Business
LiqTech International Announces Financial Results for Fourth Quarter and Full Year 2023
BALLERUP, Denmark, March 21, 2024 /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 21, 2024 /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 2023 for the period ended December 31, 2023.\n\n \n \n \n \n \n \n\n \n2023 Financial Highlights\nFull year revenue of $18.0 million, an increase of 13% from $16.0 million in 2022.Gross margin of 15.4%, an improvement of approximately 1190 basis points compared to 3.5% in 2022.Operating expenses of $10.6 million compared to $13.1 million in 2022, an improvement of $2.5 million.Net loss of $(8.6) million, an improvement of $5.6 million compared to $(14.2) million in 2022.Ending cash balance of $10.4 million at December 31, 2023.Recent Operational Highlights\nReceived order for the first U.S.-based oil & gas produced water order as part of new distribution agreement with Razorback Direct.Received order from NESR for produced water treatment pilot unit for major oil & gas operator in the Middle East.After having achieved 20 system orders for swimming pool applications, we continue to expand our footprint with new pool system orders in the first quarter of 2024.New orders for DPFs have increased 11% in the first quarter of 2024 compared to the same period in 2023.Management Commentary\n\"We successfully executed a number of strategic initiatives during 2023 to drive revenue growth, improve our manufacturing and operational efficiencies, and strengthen our balance sheet, resulting in 13% growth in revenue and $5.6 million improvement on the bottom line,\" commented Fei Chen, CEO of LiqTech. \"Our enhanced commercial focus on initially stabilizing and growing our established markets--including the provision of commercial pool systems, general aftermarket sales, and the sale of ceramic membranes and diesel particulate filters—were the key drivers for the improvement in revenue in 2023.\"\n\"Beyond our focus on established markets, we are making progress within our target growth markets as well. During 2023, we received key system orders for marine scrubbers, monoethylene glycol (MEG) systems, and phosphoric acid units. We have built upon this progress in early 2024 with the receipt of two strategically important orders for our oil and gas produced water s...