LiqTech International

LIQT · NASDAQ

$0.3351−$0.0164 (−4.67%)TodayMarket closed · Oct 23, 7:17 PM ET

Prev close $0.3515

LIQT analyst rating

BuyConsensus of 1 analyst over the last 12 months. 100% rate it a buy.

Strong buy0
Buy1
Hold0
Underperform0
Sell0

12-month price target · 3 analysts

Average $1.33 (+295.7% upside)

Low: $1.31
Now: $0.3351
High: $1.37

Upgrades and downgrades

The latest rating actions, newest first

LIQT analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Ascendiant Capital	Sep 4, 2026	Maintains	Buy	$4.40 → $1.30	19%
Ascendiant Capital	May 21, 2026	Maintains	Buy	$4.30 → $4.40	19%
Ascendiant Capital	Mar 10, 2026	Maintains	Buy	$4.20 → $4.30	19%
Ascendiant Capital	Nov 20, 2025	Maintains	Buy	$4.00 → $4.20	19%

The case for and against

Updated Oct 18, 2026

Bull case

LiqTech International is benefiting from improving demand in shorter-cycle, more scalable end markets, including a $2.1 million follow-on steel order, record commercial pool revenue of $1.5 million, and $0.7 million from marine scrubbers, while its first US pool installation in Wyoming and the Texas oil & gas pilot support broader market optionality. Financially, the company raised $18 million in new equity, ended the quarter with $15.7 million cash and substantial debt reduction, and improved gross margin to 9.5% from 2.7% in Q1 FY25, suggesting better utilization and mix. Management’s reaffirmed $23-27 million 2026 revenue target and valuation of 0.9x EV/forward sales indicate a credible path to growth and margin expansion, though order timing remains a risk.

Bear case

LiqTech International is facing a fundamentally weak operating profile, as Q1 FY2026 revenue of $4.1 million and Q2 revenue of $4.4 million both missed estimates and fell year over year, while EPS remained deeply negative at $(0.28) and $(0.15), underscoring persistent losses. The company also cut FY2026 revenue guidance to $20-23 million from $23-$27 million after a water for energy order was pushed out, signaling execution risk and dependence on uneven project timing rather than stable demand. With cash falling to $2.7 million from $5.1 million and quarterly operating cash burn of about $1.9 million, it likely needs additional financing before reaching cash flow breakeven, adding dilution and balance sheet risk.

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