LiqTech Q1 Revenue Falls 10.4% to $4.1M; Gross Margin Improves to 9.5%
LiqTech reported Q1 revenue of $4.1 million, down 10.4% year-over-year, with a net loss of $2.7 million, Adjusted EBITDA of -$1.5 million and ending cash of $2.7 million. Gross margin climbed to 9.5% from 2.7% and full-year 2026 revenue guidance remains $23–27 million, implying 39%–64% growth.
1. Q1 2026 Financial Results
LiqTech recorded Q1 2026 revenue of $4.1 million, a 10.4% decrease from Q1 2025, with a net loss of $2.7 million and Adjusted EBITDA of negative $1.5 million. Gross profit rose to $0.4 million, lifting margin to 9.5% from 2.7%, and cash on hand stood at $2.7 million.
2. Segment and Operational Highlights
Commercial Pool revenue reached $0.8 million versus $0.3 million last year, driven by new orders for U.S., Netherlands and Australian aquatic centers. Marine water treatment sales grew to $0.8 million from $0.2 million, diesel particle filter and membrane revenue rose to $1.3 million from $1.0 million, and plastics sales increased 5% to $1.0 million.
3. Full-Year 2026 Outlook
Management reiterated full-year 2026 revenue guidance of $23 million to $27 million, implying growth of 39%–64% over 2025. The company expects order momentum from Commercial Pool, Marine and its China joint venture to support sustained revenue growth and improved profitability.