LiqTech International Announces First Quarter 2023 Financial Results
BALLERUP,
Q1 2023 Financial Highlights
- Revenue of
, a$4.0 million 10% increase from Q1 2022. - Gross profit margin of
10% compared to7% in Q1 2022. - Operating expense of
, down$2.6 million 28% from Q1 2022. - Net loss of
, compared to$(2.4) million in Q1 2022.$(3.7) million - Strong ending cash balance of
.$14.3 million
Recent Operational Highlights
- Signed commercial contracts for delivery of five pool systems and increased order intake of both ceramic membrane and DPF orders
- Entered distribution agreement with
Singapore -based Liquinex to supply silicon carbide ceramic membranes - Established distribution agreement with Silicon Filter for Chinese phosphoric acid purification market
Management Commentary
Fei Chen, CEO of LiqTech, stated, "The commercial strategy we put into place is beginning to deliver the intended results. In particular, we have achieved a good improvement in our recurring business, including swimming pool filtration systems, diesel particulate filters and ceramic membranes with a combined sequential quarterly revenue growth of
"We have recently signed multiple distribution agreements for key geographies and market segments to accelerate the adoption of our unique technologies. As previously announced, we recently entered into distribution agreements with key partners to advance adoption of our filtration systems for phosphoric acid purification within
"Our efforts to expand the commercialization of our core filtration technologies is being matched by our internal focus on improving our manufacturing efficiency in order to improve gross margins. We have made excellent progress in implementing more efficient manufacturing processes to achieve improvements in our product and system contribution margins, which have now reached their highest levels in more than two years, despite ongoing remediation work and manufacturing optimization costs. These improvements within manufacturing, along with a more favorable sales mix and a
Q1 2023 Financial Results
Revenue for Q1 2023 was
Gross profit for Q1 2023 was
Total operating expense for Q1 2023 was
Other Income (Expense) in Q1 2023 was
Net Loss in Q1 2023 was
Cash on hand (including restricted cash) on March 31, 2023, was
Q2 2023 Outlook
The Company expects Q2 2023 revenue of approximately
Conference Call Details
Date and Time: Thursday, May 11, 2023, 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/DAZpW8dWRYM.
Replay: A teleconference replay of the call will be available until May 18, 2023, at (877) 344-7529 or (412) 317-0088, confirmation # 3502560.
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
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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.
Company Contact: Simon Stadil, Chief Financial Officer, LiqTech International, Inc., Phone: +45 3140 9128, www.liqtech.com;
Investor Contact: Robert Blum, Lytham Partners, LLC, Phone: (602) 889-9700, liqt@lythampartners.com, www.lythampartners.com
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SOURCE LiqTech International, Inc.