LiqTech International Inc (LIQT) 2026 Q1 法說會逐字稿

Good morning. Welcome to the LiqTech International reports first-quarter fiscal year 2026 financial results conference call.

早安。歡迎參加 LiqTech International 2026 會計年度第一季財務業績電話會議。

(Operator Instructions) Please note that this event is being recorded.

(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Robert Blum with Lytham Partners. Please go ahead, sir.

現在我想將會議交給 Lytham Partners 的 Robert Blum。先生，請開始。

All right. Thank you very much, operator. Good morning, everyone.

好的。非常感謝，接線員。各位早安。

Thank you, all, for joining us on today's conference call; as the operator indicated, to discuss LiqTech International's first-quarter 2026 financial results.

感謝各位參加今天的電話會議；如接線員所示，本次會議將討論 LiqTech International 2026 年第一季財務業績。

Joining us on today's call from the company are Fei Chen, Chief Executive Officer; and David Kowalczyk, the company's Chief Financial and Chief Operating Officer.

今天與會的公司代表包括：執行長 Fei Chen；以及公司財務長兼營運長 David Kowalczyk。

Before I turn the call over to management, let me remind listeners that there will be a Q&A session at the end of the call. (Event Instructions)

在我把電話交給管理層之前，提醒各位聽眾，會議結束時將有問答環節。(活動指示)

Before we begin with prepared remarks, we submit for the record the following statement:

在我們開始預先準備的發言之前，我們先就記錄提交以下聲明：

This conference call may contain forward-looking statements. Although the forward-looking statements reflect the good faith and judgment of management, forward-looking statements are inherently subject to known and unknown risks; and uncertainties that may cause actual results to be materially different from those discussed during the call.

本電話會議可能包含前瞻性陳述。儘管前瞻性陳述反映了管理層的善意與判斷，但前瞻性陳述本質上受到已知與未知風險及不確定性的影響，可能導致實際結果與本次會議中討論的內容存在重大差異。

The company, therefore, urges all listeners to carefully review and consider the various disclosures made in the reports filed with the Securities and Exchange Commission, including risk factors that attempt to advise interested parties of the risks that may affect the business, financial position, operations, and cash flows.

因此，公司敦促所有聽眾仔細審閱並考量向美國證券交易委員會提交之報告中的各項揭露，包括風險因素，這些內容旨在告知相關人士可能影響公司業務、財務狀況、營運及現金流的風險。

If one or more of these risks or uncertainties materialize; or if the underlying assumptions prove incorrect, the company's actual results may vary materially from those expected or projected.

若上述一項或多項風險或不確定性成真；或若基本假設證明不正確，公司的實際結果可能與預期或預測存在重大差異。

The company, therefore, encourages all listeners not to place undue reliance on these forward-looking statements, which pertain only as of this date and the date of the release and conference call.

因此，公司鼓勵所有聽眾不要過度依賴這些前瞻性陳述；該等陳述僅適用於本日以及本次新聞稿與電話會議之日期。

The company assumes no obligation to update any forward-looking statements to reflect any events or circumstances that may arise after the date of this release and conference call.

公司不承擔任何義務更新任何前瞻性陳述，以反映在本次新聞稿與電話會議日期之後可能發生的任何事件或情況。

Now, I'd like to turn the call over to Fei Chen, CEO of LiqTech International. Fei, please proceed.

現在，我想把電話交給 LiqTech International 的執行長 Fei Chen。Fei，請開始。

Thank you, Robert. Good day to everyone on the call.

謝謝你，Robert。向所有與會者問好。

The first quarter was in line with our expectations and represented a continued step-forward in transition we have been describing over the past several quarters.

第一季的表現符合我們的預期，並代表我們在過去幾季所描述之轉型持續向前邁進的一步。

Our focus remains on building a more balanced; repeatable; and, ultimately, more profitable LiqTech by placing greater emphasis on end markets, where our technology delivers clear value and where customer adoption can scale in a more predictable way.

我們的重點仍是打造更均衡、可重複、並最終更具獲利能力的 LiqTech；透過更強調終端市場，在這些市場中我們的技術能提供明確價值，且客戶採用可更可預測地擴大規模。

The year-over-year revenue comparison was impacted by a significant Water For Energy delivery in the first quarter of 2025 that did not repeat in the first quarter of 2026, as well as timing of order conversion. However, the underlying activities across the business were encouraging.

年對年營收比較受到 2025 年第一季一筆重大「Water For Energy」交付案影響，該交付並未在 2026 年第一季重複發生，此外也受到訂單轉換時點影響。然而，整體業務的基本活動令人鼓舞。

Commercial Pool, Marine, DPF and Membrane all showed meaningful activity in the quarter. The new Pool and Marine orders are setting the stage for improved results in the second quarter and throughout 2026.

商用泳池、海事、DPF 與薄膜業務在本季皆展現出顯著的活動。新的泳池與海事訂單正為第二季及 2026 年全年的改善成果奠定基礎。

Compared to quarter four in 2025, revenue increased by 32%. Our gross margin expanded by roughly 1,290 basis points.

與 2025 年第四季相比，營收成長 32%。我們的毛利率擴大約 1,290 個基點。

The nature of our business and the sales cycle time means that all the improvements we have made in 2025 will show gradual improvements quarter over quarter in 2026. We are, therefore, reiterating our full-year 2026 outlook for revenue of $23 million to $27 million.

我們的業務特性與銷售週期時間意味著，我們在 2025 年所做的所有改善，將在 2026 年逐季逐步顯現。因此，我們重申 2026 年全年營收展望為 2,300 萬至 2,700 萬美元。

David will go through the financial details in a few minutes. I will focus on operating progress, customer activity, and strategic direction.

David 將在幾分鐘後說明財務細節。我將聚焦於營運進展、客戶活動與策略方向。

The main message is that our strategy is advancing. We are building around a portfolio of opportunities, where our silicon-carbide membrane technology can be deployed in repeatable platforms, supported by stronger service capabilities and scaled across geographies.

主要訊息是，我們的策略正在推進。我們正圍繞一組機會組合來建構業務，在這些機會中，我們的碳化矽薄膜技術可部署於可重複的平台，並由更強的服務能力支援，且可跨地理區域擴展。

Our Commercial Pool business continues to be one of the clearest examples of this strategy. During the first quarter, pool deliveries totaled revenue of $0.8 million compared to $0.3 million in the first quarter 2025.

我們的商用泳池業務持續是此策略最清楚的例子之一。第一季泳池交付帶來 80 萬美元營收，相較於 2025 年第一季的 30 萬美元。

More importantly, the order activity we have announced since the beginning of the year reinforces our confidence that QlariFlow is gaining traction as a differentiated solution for modern commercial aquatic facilities. In fact, based on our order book, we expect a record quarter for commercial swimming pool in quarter-two 2026.

更重要的是，自年初以來我們已公告的訂單活動，強化了我們對 QlariFlow 作為現代商用水上設施差異化解決方案正獲得市場動能的信心。事實上，根據我們的訂單簿，我們預期 2026 年第二季商用泳池將創下單季新高。

A key milestone was our first US pool system order, consisting of three systems to be installed at the Weston County School District #1 Aquatic Center in Newcastle, Wyoming.

一項關鍵里程碑是我們在美國的首筆泳池系統訂單，包含三套系統，將安裝於懷俄明州紐卡斯爾的 Weston County School District #1 Aquatic Center。

Entering the US market has been an important objective for us because it is a large market with aging infrastructure, high water-quality expectations, and a growing need for more automated and space-efficient filtration solutions.

進入美國市場一直是我們的重要目標，因為該市場規模龐大、基礎設施老化、對水質的期望高，且對更自動化與更節省空間的過濾解決方案需求日益增加。

We view this first US order as an important proof point that can help open additional opportunities, over time. We also received consecutive record-setting pool system orders, internationally.

我們將這筆美國首單視為重要的驗證案例，隨著時間推進可協助開啟更多機會。我們在國際市場也連續取得創紀錄的泳池系統訂單。

One was in partnership with Lotec for a new large-scale commercial pool project in Den Helder, Netherlands. The next was a follow-on record order in partnership with Waterco Limited for 10 systems for the Plumpton Aquatic and Leisure Centre in Fraser Rise, Victoria, Australia.

其中一筆是與 Lotec 合作，為荷蘭 Den Helder 的一項大型商用泳池新建專案提供系統。下一筆則是與 Waterco Limited 合作的後續創紀錄訂單，為澳洲維多利亞州 Fraser Rise 的 Plumpton Aquatic and Leisure Centre 提供 10 套系統。

These wins demonstrate that our solution is being adopted across different geographies, project types, and the partner channels.

這些勝利顯示，我們的解決方案正被不同地理區域、不同專案類型以及合作夥伴通路所採用。

QlariFlow is well-suited to this market because it addresses several customer needs, at the same time. Our systems are compact, modular, and designed for stable water quality, automation, and efficient operation.

QlariFlow 非常適合此市場，因為它能同時滿足多項客戶需求。我們的系統體積小、模組化，並以穩定水質、自動化與高效率運作為設計目標。

For retrofit projects, the smaller footprint can be a meaningful advantage, where equipment room space is limited. For new build facilities, the modular design gives customers a flexible solution that can be planned into the project from the beginning.

對於汰換改造專案，在設備室空間有限的情況下，較小的占地面積可成為一項重要優勢。對於新建場館，模組化設計為客戶提供彈性解決方案，可從專案一開始就納入規劃。

From a business model perspective, pools are attractive because the systems are becoming more standardized and repeatable. This is different from large one-off projects, which often require more customization and can be more difficult to forecast.

從商業模式角度來看，泳池市場具吸引力，因為系統正變得更標準化且可重複。這不同於大型一次性專案，後者往往需要更多客製化，且更難以預測。

As the pool adoption grows, we believe this vertical can contribute to better revenue visibility, improved execution, and a stronger margin profile, over time.

隨著泳池採用率提升，我們相信此垂直領域將隨時間推進，有助於提升營收能見度、改善執行力，並強化毛利率結構。

Our Marine business also continued to build momentum in the first quarter. We delivered two systems under the quarter for marine dual-fuel engine water treatment for LNG vessels. We expect two more systems to be delivered during the second quarter.

我們的海事業務在第一季也持續累積動能。本季我們交付了兩套用於 LNG 船舶之海事雙燃料引擎水處理系統。我們預期第二季將再交付兩套系統。

Marine revenue totaled $0.8 million in the first quarter compared to $0.2 million in the first-quarter 2025. The growth in this vertical is being supported by our joint venture in China, which we believe can help drive more sustainable order flow throughout 2026.

第一季海事營收合計為 80 萬美元，較 2025 年第一季的 20 萬美元增加。此垂直領域的成長受惠於我們在中國的合資企業，我們相信這將有助於在 2026 年期間推動更具可持續性的訂單流。

As we discussed on our last call, we have invested in local capabilities to support the marine market, including development, the localization activities, and regional service infrastructure. This is important because the marine market requires reliable execution, responsive service, and a cost-competitive localized supply chain.

如同我們在上次電話會議中所提到的，我們已投資在地能力以支援海事市場，包括研發、本地化活動以及區域服務基礎設施。這點很重要，因為海事市場需要可靠的執行、快速回應的服務，以及具成本競爭力的在地化供應鏈。

We believe silicon-carbide membrane technology has a strong fit in marine applications, particularly for vessels equipped with the dual-fuel engines. These vessels require advanced water-treatment solutions that can support onboard wastewater purification and reuse.

我們認為碳化矽膜技術非常適合海事應用，特別是配備雙燃料引擎的船舶。這些船舶需要先進的水處理解決方案，以支援船上廢水淨化與回用。

We are meeting demanding operating requirements. Marine is also attractive because it has the potential to become more repeatable, as adoption grows.

我們正在滿足嚴苛的運行要求。海事領域也具吸引力，因為隨著採用率提升，它有潛力變得更可複製、可重複。

Each vessel project has its own delivery schedule. But the underlying Systems platform can be standardized and supported through our regional presence.

每個船舶專案都有其自身的交付時程。但底層的系統平台可以標準化，並透過我們的區域據點提供支援。

Turning to Water For Energy and Industry applications, our view remains balanced and disciplined. Oil and gas continue to be an opportunity for LiqTech. Our pipeline remains active. At the same time, as we have said before, the timing of larger projects can be difficult to predict.

談到能源與工業用水（Water For Energy and Industry）應用，我們的觀點仍然保持平衡且審慎自律。油氣仍是 LiqTech 的機會所在。我們的商機管線仍然活躍。同時，如同我們先前所說，大型專案的時點往往難以預測。

During the quarter, we commenced a new pilot program in West Texas for produced water-stream treatment with an energy services and solutions company.

本季我們在西德州與一家能源服務與解決方案公司啟動了一項新的試點計畫，用於採出水水流處理。

This type of field activity is important because it gives customers the opportunity to validate the performance of our technology in demanding operating conditions, prior to their investment decision for large-size commercial projects.

此類現場活動很重要，因為在客戶對大型商業專案做出投資決策之前，能讓客戶有機會在嚴苛的運行條件下驗證我們技術的效能。

It allows us to further demonstrate the value proposition of silicon-carbide membranes in produced-water treatment.

這也讓我們能進一步展示碳化矽膜在採出水處理上的價值主張。

We continue to believe our technology is well-positioned for difficult water streams, where durability, chemical resistance, and stable filtration performance are critical.

我們仍然相信，我們的技術在處理困難水流方面具備良好定位；在這些情境中，耐久性、耐化學性與穩定的過濾效能至關重要。

Produced water and industry wastewater are both areas, where customers are looking for solutions that can handle high variability; reduce operational disruptions; and support environmental and water reuse objectives.

採出水與工業廢水都是客戶尋求解決方案的領域，這些解決方案需要能應對高度變動性、降低營運中斷，並支援環境目標與水回用目標。

At the same time, we are being careful in how we allocate resources. We are not basing our operating plan on the timing of any single large oil-and-gas project. We will continue pursue attractive opportunities. But we will do so in a way that supports the broader strategy of building a more balanced business.

同時，我們也謹慎分配資源。我們不會以任何單一大型油氣專案的時點作為營運計畫的基礎。我們將持續追求具吸引力的機會。但我們會以支持更廣泛策略的方式來推進，也就是打造更均衡的業務組合。

Beyond Systems, our DPF and Membrane business and our Plastics business remain important contributor to LiqTech.

除了系統（Systems）之外，我們的 DPF 與膜（Membrane）業務以及塑膠（Plastics）業務仍是 LiqTech 的重要貢獻來源。

In the first quarter, DPF and Membrane revenue increased to $1.3 million from $1 million in the prior-year quarter. This was driven by strong order flow from both existing and the new customer, following our renewed focus within this markets vertical.

第一季，DPF 與膜業務營收由去年同期的 100 萬美元增加至 130 萬美元。這主要受惠於我們在此市場垂直領域重新聚焦後，來自既有客戶與新客戶的強勁訂單流。

Plastics revenue increased approximately 5% in the quarter and totaled about $1 million, driven by strong external interest, especially in food processing.

塑膠業務營收本季約成長 5%，合計約 100 萬美元，主要由強勁的外部需求帶動，尤其是在食品加工領域。

Looking ahead, our priorities are clear. We are reiterating our 2026 outlook; and remain focused on executing against the revenue growth and adjusted EBITDA improvement we have communicated.

展望未來，我們的優先事項很明確。我們重申 2026 年展望，並將持續專注於落實我們已溝通的營收成長與調整後 EBITDA 改善。

The path to achieving this outlook is not depending on a single large oil-and-gas order. It is based on continued progress across Commercial Pool, Marine, Industry applications, and the components market, with potential upside from Water For Energy, as opportunities convert.

達成此展望的路徑不依賴任何單一大型油氣訂單。其基礎在於商用泳池（Commercial Pool）、海事、工業應用以及零組件市場的持續進展；同時，若能源用水（Water For Energy）機會逐步轉化，亦可能帶來上行空間。

The most important strategic priority is to improve the quality of our growth. Markets where solutions can be standardized, partners can extend our reach service infrastructure supports customer confidence. The volumes can support better margins.

最重要的策略優先事項是提升我們成長的品質。在解決方案可標準化、合作夥伴能延伸我們觸及範圍、且服務基礎設施能支撐客戶信心的市場中，規模量能可支撐更佳的毛利率。

We believe the first quarter provide encouraging evidence that this transition is working. Pool orders are expanding, geographically. Marine deliveries are increasing, supported by China JV. DPF and Membrane is benefiting from renewed commercial focus. The Water For Energy remains active but we are approaching it with appropriated discipline.

我們認為第一季提供了令人鼓舞的證據，顯示這項轉型正在奏效。泳池訂單在地理範圍上持續擴張。海事交付量在中國合資企業的支持下增加。DPF 與膜業務受惠於重新聚焦的商務推進。能源用水（Water For Energy）仍然活躍，但我們以適當的自律方式來推進。

Let me now turn the call over to David to review the financials in more detail. I will then make a few close comments and look to open the call for your questions. David?

接下來我把電話會議交給 David，請他更詳細地回顧財務表現。之後我會做幾點結語，並準備開放各位提問。David？

Thank you, Fei. Good day, everyone.

謝謝你，Fei。各位好。

Let me take some time to walk through our first-quarter financial results in a bit more detail and add some color to what was included in the press release.

我將花一些時間更詳細地說明我們第一季的財務結果，並補充新聞稿中所涵蓋內容的一些背景。

As Fei noted, the quarter was generally in line with our expectations -- the expectations we provided in our year-end call.

如 Fei 所指出，本季整體而言大致符合我們的預期——也就是我們在年終電話會議中所提供的預期。

My remarks today will focus, primarily, on the year-over-year changes for the first quarter and on how those results fit into the full-year outlook that we are reiterating today.

我今天的發言將主要聚焦於第一季的年對年變化，以及這些結果如何融入我們今天重申的全年展望。

Let's start with revenue. Revenue for the first quarter of 2026 was $4.1 million compared with $4.6 million in the first quarter of 2025. This represents a decrease of 10.4%.

先從營收談起。2026 年第一季營收為 410 萬美元，較 2025 年第一季的 460 萬美元下降。這代表下滑 10.4%。

Broken down by verticals, sales for the year were as follows:

按垂直領域拆分，本年度銷售如下：

Systems and Aftermarket sales were $1.8 million compared to $2.7 million in the prior year quarter.

系統與售後市場（Aftermarket）銷售為 180 萬美元，較去年同期的 270 萬美元下降。

DPF and Membrane sales were $1.3 million compared to $1.0 million in the prior year quarter.

DPF 與膜銷售為 130 萬美元，較去年同期的 100 萬美元增加。

Finally, Plastics Components revenue was $1 million compared to approximately $1 million in the first quarter of 2025.

最後，塑膠零組件（Plastics Components）營收為 100 萬美元，與 2025 年第一季約 100 萬美元大致持平。

The year-over-year revenue decline was solely attributable to lower Systems sales, specifically the fact that we had a significant Water For Energy delivery in the first quarter of 2025. This did not repeat in the first quarter of 2026.

年對年營收下滑完全歸因於系統銷售較低，具體而言，是因為我們在 2025 年第一季有一筆重要的能源用水（Water For Energy）交付。這在 2026 年第一季並未重複發生。

That comparison is important because the underlying activity in several of our priority areas was stronger than the headline revenue number might suggest.

這項比較很重要，因為我們在數個優先領域的基本活動其實比營收表面數字所呈現的更為強勁。

Within Systems, both Commercial Pool and Marine showed meaningful improvements.

在系統業務中，商用泳池與海事兩者皆呈現顯著改善。

Commercial Pool revenue was approximately $0.8 million for the quarter compared with approximately $0.3 million in the prior-year quarter. Marine revenue was also approximately $0.8 million compared with approximately $0.2 million in the first quarter of 2025.

商用泳池本季營收約為 80 萬美元，較去年同期約 30 萬美元增加。海事營收也約為 80 萬美元，較 2025 年第一季約 20 萬美元增加。

Those increases were offset by the non-repeat of the larger Water For Energy delivery, last year.

這些增幅被去年較大規模的「Water For Energy」交付未再重複所抵銷。

Outside of Systems, DPF and Membrane sales increased meaningfully, driven by strong order flow from both existing and new customers, following our renewed focus within that market vertical.

在系統業務之外，DPF 與膜產品銷售顯著成長，主要受惠於我們重新聚焦該垂直市場後，來自既有與新客戶的強勁訂單流入。

Components also increased during the quarter, supported by continued external interest, especially within food processing.

本季零組件業務亦有所成長，受持續的外部需求支撐，尤其是在食品加工領域。

These are important contributors because they provide a more stable base for recurring activities, while we continue to scale the high-growth Systems opportunities.

這些業務是重要的貢獻來源，因為它們在我們持續擴大高成長的系統機會之際，能為經常性活動提供更穩定的基礎。

Turning to gross margins, gross profit for the quarter was $0.4 million, representing a gross margin of 9.5%. That compares to a gross profit of $0.1 million or a gross profit of 2.7% in the first quarter of '25.

接著談毛利率，本季毛利為 40 萬美元，毛利率為 9.5%。相較之下，2025 年第一季毛利為 10 萬美元，毛利率為 2.7%。

The improvement in gross margin is an important point. Even though total revenue was lower year over year, our gross profit dolars actually increased. Our gross margin expanded by roughly 280 basis points.

毛利率的改善是一個重要重點。儘管總營收年減，我們的毛利金額實際上增加了。我們的毛利率擴大約 280 個基點。

The improvement was primarily driven by mix in system sales, better utilization of our manufacturing capacity, procurement efforts on prices, and lower depreciation expenses.

此改善主要由系統銷售組合帶動、製造產能利用率提升、採購端的價格努力，以及折舊費用降低所驅動。

As we have discussed before, we are still operating below the level -- the revenue level -- where our production platform can fully absorb fixed costs. As a result, our gross margin is not yet where we believe it can be, over time.

如同我們先前討論過的，我們目前仍在低於我們的生產平台能夠完全吸收固定成本的營收水準下運作。因此，我們的毛利率尚未達到我們認為長期可達的水準。

That said, the first quarter shows the benefit of improving mix, continued operating discipline, and greater focus on repeatable applications, where our cost structure and system design can become more efficient, as volume increases.

即便如此，第一季顯示出銷售組合改善、持續的營運紀律，以及更聚焦於可重複應用的效益；隨著量能提升，我們的成本結構與系統設計可變得更有效率。

Gross margin improvement remained a key priority. Scaling standardized systems in Commercial Pool and Marine, along with continued strength in our Components business, should help support a better margin profile, as we move through 2026.

毛利率改善仍是關鍵優先事項。在商用泳池與海事領域擴大標準化系統規模，加上零組件業務持續強勁，應可在我們邁向 2026 年的過程中，支撐更佳的毛利結構。

Turning to operating expenses, the total operating expenses for the first quarter were $2.7 million compared to $2.3 million in the first quarter of '25. Approximately 60% of this increase was related to foreign-exchange development.

接著談營業費用，第一季營業費用總額為 270 萬美元，較 2025 年第一季的 230 萬美元增加。其中約 60% 的增幅與外匯變動有關。

Because the majority of our cost base is denominated in Danish kroner or euros, the year-over-year currency movement affected how expenses translate into US dollars.

由於我們的大部分成本基礎以丹麥克朗或歐元計價，年對年匯率變動影響了費用換算為美元的金額。

Breaking operating expenses down by category:

按類別拆解營業費用如下：

Selling expenses for the first quarter were $1.0 million compared to $0.7 million in the prior-year quarter. Excluding foreign-exchange effects, the increase was primarily related to the full-year effect of hires within our Chinese joint venture, as well as continued investment in the sales organization across the United States and Europe.

第一季銷售費用為 100 萬美元，較去年同期的 70 萬美元增加。若排除外匯影響，增幅主要與我們中國合資企業新增人員的全年化影響，以及持續在美國與歐洲的銷售組織投入有關。

General and administrative expenses were $1.4 million compared to $1.4 million in the first quarter of '25. Adjusting for foreign-exchange development, G&A expenses remained stable and below general inflation.

一般及行政費用為 140 萬美元，與 2025 年第一季的 140 萬美元相當。若調整外匯變動影響，G&A 費用維持穩定，且低於整體通膨水準。

We continue to manage overhead carefully. The filling of open position was balanced by savings in other areas.

我們持續謹慎管理間接費用。補足空缺職位的成本，已由其他領域的節省所平衡。

Research and development expenses were $0.3 million compared to $0.2 million in the prior-year quarter. The increase was primarily tied to membrane-development costs and development work related to Marine Systems.

研發費用為 30 萬美元，較去年同期的 20 萬美元增加。增幅主要與膜開發成本，以及與海事系統相關的開發工作有關。

Overall, our approach to operating expenses remains disciplined. We are investing where we see clear commercial returns, particularly in sales coverage, marine development, and capabilities that support the scaling of repeatable Systems platforms.

整體而言，我們對營業費用的管理方式仍維持紀律。我們在看到明確商業回報的領域進行投資，特別是銷售覆蓋、海事開發，以及支援可重複系統平台擴張的能力建置。

At the same time, we are carefully managing overhead and focusing resources on the areas of the business that are most important to our path towards profitability.

同時，我們也審慎管理間接費用，並將資源聚焦於對我們邁向獲利最重要的業務領域。

Other expenses for the quarter were $0.4 million compared to other expenses of $0.2 million in the comparable period for 2025.

本季其他費用為 40 萬美元，較 2025 年同期的其他費用 20 萬美元增加。

The change was primarily attributable to losses on foreign-exchange transactions due to the US dollar development compared to euro; lower interest income; and accrued interest on the senior promissory note, partly balanced by lower amortization of debt discount and a decrease of net interest expenses.

變動主要歸因於美元相對歐元走勢所致的外匯交易損失、利息收入降低，以及高級本票（senior promissory note）的應計利息；部分則由債務折價攤銷降低及淨利息費用下降所抵銷。

Net loss for the first quarter of 2026 was $2.7 million compared to a net loss of $2.4 million in the first quarter of '25. The year-over-year change was primarily driven by the higher operating expenses and other expense levels that I just discussed, particularly offset by the improvement in gross profit.

2026 年第一季淨損為 270 萬美元，較 2025 年第一季的淨損 240 萬美元增加。年對年變動主要由我剛提到的較高營業費用與其他費用水準所驅動，但部分被毛利改善所抵銷。

For the first quarter, adjusted EBITDA was a negative $1.5 million compared to a negative $1.4 million in the first quarter of '25. While the year-over-year comparison was relatively stable, we continue to believe the most important drivers of adjusted EBITDA improvements are revenue scale, a stronger system mix, an increased utilization, and disciplined operation expense control.

第一季調整後 EBITDA 為負 150 萬美元，較 2025 年第一季的負 140 萬美元略為惡化。雖然年對年比較相對穩定，我們仍認為調整後 EBITDA 改善最重要的驅動因素是營收規模擴大、更佳的系統銷售組合、利用率提升，以及對營業費用的紀律控管。

We are making investments in targeted areas. But our objective remains to convert revenue growth into meaningful operating leverage, as the year progresses.

我們正在特定領域進行投資。但我們的目標仍是在年度推進過程中，將營收成長轉化為具意義的營運槓桿。

Turning to our outlook, we are reiterating our expectations for the full year of 2026 revenue to be in the range of $23 million to $27 million. This would represent a growth of approximately 39% to 64% compared to full-year 2025.

接著談展望，我們重申對 2026 全年營收的預期區間為 2,300 萬至 2,700 萬美元。相較 2025 全年，這代表約 39% 至 64% 的成長。

As Fei discussed, the growth outlook is expected to be driven primarily by Commercial Pool, Marine, and continued activity across Water for Energy and industrial applications, supported by stable contributions from DPF and Membrane and Plastic Components.

如 Fei 所述，成長展望預期主要由商用泳池、海事，以及 Water for Energy 與工業應用的持續活動所帶動，並由 DPF、膜產品與塑膠零組件的穩定貢獻所支撐。

We expect improved pool results in the second quarter and through 2026, supported by recent order activity, including the first US pool system order and additional larger international pool projects.

我們預期第二季以及 2026 年期間泳池業務表現將改善，近期訂單活動將提供支撐，包括美國首筆泳池系統訂單，以及更多較大型的國際泳池專案。

In Marine, we delivered two systems during the first quarter and expect two more systems to be delivered during the second quarter, with further sustainable order flow expected through the year, supported by our Chinese joint venture.

在海事方面，我們於第一季交付兩套系統，並預期第二季再交付兩套；在中國合資企業的支撐下，全年可望持續有更具延續性的訂單流入。

The quarterly cadence of revenue will continue to be influenced by system and delivery time. As a result, we do not view the first quarter as a full-year indicator.

營收的季度節奏仍將受到系統與交付時程影響。因此，我們不將第一季視為全年表現的指標。

We remain focused on executing against backlog, converting the order pipeline, and maintaining cost discipline, as the business scales.

隨著業務規模擴大，我們仍專注於執行在手訂單、轉化訂單管線，並維持成本紀律。

Finally, from a cash perspective, we ended the first quarter with cash on hand, including restricted cash, of $2.7 million, as of March 31, 2026.

最後，就現金面而言，截至 2026 年 3 月 31 日，我們第一季期末手頭現金（含受限制現金）為 270 萬美元。

Our focus remains on disciplined cash management and careful allocation of resources. We are aligning spending with the verticals that we believe can support repeatable growth, improved margin performance, and better revenue visibility, over time.

我們的重點仍是具紀律的現金管理與審慎的資源配置。我們正將支出與我們認為可支撐可重複成長、改善毛利表現並提升營收能見度的垂直領域對齊，以期隨時間推進而見效。

As we move through 2026, we will continue to balance investments in growth with the need to preserve flexibility and drive the business towards positive adjusted EBITDA.

在 2026 年的推進過程中，我們將持續在成長投資與維持彈性之間取得平衡，並推動公司邁向調整後 EBITDA 轉正。

With that, let me now turn the call back to Fei.

那麼，接下來我把電話交回給 Fei。

Thank you, David.

謝謝你，David。

Before we open the call for questions, I want to reiterate that our first-quarter results were in line with our expectations and reflect continued progress against our strategic plan.

在我們開放提問之前，我想再次強調，我們第一季的業績符合我們的預期，並反映我們在策略計畫上的持續進展。

We are building LiqTech around end markets that can support more predictable, repeatable growth, particularly Commercial Pool; Marine; DPF, Membrane; and Plastic Components.

我們正圍繞能夠支持更可預測、可重複成長的終端市場來打造 LiqTech，特別是商用泳池、海事、DPF、膜，以及塑膠零組件。

We believe the results in this year will continue to highlight this transition. At the same time, we remain encouraged by the long-term opportunity in Water For Energy.

我們相信今年的結果將持續凸顯這項轉型。同時，我們仍對「能源用水（Water For Energy）」的長期機會感到鼓舞。

But we are being disciplined in how we plan the business and allocate resources. Our focus is on markets where our silicon-carbide technology delivers clear performance advantages and where we can scale profitably.

但我們在業務規劃與資源配置上保持紀律。我們的重點放在矽碳化物技術能帶來明確性能優勢、且我們能夠以獲利方式擴張的市場。

With that, Robert, we would be happy to take any questions.

那麼，Robert，我們很樂意回答任何問題。

Thank you very much, Fei and David, for your prepared remarks there.

非常感謝，Fei 和 David，謝謝你們剛才準備好的發言。

(Event Instructions)

(活動說明)

We do have a few questions already in the queue here. Fei and David, I'll begin.

目前佇列中已經有幾個問題。Fei 和 David，我先開始。

First question here is: What does a "steady-state" margin structure look like for the new LiqTech? How should we model gross margins?

第一個問題是：「新 LiqTech 的『穩態（steady-state）』毛利結構會是什麼樣子？我們應該如何建模毛利率？」

Yeah. That's a good question.

是的。這是個好問題。

Essentially, what we have told before and what we, you can say, continue to see is that, on a project basis, we are realizing margins between 30% to 50%. Essentially, you can say, on average, 40%.

基本上，我們之前所說、以及我們可以說持續看到的是：以專案為基礎，我們實現的毛利率介於 30% 到 50%。基本上可以說平均約 40%。

With a volume increase, we should be closing in on a steady-state margin of 40%.

隨著出貨量增加，我們應該會逐步接近 40% 的穩態毛利率。

Of course, on top of that, with a volume increase, you will see additional scaling effects, leaving, you can say, opportunity open for lowering the production cost further for Systems and membranes.

當然，除此之外，隨著出貨量增加，你也會看到額外的規模化效應，從而可以說為進一步降低系統與膜的生產成本留下空間。

Okay. Very good.

好的。非常好。

There are a few questions here regarding guidance for the year so I'll try to combine them together.

這裡有幾個關於全年指引的問題，我會嘗試把它們合併在一起。

You are guiding revenue of $19 million to $23 million for the rest of the year here, which implies $6.3 million to $7.6 million per quarter.

你們對今年剩餘期間的營收指引為 1,900 萬至 2,300 萬美元，這意味著每季約 630 萬至 760 萬美元。

What are the major drivers of this steep revenue growth? How much does Water For Energy or Industry contribute to this revenue?

這種大幅營收成長的主要驅動因素是什麼？「能源用水」或「工業用水（Water For Industry）」對這些營收貢獻多少？

Robert, that was a very good question. Your number is correct.

Robert，這是個非常好的問題。你的數字是正確的。

In the first quarter, we do not have, very much, contribution from Water For Energy and Water For Industry. But we do have a pipeline with some very interesting projects with high probabilities.

在第一季，我們來自「能源用水」與「工業用水」的貢獻並不多。但我們有一些非常有意思、且成功機率很高的專案管線。

We expect, in the year, going forward, we will see some projects go through from these two areas: Water For Energy and Water For Industry.

我們預期在接下來的一年中，會看到這兩個領域——「能源用水」與「工業用水」——有一些專案推進並落地。

But, very importantly, also, we see really significant growth in our pools -- the Commercial Pool, Marines -- and, also, DPF and Membrane for the rest of the year.

但同樣非常重要的是，我們也看到泳池——商用泳池、海事——以及 DPF 與膜業務在今年剩餘期間將有非常顯著的成長。

This whole, together, will contribute the increase, quarter by quarter.

這些加總起來，將逐季推動營收增加。

Okay. Very good.

好的。非常好。

As an extension of that: Do you have any information you could provide relating to how revenue will be distributed between Q2, Q3, and Q4?

延伸這個問題：你們是否能提供任何資訊，說明 Q2、Q3 與 Q4 的營收將如何分配？

Yes. We definitely -- and as we said -- you can see, also, in the presentation of the result -- we expect the implementations of, you can say, changes in how we operate in 2025 to show gradual improvements through 2026.

可以。我們確實——正如我們所說——你也可以在業績簡報中看到——我們預期 2025 年營運方式變革的落實，將在 2026 年逐步帶來改善。

We definitely do expect to see a gradual ramp-up; but, also, with the Q2, you can say, increase compared to Q1 of this year, already.

我們確實預期會看到逐步爬升；而且在今年第二季，相較第一季，你可以說已經會有所增加。

Yeah. I would like to add: As I mentioned in my speech before, if we look at our order book, we already can see, for example, for Marine and, especially, Commercial Pool Systems, we already have very strong order book.

是的。我想補充：如我先前發言提到的，如果我們看訂單簿，例如在海事，尤其是商用泳池系統方面，我們已經有非常強勁的訂單簿。

We know, at the quarter two, for the Commercial Pool, will be a record quarter on revenue because there's a time difference between the commercial order and the revenue conversion.

我們知道在第二季，商用泳池的營收將會創下單季新高，因為商用訂單到營收認列之間存在時間差。

That's -- always make it complicated, when the revenue is coming.

這——總是會讓營收何時進來變得更複雜。

But we have a very strong order book. And so we can really see what's happening next quarter.

但我們的訂單簿非常強勁。因此我們確實能看見下一季會發生什麼。

All right. Very good.

好的。非常好。

(Event Instructions)

(活動說明)

Next question here is regarding Commercial Pool: The order that you highlighted in the Netherlands is for a new pool. This person's understanding is that you focused on retrofits.

下一個問題是關於商用泳池：你們提到荷蘭的那筆訂單是新建泳池。提問者的理解是你們主要聚焦在改造（retrofit）。

Is new sales a new opportunity for the company?

新建銷售是否是公司的一個新機會？

That's a very, very good question.

這是個非常、非常好的問題。

Two years ago, I think our pool system has been very much focused on the retrofit. It very much depends on the distributors because, at that time, our distributor in UK was Total Pool. Their focus was -- and still is -- retrofit swimming pools.

兩年前，我想我們的泳池系統確實非常聚焦在改造。這很大程度取決於經銷商，因為當時我們在英國的經銷商是 Total Pool。他們的重點是——而且現在仍然是——改造泳池。

Now, we have started building up the new distributors, both in UK with Binary and, also, in Lotec. They are the ones, really, very active, both on the retrofit and the new project.

現在，我們已開始建立新的經銷商，英國方面有 Binary，另外也有 Lotec。他們在改造與新建專案兩方面都非常積極。

Now, we see the new projects, also, coming.

現在，我們也看到新建專案陸續進來。

I would like to emphasize: We're actually working both on the retrofit and the new build pools because our system has really strong advantages for both segment.

我想強調：我們其實同時在做改造與新建泳池，因為我們的系統在這兩個細分市場都有非常強的優勢。

All right. Very good.

好的。非常好。

I'm showing no further questions in the queue here.

我這裡顯示佇列中沒有其他問題了。

With that, Fei, I will turn it back over to you for closing remarks.

那麼，Fei，我把時間交回給你做結語。

Thank you, Robert.

謝謝你，Robert。

Thank you, all, very much for being with us today.

非常感謝各位今天與我們一同參與。

We look forward to communicating with you, soon, again.

我們期待很快能再次與各位溝通。