Business
LiqTech International, Inc. Announces First Quarter 2019 Financial Results
BALLERUP, Denmark, May 14, 2019 /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, May 14, 2019 /PRNewswire/ -- LiqTech International, Inc. (NASDAQ: LIQT) (\"LiqTech\"), a clean technology company that manufactures and markets highly specialized filtration technologies, announced today its first quarter 2019 financial results for the three months ended March 31, 2019. \nRecent Highlights\nRevenue for the first quarter of 2019 was $7.4 million, a new quarterly record, up 210% from the same period in 2018 and up 156% sequentially from the fourth quarter of 2018. The Company turned profitable in the first quarter despite more than $0.4 million of non-recurring costs mainly associated with the significant ramp in manufacturing volumes. Customer order commitments continue to grow and have nearly doubled since January 2019. Cash balance at the end of the first quarter was $2.6 million after heat treatment furnace down payments of $1.0 million to increase manufacturing capacity. Second quarter revenue is expected to increase more than 20% sequentially from first quarter revenue of $7.4 million due to continued momentum in scrubber sales. The planned expansion in manufacturing operations remains on track, with increased manufacturing capacity expected to come on-line later this year.Management Commentary\n\"The first quarter of 2019 was a significant turning point in the history of LiqTech. Not only did the Company report record quarterly revenues of $7.4 million, but we returned to profitability,\" commented Sune Mathiesen, CEO of LiqTech International. \"Further, the demand for our proprietary ceramic silicon carbide water filtration systems for marine scrubber applications continues to grow. The strong demand for our products is driven by LiqTech's ability to help shipowners address the most pressing concern of the IMO 2020 regulation that mandates the reduction of sulphur emissions from marine vessels. However, LiqTech's marine scrubber filtration systems are also helping shipowners address the implementation of tougher environmental regulations by countries around the world that ban the port use of open-loop scrubbers. As a result, we believe that we are uniquely positioned within this industry to benefit from accelerating demand amid regulatory and environmental tailwinds.\"\n\"In addition to the ramp in our marine scrubber filtration system business, we are seeing increasing interest for dies...