Business
LiqTech International Announces Third Quarter 2021 Financial Results
BALLERUP, Denmark, Nov. 11, 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, Nov. 11, 2021 /PRNewswire/ -- LiqTech International, Inc. (NASDAQ: LIQT) (\"LiqTech\"), a clean technology company that manufactures and markets highly specialized filtration technologies, today reported third quarter 2021 financial results for the period ended September 30, 2021.\n\n \n \n \n \n \n \n\n \nThird Quarter 2021 Highlights\nThird quarter revenue of $4.1 million. Net loss of $2.9 million. Strong ending cash balance of $20.7 million. Received first order from Chevron (CVX) for new offshore deep-sea drilling application. Signed key agreements for new China manufacturing facility and began equipment procurement. Received first orders for new non-marine applications.Highlights Subsequent to Third Quarter\nReceived first Middle East oil & gas order from Baker Hughes (BKR). Received first oil & gas order from India's Oil and Natural Gas Corporation (ONGC).Management Commentary\nThird quarter results were lower than expectations due to continuing supply chain disruptions that have impacted our ability to deliver all of the planned shipments. We expect these supply chain issues to remain with us through at least the next quarter. However, we continue to see improving trends in virtually all of our end markets and we are booking new orders for new applications. We expect to end the year with a good backlog as we enter 2022.\nLiqTech CEO, Sune Mathiesen, commented, \"I am very pleased with the traction we are gaining in diversifying our business and growing our order book, particularly within the oil and gas industry, where we have recently booked orders from several industry leaders such as Baker Hughes, Chevron and ONGC. The first orders from these important industry leaders confirm our progress. We believe that we will see further revenue growth in our oil & gas business in the coming months.\"\n\"While the past 18 months have been very challenging, we have taken this time to increase our investments in developing new product applications for the oil & gas and black carbon marine emission reduction markets. We expect these markets will be significant contributors to our business in 2022 and beyond. Further, we are seeing a recovery in our marine scrubber business, with increased inquiries and new orders. We see further opportunities if the IMO agrees to an open loop scrubber ban currently being discussed ...