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LiqTech International, Inc. (NASDAQ: LIQT) is a leading clean technology company based in Ballerup, Denmark, specializing in the manufacture and marketing of advanced filtration products and systems. With a focus on gas and liquid purification, LiqTech employs cutting-edge ceramic silicon carbide technology to develop state-of-the-art filtration solutions. The company's main product lines include diesel particulate filters (DPF) for controlling soot emissions from diesel engines, turnkey ceramic membrane systems for water treatment, and complete water treatment plants.
Established over 16 years ago, LiqTech has been at the forefront of innovation, continually seeking to meet the increasing demands for cleaner air and water. Their mission is to provide sustainable solutions that deliver long-term benefits and growth. The company's proprietary silicon carbide technology allows the production of highly effective filters and membranes used in challenging purification applications. This technology is pivotal in their creation of components for both microfiltration and ultrafiltration systems.
Recent notable achievements include a significant order for a pilot system for produced water treatment from Razorback Direct Oilfield Solutions and Services LLC, which marks LiqTech’s first U.S.-based oil & gas produced water order. This pilot project aims to test and document the efficiency of LiqTech's ultrafiltration technology, setting the stage for full-scale commercial implementation in the U.S. Additionally, LiqTech has formed strategic partnerships with companies like NESR and Dan Marine Group, expanding their market presence in the Middle East and Asia, respectively.
LiqTech's commitment to quality, continuous development, and competitive pricing has positioned them as a reliable supplier in the market. Their financial performance has shown improvement, with revenue growing by 13% in 2023. The company's strategic focus includes stabilizing and growing its established markets such as commercial pool systems and diesel particulate filters, while also expanding into target growth markets like oil & gas produced water treatment.
Key Financial Highlights:
- Revenue for 2023: $18.0 million, up from $16.0 million in 2022.
- Gross profit for 2023: $2.76 million (15.4% margin), compared to $0.6 million (3.5% margin) in 2022.
- Net loss for 2023: $(8.6) million, a significant improvement from $(14.2) million in 2022.
- Cash on hand (including restricted cash) as of December 31, 2023: $10.4 million.
LiqTech continues to focus on its strategic roadmap, emphasizing long-term value creation through market expansion, operational efficiency, and technological innovation.
LiqTech International reported Q3 2024 financial results with revenue of $2.5 million, a 51% decrease from Q3 2023, primarily due to a delayed North American water treatment project. The company posted a gross loss margin of (8.5)% and a net loss of $(2.8) million. Key operational highlights include entering a joint venture with JiTRI for marine water treatment in China, receiving new pilot project orders, and implementing cost reduction strategies including a 10% headcount reduction. The company's cash balance was $4.5 million, with an additional $8.8 million raised through a private placement. Q4 2024 revenue guidance is set at $3.3-$4.3 million.
LiqTech International (NASDAQ: LIQT) has secured an order from a leading technology company for lithium brine production in the U.S. The company's ultrafiltration (UF) membrane technology will serve as a pre-treatment step for enhancing the ion exchange process in lithium extraction. The system demonstrates superior performance in small-scale tests and will be delivered in Q4 2024. This development aligns with the growing demand for lithium in electric vehicle batteries, where traditional production methods need replacement with more efficient technologies.
LiqTech International (NASDAQ: LIQT), a high-tech filtration company, has scheduled its third quarter 2024 financial results announcement for Thursday, November 14, 2024, before market opening. The company will host a conference call at 9:00 a.m. ET on the same day to discuss the results. Interested parties can join via phone at (833) 535-2206 or (412) 902-6741, or through a live webcast available on the company's investor relations website. A replay will be accessible until November 21, 2024.
LiqTech International (NASDAQ: LIQT) has formed a joint venture with Jiangsu Marine Equipment Co. (JiTRI) in China, establishing Nantong JiTRI LiqTech Green Energy Technology Co. The JV will develop and sell membrane-based water treatment equipment for marine ships using LiqTech's silicon carbide ceramic technology. LiqTech, as majority owner, will contribute its marine water treatment solutions, while JiTRI will provide facilities, local support, and initial funding. LiqTech currently holds over 20% market share in marine scrubbers, with more than 170 systems installed worldwide. The venture targets China's dominant 80% share of global shipbuilding, with 400 new vessels ordered for 2024-2027 requiring EGR solutions.
LiqTech International, Inc. (NASDAQ: LIQT) has announced a private placement transaction of up to $10 million with existing institutional investors. The deal includes:
- 3,630,129 shares of common stock
- 1,369,871 pre-funded warrants
- Warrants to purchase up to 5,000,000 shares
The combined purchase price is $2.00 per share and accompanying warrant. The transaction will close in two tranches, with the first tranche to 19.99% of outstanding shares. LiqTech plans to use the proceeds to fund commercial development in the U.S. oil & gas sector, expand efforts in the European and U.S. swimming pool sector, and develop a new initiative in the marine exhaust gas recirculation water treatment segment.
LiqTech International (NASDAQ: LIQT) reported its Q2 2024 financial results, showing a 10% decrease in revenue to $4.5 million compared to Q2 2023. The company's gross profit margin declined to 16.0% from 23.3% in Q2 2023, while net loss increased to $(2.1) million from $(1.6) million. Despite challenges, LiqTech made progress in key markets:
- Received orders for produced water treatment in the U.S.
- Entered MoU with China Haisum Engineering for industrial water treatment
- Signed agreements to expand marine scrubber footprint
- Delivered commercial pilot unit for oil and gas produced water filtration
- Obtained NSF certification for pool systems in the U.S.
The company expects Q3 2024 revenue between $4.0 million and $5.0 million.
LiqTech International, Inc. (NASDAQ: LIQT) has obtained NSF certification for its Aqua Solution® swimming pool water filtration systems, enabling the company to market and sell these systems in the U.S. This certification opens up a significant opportunity in the American market, complementing LiqTech's existing 120+ installations across Europe and Asia Pacific.
LiqTech's swimming pool solutions offer superior energy efficiency, water conservation, and reduced chemical consumption compared to traditional media filtration systems. Key benefits include:
- Up to 80% reduction in water usage
- 60% lower energy consumption
- 30% lower chlorine dosing
- One-third the size of conventional systems
The Aqua Solution® integrates a dead-end structural design with advanced membrane technology, providing more cost-efficient filtration performance and higher flow rates at lower pressure compared to traditional sand filters.
LiqTech International, Inc. (NASDAQ: LIQT) has received an order for a pilot system for produced water treatment in the U.S. from one of the world's leading integrated energy companies. This marks the second significant produced water treatment order in the U.S. for LiqTech in recent months. The pilot system, scheduled for delivery in Q3 2024, will demonstrate LiqTech's silicon carbide ceramic ultrafiltration technology for treating produced water to enable re-injection and beneficial reuse while meeting regulatory requirements.
Earlier this year, LiqTech received its first U.S.-based order for a containerized pilot system from Razorback Direct, which has been running stably for over two months, meeting all requirements. CEO Fei Chen highlighted the growing importance of produced water treatment in the U.S. oil and gas industry to offset freshwater demand and drive sustainability.
LiqTech International (NASDAQ: LIQT) and China Haisum Engineering Co., (Stock Code 002116) have entered a Memorandum of Understanding (MoU) to explore the application of LiqTech's advanced filtration system for industrial water treatment in China. LiqTech's silicon carbide membrane-based ultrafiltration technology has shown promising results in treating challenging industrial water globally. China Haisum, a comprehensive engineering company, will introduce LiqTech's technology to relevant Chinese industries.
Fei Chen, CEO of LiqTech, emphasized China's significance in the industrial water treatment market and the growing importance of environmental protection. Wen Zheng, General Manager of China Haisum's Shanghai Headquarters, expressed commitment to promoting technological innovation and sustainable development in China's light industry sector through this collaboration.
LiqTech International, Inc. (NASDAQ: LIQT) has entered into a partnership agreement with Danbee Marine Co. to market LiqTech's marine scrubber water treatment solutions in South Korea, the world's second-largest shipbuilding market. Danbee Marine, established in 2009, has a strong presence with major ship owners and shipyards in Korea. LiqTech's systems, which outperform IMO Marpol VI discharge limits, have been installed on over 170 large commercial ships since 2017.
The partnership aims to expand LiqTech's presence in the Korean shipbuilding market, leveraging Danbee's extensive network. LiqTech's CEO, Fei Chen, expressed excitement about the opportunity to deliver their advanced solutions to a wider range of ship owners and builders in South Korea, helping them meet regulatory requirements while providing fuel savings and enhanced ROI.
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