From the company are Fei Chen, Chief Executive Officer, and David Kowalczyk, the company's Chief Financial and Chief Operating Officer. 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. To ask a question through the webcast portal, simply type your question through the Ask a Question feature in the webcast player. Before we begin with prepared remarks, we submit for the record the following statement. 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 conference call. 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 company's business, financial condition, operations, and cash flows. 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. 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. 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. With that, I would like to turn the call over to Fei Chen, CEO of LiqTech International, Inc. Fei, please proceed.

Thank you, Robert, and good day to everyone on the call. 2025 represented a meaningful step forward for LiqTech International, Inc. For the whole year, revenue increased 13%, driven by a 49% increase in total systems and aftermarket revenue, and we made improvements to drive efficiencies across much of our business. That shift toward higher value system sales is central to our long-term strategy and reflects growing adoption of our silicon carbide membrane technology across multiple end markets. We were a few shy of our original revenue guidance. This was primarily due to continued delays with a large OEM in the gas order that remains active in our pipeline. The project is still under discussion, but as we have consistently communicated, the timing of large oil and gas projects is difficult to predict. That said, we understand that we cannot be unpredictable. Our focus needs to be, and is, on building a diversified systems portfolio with stronger visibility and an improved margin profile going forward. In many ways, this has been consistent with our approach since I took over as CEO: to focus on more predictable parts of our business, such as swimming pools, which will be a key driver going forward. We are certainly amplifying this approach in terms of how we allocate our resources. Our commercial pool business was a standout performer in 2025 and delivered the strongest year in the company's history. We shipped 34 pool systems during the year, a new record for LiqTech. Of those, 24 systems were delivered in 2025, with the remaining 10 scheduled for delivery in early 2026. Pool system revenue totaled $2.6 million for the year and was the percentage driver of growth within our systems segment. All systems shipped during the year were based on our proprietary ClariFlow commercial pool…

David?

Thank you, Fei, and good day, everyone. Let me take some time diving into the financial results in a bit more detail and add some color to what was in the press release. Please note that I will keep my remarks focused primarily on the year-over-year changes. Let us start with revenue. Revenue for the year came in slightly above $16.5 million, up from $14.6 million a year ago. Broken down by verticals, sales for the year were as follows: systems and aftermarket sales of $8.2 million compared to CHF 5.5 million in the prior year; DPF and ceramic membrane sales were $4.0 million, down from $5.6 million in the prior year; and finally, plastic components revenue came in at $4.1 million compared to $3.4 million last year. The increase was mainly due to increased deliveries of systems to pool, energy, industry, and marine water treatment, and components plastics, partly offset by decreased sales of filters. The increase in deliveries of system was mainly driven by increased deliveries within pool filtration industry systems. The increase in components mainly within machine building for the food industry. The decrease in sales of filters was primarily driven by a refocusing of our strategy to capitalize on subsegments where we see increased future demand for DPF outside automotives. As Fei mentioned, the delta between our recent expectations for 2025 and actual results was primarily due to the delay in a larger oil and gas system, which remains in our pipeline that we have not yet received the purchase order for. Turning to gross margins, margins for the year were 7.6%, compared to 1.7% in 2024. As we continue to be below our optimal revenue level, we continue to have fixed production costs that are not being fully absorbed, and thus lower-than-normalized gross margins. A…

Thank you, David. To close things out before I turn over to questions, our silicon carbide filtration platform is central to how we address increasingly complex global water challenges. Built on advanced ceramic membrane technology, our solutions are designed to operate reliably in some of the harshest and most demanding treatment environments, from produced water in energy applications to commercial pool systems and heavy industry wastewater streams. As European customers meet strict environmental regulation while lowering water usage and energy intensity, we provide practical, high-performance solutions that support long-term sustainability goals. The momentum we generated in 2025, including record pool system sales, progress in produced water, marine system deployment, and industry installations such as our project with a major steel producer, demonstrates the expanding global recognition of our technology's value. As we look ahead, our direction is well defined. We are prioritizing growth in our most attractive verticals, particularly food industry applications and marine. We are remaining disciplined in execution across the organization. At the same time, we remain firmly focused on scaling the business to achieve profitability and positioning LiqTech International, Inc. for durable, profitable growth over the long term. Again, thank you everyone for your support. This week, as Robert said, we would be happy to take any questions.

All right. Thank you very much, Fei and David, for those prepared remarks. I want to remind everybody that is listening to the webcast player: to ask a question, simply type in your question through the Ask a Question feature in the player there. We will do our best to get to as many questions here as possible. There are a few already in the queue here, Fei and David. So the first one here is: when can we expect revenue from the large oil and gas order pushout to be booked?

That is a good question. And, of course, as we mentioned, it is a bit, you can say, in the hands of the customer. But we definitely would expect, you can say, the oil and gas project to materialize in this year, essentially, 2026. We do not know the precise timing, but ideally Q2 finalization.

Okay. Very good. The next question here is: do tariffs affect your US oil and gas business? Are your products competitively priced?

This is a very good question, and because the tariffs are a moving target, we really have our focus on that. Up to now, we have been able to have very good discussions with our customers, so we do not need to take all the tariffs on ourselves alone. Going forward, we are definitely looking at what is the best way for us to handle the tariffs and how we are able to keep our competitiveness. As we mentioned before, we are working very focused on the cost reduction of our product and also on standardization and efficiency, and that will somehow balance the tariff impact on our technology.

Okay. Very good. Again, a quick reminder to everyone: simply type your question into that Ask a Question feature in the webcast player if you do have any questions here. A couple of questions here pertaining to your need for capital here in 2026.

As you have heard today, we actually have laid out a very clear growth plan with a revenue guidance of $23 million to $27 million in 2026. So we are definitely evaluating how we are able to support this strong growth plan, and that means we are working at different financial options.

Okay. Very good. And it looks like this may be the final question, barring any last minute ones that may come in. And I think you have touched on this a few times, but to reiterate, what are the drivers of your 2026 revenue outlook of $23 million to $27 million?

This is a very good question also, as we used some time in our earnings call about this. What we really have to say to ourselves is we have to be really focused on a broader and diversified perspective and also work more on the verticals which have more risk visibility and higher predictability. So we are actually looking at growth in basically all our system segments. The pool system will have $5 million to $6 million coming this year, and the marine will grow from $1.5 million to $4 million. We said water for energy and water for industry will be $5 million to $8 million. There is a bigger range there because the oil and gas projects are more difficult to predict the timing. And the DPF and plastics plus the membrane area, we expect a slight increase from $8 million to $9 million. So, as you can hear now, the drivers are from the different verticals, and this gives us much more reliable, predictable revenue growth compared with before.

Okay. Very good. I am showing no further questions in the queue. So with that, I would like to turn the call back over to Fei Chen for closing remarks.

I would like to say thank you to all of you for being with us today. We look forward to communicating with you soon again. Thank you.

The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.