What changed in this filing

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Item 1. Business

2026-02-27 compared with 2025-03-28 · 55 added, 52 removed, 180 unchanged (37% of the section changed)

LiqTech International, Inc.

is a clean technology company that manufactures and markets highly specialized filtration products and systems.

is a clean technology company that provides state-of-the-art gas and liquid purification products by manufacturing ceramic silicon carbide filters and membranes as well as developing industry-leading and fully automated filtration solutions and systems.

For more than two decades, we have developed and manufactured products of re-crystallized silicon carbide.

We specialize in three business areas:

ceramic membranes for liquid filtration systems, ceramic diesel particulate filters (DPFs) to control soot exhaust particles and black carbon emission from diesel engines, and plastic components for usage across various industries.

ceramic membranes and membrane incorporated liquid filtration systems, ceramic diesel particulate filters (DPFs) to control soot exhaust particles and black carbon emission from diesel engines, and plastic components for usage across various industries.

Using nanotechnology, we develop proprietary products using patented silicon carbide technology.

Our products are based on unique silicon carbide membranes that facilitate new applications and improve existing technologies.

We market our products from our offices in Denmark and through local representatives and distributors.

Our products are based on innovative silicon carbide membranes that facilitate new applications and improve existing technologies.

We marke t our products from our offices in Denmark and through local representatives and distributors.

The products are shipped directly to customers from our production facilities in Denmark.

The terms “LiqTech”, “we”, “our”, “us”, the “Company” or any derivative thereof, as used herein, refer to LiqTech International, Inc., a Nevada corporation, together with its direct and indirect wholly owned subsidiaries, which we collectively refer to herein as our “Subsidiaries”.

At present, we conduct our operations in the Kingdom of Denmark.

Our Danish operations are located in the Copenhagen area and Hobro.

At present, we conduct our operations in the Kingdom of Denmark, US and China, with locations in the Copenhagen area, Hobro, Fort Worth and Nantong

We manufacture and sell a broad range of systems and products based on the application of our ceramic filters and membranes for the filtration of liquids and gases within a range of uses, such as industrial wastewater, oil & gas, commercial pool, road & non-road machinery, marine, chemicals/petrochemicals, and other industrial applications.

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Our Aqua Solution® offers the same water purification as conventional sand filters, which typically require up to 400 times more space and have pore sizes at least three times larger than our Aqua Solution® SiC membrane.

The Aqua Solution® also reduces the number of membrane elements, pressure vessels, and both water and energy consumption as well as CO 2 footprint by offering high-flow capabilities at very low pressure with improved filtration characteristics.

The Aqua Solution® also reduces the number of membrane elements, pressure vessels, water and energy consumption, and CO 2 footprint by offering high-flow capabilities at very low pressure with improved filtration characteristics.

Diesel Particulate Filters (DPFs) for Gas Purification

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Marine “black carbon” exhaust applications;

Back-up generators and general “gen-set” applications.

Back-up generators and general “gen-set” applications used in data centers and other applications.

Liquids Filtration Systems & Solutions

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Our current focus is to strengthen our position within certain industrial applications such as difficult industrial water streams and hydrocarbon production-derived contaminated water, which we refer to herein as “produced water”.

Furthermore, we remain focused on segments within marine scrubber wastewater, pool, metal & mining, microplastics removal, and other applications.

Furthermore, we focus on segments within marine waste treatment, pool, metals & mining, microplastics removal, and other applications.

Our filtration systems have been used in the following applications by our clients:

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We have supplied turnkey water filtration systems for medium to very large public swimming pool installations in Europe and Asia Pacific.

Our Aqua Solution® ceramic membranes provide unique advantages for the commercial pool filtration industry in terms of reduced energy consumption, lower CO2 emissions, smaller footprint, reduced water and chemical consumption, and consistent, high-quality water filtration.

Produced Water:

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The amount of produced water varies from 0.1 to 10 times the amount of oil or gas produced.

We have today three installations with international oil & gas companies both in the US and Middle East, all of which are operating with stable performance.

We have had three commercial installations with international oil & gas companies both in the U.S.

and Middle East with successful performance.

Oil & Gas companies require water treatment units with high capacity and efficiency.

In 2024, we developed the PureFlow™ container solution, designed to operate cost-effectively at capacities starting from 10,000 barrels per day.

Marine Scrubber Wastewater:

Sustainability is getting more and more attention in the shipping industry.

Most commercial new vessels are built with dual-fuel engines.

This type of engine requires efficient and reliable water treatment systems for exhaust gas recirculation, for which it is necessary for engine combustion efficiency.

Based on our many commercially operated water treatment systems, we have developed a special water treatment solution for this new application.

We are actively repositioning our WTU to match the emerging new opportunity for exhaust gas recirculation in dual-fuel engines.

This new market development supports the energy transition for the marine industry and will be a major trend in the coming years.

In 2024, we developed the QureFlow™ container solution, designed to operate cost-effectively at capacities starting from 10,000 barrels per day.

Marine Water treatment for dual fuel engine vessels:

Sustainability is getting increasing attention in the shipping industry.

Most new commercial vessels are built with dual-fuel engines.

This type of engine requires efficient and reliable water treatment systems for exhaust gas recirculation, which is necessary for engine combustion efficiency.

Based on our many marine scrubber water treatment systems currently in operation, we have leveraged this installed base to develop a special water treatment solution for this new application.

We are actively repositioning our water treatment units to match the emerging new opportunity for exhaust gas recirculation in dual-fuel engines.

This new market development supports the energy transition for the marine industry and will be a major trend in future years.

Today, more than 70-80% of commercial ships are manufactured in China.

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Industrial Applications:

We have delivered complete liquid filtration systems for aggressive fluid applications such as heavy metal removal for energy providers and water treatment systems for mining wastewater.

Furthermore, our systems have been deployed successfully to reduce OPEX and enhance product quality in chemicals/petrochemicals applications.

In 2024, we piloted a new application area for microplastics removal for a chemical/petrochemical company.

We have delivered complete liquid filtration systems for aggressive fluid applications such as heavy metals removal for energy providers and water treatment systems for mining wastewater.

Furthermore, our systems have been deployed successfully to reduce operating expenses and enhance product quality in chemicals/petrochemicals applications.

In 2025, we have delivered a filtration system for steel processing wastewater treatment in the U.S.

with strong success.

Highly Flexible & Innovative Plastic Manufacturing

LiqTech provides highly flexible and innovative plastics manufacturing, focusing on machining, welding, bending, and solvent cementing.

With an intense focus on customer demand, LiqTech serves market leaders in the clean technology, pharmaceuticals, foods, healthcare, and graphics industries.

Furthermore, LiqTech delivers benefits through vertical integration by manufacturing some key components for the fabrication and assembly of liquid filtration systems for pool and marine scrubber applications.

With an intense focus on customer demand, LiqTech serves market leaders in the clean technology, pharmaceuticals, food & beverage, healthcare, and graphics industries.

Our Competitive Strengths

Our products and systems compete with other filtration technologies made from ceramic, aluminum oxide, and polymeric materials.

While most of our competitors are large industrial companies, we hold a unique position by combining proprietary membrane technology with extensive system and application expertise.

We believe our patented technology as well as our in-depth application knowledge allow us to offer reliable products that provide an advantage over many of our direct and, in many cases, larger competitors.

While most of our competitors are large industrial companies, we hold a unique position by combining proprietary membrane technology with integrated modular filtration systems and application expertise.

We believe our patented technology as well as our in-depth application knowledge allow us to offer reliable products that provide an advantage over many other players and competitors in the market.

We intend to continue investing in R&D with the aim of developing new technologies and improving our existing products to strengthen our competitive advantages, retain our existing customers, and acquire new customers.

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Advantages of Silicon Carbide Membranes and Filters:

Our liquid filtration and diesel exhaust products utilize silicon carbide substrate and membrane technology, which have unique qualities that we believe make our products more effective than those of our competitors.

Unlike filtration products made of aluminum oxide, silicon carbide membranes are chemically inert and temperature-resistant.

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We possess in-house engineering capabilities for process design, 3D modeling, automation, and control.

Our professional staff of dedicated engineers and craftsmen assume responsibility for the specification, engineering, fabrication, and commissioning process.

Our professional staff of dedicated engineers and craftsmen assume responsibility for the product specification, engineering, fabrication, commissioning, and service.

We believe that supplying our customers with a modular-based solution built upon our silicon carbide membranes is unique in the market, considering our vertical integration with in-house manufacturing of silicon carbide products and engineered plastic components, coupled with the design, engineering, and assembly of the integrated systems.

Broad Application of LiqTech Membranes:

Our membranes can be applied in a variety of applications, including the filtration of industrial wastewater, separation of metals from liquids in industrial processes, marine scrubber wastewater, chemicals and produced water within oil & gas, oil emulsion separation, bacteria removal, commercial swimming pool water treatment, food and beverage production, chemicals/petrochemicals processing, and other applications.

Our membranes can be applied in a variety of applications, including the filtration of industrial wastewater, separation of metals from liquids in industrial processes, marine water treatment, chemicals and produced water within oil & gas, oil emulsion separation, bacteria removal, commercial swimming pool water treatment, food and beverage production, chemicals/petrochemicals processing, and other applications.

Marketing and Manufacturing in Key Markets and Expanding to Other Markets:

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Our management team has deep experience in the clean technology and filtration industries and drives growth through developing new applications and technologies and cultivating relationships with customers.

Our strategy is to leverage our core competencies in material science, advanced filtration, systems integration, and application knowledge, creating differentiated products with compelling value propositions to penetrate attractive end markets with regulatory tailwinds.

Essential imperatives associated with our strategy include the following:

Develop and reinforce new products and applications to provide clean water and reduce pollution.

We currently provide water filtration systems for commercial pool owners, scrubber technology providers, shipowners, and ship operators as well as tailored filtration systems for oil & gas operators, energy companies, and services companies.

We currently provide water filtration systems for commercial pool owners, dual fuel marine vessels, shipowners, and ship operators as well as tailored filtration systems for oil & gas operators, industrial operators and services companies.

We are expanding our range of products to better leverage existing customer relationships and develop new relationships within the oil & gas, marine, chemical, and other industries.

Better penetration of existing end markets where our value proposition is strong.

We have successfully sold products and installed systems into several end market segments--including automotive/transportation, clean water and pool filtration, marine, industrial wastewater, chemical/petrochemical, energy, and oil & gas applications.

We are focused on targeting and developing new customers in these end markets while working with distributors, agents, and partners to access other important geographic markets.

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We serve primarily two industries:

the liquid filtration market and the silicon carbide ceramic membrane & diesel particulate filter (DPF) market.

the liquid filtration system market and the silicon carbide ceramic membrane & diesel particulate filter (DPF) component market.

Our goal is to leverage our products and core technologies to take advantage of favorable market trends.

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In this context, the Company seeks to deploy our unique filtration systems across industries to help unlock a more sustainable future with lower resource consumption and more efficient and responsible operations, with the objective of creating both economic value and environmental benefits.

According to relevant industry research published in 2022, the global ceramic membrane market is expected to grow at a compound annual growth rate (CAGR) of 11.4%, from $5.4 billion in 2021 to $14.3 billion in 2030.

LiqTech is differentiated by what we believe is our superior SiC membrane technology and our ability to provide a complete water treatment system for select industries and applications.

Accordingto the recent GWI publication combined with our inhouse evaluation, the global industry and municipal wastewater equipment market is approximately $300 billion, where filtration technology serves today a $14 billion market.

LiqTech silicon carbon membrane technology is outstanding in the places where water is difficult to treat, while water purity is critical for industrial processes.

LiqTech has an addressable market of approximately $6 billion.

Our applications within industrial wastewater and more specific applications such as chemical/petrochemical purification represent a core part of our strategic plan.

We seek to leverage our innovative and patented SiC ceramic membrane technology by designing and deploying our filtration systems into complex and demanding industrial applications where our clients can benefit from cost savings and value creation.

Recent deployments have showcased attractive returns on investment, as our solutions yield improved product characteristics, lower operational costs, and higher output.

Recent deployments have validated attractive returns on investment, as our solutions yield improved product characteristics, lower operational costs, and higher output.

We are currently focused on evaluating future market potential to more accurately assess the commercial potential within each industrial end-market segment.

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In the past two years, we have worked closely with industry partners to validate and accelerate our ultra-filtration technology applications within the global oil & gas industry, in both onshore and offshore environments, evidenced by a commercial installation in the Middle East for produced water and in the Mediterranean Sea for monoethylene glycol (MEG) recovery.

In 2024, we have succeeded in two commercial installations in the U.S.

In 2025, we have succeeded in commercial installations in the U.S.

onshore market.

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1) use of fuel with low SOx content for a cost that is 150-200 $/MT higher than normal bunker fuel;

2) installation of open-loop, hybrid, or closed-loop scrubbers.

and 2) installation of open-loop, hybrid, or closed-loop scrubbers.

Only hybrid and closed-loop systems can be used in “ECA” zones (Emission Control Areas).

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Most commercial new vessels are built with dual-fuel engines.

This type of engines requires an efficient and reliable water treatment system for exhaust gas recirculation, for which it is necessary for engine combustion efficiency.

Based on our many commercially operated water treatment systems, we have developed a unique for this new application.

This type of engine requires an efficient and reliable water treatment system for exhaust gas recirculation, for which engine combustion efficiency is critical.

Based on our many commercially operated water treatment systems, we have developed a unique solution for this new application.

We are actively repositioning our WTU to match the emerging new opportunity for exhaust gas recirculation in dual-fuel engines.

This new market development supports the energy transition for the marine industry and will be a major trend in the coming years.

This new market development supports the energy transition for the marine industry and will be a major trend in future years.

According to Clarkson shipping intelligence and other public sources, there are greater than 400 new dual-engine vessels on order for 2024 to 2027.

In addition to our industrial, oil & gas, and marine applications, our Company offers industry-leading commercial pool filtration systems globally through distributors and local partners.

In addition to our industrial, oil & gas, and marine applications, the Company offers industry-leading commercial pool filtration systems globally through distributors and local partners.

Based on more than 20 years of experience in the filtration industry, we have developed a superior and cost-effective industrial pool filter system with a smaller footprint, lower chlorine consumption, and higher quality of water filtration.

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According to Frost & Sullivan's report European Swimming Pool Water Treatment Growth Opportunities (June 2022), the European commercial pool market is projected to grow at a CAGR of 6.1% from 2024 to 2028, reaching a total addressable market of $687 million.

We remain committed to expand our geographical reach outside of Europe through new partnerships and distribution agreements.

We remain committed to expand our geographical reach both within and outside of Europe through new partnerships and distribution agreements.

Furthermore, we have recently intensified our focus on aftermarket sales through service & maintenance agreements and the sale of spare parts to our clients and partners.

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Also, low emission zones have been implemented locally in various places in Europe, creating a patchwork of regulation.

Historically, our business has predominantly sold our integrated filtration systems with embedded SiC, HTM, and Aqua Solution® membranes to our partners, distributors, and end users.

Recently, we have intensified our focus on the direct sale of SiC and HTM membrane products to clients and integrators across jurisdictions to directly access the global market for ceramics membrane solutions in the context of the growing need for clean water and responsible handling of industrial wastewater, while also placing value-enhancing applications across core industrial processes such as chemical/petrochemical, enhanced oil recovery, and other applications.

Research and Development

We have eight (8) full-time employees who are primarily engaged in R&D activities pertaining to the development of technology and intellectual property rights related to silicon carbide product formulas, applications, and manufacturing processes.

We have six (6) full-time employees who are primarily engaged in R&D activities pertaining to the development of technology and intellectual property rights related to silicon carbide product formulas, applications, automation, and manufacturing processes.

Manufacturing

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We assemble our liquid filtration systems and manufacture plastic products at our facilities located in Hobro, Denmark.

We plan to consolidate, optimize, and expand our production capacity within the existing facilities with further support from partnerships across the U.S.

In 2025, we started to assemble marine water treatment systems in China with the purpose of being closer to our customers and reducing the cost of production.

We continue to evaluate and assess the possibility of expanding our production capacity with further support from partnerships across the U.S.

Raw Materials and Components

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Our products and services are sold both directly and indirectly to end users across multiple jurisdictions and end markets through direct sales, systems integrators, distributors, agents, and partners.

Our Company initially focused on selling DPF filters to the automotive industry to reduce exhaust gas emissions in diesel engines.

Our Company initially focused on selling DPF filters to the automotive industry to reduce exhaust gas emissions from diesel engines.

In 2014, we acquired Provital Solutions, a Danish filtration system manufacturing company, that enabled our Company to broaden our offering of products and systems for ceramic filters, SiC membranes, and modular liquid filtration systems.

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As of December 2025, we employed ten (10) full-time sales, marketing, and strategy personnel in addition to partnership and distribution agents.

We promote our products through direct sales to potential customers and marketing activities such as participation in tradeshows and exhibitions, with a new focus on digital marketing.

We promote our products through direct sales to potential customers and marketing activities such as participation in tradeshows and exhibitions, with a recent focus on digital marketing.

In certain instances, our products are delivered to the end customer through system integrators.

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Intellectual Property

We have two issued patents in Denmark, one issued European patent, and one pending European and US patent application that we co-own with a third party.

We have one patent granted in Europe and one patent granted in Denmark.

Furthermore, we have four patent application submitted for international coverage.

Scope and duration of each of our foreign patents vary in keeping with local laws.

On July 7, 2014, we obtained a new Danish patent application related to our silicon carbide membrane technology.

In 2023, we have submitted 3 patent applications to further strengthen our intellectual property for SiC membranes.

In 2023, we submitted three patent applications to further strengthen our intellectual property for SiC membranes.

In 2025, we submitted one patent application to defend our unique technological position within cross-flow integrated filtration systems.

We also rely on trade secret protection for our confidential and proprietary information.

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We also believe that having distinctive names is an important factor in marketing our products and therefore use trademarks to brand some of our products.

As of March 2025, we had three trademark registrations in China and four trademark registrations in Denmark (AQUA SOLUTION, CoMem, CDPX, and FUTURE FILTRATION).

As of February 2026, we had three trademark registrations in China and four trademark registrations in Denmark (AQUA SOLUTION, CoMem, CDPX, and FUTURE FILTRATION).

We are also in the process of proactively renewing and developing new trademarks in select geographic areas.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business