Business
LiqTech International Announces Preliminary 2019 Financial Results and Outlook for the First Quarter of 2020
BALLERUP, Denmark, Jan. 21, 2020 /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, Jan. 21, 2020 /PRNewswire/ -- LiqTech International, Inc. (NASDAQ: LIQT) (\"LiqTech\"), a clean technology company that manufactures and markets highly specialized filtration technologies, today announced preliminary fiscal year 2019 financial results and provided an outlook for the first quarter of 2020.\nPreliminary Year End and Fourth Quarter Financial Results\nFor the fiscal year 2019 ended December 31, 2019, the Company anticipates revenue of $32.4 million, an increase of approximately 265% compared to fiscal year 2018 revenue of $12.3 million. Fourth quarter 2019 revenue is anticipated to be $6.0 million, in line with previously announced expectations.\nThe Company anticipates that fiscal year 2019 income from operations will be approximately $0.1 million, compared to a loss of $4.5 million in fiscal year 2018.\n\"Fiscal year 2019 was transformational for LiqTech as we achieved a 265% increase in revenue and transitioned the Company to profitability,\" commented Sune Mathiesen, CEO of LiqTech. \"Our proprietary ceramic silicon carbide water filtration systems achieved a commercial breakthrough in the marine scrubber industry during 2019. And, a number of pilot projects were completed into adjacent industries to further expand our technology as we move into 2020. We also achieved a number of important operational initiatives, including an expansion of our Hobro facility, installation of the first of four planned new furnaces at our Ballerup facility, and the successful completion of the BS Plastics acquisition. Further, we strengthened the balance sheet and reported a cash position of $11.6 million at September 30, 2019. 2019 was a tremendous year for LiqTech, and we are well positioned for 2020.\"\n2020 Outlook\nThe Company anticipates revenue for the first quarter of 2020 to be approximately $12 million, in line with the Company's previously announced expectations in mid-November 2019.\nMathiesen continued, \"We continued to see momentum in the marine scrubber industry as we see higher uptake in closed-loop scrubbers, as ports across the world are increasingly banning open-loop scrubbers. LiqTech has maintained a strong market position in the closed-loop scrubber market. Further, as the price spread between LSFO and HSFO continues to widen, the economic argument supporting scrubbers continues to improve...