LIQTECH INTERNATIONAL INC

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 27, 2026

LIQT$0.30+2.4%Stored close · as of Nov 9, 2026

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Contents

Page
PART I
Item 1	Business	1
Item 1A	Risk Factors	6
Item 1B	Unresolved Staff Comments	13
Item 1C	Cybersecurity	13
Item 2	Properties	14
Item 3	Legal Proceedings	14
Item 4	Mine Safety Disclosures	14
PART II
Item 5	Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	14
Item 6	[Reserved]	14
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	19
Item 8	Financial Statements and Supplementary Data	20
Item 9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	45
Item 9A	Controls and Procedures	45
Item 9B	Other Information	46
Item 9C	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	46
PART III
Item 10	Directors, Executive Officers and Corporate Governance	47
Item 11	Executive Compensation	47
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	47
Item 13	Certain Relationships and Related Transactions, and Director Independence	47
Item 14	Principal Accountant Fees and Services	47
PART IV
Item 15	Exhibits and Financial Statement Schedules	48
Signatures	52

Cautionary Language Regarding Forward-Looking Statements and Industry Data

This Annual Report on Form 10-K contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the plans and objectives of management for future operations and market trends and expectations. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. In some cases, you can identify forward-looking statements by the following words: “may,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “approximately,” “estimate,” “predict,” “project,” “potential” or the negative of these terms or other comparable terminology, although the absence of these words does not necessarily mean that a statement is not forward-looking.

The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. Our plans and objectives are based, in part, on assumptions involving the continued expansion of our business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future political, legislative, economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. This is especially underlined by the anticipated impacts from the prevailing macro-economic uncertainty on the Company, including the related effects to our business operations, results of operations, cash flows, and financial position. Although we believe that our assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking statements included in this Annual Report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

Forward-looking statements include, but are not limited to, statements concerning:

●	Our expectations regarding our liquidity, cash flows and uses of cash;
●	The potential adverse effects on our operations and financial performance from armed conflicts or geopolitical tensions;
●	The potential adverse effects on our operations and financial performance from armed conflicts or geopolitical tensions;
●	The potential adverse impact of global trade restrictions, tariffs, and geopolitical tensions on our business and supply chain;
●	The potential negative impact of prolonged energy market volatility and supply disruptions on our business;
●	The potential adverse impact of health crises, pandemics, and public health emergencies on our business, financial condition, and operations;
●	Our dependence on a few major customers and the ability to maintain future relationships with one or more of these major customers;
●	Our ability to operate with financial stability and secure access to external financing and adequate liquidity;
●	Our ability to secure and source supplies of raw materials and key components in due time and at competitive prices;
●	Our ability to achieve revenue growth and penetrate new markets;
●	Our dependence on the expertise and experience of our management team and the retention of key employees;
●	Our reliance and access to qualified personnel to expand our business;
●	Our ability to adapt to potentially adverse changes in legislative, regulatory, and political frameworks;
●	Changes in interest rates or tightening of debt capital markets;
●	Changes in emissions and environmental regulations, and potential further tightening of emission standards;

●	The exposure to potentially adverse tax consequences;
●	Our ability to compete under changing governmental standards by which our products are evaluated;
●	The financial impact from the fluctuation and volatility of foreign currencies;
●	The potential monetary costs of defending our intellectual property rights;
●	Our ability to successfully protect our intellectual property rights and manufacturing know-how;
●	The possibility of a dispute over intellectual property developed in conjunction with third parties with whom we have contractual relationships;
●	The possibility that we could become subject to litigation that could be costly, limit, or cancel our intellectual property rights or divert time and efforts away from our business operations;
●	The potential negative impact to the sale of our products caused by technological advances of our competitors;
●	The potential liability for environmental harm or damages resulting from technical faults or failures of our products;
●	The possibility that an investor located within the United States may not be able to, or find it difficult to, enforce any judgments obtained in United States courts because a significant portion of our assets and some of our officers and directors may be located outside of the United States;
●	The possibility that we may not be able to develop and maintain an effective system of internal controls over financial reporting, leading to inaccurate reports of our financial results;
●	The possibility of breaches in the security of our information technology systems;
●	The liability risk associated with our compliance to environmental laws and regulations; and
●	The potential negative impact of more stringent environmental laws and regulations as governmental agencies seek to improve minimum standards.

PART I

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