LiqTech International

LIQT

Industrial - Pollution & Treatment Controls · Industrials

Price

$0.61

-0.09 (-13.29%)

Market Cap

$6.0M

Exchange

NASDAQ Capital Market

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 13, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+256.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 2.7M (2021) → 9.6M (2025)

LiqTech International makes ceramic membrane filters used to clean water and other liquids. Its main products are silicon carbide membranes and filtration systems sold to industries like marine shipping, oil and gas, and industrial water treatment. The company is based in Denmark and is one of the few producers of silicon carbide membrane technology at a commercial scale.

LiqTech earns revenue by selling filtration systems and replacement membrane modules to industrial customers. It operates primarily in Europe and North America, and its silicon carbide technology is harder to replicate than traditional polymer filters, giving it a modest technical edge. However, the company is quite small, and its deeply negative operating margin shows it is spending far more than it earns — the key risk is whether it can grow sales fast enough to reach profitability before running low on cash.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-12.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+36.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$1M/ year

↓ Declining (-14% vs prior year)

7.0% of revenue

1.8x the sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

17.4%ownership

Insiders own a meaningful stake in the company

Cash Runway

~0 months

$0 cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

LiqTech International has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

8.4%

Thin — 8.4% gross margin

Operating Margin

-53.4%

Losing money on operations — -53.4%

ROCE

-7.1%

Weak — -7.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-0.2%

Shrinking sales (-0.2% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-57.1%

Burning cash (-57.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.27

Conservative — low debt load (0.27)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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