LiqTech International Earnings Call Transcripts
Fiscal Year 2026
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Proprietary silicon carbide membrane technology underpins a scalable, multi-market business model, with strong growth in aquatics and marine, improved margins, and a strengthened balance sheet. Financial goals target positive adjusted EBITDA in 2027 and profitability in 2028.
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Q2 2026 saw record commercial pool revenue and marine growth, but overall revenue declined 12% year-over-year due to delays in water for energy projects. Full-year guidance was revised to $20–$23 million, with a strengthened balance sheet and focus on markets with repeatable demand.
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Q1 2026 revenue declined year-over-year due to a non-recurring project, but gross margin improved and core segments like commercial pool and marine showed strong growth. Full-year guidance is reiterated, with record pool revenue expected in Q2 and a focus on scalable, repeatable markets.
Fiscal Year 2025
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Revenue rose 13% to $16.5M in 2025, led by record pool system sales and growth in marine and industry segments. 2026 guidance targets $23M-$27M revenue, with positive EBITDA and strong expansion in standardized systems, despite oil and gas timing uncertainty.
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Q3 2025 saw strong revenue growth, improved margins, and reduced expenses, led by record swimming pool system sales and expansion in water for energy and marine segments. Guidance for Q4 and full-year 2025 points to continued double-digit growth, with further margin improvements expected.
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Advanced membrane filtration technology is driving strong growth across oil & gas, maritime, and pool markets, with geographic expansion into the U.S. and China. Operational improvements and a robust sales pipeline support a 30–37% revenue increase for 2025.
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Q2 2025 saw revenue rise to nearly $5M, with strong growth in swimming pools, plastics, and pilot projects. Gross margin improved sequentially, and full-year revenue is expected to reach a four-year high, with EBITDA profitability targeted for Q4 2025.
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Q1 2025 revenue rose 36% sequentially to $4.6M, led by a record oil and gas order and growth in water systems and plastics. Gross margin improved from Q4 but remains below optimal levels; cost-saving initiatives are expected to further boost profitability as revenue grows across all segments.
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The discussion highlighted advanced silicon carbide filtration technology, a focus on four high-potential market segments, and strategic expansion in the U.S. and China. Operational transformation and disciplined growth are driving toward break-even and top-line growth in 2025.
Fiscal Year 2024
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Q4 2024 revenue rose 37% sequentially to $3.4M, led by water filtration pilots and a record oil & gas order. Cost reductions and a strong cash position support a positive outlook, with Q1 2025 revenue expected to grow 26–38% sequentially.
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Q3 2024 saw a sharp revenue decline due to a major project delay, but multiple pilots in oil & gas, lithium, and marine sectors show strong future potential. Cost reductions and a $10M capital raise have strengthened the balance sheet, with new market entries and a China JV supporting long-term growth.
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Q2 revenue declined 10% year-over-year to $4.5 million, with growth in system and DPF sales offset by declines in aftermarket, ceramic membrane, and plastics. New partnerships, NSF certification, and pilot orders in oil & gas and marine markets position the company for a stronger Q4.