LiqTech cuts FY 2026 guidance as Water for Energy deal slips

The Danish filtration specialist trimmed its full-year revenue target to $20–23m after a large industrial water project pushed beyond 2026.

By Rowen Brooks Sat, 5 September 2026 AI level 2 of 5

AI level 2 of 5: drafted by our AI editorial assistant from source material our editor chose; fact-checked, edited and signed off by Mark Walker, Editorial Director. What the levels mean

Bright industrial hall filled with parallel rows of large, stainless steel tanks with blue valves and pipes, illuminated by a large arched window and overhead skylights.

LiqTech International has revised its full-year 2026 revenue guidance to a range of $20 million to $23 million, down from its earlier forecast, after a significant Water for Energy project slipped beyond the current fiscal year due to extended customer approval processes. The revised range still implies year-on-year growth of roughly 21% to 39% compared to 2025, the Nasdaq-listed Danish company said alongside its second-quarter results.

Q2 2026 revenue came in at $4.4 million, a 12% fall from $5.0 million in the same period last year. The entire decline was attributed to the absence of a Water for Energy system delivery that boosted the prior-year comparable. Net loss widened to $3.1 million from $2.2 million, and adjusted EBITDA (earnings before interest, tax, depreciation and amortisation, adjusted for non-cash items) deteriorated to negative $1.6 million from negative $1.3 million.

Commercial Pool and Marine provide offset

Against the revenue headwinds, LiqTech recorded a record $1.5 million in Commercial Pool revenue during the quarter, double the $0.8 million reported in both Q2 2025 and Q1 2026. The company completed installations at the Plumpton Aquatic and Leisure Centre in Australia and at its first US commercial pool site in Worland, Wyoming. A large QlariFlow filtration system in Den Helder, the Netherlands, also moved into operation during the quarter.

Marine revenue reached $0.7 million, up from $0.4 million a year earlier. LiqTech passed Factory Acceptance Tests on its first two iCER dual-fuel water treatment units and secured a commercial order for four water treatment systems for exhaust gas recirculation (EGR)-equipped vessels in China, broadening the application of its marine filtration technology. Deliveries of the EGR units are expected in Q4 2026.

Following the quarter's close, the company secured a $2.1 million follow-on order from a US-based steel manufacturer for four additional QureFlow industrial wastewater filtration systems, with approximately 75% expected to be delivered before year-end. Chief executive Fei Chen said the progression from a single installation to a five-system deployment illustrates the repeatable-demand model LiqTech is now prioritising. "We are reducing our reliance on large, project-driven opportunities and increasing our focus on markets that offer more repeatable demand, shorter sales cycles and greater scalability," he said.

Market context

LiqTech operates in the industrial water-treatment and emissions-filtration segment, supplying silicon carbide ceramic membranes to marine, industrial and commercial end-markets. Its Water for Energy vertical, which targets oil-and-gas produced-water and similar high-complexity streams, involves large, bespoke project contracts with longer and less predictable sales cycles. The company's strategic pivot toward pool, marine and select industrial applications reflects a broader pattern among small-cap water-technology suppliers: concentrating on segments where order frequency is higher and project risk is lower, even if individual deal sizes are smaller.

The marine filtration market is supported by the International Maritime Organization's tightening sulphur and nitrogen-oxide emissions rules, which drive demand for scrubber water treatment and EGR systems. Industrial wastewater reuse is attracting attention in water-stressed markets, and regulatory pressure on effluent discharge is increasing in both the US and Europe.

Balance sheet and outlook

A capital raise completed on 8 June 2026 pushed cash and equivalents to $15.7 million at the end of June, up from $5.1 million at year-end 2025, and allowed LiqTech to retire a $6 million senior promissory note, leaving the company close to debt-free. The strengthened balance sheet gives management flexibility to pursue its revised strategy, though the company has yet to reach profitability.

The near-term focus will be on converting the pipeline of Water for Industry orders into revenue before year-end, completing Q3 marine deliveries, and maintaining momentum in the Commercial Pool segment as it scales into new geographies.