Business
LiqTech International Announces Financial Results for the Fourth Quarter and Full Year of 2021
BALLERUP, Denmark, March 24, 2022 /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 24, 2022 /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, 2021.\n\n \n \n \n \n \n \n\n \n2021 Highlights\nFull-year revenue of $18.3 million, a decrease of 19% from 2020.Net loss of $11.1 million, an increase of 13% from 2020.Strong ending cash balance of $17.5 million.Received first new orders from key oil & gas customers and other non-marine customers.Secured $15.0 million Senior Unsecured Convertible Note. Appointed Simon Stadil as Company's Chief Financial Officer.Highlights Subsequent to End of Year\nSigned three-year $23 million OEM membrane supply agreement.Appointed Alexander J. Buehler as Interim Chief Executive Officer.Management Commentary\nResults were largely in line with expectations, and while the Company powered through another year of depressed market activity caused by the global pandemic and its associated economic repercussions, it remains bullish on the long-term prospects of the business. \nTo be sure, the current global business environment is very challenging; however, the Company is seeing encouraging signs in its core marine scrubber business after a sustained lull in the market. Importantly, the Company will stay the course with respect to its diversification strategy and will continue to work to increase its share in what will ultimately become buoyant end markets that are supported by regulatory tailwinds and increased environmental awareness. \nWhile the Company remains optimistic about its prospects in 2022 and beyond, we also cautiously acknowledge the reality of the current business environment, where geopolitical tensions, supply chain disruptions and sustained inflation create inevitable market uncertainty. Considering such heightened uncertainty, the Company believes it is appropriate to revise its guidance for the first quarter and full year of 2022. We anticipate revenue of $3.5 to $4.0 million in Q1 and $25 to $30 million for the full year 2022. Despite what is best characterized as a push to the right, the Company remains confident with respect to its long-term growth trajectory and commercial success across multiple end markets.\nAlex Buehler, I...