Business
LiqTech International Announces Financial Results for Fourth Quarter and Full Year 2022
BALLERUP, Denmark, March 22, 2023 /PRNewswire/ -- LiqTech International, Inc. (NASDAQ: LIQT) ("LiqTech"), a clean technology company that manufactures and
About this update from Liqtech International, Inc.
[{"type":"text","content":"BALLERUP, Denmark, March 22, 2023 /PRNewswire/ -- LiqTech International, Inc. (NASDAQ: LIQT) (\"LiqTech\"), a clean technology company that manufactures and markets highly specialized filtration technologies, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2022.\n\n \n \n \n \n \n \n\n \n2022 Financial Highlights\nFull year revenue of $16.0 million, a decrease of 13% from 2021.Net loss of $(14.2) millionStrong ending cash balance of $16.6 million.Q4 2022 Financial Highlights\nQ4 2022 revenue of $4.0 million, a 22% sequential increase from Q3 2022.Operating expense of $2.3 million (excluding restructuring costs), down 37% from Q4 2021 and $0.1 million compared to Q3 2022.Net loss of $(2.2) million compared to $(2.7) million in Q4 2021Recent Operational Highlights\nAppointed Fei Chen as President and Chief Executive Officer and strengthened senior leadership team.Received new filtration system order from major oil & gas customer for monoethylene glycol (\"MEG\") recovery.Received wastewater treatment system order from major Danish customer for metal processing.Entered distribution agreement with National Energy Services Reunited Corp. (NASDAQ: NESR) to commercialize produced water treatment filtration solutions for re-injection in fifteen selected countries throughout the Middle East, Northern Africa, and Southeastern Asia.Entered cooperation agreement with U.S.-based Ecolotron Wastewater Solutions, Inc., a firm specializing in electrolytic water treatment, for commercialization of combined solutions for acid purification.Entered distribution agreement with Liquinex, a Singapore-based water and wastewater treatment company, to supply silicon carbide ceramic membranes in Singapore.Launched new Aqua Solution® membrane to address swimming pool and spa filtration market.Management Commentary\nFei Chen, CEO of LiqTech, stated, \"Following my appointment in September 2022, we moved quickly to define our corporate vision and commercial strategy, with a clear focus on recurring revenue and large systems opportunities. My initial actions included the hiring and appointment of a senior leadership team and the staffing of key sales personnel to accelerate revenue growth. These actions have already resulted in the expansion of recurring revenue prospects—we now have a much larger and more reliab...