Business
LiqTech International Announces First Quarter 2023 Financial Results
BALLERUP, Denmark, May 11, 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, May 11, 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 first quarter of 2023 for the period ended March 31, 2023.\n\n \n \n \n \n \n \n\n \nQ1 2023 Financial Highlights\nRevenue of $4.0 million, a 10% increase from Q1 2022.Gross profit margin of 10% compared to 7% in Q1 2022.Operating expense of $2.6 million, down 28% from Q1 2022.Net loss of $(2.4) million, compared to $(3.7) million in Q1 2022.Strong ending cash balance of $14.3 million.Recent Operational Highlights\nSigned commercial contracts for delivery of five pool systems and increased order intake of both ceramic membrane and DPF ordersEntered distribution agreement with Singapore-based Liquinex to supply silicon carbide ceramic membranesEstablished distribution agreement with Silicon Filter for Chinese phosphoric acid purification marketManagement Commentary\nFei Chen, CEO of LiqTech, stated, \"The commercial strategy we put into place is beginning to deliver the intended results. In particular, we have achieved a good improvement in our recurring business, including swimming pool filtration systems, diesel particulate filters and ceramic membranes with a combined sequential quarterly revenue growth of 27% and improved profitability. We continue to believe there are excellent opportunities to expand the use of our technologies within our key market verticals and we look forward to gaining continued traction. We are also making steady progress in building our sales pipeline of larger filtration systems for the oil and gas, acid purification, and broader water treatment markets.\"\n\"We have recently signed multiple distribution agreements for key geographies and market segments to accelerate the adoption of our unique technologies. As previously announced, we recently entered into distribution agreements with key partners to advance adoption of our filtration systems for phosphoric acid purification within China, and water treatment in Southeast Asia. We believe these agreements will expand our market reach into these important end markets. Additionally, our distribution agreement with NESR is progressing well--our two companies are becoming more closely aligned and we have e...