The revenue miss and guidance cut are bearish, but the record Commercial Pool revenue and $2.1M follow-on order signal traction in higher-visibility markets. Monitor Q3 2026 for delivery of the iCER dual-fuel units and EGR systems, and any further updates on the delayed Water for Energy project. The strengthened balance sheet reduces near-term distress risk but does not offset the fundamental revenue shortfall.
Price Chart
Executive Summary
LiqTech reported Q2 2026 revenue of $4.4M (down 12% YoY) and a net loss of $(3.1)M, missing consensus EPS of $(0.19) by 47.4%. The company revised FY 2026 revenue guidance down to $20-23M due to a Water for Energy project delay, partially offset by record Commercial Pool revenue of $1.5M and a $2.1M follow-on order from a U.S. steel manufacturer. The stock's small $7M market cap amplifies the impact of the miss and guidance cut, but the company's strengthened cash position ($15.7M) and debt-free status provide a liquidity buffer.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $4.36M vs $4.96M YoY (-12.0%), missing $6.0M consensus
- EPS $(0.14) vs $(0.14) YoY; GAAP net loss $(3.1)M vs $(2.2)M YoY; consensus EPS was $(0.19) — actual GAAP EPS $(0.14) is a beat vs consensus but the Street EPS reference shows $(0.28) for the March quarter, indicating the Q2 consensus is $(0.19) and the reported $(0.14) GAAP EPS is a beat on that basis
- FY 2026 revenue guidance revised to $20-23M (prior undisclosed), implying ~21-39% YoY growth vs FY 2025
- Record Commercial Pool revenue of $1.5M (up 88% YoY); Marine revenue $0.7M (up 75% YoY)
- Cash and equivalents $15.7M post-capital raise; company substantially debt-free after repaying $6.0M senior note
- Gross margin declined to 8.4% from 9.8% YoY due to mix shift away from high-value system sales
- Adjusted EBITDA $(1.6)M vs $(1.3)M YoY
Financial Impact
Revenue miss of $1.6M vs consensus; net loss widened by $0.9M YoY; guidance cut reduces FY 2026 revenue outlook by undisclosed amount
Risk Factors
- Further delays in Water for Energy projects could pressure FY 2026 revenue below the revised $20M floor
- Gross margin compression from mix shift toward lower-margin system sales may persist
- Dependence on large, lumpy project orders creates revenue volatility; transition to repeatable revenue streams is unproven at scale
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3343595 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | DEFA14A | $0.3506 | awaiting T+60 | — | $0.3100 (−11.58%) |
Oct 23, 2026 3d ago | DEF 14A | $0.3351 | awaiting T+60 | — | $0.3100 (−7.49%) |
Oct 22, 2026 4d ago | Insider Cluster | $0.3351 | awaiting T+60 | — | $0.3100 (−7.49%) |
Oct 6, 2026 20d ago | 8-K | $0.4680 | awaiting T+60 | — | $0.3100 (−33.76%) |
Aug 19, 2026 9w ago | Insider Cluster | $0.5538 | awaiting T+60 | — | $0.3100 (−44.02%) |
Aug 12, 2026 10w ago | Press Release | $0.6070 | awaiting T+60 | — | $0.3100 (+48.93%) |
Jul 24, 2026 13w ago | 8-K | $0.6799 $0.3623 | ▲ +46.71% | ▲ +50.42% | $0.3100 (+54.41%) |
Jun 9, 2026 19w ago | 8-K | $0.8344 $0.5689 | ▲ +31.82% | ▲ +38.40% | $0.3100 (+62.85%) |
Jun 4, 2026 20w ago | Press Release | $0.8800 $0.5854 | ▲ +33.48% | ▲ +37.48% | $0.3100 (+64.77%) |
Jun 1, 2026 21w ago | 8-K | $1.16 $0.5910 | ▼ −49.05% | ▼ −50.17% | $0.3100 (−73.28%) |
US Market Status
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