47.6% | β70.8% | β51.7% |
| FCF margin | 0.3% | β30.4% | β33.5% | β21.7% | β28.2% | β45.6% | β85.9% | β39.3% | β61.0% | β39.4% |
| Returns | ||||||||||
| Return on capital | β | β | β | β | β49.9% | β234.7% | β | β | β | β |
| Return on capital employed | β205.1% | β66.7% | β52.5% | β2.0% | β25.5% | β37.9% | β36.8% | β27.4% | β34.5% | β36.8% |
| Return on equity | β261.9% | β67.7% | β49.4% | 0.3% | β41.0% | β59.2% | β78.5% | β42.2% | β61.0% | β63.0% |
| Return on assets | β143.9% | β38.6% | β30.7% | 0.2% | β24.3% | β25.5% | β33.3% | β22.5% | β30.2% | β28.6% |
| Return on tangible equity | β262.1% | β64.6% | β44.7% | 0.2% | β40.7% | β91.2% | β62.0% | β50.6% | β63.1% | β84.0% |
| Growth | ||||||||||
| Revenue growth | β | β18.4% | 7.8% | 166.8% | β31.0% | β18.9% | β12.5% | 12.6% | β18.9% | 13.0% |
| Net income growth | β | β | β | β | β24,868.7% | β | β | β | β | β |
| FCF growth | β | β8,302.1% | β | β | β | β | β | β | β | β |
| Share count change | β | 12.9% | β61.6% | 23.2% | 7.8% | 1.7% | β | β | β | β |
| Financial health | ||||||||||
| Debt / equity | β | β | β | β | 0.0x | 0.5x | β | β | β | β |
| Interest coverage | β337.7x | β100.4x | β62.5x | β30.7x | β68.3x | β | β | β | β | β |
| Current ratio | 1.7x | 2.0x | 2.5x | 2.7x | 2.6x | 1.7x | 4.5x | 2.9x | 4.2x | 3.4x |
| Quick ratio | 0.7x | 1.0x | 1.5x | 2.2x | 2.1x | 1.3x | 3.9x | 2.2x | 3.1x | 2.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.7% | 1.2% | 1.5% | 7.8% | 16.7% | 6.2% | 10.6% | 16.1% | 9.4% | 2.4% |
| Stock comp / revenue | 3.1% | 1.6% | 1.0% | 0.6% | 1.5% | 2.6% | 5.8% | 3.5% | 4.5% | 6.0% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 3.0 | 4.0 | 4.0 | 1.0 | 1.0 | 2.0 | 4.0 | 2.0 | 4.0 |
| Altman Z'' | β11.3 | β6.5 | β5.0 | 1.6 | β0.6 | β3.4 | β2.6 | β4.7 | β6.3 | β10.0 |
| Accruals ratio | β147.5% | β9.9% | 0.8% | 17.7% | β17.8% | β9.0% | β5.0% | β11.5% | β8.2% | β8.1% |
Source: SEC EDGAR XBRL filings (CIK 0001307579). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
