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- **Revenue Acceleration**: Q3 revenue up 52% YoY to $3.8 million, with Water Systems and Plastics driving growth. 
- **Profitability Improvement**: Gross margin jumps to 19.6%, OpEx down 12%, positioning for Q4 breakeven at $6 million.
- **Strategic Expansion**: New marine contracts, Texas service center, and modular systems enable rapid scaling across industries.
- **Cash Position**: $7.3 million liquidity supports growth without capital raises.

**【CEO Summary Section】**
- **Revenue Growth and Operational Efficiency**: Q3 revenue of $3.8 million, up 52% YoY, driven by Water Systems ($2 million) and Plastics ($1 million). Gross margin improved to 19.6% from -8.5% YoY, with OpEx down 12% to $2.1 million. 
- **Swimming Pool Vertical Dominance**: Highest quarterly revenue in swimming pool systems, with 6 large-scale deployments to UK, Spain, and Denmark. Modular design systems reduce deployment complexity and costs.
- **Diversified Growth**: Marine industry orders for dual-fuel engine water treatment systems (Q1 2026 delivery), and new service center in Texas for Water for Energy segment. 9+ pilot/commercial systems deployed since Q3 2024 across oil/gas, steel, and marine applications.

**【CFO Financial Commentary】**
- **Q4 2025 Guidance**: $4.6-5.6 million (38-67% YoY growth), with full-year 2025 revenue of $18-19 million (23-30% growth). 
- **Margin Dynamics**: Contribution margin at record levels, with gross margin set to rise with scale. Breakeven target at $6 million quarterly revenue, achievable with current capacity.
- **Liquidity**: $7.3 million cash on hand, supporting growth initiatives without dilution.

**【Q&A Key Highlights】**
- **Segment Momentum**: Water for Energy and marine industries showing strongest order flow beyond swimming pools. Marine orders reflect broader adoption of dual-fuel engine solutions.
- **Sustainability of Margins**: Gross margin expansion directly tied to revenue growth, with no material constraints on capacity utilization.
- **2026 Outlook**: Management confident in "very strong growth trend" despite formal guidance pending final budgeting.

LiqTech International, Inc. (LIQT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Net Income

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Net Income Attributable to Owners of the Company

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LIQT

LIQT fundamentals

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