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LiqTech International announced its Q1 2024 financial results, showcasing a revenue increase to $4.2M, up 6% from Q1 2023.
The gross profit margin was 6.4%, down from 9.8% in Q1 2023, influenced by lower-margin projects.
Operating expenses decreased by 10% to $2.3M, while the net loss remained steady at $(2.4)M.
Cash on hand was $7.7M as of March 31, 2024.
Key operational achievements include new orders for produced water treatment systems in the U.S. and the Middle East, and strategic partnerships in marine scrubber solutions in China and Greece.
For Q2 2024, LiqTech projects revenue between $5M and $5.5M.
LiqTech International and Franman have entered into a partnership to market LiqTech's marine scrubber water treatment solutions in Greece, the world's largest ship-owning market. Franman, established in 1991, provides a wide range of services and equipment to the shipping industry and has extensive relationships within the Greek and international shipping sectors. LiqTech's compact and efficient water treatment systems exceed IMO Marpol VI regulations by removing pollutants such as unburned fuel oil, soot particles, ash, and heavy metals. Since 2017, LiqTech has installed its systems on over 170 commercial ships, offering significant fuel savings and ROI for ship owners. The partnership aims to leverage Franman's customer relationships and LiqTech's advanced technology to reduce environmental impact from shipping.
LiqTech International, Inc. (NASDAQ: LIQT) will announce its first quarter 2024 financial results on May 14, 2024. The company specializes in manufacturing filtration products and systems. A conference call to discuss the results will be held on the same day at 9:00 a.m. ET.
LiqTech International, Inc. (NASDAQ: LIQT) has entered into a partnership agreement with Dan Marine Group (DMG) to expand its presence in the Chinese market for marine water treatment solutions. This partnership aims to provide solutions for marine scrubber water treatment and new exhaust gas recirculation systems for dual fuel vessels. LiqTech's advanced filtration products have been successful in reducing pollution and fuel consumption in the marine industry.
