{"url_path":"/sec/liqt/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1307579/0001437749-26-016536-index.html","accession_number":"0001437749-26-016536","cik":"0001307579","ticker":"LIQT","issuer_name":"LIQTECH INTERNATIONAL INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/1307579/0001437749-26-016536-index.html","primary_entity_key":"0001307579","primary_entity_name":"LIQTECH INTERNATIONAL INC"},"word_count":1701,"has_tables":true,"body_markdown":"liqt20260331_10q.htm\n\n0001307579\nLIQTECH INTERNATIONAL 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STATES**\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C.20549\n\n \n\n**FORM 10-Q**\n\n(Mark One) \n\n☒\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\nFor the quarterly period ended March 31, 2026\n\n \n\nor\n\n \n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\nFor the transition period from                                                     to                                                       \n\n \n\nCommission File Number: **001-36210**\n\n \n\n**LiqTech International, Inc.**\n\n(Exact name of registrant as specified in its charter)\n\n \n\n**Nevada**\n \n**20-1431677**\n\n(State or other jurisdiction of incorporation or organization)\n \n(I.R.S. Employer Identification No.)\n\n   \n\n**Industriparken 22C, DK 2750 Ballerup,** **Denmark**\n  \n\n(Address of principal executive offices)\n \n(Zip Code)\n\n \n\nRegistrant’s telephone number, including area code: **+45 3131 5941**\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n \nTrading symbol(s)\n \nName of each exchange on which\n\nregistered\n\n**Common Stock, $0.001 par value**\n \n**LIQT**\n \n**The Nasdaq Stock Market LLC**\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐.\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check one):\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer \n\n☒\n\nSmaller reporting company\n\n☒\n\nEmerging growth company\n\n☐\n  \n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒\n\n \n\nAs of May 12, 2026, there were 9,947,841 shares of Common Stock, $0.001 par value per share, outstanding. \n\n \n\n \n\n \n\n \n\n \n\nLIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES\n\nQuarterly Report on Form 10-Q\n\nFor the Period Ended March 31, 2026\n\n \n\nTABLE OF CONTENTS\n\n \n\n \n\nPage\n\n[PART I. FINANCIAL INFORMATION](#p1)\n\n[5](#p1)\n\n \n \n\n[Item 1. Financial Statements](#item1)\n\n[5](#item1)\n\n \n \n\n[Condensed Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025](#bs)\n\n[5](#bs)\n\n \n \n\n[Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and March 31, 2025 (unaudited)](#ops)\n\n[7](#ops)\n\n \n \n\n[Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2026 and March 31, 2025 (unaudited)](#comploss)\n\n[8](#comploss)\n\n \n \n\n[Condensed Consolidated Statements of Stockholders’ Equity for the Three Months ended March 31, 2026 and March 31, 2025 (unaudited)](#eq)\n\n[9](#eq)\n\n \n \n\n[Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and March 31, 2025 (unaudited)](#cf)\n\n[11](#cf)\n\n \n \n\n[Notes to Condensed Consolidated Financial Statements (unaudited)](#notes)\n\n[13](#notes)\n\n \n \n\n[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#item2)\n\n[23](#item2)\n\n \n \n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#item3)\n\n[27](#item3)\n\n \n \n\n[Item 4. Controls and Procedures](#item4)\n\n[28](#item4)\n\n \n \n\n[PART II. OTHER INFORMATION](#part2)\n\n[29](#part2)\n\n \n \n\n[Item 1. Legal Proceedings](#legal)\n\n[29](#legal)\n\n \n \n\n[Item 1A. Risk Factors](#risk)\n\n[29](#risk)\n\n \n \n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#unreg)\n\n[29](#unreg)\n\n \n \n\n[Item 3. Defaults Upon Senior Securities](#defaults)\n\n[29](#defaults)\n\n \n \n\n[Item 4. Mine Safety Disclosures](#mine)\n\n[29](#mine)\n\n \n \n\n[Item 5. Other Information](#other)\n\n[29](#other)\n\n \n \n\n[Item 6. Exhibits](#exhibits)\n\n[30](#exhibits)\n\n \n \n\n[SIGNATURES](#sigs)\n\n[32](#sigs)\n\n \n\n \n\n \n\n2\n\n \n\n \n\n \n\nFORWARD-LOOKING STATEMENTS\n\n \n\nCertain statements made in this Quarterly Report on Form 10-Q are “forward-looking statements” regarding the plans and objectives of management for future operations and market trends and expectations. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.\n\n \n\nThe 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 potential 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 assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking statements included in this Quarterly Report on Form 10-Q will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.\n\n \n\nForward-looking statements include, but are not limited to, statements concerning:\n\n \n\n \n●\nOur expectations regarding our liquidity, cash flows and uses of cash and ability to continue as a going concern;\n\n \n \n \n\n \n\n●\n\nThe potential adverse effects on our operations and financial performance from armed conflicts or geopolitical tensions;\n\n \n \n\n \n\n \n\n●\n\nThe potential adverse impact of global trade restrictions, tariffs and geopolitical tensions on our business and supply chain;\n\n \n \n\n \n\n \n\n●\n\nThe potential negative impact of prolonged energy market volatility and supply disruptions on our business;\n\n \n \n\n \n\n \n\n●\n\nThe potential adverse impact of health crises, pandemics, and public health emergencies on our business, financial condition, \n\nand operations;\n\n \n \n\n \n\n \n\n●\n\nOur dependence on a few major customers and the ability to maintain future relationships with one or more of these major\n\ncustomers;\n\n \n \n\n \n\n \n\n●\n\nOur ability to operate with financial stability and secure access to external financing and adequate liquidity;\n\n \n \n\n \n\n \n\n●\n\nOur ability to secure and source supplies of raw materials and key components in due time and at competitive prices;\n\n \n \n\n \n\n \n\n●\n\nOur ability to achieve revenue growth and penetrate new markets;\n\n \n \n\n \n\n \n\n●\n\nOur dependence on the expertise and experience of our management team and the retention of key employees;\n\n \n \n\n \n\n \n\n●\n\nOur reliance and access to qualified personnel to expand our business;\n\n \n \n\n \n\n \n\n●\n\nOur ability to adapt to potentially adverse changes in legislative, regulatory and political frameworks;\n\n \n \n\n \n\n \n\n●\n\nChanges in interest rates or tightening of debt capital markets;\n\n \n \n\n \n\n \n\n●\n\nChanges in emissions and environmental regulations, and potential further tightening of emission standards;\n\n \n \n\n \n\n \n\n3\n\n \n\n \n\n \n\n●\n\nThe exposure to potentially adverse tax consequences;\n\n \n \n \n\n \n●\nOur ability to compete under changing governmental standards by which our products are evaluated;\n\n \n \n \n\n \n\n●\n\nThe financial impact from the fluctuation and volatility of foreign currencies;\n\n \n \n \n\n \n\n●\n\nThe potential monetary costs of defending our intellectual property rights;\n\n \n \n \n\n \n\n●\n\nOur ability to successfully protect our intellectual property rights and manufacturing know-how;\n\n \n \n \n\n \n\n●\n\nThe possibility of a dispute over intellectual property developed in conjunction with third parties with whom we have contractual relationships;\n\n \n \n \n\n \n\n●\n\nThe possibility that we could become subject to litigation that could be costly, limit or cancel our intellectual property rights or divert time and efforts away from our business operations;\n\n \n \n \n\n \n\n●\n\nThe potential negative impact to the sale of our products caused by technological advances of our competitors;\n\n \n \n \n\n \n\n●\n\nThe potential liability for environmental harm or damages resulting from technical faults or failures of our products;\n\n \n \n \n\n \n\n●\n\nThe possibility that an investor located within the United States may not be able to, or find it difficult to, enforce any judgments obtained in United States courts because a significant portion of our assets and some of our officers and directors may be located outside of the United States;\n\n \n \n \n\n \n\n●\n\nThe possibility that we may not be able to develop and maintain an effective system of internal control over financial reporting, leading to inaccurate reports of our financial results;\n\n \n \n \n\n \n\n●\n\nThe possibility of breaches in the security of our information technology systems;\n\n \n \n \n\n \n\n●\n\nThe liability risk of our compliance to environmental laws and regulations; and\n\n \n \n \n\n \n\n●\n\nThe potential negative impact of more stringent environmental laws and regulations as governmental agencies seek to improve minimum standards.\n\n \n \n \n\n \n\nAny forward-looking statement made by us herein speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.\n\n \n\n4\n\n \n\n \n\n \n\n**PART I - FINANCIAL INFORMATION**"}