Business
LiqTech International Announces Second Quarter 2021 Financial Results
BALLERUP, Denmark, Aug. 16, 2021 /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, Aug. 16, 2021 /PRNewswire/ -- LiqTech International, Inc. (NASDAQ: LIQT) (\"LiqTech\"), a clean technology company that manufactures and markets highly specialized filtration technologies, today reported second quarter 2021 financial results for the period ended June 30, 2021.\n\n \n \n \n \n \n \n\n \nSecond Quarter 2021 Highlights\nSecond quarter revenue of $4.0 million. Net loss of $3.1 million. Positive cash flow from operations of $0.4 million. Strong ending cash balance of $25.1 million. Secured $15.0 million senior unsecured convertible note to support growth plans. Received $2.2 million order for acid filtration. Received first orders for the China marine vessel black carbon reduction market.Highlights Subsequent to Second Quarter\nReceived first order for a new offshore deep-sea drilling application in the oil & gas market. Received several orders for new non-marine applications. Signed key leasing and investment agreements for the new Chinese manufacturing site.Management Commentary\nRevenue was in line with our expectations as second quarter financial results continued to be affected by the slowdown in the marine scrubber industry from the COVID-19 pandemic. However, we see overall improving market trends, particularly in the marine industry. Given this improvement and coupled with our breakthrough new orders and current backlog, we expect revenue to more than double in the second half of 2021.\nThe price spread between high and low sulfur fuels (HSFO and LSFO), the key economic driver supporting investments in marine scrubbers to meet the IMO 2020 low sulfur emissions mandate, has stabilized above $100 per metric ton providing shipowners much greater confidence in achieving good investment returns on their scrubbers. As a result, we are seeing a steady increase in inquiries and improving order intake. Importantly, still more ports are banning the discharge of open-loop scrubber waste water but the IMO have deferred committee discussion to harmonize open loop scrubber water discharge regulations until November 2021.\nMr. Sune Mathiesen, CEO, commented, \"We are pleased to announce the receipt of our first commercial order for a difficult offshore deep-sea drilling application in the oil & gas market. We will be deploying our proprietary membrane technology to recover and reuse ethylene glycol. This ...