LiqTech International Announces Financial Results for Fourth Quarter and Full Year 2024
LiqTech International (LIQT) reported Q4 2024 financial results with revenue of $3.4 million, up 37% sequentially but down 13% year-over-year. Full-year 2024 revenue decreased 19% to $14.6 million, with a net loss of $(10.3) million compared to $(8.6) million in 2023.
The company implemented cost reduction strategies including a 10% headcount reduction, 10% salary cuts for senior management, and 50% reduction in board compensation. The break-even target is now set at $5.5-6.0 million quarterly revenue.
Key highlights include a record commercial order for PureFlow™ mobile units, three operational pilot units for various markets including lithium harvesting, and new swimming pool system deliveries. Q1 2025 guidance projects revenue between $4.3-4.7 million, representing 26-38% sequential growth.
LiqTech International (LIQT) ha riportato i risultati finanziari del quarto trimestre 2024 con ricavi di 3,4 milioni di dollari, in aumento del 37% rispetto al trimestre precedente, ma in calo del 13% rispetto all'anno precedente. I ricavi totali per l'anno 2024 sono diminuiti del 19% a 14,6 milioni di dollari, con una perdita netta di $(10,3) milioni rispetto a $(8,6) milioni nel 2023.
L'azienda ha implementato strategie di riduzione dei costi, tra cui una riduzione del personale del 10%, tagli salariali del 10% per la dirigenza e una riduzione del 50% della compensazione del consiglio. L'obiettivo di pareggio è ora fissato tra 5,5 e 6,0 milioni di dollari di ricavi trimestrali.
I punti salienti includono un ordine commerciale record per le unità mobili PureFlow™, tre unità pilota operative per vari mercati, incluso il recupero del litio, e nuove consegne di sistemi per piscine. Le previsioni per il Q1 2025 stimano ricavi tra 4,3 e 4,7 milioni di dollari, rappresentando una crescita sequenziale del 26-38%.
LiqTech International (LIQT) reportó los resultados financieros del cuarto trimestre de 2024 con ingresos de 3,4 millones de dólares, un aumento del 37% secuencialmente, pero una disminución del 13% en comparación con el año anterior. Los ingresos totales para el año 2024 disminuyeron un 19% a 14,6 millones de dólares, con una pérdida neta de $(10,3) millones en comparación con $(8,6) millones en 2023.
La empresa implementó estrategias de reducción de costos, incluyendo una reducción del 10% en la plantilla, recortes salariales del 10% para la alta dirección y una reducción del 50% en la compensación del consejo. El objetivo de equilibrio ahora se establece entre 5,5 y 6,0 millones de dólares en ingresos trimestrales.
Los aspectos destacados incluyen un pedido comercial récord para las unidades móviles PureFlow™, tres unidades piloto operativas para varios mercados, incluido el aprovechamiento de litio, y nuevas entregas de sistemas para piscinas. Las proyecciones para el Q1 2025 estiman ingresos entre 4,3 y 4,7 millones de dólares, representando un crecimiento secuencial del 26-38%.
LiqTech International (LIQT)는 2024년 4분기 재무 결과를 보고하며 수익이 340만 달러로, 전분기 대비 37% 증가했지만 전년 대비 13% 감소했다고 발표했습니다. 2024년 전체 수익은 1460만 달러로 19% 감소했으며, 순손실은 1030만 달러로 2023년의 860만 달러와 비교됩니다.
회사는 10% 인력 감축, 고위 경영진의 급여 10% 삭감, 이사회 보상 50% 삭감 등 비용 절감 전략을 시행했습니다. 손익 분기점 목표는 이제 분기 수익 550만~600만 달러로 설정되었습니다.
주요 하이라이트로는 PureFlow™ 모바일 유닛에 대한 기록적인 상업 주문, 리튬 채굴을 포함한 다양한 시장을 위한 세 개의 운영 파일럿 유닛, 그리고 새로운 수영장 시스템 배송이 포함됩니다. 2025년 1분기 전망은 430만~470만 달러의 수익을 예상하며, 이는 전분기 대비 26-38% 성장하는 것을 나타냅니다.
LiqTech International (LIQT) a publié les résultats financiers du quatrième trimestre 2024 avec un chiffre d'affaires de 3,4 millions de dollars, en hausse de 37 % par rapport au trimestre précédent, mais en baisse de 13 % par rapport à l'année précédente. Le chiffre d'affaires total pour l'année 2024 a diminué de 19 % pour atteindre 14,6 millions de dollars, avec une perte nette de $(10,3) millions par rapport à $(8,6) millions en 2023.
L'entreprise a mis en œuvre des stratégies de réduction des coûts, y compris une réduction de 10 % des effectifs, des réductions de salaire de 10 % pour la direction et une réduction de 50 % de la rémunération du conseil d'administration. L'objectif de rentabilité est désormais fixé entre 5,5 et 6,0 millions de dollars de chiffre d'affaires trimestriel.
Les points saillants incluent une commande commerciale record pour les unités mobiles PureFlow™, trois unités pilotes opérationnelles pour divers marchés, y compris la récupération du lithium, et de nouvelles livraisons de systèmes de piscine. Les prévisions pour le Q1 2025 projetent un chiffre d'affaires compris entre 4,3 et 4,7 millions de dollars, représentant une croissance séquentielle de 26 à 38 %.
LiqTech International (LIQT) hat die finanziellen Ergebnisse für das vierte Quartal 2024 veröffentlicht, mit einem Umsatz von 3,4 Millionen Dollar, was einem Anstieg von 37% im Vergleich zum Vorquartal entspricht, jedoch einem Rückgang von 13% im Jahresvergleich. Der Gesamtumsatz für 2024 sank um 19% auf 14,6 Millionen Dollar, mit einem Nettoverlust von $(10,3) Millionen im Vergleich zu $(8,6) Millionen im Jahr 2023.
Das Unternehmen hat Kostensenkungsstrategien implementiert, darunter eine Reduzierung der Mitarbeiterzahl um 10%, Gehaltskürzungen von 10% für das obere Management und eine Reduzierung der Vergütung des Vorstands um 50%. Das Break-even-Ziel liegt nun bei einem vierteljährlichen Umsatz von 5,5 bis 6,0 Millionen Dollar.
Zu den wichtigsten Highlights gehören eine Rekordbestellung für die mobilen PureFlow™-Einheiten, drei betriebliche Pilotanlagen für verschiedene Märkte, einschließlich Lithiumgewinnung, und neue Lieferungen von Poolsystemen. Die Prognose für Q1 2025 geht von einem Umsatz zwischen 4,3 und 4,7 Millionen Dollar aus, was einem sequenziellen Wachstum von 26-38% entspricht.
- Secured record commercial order for PureFlow™ mobile units in North American energy sector
- Q4 2024 revenue increased 37% sequentially to $3.4 million
- Strong Q1 2025 guidance projecting 26-38% sequential growth
- Implemented cost reduction strategy lowering break-even target to $5.5-6.0 million quarterly revenue
- Healthy cash position of $10.9 million
- FY 2024 revenue declined 19% to $14.6 million
- Net loss increased to $10.3 million in FY 2024 from $8.6 million in 2023
- Gross profit margin declined to 1.7% from 15.4% in previous year
- Q4 2024 revenue decreased 13% year-over-year
Insights
LiqTech's Q4 results reveal a company at an inflection point. While FY 2024 revenue dropped 19% to $14.6M with net losses widening to $10.3M from $8.6M in 2023, sequential trends show improvement with Q4 revenue climbing 37% from Q3. The most concerning metric is the gross margin collapse to 1.7% from 15.4% in 2023, reflecting manufacturing underutilization and strategic lower-margin pilot projects.
The company's aggressive cost reduction strategy—including a 10% workforce reduction, management salary cuts, and board compensation slashed by 50%—aims to lower the quarterly break-even point to $5.5-6.0M. With Q1 2025 guidance of $4.3-4.7M (26-38% sequential growth), LiqTech is approaching but not yet reaching profitability.
Their $10.9M cash position provides approximately 3-4 quarters of runway at current burn rates, making their path to profitability time-sensitive but achievable. The record PureFlow order for North American energy applications and three operational pilot units across diverse markets suggest potential commercial traction.
LiqTech's pivot toward higher-margin opportunities in energy, swimming pools, and marine applications shows promise, but execution on converting pilots to commercial orders will be critical for reversing the negative financial trajectory in 2025.
BALLERUP,
Recent Financial Highlights
- Q4 2024 revenue of
, a sequential increase of$3.4 million 37% from in Q3 2024, and a$2.5 million 13% decrease from in Q4 2023. FY 2024 revenue of$3.9 million , a$14.6 million 19% decrease from in FY 2023.$18.0 million - Q4 2024 net loss of
compared to$(3.0) million in Q4 2023. FY 2024 net loss of$(3.2) million compared to$(10.3) million in FY 2023.$(8.6) million - Ending cash balance of
on December 31, 2024.$10.9 million
Outlook
- The Company expects Q1 2025 revenue to be between
and$4.3 million which would equate to a$4.7 million 26% to38% sequential increase from Q4 2024, and a2% to10% year-over-year improvement from Q1 2024. - Implemented a cost reduction strategy aimed at lowering the Company's break-even target, measured on an adjusted EBITDA basis, to a quarterly revenue of approximately
to$5.5 . The strategy includes a$6.0 million 10% reduction in headcount, a10% reduction in base salaries for senior management in 2025, a50% reduction in cash compensation for the board of directors in 2025, as well as other cost-saving initiatives.
Recent Operational Highlights
- Received a record commercial order from Razorback Direct for LiqTech's PureFlow™ mobile units for the North American energy sector. The order delivered in Q1 2025 and will contribute to the strong sequential growth anticipated during the quarter.
- Three pilot units are currently operational across a variety of addressable end markets, including for lithium harvesting pretreatment in the
U.S. The rental-based agreements contributed to revenue in Q4 2024 and are expected to contribute in 2025 as well. - Delivered two swimming pool systems during Q4 2024 to
UK andSpain and entered into an agreement with PoolCourt Engineering Ltd. to expand the Company's presence in the Irish commercial swimming pool market. - Received supplier approval for WinGD, a leading global marine engine manufacturer, for their 2-stroke dual-fuel engines in gas- and diesel- mode.
- Entered into a joint venture with Jiangsu JiTRI Marine Equipment Co., Ltd. ("JiTRI") to develop and sell silicon carbide ceramic membrane-based water treatment system for marine ships in
China . - Appointed David Kowalczyk as Chief Financial and Chief Operating Officer, effective March 1, 2025.
Management Commentary
"The
"The landmark commercial oil and gas order in
"With growing market adoption in key market verticals, particularly within oil and gas and swimming pools, reentering marine water treatment system, coupled with pilot unit testing underway across a variety of new addressable end markets, I believe we are making incremental commercial progress that will translate into widespread adoption of our leading-edge filtration technology. Backed by a strong balance sheet with more than
FY 2024 Financial Results
Revenue for the year ended December 31, 2024, was
Gross profit for the year ended December 31, 2024, was
Total operating expenses for the year ended December 31, 2024, were
Total Other expense for the year ended December 31, 2024, was
Net loss for the year ended December 31, 2024 was
Cash on hand (including restricted cash) on December 31, 2024 was
Q1 2025 Outlook
The Company expects Q1 2025 revenue to be between
Conference Call Details
Date and Time: Friday, March 28, 2025, at 9:00 a.m. ET
Call-in Information: Interested parties can access the conference call by dialing (833) 535-2206 or (412) 902-6741.
Webcast: Interested parties can access the conference call via a live webcast, which is available in the Investor Relations section of the Company's website at https://www.liqtech.com/investor-relations/ or at https://app.webinar.net/lxVnLq6XOqZ.
Replay: A teleconference replay of the call will be available for seven days, at (877) 344-7529 or (412) 317-0088, replay access code 9257410. A webcast replay will be available at https://app.webinar.net/lxVnLq6XOqZ.
About LiqTech International Inc.
LiqTech International, Inc., a
For more information, please visit www.liqtech.com
Follow LiqTech on Linkedln: http://www.linkedin.com/company/liqtech-international
Forward–Looking Statement
This press release contains "forward-looking statements." Although the forward-looking statements in this release reflect the good faith 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 in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us in the reports filed with the Securities and Exchange Commission, including the risk factors that attempt to advise interested parties of the risks that may affect our business, financial condition, results of operation, and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release.
We assume no obligation to update any forward-looking statements to reflect any event or circumstance that may arise after the date of this release.
LiqTech Company Contact
Susan Keegan Elleskov
Head of Marketing
LiqTech International, Inc.
Phone: +45 31315941
www.liqtech.com
LiqTech Investor Contact
Robert Blum
Lytham Partners, LLC
Phone: 602-889-9700
liqt@lythampartners.com
LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | |||||||
December 31, | December 31, | ||||||
2024 | 2023 | ||||||
Assets | |||||||
Current Assets: | |||||||
Cash and restricted cash | $ | 10,868,728 | $ | 10,422,181 | |||
Accounts receivable, net | 2,396,056 | 3,171,047 | |||||
Inventories, net | 5,541,192 | 5,267,816 | |||||
Contract assets | 1,666,698 | 2,891,744 | |||||
Prepaid expenses and other current assets | 168,443 | 337,391 | |||||
Total Current Assets | 20,641,117 | 22,090,179 | |||||
Non-Current Assets: | |||||||
Property and equipment, net | 6,618,822 | 9,007,166 | |||||
Operating lease right-of-use assets | 4,450,822 | 4,055,837 | |||||
Deposits and other assets | 456,658 | 470,349 | |||||
Intangible assets, net | 39,367 | 114,593 | |||||
Goodwill | 220,693 | 233,723 | |||||
Total Non-Current Assets | 11,786,362 | 13,881,668 | |||||
Total Assets | $ | 32,427,479 | $ | 35,971,847 |
LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (CONTINUED) | |||||||
December 31, | December 31, | ||||||
2024 | 2023 | ||||||
Liabilities and Stockholders' Equity | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 1,300,966 | $ | 2,444,653 | |||
Accrued expenses | 2,491,479 | 3,550,542 | |||||
Current portion of finance lease liabilities | 458,347 | 590,550 | |||||
Current portion of operating lease liabilities | 544,197 | 531,355 | |||||
Contract liabilities | 109,319 | 382,647 | |||||
Total Current Liabilities | 4,904,308 | 7,499,747 | |||||
Non-Current Liabilities: | |||||||
Deferred tax liability | 57,960 | 101,059 | |||||
Finance lease liabilities, net of current portion | 1,600,931 | 2,879,932 | |||||
Operating lease liabilities, net of current portion | 3,906,625 | 3,527,082 | |||||
Notes payable, net | 5,303,563 | 4,688,011 | |||||
Total Non-Current Liabilities | 10,869,079 | 11,196,084 | |||||
Total Liabilities | 15,773,387 | 18,695,831 | |||||
Stockholders' Equity: | |||||||
Preferred stock; par value and outstanding at December 31, 2024 and December 31, 2023, respectively | - | - | |||||
Common stock; par value and 5,727,310 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively | 9,475 | 5,727 | |||||
Additional paid-in capital | 109,274,166 | 98,796,357 | |||||
Accumulated deficit | (86,267,438) | (75,922,180) | |||||
Accumulated other comprehensive loss | (6,362,111) | (5,603,888) | |||||
Total Stockholders' Equity | 16,654,092 | 17,276,016 | |||||
Total Liabilities and Stockholders' Equity | $ | 32,427,479 | $ | 35,971,847 |
LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
For the Three Months Ended | For the Year Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenue | $ 3,405,991 | $ 3,929,668 | $ 14,604,618 | $ 18,001,652 | |||
Cost of goods sold | 3,933,866 | 3,656,627 | 14,353,713 | 15,226,176 | |||
Gross Profit | (527,875) | 273,041 | 250,905 | 2,775,476 | |||
Operating Expenses: | |||||||
Selling expenses | 741,825 | 1,123,206 | 2,725,239 | 4,298,905 | |||
General and administrative expenses | 1,084,042 | 1,166,568 | 5,661,455 | 4,856,779 | |||
Research and development expenses | 411,595 | 287,839 | 1,352,060 | 1,418,842 | |||
Total Operating Expense | 2,237,462 | 2,577,613 | 9,738,754 | 10,574,526 | |||
Gain (Loss) from Operations | (2,765,337) | (2,304,572) | (9,487,849) | (7,799,050) | |||
Other Income (Expense) | |||||||
Interest and other income | 39,925 | 94,260 | 178,834 | 366,365 | |||
Interest expense | (32,024) | (59,037) | (167,556) | (151,670) | |||
Amortization of debt discount | (161,933) | (143,138) | (615,552) | (400,903) | |||
Gain (loss) on foreign currency transactions | (86,602) | (530,613) | 164,310 | (359,960) | |||
Gain (loss) on disposal of property and equipment | 1,047 | 7,254 | (456,282) | 7,254 | |||
Gain (Loss) on assets held for sale | - | - | - | (439,388) | |||
Total Other Income (Expense) | (239,587) | (631,274) | (896,246) | (978,302) | |||
Income (Loss) Before Income Taxes | (3,004,924) | (2,935,846) | (10,384,095) | (8,777,352) | |||
Income Tax Expense (Benefit) | (187) | (163,114) | (38,837) | (206,207) | |||
Net Income (Loss) | (3,004,737) | (2,772,732) | (10,345,258) | (8,571,145) | |||
Loss Per Common Share – Basic and Diluted | $ (0.39) | $ (0.56) | $ (1.64) | $ (1.50) | |||
Weighted-Average Common Shares Outstanding – Basic and Diluted | 7,792,413 | 5,727,310 | 6,310,379 | 5,695,239 |
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SOURCE LiqTech International, Inc.