Business
LiqTech International Announces Third Quarter 2023 Financial Results
BALLERUP, Denmark, Nov. 9, 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, Nov. 9, 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 third quarter of 2023 for the period ended September 30, 2023.\n\n \n \n \n \n \n \n\n \nQ3 2023 Financial Highlights\nRevenue of $5.1 million, a 53% increase from Q3 2022.Gross profit margin of 19% compared to 3% in Q3 2022.Operating expenses of $2.6 million, compared to $2.4 million in Q3 2022.Net loss of $(1.4) million, an improvement from $(1.8) million in Q3 2022.Strong ending cash balance of $11.8 million.Recent Operational Highlights\nReceived orders for two marine scrubber water treatment systems through recently enhanced distribution relationship with Joyo in China.Entered into an agreement for the distribution of LiqTech's Aqua Solution® swimming pool water filtration systems covering the Middle East.Entered into an agreement for the distribution of LiqTech's Aqua Solution® swimming pool water filtration systems covering Australia and Pacific Islands.Entered into an amendment to extend the maturity of our $6.0 million Senior Promissory note from June 2024 to January 2026.Management Commentary\n\"Our enhanced commercial strategy continues to deliver positive results, driven primarily by our established businesses--including the provision of commercial pool systems, general aftermarket sales, and the sale of ceramic membranes and diesel particulate filters--resulting in a year-over-year revenue growth of 53%,\" commented Fei Chen, CEO of LiqTech. \"We also continued to execute against our goals to improve our manufacturing and operational efficiencies, demonstrating an increase in gross profit margin from 3% in the prior-year period to 19% in the current period, coupled with a 4% sequential decline in our operating expenses. As revenue growth continues and we better absorb our fixed manufacturing overhead through increased throughput, we should see continued improvement in gross profit margins as evidenced during the third quarter. This strong trend provides us with a clear pathway to quarterly breakeven in line with previous guidance.\"\n\"Within the established segment of our business, we also saw the return of our first new marine scrubber system orders in more than 18 ...