Business
LiqTech International Announces First Quarter 2024 Financial Results
BALLERUP, Denmark, May 14, 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, May 14, 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 first quarter of 2024.\n\n \n \n \n \n \n \n\n \nQ1 2024 Financial Highlights\nRevenue of $4.2 million, a 6% increase from Q1 2023.Gross profit margin of 6.4% compared to 9.8% in Q1 2023.Operating expense of $2.3 million, down 10% from Q1 2023.Net loss of $(2.4) million, in line with Q1 2023.Ending cash balance of $7.7 million on March 31, 2024.Recent Operational Highlights\nReceived 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.Entered into a partnership agreement with Dan Marine Group to expand LiqTech's presence in the Chinese shipbuilding and repair market for marine scrubber water treatment solutions and new exhaust gas recirculation (EGR) water treatment systems for dual-fuel marine vessels.Entered into a partnership agreement with Franman to market LiqTech's marine scrubber water treatment solutions within Greece, the largest ship-owning market in the world.Management Commentary\n\"We achieved continued growth during the first quarter, driven by delivery of our first U.S.-based, oil & gas, produced water order as part of our new distribution agreement with Razorback Direct. We believe this is a critical milestone to expand our presence in North America by showcasing the benefits of our produced water treatment solution to the oil & gas industry,\" commented Fei Chen, President and CEO of LiqTech International. \"We also received a second critical oil & gas system order with our partners at NESR in the Middle East. This order is scheduled to be delivered in June of this year and will be a key contributor to the positive sequential growth that we expect in the second quarter.\"\n\"The strategic plan that we instituted over the past year to stabilize and grow our business initially through our 'established markets' and then position ourselves for growth through our 'target markets,' continues to progress according to plan. Within our 'established markets,' we continue to see growth within our pool s...