Business
LiqTech International, Inc. Announces Fourth Quarter and Record Year End 2019 Financial Results
BALLERUP, Denmark, March 26, 2020 /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, March 26, 2020 /PRNewswire/ -- LiqTech International, Inc. (NASDAQ: LIQT) (\"LiqTech\"), a clean technology company that manufactures and markets highly specialized filtration technologies, announced today fourth quarter and record fiscal year 2019 financial results for the periods ended December 31, 2019. \nFourth Quarter 2019 Financial Results\nRevenue for the fourth quarter of 2019 was $6.2 million, an increase of 116% compared to $2.9 million in the fourth quarter of 2018. Net income for the fourth quarter of 2019 was a loss of $0.8 million compared to a loss of $1.1 million in the fourth quarter of 2018.Fiscal Year 2019 Financial Results\nRevenue in 2019 was a record $32.6 million compared to $12.2 million in 2018, an increase of 167% (or 182% at constant currency). Net income in 2019 was $39,616 compared to a loss of $3.8 million in 2018. Gross profit in 2019 was $7.2 million, reflecting a gross profit margin of 22%, compared to $1.1 million in 2018, or a 9% gross profit margin. Ending cash balance in 2019 was $9.8 million. During the fourth quarter of 2019 a new credit facility was secured for working capital needs.Recent Highlights\nThe Company achieved meaningful market traction in 2019 for its proprietary ceramic silicon carbide water filtration systems in the marine scrubber market. We completed several pilot and commercial projects to expand adoption of our core filtration technology into adjacent industries, including oil and gas and power plants, while also expanding our non-marine focus with new OEM membrane partnerships and standalone filter press systems. The Company is introducing new products to expand its addressable market opportunity within the marine industry, including NOx reduction, water desalination and bilge water treatment. We successfully completed the expansion of our systems manufacturing capacity at our Hobro facility and completed the installation of the first new furnace in a planned, multi-furnace expansion at our Ballerup facility. The Company remains on track to complete its overall planned furnace capacity expansion by July 2020.Near Term 2020 Outlook – COVID-19 coronavirus impact\nAll planned deliveries have thus far been made during the first quarter of 2020. Further, there have been no order cancellations. We are anticipating first quarter revenues of approximately $10...