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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 (NASDAQ: LIQT), a high-tech filtration company, has announced its plans to report second quarter 2024 financial results on Wednesday, August 14, 2024, before the market opens. The company will host a conference call the same day at 9:00 a.m. ET to review the results.
Interested parties can access the call by dialing (833) 535-2206 or (412) 902-6741. A live webcast will also be available on the company's Investor Relations website. A teleconference replay will be accessible until August 21, 2024.
LiqTech International, Inc. (NASDAQ: LIQT) has successfully delivered a commercial pilot unit for oil and gas produced water filtration to National Energy Services Reunited Corp. (NESR). The PureFlow® system, delivered in June 2024, will be used in Gulf Cooperation Council Countries to demonstrate LiqTech's silicon carbide ceramic ultrafiltration technology. The pilot aims to treat produced water for re-injection and reuse, meeting current and future regulatory requirements.
CEO Fei Chen emphasized the strategic importance of this pilot in showcasing LiqTech's solution performance with reduced OpEx and guaranteed quality. LiqTech already has a full-scale commercial test unit operating in the Middle East since May 2022, demonstrating over 99% efficiency in delivering clean brine/permeate water for reinjection, exceeding performance requirements with low chemical usage and excellent energy efficiency.
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.
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