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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, Inc. (NASDAQ: LIQT) has appointed Fei Chen as President and CEO, effective on or before November 1, 2022. Chen, who has over 20 years of experience in global industrial management, will also join the Board of Directors. She previously held significant roles at Topsoe A/S and Grundfos A/S, focusing on clean energy and water treatment technologies. Interim CEO Alexander Buehler will continue as a Board member. Chen’s appointment is seen as a strategic move towards enhancing LiqTech's growth and innovation in the clean technology sector.
LiqTech International, Inc. (NASDAQ: LIQT) announced the completion of a private placement of $6 million in senior notes and warrants for 4,250,000 shares of common stock. The notes will mature in 24 months without interest, while the warrants have an exercise price of $0.65 per share and a five-year term. Proceeds will be utilized to repay the company's $13.5 million convertible note due in 2023. None of the securities will be registered under the Securities Act, limiting their sale without proper registration or exemptions.
LiqTech International, Inc. (NASDAQ: LIQT) announced a new order for its marine scrubber market, which includes two separate vessels to be delivered by the end of 2022. This order signals recovery in a market that has faced significant slowdowns due to the pandemic and shipping dynamics. Interim CEO Alex Buehler expressed optimism about increasing quotation activity and the potential for market normalization following a prolonged downturn. While this order is not significant in revenue terms, it represents a positive step in a strategic market.
LiqTech International, Inc. (NASDAQ: LIQT) announced the closing of its public offering of common stock and pre-funded warrants, raising approximately $26.45 million. The offering included the full exercise of the underwriters' option for an additional 6,900,000 shares at $0.50 per share, totaling 22,535,850 shares sold. The initial closing occurred on May 17, 2022, and the underwriters’ option on May 19, 2022. Notably, directors and officers, including Interim CEO Alexander J. Buehler, purchased 3,080,000 shares during the offering.
LiqTech International, Inc. (NASDAQ: LIQT) announced an underwritten public offering of 15,635,850 shares of common stock at $0.50 per share and pre-funded warrants for 30,425,000 shares at $0.499 each, aiming for roughly $23 million in gross proceeds before discounts. The offering is expected to close on May 17, 2022, pending usual conditions. Proceeds will be allocated for working capital, general corporate purposes, and the repayment of outstanding senior convertible notes. The offering is registered with the SEC under Form S-3.
LiqTech International (NASDAQ: LIQT) announced a proposed underwritten public offering of newly issued shares of common stock or pre-funded warrants. The offering is subject to market conditions, with underwriters granted a 30-day option to purchase up to an additional 15% of the offered shares. The proceeds will primarily be utilized for working capital, general corporate purposes, and repaying outstanding senior convertible notes. The move follows a shelf registration statement declared effective by the SEC on May 12, 2022.
LiqTech International reported a 9% revenue decrease in Q1 2022, totaling $3.6 million against $4.0 million in Q1 2021. Although gross margin improved to 6.8%, the net loss widened to $(3.7) million from $(2.5) million year-over-year. The company has taken steps to cut costs, including reducing headcount by 25% and suspending planned investments, while actively pursuing opportunities in the oil & gas sector and the U.S. acid filtration market. The cash balance decreased to $11.2 million compared to $17.5 million at the end of 2021.
LiqTech International, Inc. (NASDAQ: LIQT) has scheduled a conference call to discuss its first quarter 2022 financial results for the period ending March 31, 2022. The call will take place on Friday, May 13, 2022, at 8:00 a.m. ET. Interested parties can join by dialing (833) 535-2206 or via a live webcast available on the company's website. A replay of the call will be accessible until May 20, 2022.
LiqTech specializes in ceramic silicon carbide filtration technologies for gas and liquid purification.
LiqTech International reported a 19% decline in 2021 revenue, totaling $18.3 million, with a corresponding net loss of $11.1 million, up from $9.8 million in 2020. Despite challenges, including delayed orders in the marine scrubber market and reduced sales due to the pandemic, the company secured $15 million in convertible notes and reported a strong cash balance of $17.5 million. Looking ahead, LiqTech anticipates Q1 2022 revenue between $3.5 million to $4 million and full-year guidance of $25 million to $30 million.
LiqTech International, Inc. (NASDAQ: LIQT) will release its fourth quarter and fiscal year 2021 financial results on March 24, 2022, before market opening. A conference call is scheduled for the same day at 9:00 a.m. ET to discuss the results. The call will feature Interim CEO Alexander J. Buehler and CFO Simon Stadil. Investors can listen via phone or live webcast on the company's investor relations website. A replay will be available until March 31, 2022.
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