LiqTech International Inc 2025年季度报告

FORM10-Q For the quarterly period endedSeptember 30, 2025 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF1934 For the transition period fromto Commission File Number:001-36210 LiqTech International, Inc.(Exact name of registrant as specified in its charter) Registrant’s telephone number, including area code:+453131 5941 Name of each exchange on whichregistered TheNasdaqStock Market LLC Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period thatthe registrant was required to submit such files).Yes☒No☐. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check one): Large accelerated filer☐Non-accelerated filer☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ As ofNovember 14,2025, there were9,627,064shares of Common Stock, $0.001 par value per share, outstanding. LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIESQuarterly Report on Form 10-QFor the Period Ended September 30, 2025 TABLE OF CONTENTS PagePART I. FINANCIAL INFORMATION5Item 1. Financial Statements5Condensed Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 20245Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 andSeptember 30, 2024 (unaudited)7Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended September 30, 2025and September 30, 2024 (unaudited)8Condensed Consolidated Statements of Stockholders’Equity for the Three and Nine Months ended September 30, 2025and September 30, 2024 (unaudited)9Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and September 30,2024 (unaudited)11Notes to Condensed Consolidated Financial Statements (unaudited)13Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations22Item 3. Quantitative and Qualitative Disclosures About Market Risk28Item 4. Controls and Procedures29PART II. OTHER INFORMATION30Item 1. Legal Proceedings30Item 1A. Risk Factors30Item 2. Unregistered Sales of Equity Securities and Use of Proceeds30Item 3. Defaults Upon Senior Securities30Item 4. Mine Safety Disclosures30Item 5. Other Information30Item 6. Exhibits31SIGNATURES33 Certain statements made in this Quarterly Report on Form 10-Q are “forward-looking statements” regarding the plans andobjectives of management for future operations and market trends and expectations. Such statements involve known and unknownrisks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different fromany future results, performance or achievements expressed or implied by such forward-looking statements. 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. Assumptionsrelating to the foregoing involve judgments with respect to, among other things, future political, legislative, economic, competitiveand market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many ofwhich are beyond our control.This is especially underlined by the potential impacts from the prevailing macro-economicuncertainty on the Company, including the related effects to our business operations, results of operations, cash flows, andfinancial position. Although we believe that our assumptions underlying the forward-looking statements are reasonable, any of theassumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking statements included in thisQuarterly Report on Form 10-Q will prove to be accurate. In light of the significant uncertainties inherent in the forward-lookingstatements included herein, the inclusion of such information should not be regarded as a rep