LiqTech International Announces Second Quarter 2024 Financial Results
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 (NASDAQ: LIQT) ha riportato i risultati finanziari del secondo trimestre del 2024, evidenziando una riduzione del 10% dei ricavi a 4,5 milioni di dollari rispetto al secondo trimestre del 2023. Il margine di profitto lordo dell'azienda è diminuito al 16,0% rispetto al 23,3% del secondo trimestre del 2023, mentre la perdita netta è aumentata a $(2,1) milioni rispetto a $(1,6) milioni. Nonostante le difficoltà, LiqTech ha compiuto progressi in mercati chiave:
- Ricevuti ordini per il trattamento delle acque prodotte negli Stati Uniti.
- Entrato in un Memorandum d'intesa con la China Haisum Engineering per il trattamento delle acque industriali.
- Firmati accordi per espandere la presenza dei scrubber marini.
- Consegnata un'unità pilota commerciale per la filtrazione delle acque prodotte nel settore oil & gas.
- Ottenuta la certificazione NSF per i sistemi di piscine negli Stati Uniti.
La società prevede ricavi per il terzo trimestre del 2024 tra 4,0 milioni e 5,0 milioni di dollari.
LiqTech International (NASDAQ: LIQT) reportó sus resultados financieros del segundo trimestre de 2024, mostrando una disminución del 10% en los ingresos a 4.5 millones de dólares en comparación con el segundo trimestre de 2023. El margen de beneficio bruto de la compañía disminuyó al 16.0% desde el 23.3% en el segundo trimestre de 2023, mientras que la pérdida neta aumentó a $(2.1) millones desde $(1.6) millones. A pesar de los desafíos, LiqTech logró avances en mercados clave:
- Recibió pedidos para el tratamiento de agua producida en EE.UU.
- Firmó un Memorando de Entendimiento con China Haisum Engineering para el tratamiento de agua industrial.
- Firmó acuerdos para expandir la presencia de scrubbers marinos.
- Entregó una unidad piloto comercial para la filtración de agua producida en la industria de petróleo y gas.
- Obtuvo la certificación NSF para sistemas de piscinas en EE.UU.
La compañía espera ingresos para el tercer trimestre de 2024 entre 4.0 millones y 5.0 millones de dólares.
LiqTech International (NASDAQ: LIQT)는 2024년 2분기 재무 결과를 보고하며, 2023년 2분기 대비 수익이 10% 감소한 450만 달러를 기록했습니다. 회사의 총 매출 이익률은 23.3%에서 16.0%로 하락했으며, 순손실은 증가했습니다: $(1.6) 백만에서 $(2.1) 백만으로 증가했습니다. 어려움에도 불구하고 LiqTech는 주요 시장에서 진전을 이루었습니다:
- 미국에서의 생산수 처리에 대한 주문을 수락했습니다.
- 산업용 수처리를 위해 China Haisum Engineering과 양해각서를 체결했습니다.
- 해양 스크러버의 범위를 확장하기 위한 계약을 체결했습니다.
- 석유 및 가스 생산수 여과를 위한 상업용 파일럿 유닛을 전달했습니다.
- 미국의 수영장 시스템에 대해 NSF 인증을 획득했습니다.
회사는 2024년 3분기 수익을 400만 달러에서 500만 달러 사이로 예상하고 있습니다.
LiqTech International (NASDAQ: LIQT) a rapporté ses résultats financiers du deuxième trimestre 2024, montrant une diminution de 10 % des revenus à 4,5 millions de dollars par rapport au deuxième trimestre 2023. La marge brute bénéficiaire de l'entreprise a diminué à 16,0 % contre 23,3 % au deuxième trimestre 2023, tandis que la perte nette a augmenté à $(2,1) millions contre $(1,6) millions. Malgré les défis, LiqTech a progressé sur des marchés clés :
- Commandes reçues pour le traitement des eaux produites aux États-Unis.
- Entré dans un protocole d'accord avec China Haisum Engineering pour le traitement des eaux industrielles.
- Signé des accords pour étendre la portée des nettoyeurs marins.
- Livraison d'une unité pilote commerciale pour la filtration des eaux produites dans le secteur pétrolier et gazier.
- Obtention de la certification NSF pour les systèmes de piscine aux États-Unis.
La société prévoit des revenus pour le troisième trimestre 2024 compris entre 4,0 millions et 5,0 millions de dollars.
LiqTech International (NASDAQ: LIQT) hat seine finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht und zeigt einen Rückgang der Einnahmen um 10% auf 4,5 Millionen Dollar im Vergleich zum zweiten Quartal 2023. Die Bruttogewinnmarge des Unternehmens sank von 23,3% auf 16,0% im zweiten Quartal 2023, während der Nettoverlust anstieg von $(1,6) Millionen auf $(2,1) Millionen. Trotz der Herausforderungen hat LiqTech Fortschritte in Schlüsselmarkten gemacht:
- Bestellungen für die Behandlung von produzierten Wasser in den USA erhalten.
- Memorandum of Understanding mit der China Haisum Engineering für die industrielle Wasserbehandlung unterzeichnet.
- Vereinbarungen zur Erweiterung der maritimen Scrubber-Präsenz unterzeichnet.
- Kommerzielle Pilotanlage für die Filtration von Öl- und Gasproduzierten Wasser geliefert.
- NSF-Zertifizierung für Poolsysteme in den USA erhalten.
Das Unternehmen erwartet für das dritte Quartal 2024 Einnahmen zwischen 4,0 Millionen und 5,0 Millionen Dollar.
- Secured new order from a leading integrated energy company for produced water treatment in the U.S.
- Entered MoU with China Haisum Engineering for industrial water treatment applications in China
- Signed agreements to expand marine scrubber market presence in South Korea, China, and Greece
- Obtained NSF certification to offer pool systems in the U.S. market
- Delivered five swimming pool systems to the UK, Spain, and Denmark in Q2
- Increased sales of DPFs due to effective strategies capitalizing on increased demand
- Revenue decreased 10% to $4.5 million in Q2 2024 compared to Q2 2023
- Gross profit margin declined to 16.0% from 23.3% in Q2 2023
- Net loss increased to $(2.1) million from $(1.6) million in Q2 2023
- Cash on hand decreased to $5.5 million on June 30, 2024, from $7.7 million on March 31, 2024
- Delays in shipment of three swimming pool systems due to government funding issues
- Decrease in sales of plastic products, swimming pool systems, ceramic membranes, and aftermarket sales
Insights
LiqTech's Q2 2024 results reveal a challenging quarter with mixed signals. Revenue declined
However, there are positive developments in key markets. The company secured orders in the energy sector and expanded partnerships in China and South Korea. The NSF certification for U.S. pool systems opens new revenue streams. These initiatives could drive future growth, but execution risks remain given the company's financial constraints.
The cash position of
LiqTech's market positioning shows promise in niche sectors. The company's focus on specialized filtration technologies for energy, marine and pool markets demonstrates a strategic diversification. Recent partnerships and certifications, particularly in the U.S. and Asian markets, indicate potential for market expansion.
However, the revenue decline and delayed orders in the swimming pool segment highlight vulnerabilities in market demand and project execution. The company's ability to convert pilot projects into substantial orders, especially in the oil & gas sector, will be important for future growth.
The recurring revenue potential from the swimming pool market is promising, but LiqTech needs to overcome current hurdles in government funding delays. The marine scrubber market presents a significant opportunity, aligning with global trends in dual-fuel ship building. Overall, LiqTech's market strategy appears sound, but execution and market penetration remain key challenges.
LiqTech's technological offerings in specialized filtration demonstrate potential, particularly in emerging markets like produced water treatment and marine scrubber systems. The successful delivery of a commercial pilot unit for oil and gas produced water filtration indicates technical viability in challenging applications.
The company's R&D streamlining, focusing on fewer, more targeted projects, could lead to more efficient innovation. However, the slight increase in R&D expenses due to a loss-making external project raises questions about project management and resource allocation.
The NSF certification for pool systems in the U.S. market validates the technology's compliance with stringent standards. This could open doors for expansion in a competitive market. Moving forward, LiqTech's ability to scale its technologies cost-effectively while maintaining performance will be important for capturing market share and improving financial performance.
BALLERUP,
Q2 2024 Financial Highlights
- Revenue of
, a$4.5 million 10% decrease from Q2 2023 and a6% increase from Q1 2024. - Gross profit margin of
16.0% compared to23.3% in Q2 2023 and6.4% in Q1 2024. - Net loss of
compared to$(2.1) million in Q2 2023 and$(1.6) million in Q1 2024.$(2.4) million - Ending cash balance of
on June 30, 2024.$5.5 million
Recent Operational Highlights
- Received another order from one of the world's leading integrated energy companies for the application of produced water treatment in the
U.S. - Entered into MoU with China Haisum Engineering Co. Ltd. for industrial water treatment applications in
China . - Entered agreement with Danbee Marine for marine scrubber water treatment solutions for the South Korean market.
- Successfully delivered a commercial pilot unit for the filtration of oil and gas produced water to National Energy Services Reunited Corp. (NESR).
- Received NSF certification to begin offering pool systems in the
U.S. - Delivered five swimming pool systems during the second quarter to the
UK ,Spain andDenmark .
Management Commentary
"We have made nice progress within our key energy market segment this year, having successfully delivered our first
"The second quarter financial results were impacted by three swimming pool systems anticipated to be shipped for municipal applications in the
"We also continue to make progress aligning ourselves with partners that can open up key markets for our solutions. Recently, we announced an MoU with China Haisum Engineering to explore the application of LiqTech's advanced filtration system for the industrial water treatment industry in
"As we look to the back half of the year, we anticipate continued progress within the oil and gas industry and marine scrubber EGR segment. With a number of distribution partners we signed over the past few quarters ramping up, I believe we are well positioned to achieve our stated goals," Chen concluded.
Q2 2024 Financial Results
Revenue for the quarter ended June 30, 2024 was
Gross profit for the three months ended June 30, 2024 was
Total operating expenses for the three months ended June 30, 2024 were
Net loss for the three months ended June 30, 2024 was
Cash on hand (including restricted cash) on June 30, 2024 was
Q3 2024 Outlook
The Company expects revenue in the third quarter of 2024 to be between
Conference Call Details
Date and Time: Wednesday, August 14, 2024, 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/o4RaVmXdm81.
Replay: A teleconference replay of the call will be available until August 21, 2024 at (877) 344-7529 or (412) 317-0088, replay access code 4966662.
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
Follow LiqTech on Twitter: https://twitter.com/LiqTech
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
Phillip Massie Price, Interim Chief Financial Officer
LiqTech International, Inc.
Phone: +45 31313993
pmp@liqtech.com
LiqTech Investor Contact
Robert Blum
Lytham Partners, LLC
Phone: 602-889-9700
liqt@lythampartners.com
LIQTECH INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
June 30, | December 31, | |||||||
2024 | 2023 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash and restricted cash | $ | 5,489,776 | $ | 10,422,181 | ||||
Accounts receivable, net | 2,804,625 | 3,171,047 | ||||||
Inventories, net | 5,620,247 | 5,267,816 | ||||||
Contract assets | 2,878,573 | 2,891,744 | ||||||
Prepaid expenses and other current assets | 389,181 | 337,391 | ||||||
Total Current Assets | 17,182,402 | 22,090,179 | ||||||
Long-Term Assets: | ||||||||
Property and equipment, net | 6,935,852 | 9,007,166 | ||||||
Operating lease right-of-use assets | 3,657,512 | 4,055,837 | ||||||
Deposits and other assets | 517,123 | 470,349 | ||||||
Intangible assets, net | 60,128 | 114,593 | ||||||
Goodwill | 226,285 | 233,723 | ||||||
Total Long-Term Assets | 11,396,900 | 13,881,668 | ||||||
Total Assets | $ | 28,579,302 | $ | 35,971,847 |
LIQTECH INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) | ||||||||
June 30, | December 31, | |||||||
2024 | 2023 | |||||||
(Unaudited) | ||||||||
Liabilities and Stockholders' Equity | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 1,813,943 | $ | 2,444,653 | ||||
Accrued expenses | 3,189,439 | 3,550,542 | ||||||
Current portion of finance lease liabilities | 446,425 | 590,550 | ||||||
Current portion of operating lease liabilities | 476,298 | 531,355 | ||||||
Contract liabilities | 333,505 | 382,647 | ||||||
Total Current Liabilities | 6,259,610 | 7,499,747 | ||||||
Deferred tax liability | 69,535 | 101,059 | ||||||
Finance lease liabilities, net of current portion | 1,809,424 | 2,879,932 | ||||||
Operating lease liabilities, net of current portion | 3,181,843 | 3,527,082 | ||||||
Notes payable, net | 4,984,642 | 4,688,011 | ||||||
Total Long-term Liabilities | 10,045,444 | 11,196,084 | ||||||
Total Liabilities | 16,305,054 | 18,695,831 | ||||||
Stockholders' Equity: | ||||||||
Preferred stock; par value | - | - | ||||||
Common stock; par value | 5,819 | 5,727 | ||||||
Additional paid-in capital | 99,051,263 | 98,796,357 | ||||||
Accumulated deficit | (80,422,175) | (75,922,180) | ||||||
Accumulated other comprehensive loss | (6,360,659) | (5,603,888) | ||||||
Total Stockholders' Equity | 12,274,248 | 17,276,016 | ||||||
Total Liabilities and Stockholders' Equity | $ | 28,579,302 | $ | 35,971,847 |
LIQTECH INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenues | $ | 4,485,062 | $ | 4,990,019 | $ | 8,720,406 | $ | 9,001,538 | ||||||||
Cost of goods sold | 3,767,851 | 3,827,491 | 7,732,093 | 7,447,668 | ||||||||||||
Gross Profit | 717,211 | 1,162,528 | 988,313 | 1,553,870 | ||||||||||||
Operating Expenses: | ||||||||||||||||
Selling expenses | 855,122 | 1,028,225 | 1,372,701 | 2,210,660 | ||||||||||||
General and administrative expenses | 1,541,316 | 1,377,483 | 3,086,047 | 2,436,432 | ||||||||||||
Research and development expenses | 407,292 | 359,784 | 662,104 | 702,403 | ||||||||||||
Total Operating Expenses | 2,803,730 | 2,765,492 | 5,120,852 | 5,349,495 | ||||||||||||
Loss from Operations | (2,086,519) | (1,602,964) | (4,132,539) | (3,795,625) | ||||||||||||
Other Income (Expense) | ||||||||||||||||
Interest and other income | 45,744 | 116,545 | 114,830 | 168,218 | ||||||||||||
Interest expense | (29,290) | (45,898) | (101,009) | (57,899) | ||||||||||||
Amortization of debt discount | (150,591) | (86,790) | (296,631) | (171,318) | ||||||||||||
Gain (loss) on currency transactions | 84,462 | 49,494 | 339,998 | (116,784) | ||||||||||||
Gain (loss) on disposal of property and equipment | 10,344 | - | (453,233) | - | ||||||||||||
Total Other Income (Expense) | (39,331) | 33,351 | (396,045) | (177,783) | ||||||||||||
Loss Before Income Taxes | (2,125,850) | (1,569,613) | (4,528,584) | (3,973,408) | ||||||||||||
Income tax benefit | 14,150 | 14,321 | 28,589 | 28,613 | ||||||||||||
Net Loss | $ | (2,111,700) | $ | (1,555,292) | $ | (4,499,995) | $ | (3,944,795) | ||||||||
Loss Per Common Share – Basic and Diluted | $ | (0.36) | $ | (0.27) | $ | (0.77) | $ | (0.70) | ||||||||
Weighted-Average Common Shares Outstanding – Basic and Diluted | 5,808,127 | 5,660,007 | 5,806,480 | 5,656,809 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/liqtech-international-announces-second-quarter-2024-financial-results-302221634.html
SOURCE LiqTech International, Inc.
FAQ
What was LiqTech's revenue for Q2 2024?
How did LiqTech's gross profit margin change in Q2 2024 compared to Q2 2023?
What is LiqTech's revenue outlook for Q3 2024?
What new markets did LiqTech enter in Q2 2024?