Business
LiqTech International Announces Third Quarter 2022 Financial Results
BALLERUP, Denmark, Nov. 10, 2022 /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. 10, 2022 /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 third quarter of 2022.\n\n \n \n \n \n \n \n\n \nQ3 2022 Highlights\nAppointed Fei Chen as President and Chief Executive Officer.Q3 2022 revenue of $3.3 million, a decrease of 20% from Q3 2021.Operating expenses of $2.4 million, down 19% sequentially from the second quarter.Net loss of $(1.8) million compared to $(2.9) million in the year-ago quarter.Strong ending cash balance of $17.6 million.Progressed the manufacturing of membranes and filters to fulfill key year-end deliveries.Received and installed new production equipment, including de-binding furnaces.Highlights Subsequent to Q3 2022\nExceeded customer performance expectations for a produced water treatment system for the oil and gas industry deployed in the Middle East.Achieved successful commercial launch of filtration system for phosphoric acid application in the U.S.Received strategic water treatment system order for oily wastewater application in metal processing.Launched our Aqua Solution® membrane to address the swimming pool and spa filtration market.Management Commentary\nFei Chen, CEO of LiqTech, stated, \"We have moved quickly to accelerate several commercial and business development opportunities, while maintaining focus on critical operational efficiencies to drive profitability. We have recently received new system orders for applications in industrial wastewater and swimming pool water filtration, with expected deliveries starting in the fourth quarter of this year. We are also very pleased to announce that our first commercial, produced water treatment system in the Middle East has exceeded performance specifications initially outlined by our customer. This is a critical milestone to support our growth ambitions in the region.\"\n\"Looking forward, we will sharpen our commercial applications focus and communicate clear market and business strategies to our people. Specifically, we will work to grow our market share in our base, recurring business areas such as pool & spa water filtration, diesel particulate filters, membranes, plastics and our aftermarket parts and service business. Just last week, we launc...