LiqTech International (LIQT) Lytham Partners Fall 2026 Investor Conference summary

Business overview and technology differentiation

• Focuses on proprietary silicon carbide membrane technology for demanding water and emission filtration applications.

• Operates in six business areas targeting a $6 billion addressable market, with 2025 revenue of $16.5 million and 2026 guidance of $20–23 million.

• Standardized platforms like QlariFlow and QureFlow drive scalability and margin improvement.

• Over 300 systems installed globally, with manufacturing centralized in Denmark and service centers in Texas and China.

• Technology offers high flux, chemical and thermal resistance, and lower total cost of ownership.

Strategic focus and market approach

• Prioritizes markets with shorter sales cycles and standardized solutions to accelerate growth.

• Aquatics and marine are primary growth engines, with industry and energy pursued selectively and through partnerships.

• Uses local distributors for reach and aftermarket opportunities, with record aquatic installations and marine orders in 2026.

• Joint venture in China enhances competitiveness in the marine sector.

• Focuses on applications where silicon carbide provides a clear advantage, not on all market segments.

Financial performance and goals

• Gross margin improved from 1.7% in 2024 to 8.9% in H1 2026, with operating expenses stable despite revenue growth.

• Adjusted EBITDA loss narrowed from $6.1 million in 2024 to $5.0 million in 2025; balance sheet strengthened with $15.7 million cash and no senior debt.

• 2026 revenue guidance is $20–23 million, up 21–39% from 2025.

• Internal goals: 40% revenue growth and positive adjusted EBITDA in 2027; positive EBIT and free cash flow in 2028.

• Strategy centers on scaling standardized platforms, improving gross margin, disciplined cost management, and selective capital deployment.