LiqTech International (LIQT) Stock Forecast & Price Target

LiqTech International is supported by improving fundamentals in its core filtration businesses, including a $2.1 million follow-on order from a steel manufacturer and strong momentum in swimming pools, where deliveries more than doubled year over year to $800,000. Its gross margin rose to 9.5% from 2.7% in Q1 FY25, while the $18 million Q2 FY26 equity raise left it substantially debt-free with $15.7 million cash and a runway through CY2027, reducing balance-sheet risk. Management’s shift toward shorter-cycle pool, marine, and industrial projects, combined with a reaffirmed 2026 revenue target of $23-27 million and valuation at 0.9x EV/forward sales, supports an attractive risk/reward profile despite timing and dilution risks.

LiqTech International is facing a deteriorating fundamental setup because FY2026 revenue guidance was cut to $20-23 million from $23-$27 million after a water-for-energy push-out, while Q2 revenue still came in at just $4.4 million, down 12% YoY. The business also posted Q1 FY2026 revenue of $4.1 million, down 10.4% YoY, and remains loss-making with estimated FY26 EPS of $(0.79) million. Liquidity is a major concern as cash fell to $2.7 million from $5.1 million at year-end 2025, and roughly $1.9 million of Q1 operating cash burn suggests additional financing will likely be needed.