LiqTech is a small Danish clean technology company that makes ceramic silicon carbide (SiC) filtration products — membranes, filters, and complete systems — used to purify water and control exhaust emissions. LiqTech manufactures its own SiC membranes and integrates them into modular filtration systems, which it sells directly to end customers and through distributors. LiqTech reports across three segments: water systems (the largest, covering pools, oil & gas, marine, and industrial water treatment), DPF and ceramic membrane sales (a legacy segment selling SiC membranes and diesel particulate filters to system integrators and transportation customers), and plastics (engineered plastic parts for food & beverage and pharmaceutical customers). Revenue is generated through large project-based system sales, component sales to system integrators, pilot rental programs, and aftermarket service contracts. Large system sales have long sales cycles — typically requiring a 6–18 month pilot before a commercial order — making early-stage market development capital-intensive. LiqTech's cost structure is largely fixed, creating significant operating leverage. LiqTech argues it is differentiated by vertical integration (proprietary membrane plus complete system) and application expertise in harsh, chemically aggressive water treatment environments. Growth priorities include U.S. oil & gas produced water treatment via its Razorback Direct partnership, marine dual-fuel engine water treatment through a China JV established in late 2024, commercial pool expansion, and building recurring aftermarket revenue on its installed base of over 170 systems.