Business
LiqTech International, Inc. Announces Record Second Quarter 2019 Financial Results
BALLERUP, Denmark, Aug. 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":"\n \n \n\n \n BALLERUP, Denmark, Aug. 14, 2019 /PRNewswire/ -- LiqTech International, Inc. (NASDAQ: LIQT) (\"LiqTech\"), a clean technology company that manufactures and markets highly specialized filtration technologies, announced today record second quarter 2019 financial results for the three months ended June 30, 2019. \n\n \n\n \n \n Recent Highlights\n \n \n\n \n \n Revenue for the second quarter of 2019 was $9.3 million, a new quarterly record for the Company, up 258% from the same period in 2018 and up 25% sequentially from the first quarter of 2019. \n \n \n The Company improved profitability in the second quarter with Income from Operations of $0.4 million driven by revenue growth and gross margin improvement. \n \n \n Customer order commitments continued to grow, with a book to bill ratio for marine scrubber water treatment systems of 1.6 during the second quarter of 2019. \n \n \n The Company also continued to increase its customer base by adding two new marine scrubber manufacturing customers during the quarter. \n \n \n The planned expansion in manufacturing operations remains on track, with the first furnace for the Company's Ballerup facility expected to be delivered in the third quarter of 2019. The expansion of the Company's Hobro facilities is also expected to be completed in the third quarter of 2019.\n \n \n \n \n \n \n \n Cash balance at the end of the second quarter was $13.4 million, reflecting profitability and the proceeds from our public offering in May 2019.\n \n \n \n Growth opportunities within NOx reduction, power plant water filtration, and OEM licensing continue to progress with expectations for increased revenue contributions in 2020.\n \n \n \n Management Commentary\n \n \n\n \n \"Second quarter revenue was again a new record for the Company. This growth in revenue and profitability highlights the continued demand for our proprietary and market-leading ceramic silicon carbide water filtration systems for closed loop marine scrubber applications,\" commented Sune Mathiesen, CEO of LiqTech International. \"LiqTech is benefiting from continued tightening of environmental regulation to ban discharge from open loop scrubbers in many of the world's most important ports, including recent action by China to implement further new discharge limits on Polycyclic Aromatic Hydrocarbons (PAH) and oils, which...