Business
LiqTech International Announces Second Quarter 2023 Financial Results
BALLERUP, Denmark, Aug. 10, 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, Aug. 10, 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 second quarter of 2023 for the period ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nQ2 2023 Financial Highlights\nRevenue of $5.0 million, a 1% decrease from Q2 2022.Gross profit margin of 23% compared to 3% in Q2 2022.Operating expenses of $2.8 million, down 42% from Q2 2022.Net loss of $(1.6) million, an improvement of $4.9 million compared to $(6.5) million in Q2 2022.Strong ending cash balance of $12.6 million.Recent Operational Highlights\nSigned commercial contracts for delivery of ten pool systems and increased order intake of both ceramic membranes and DPFs.Successfully performed on-site commissioning of our first MEG unit at customer's offshore platform in the Mediterranean.Entered into a Memorandum of Understanding (MoU) to explore the application of LiqTech's advanced filtration system for industrial water treatment in China.Delivered a pilot unit for phosphoric acid purification to Silicon Filter in China.Management Commentary\n\"During the second quarter, we continued to successfully execute against our strategy to drive profitable revenue growth through enhanced recurring business solutions, resulting in 25% sequential revenue growth and a significant improvement in gross margin,\" commented Fei Chen, CEO of LiqTech. The commercial strategy we instituted when I took over as CEO focused on several initiatives: first, to increase recurring revenue; second, to create new partnership and distribution agreements to expand our commercial reach; and third, to improve operational efficiencies. These first three initiatives are all moving forward according to plan. Further, our fourth initiative is to deploy larger system sales. This initiative is advancing, with the successful commissioning during the second quarter of key swimming pool and oil and gas applications as well as the recent delivery of a phosphoric acid pilot unit, representing our first delivery of this application in Asia.\"\n\"Our strategic focus to enhance our recurring revenue opportunities--including installed base sales, diesel particulate filters, ceramic membranes, and plastics business--continues to ...