Business
LiqTech International Inc. Announces Third Quarter 2020 Financial Results
BALLERUP, Denmark, Nov. 9, 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, Nov. 9, 2020 /PRNewswire/ -- LiqTech International, Inc. (NASDAQ: LIQT) (\"LiqTech\"), a clean technology company that manufactures and markets highly specialized filtration technologies, announced today third quarter 2020 financial results for the period ended September 30, 2020.\n\n \n \n \n \n \n \n\n \nKey Highlights\nRevenue of $3.5 million, in line with our expectations. Strong ending cash balance of $14.5 million. Developed Black Carbon and NOx Reduction systems for the marine market. Introducing new 60-nanometer ceramic hybrid membrane. Management Commentary\n\"Third quarter results were in line with our internal expectations, given the global impacts from COVID-19 on the marine scrubber market\" commented Sune Mathiesen, CEO of LiqTech International. \"While the marine scrubber market has not yet returned to pre-COVID-19 levels, we are encouraged by market trends and continued customer interest. We note that the European Parliament recently voted for a phase-out and ban of open loop scrubbers. We believe that this will further drive the transition towards closed loop scrubbers and ultimately provide an opportunity to convert some 4,000 already installed open loop scrubbers.\"\n\"As we look to the future, the initiatives we have discussed for the past 18 months to transition LiqTech from its marine scrubber market focus to a diversified filtration company, built on leveraging our core technologies, is coming to fruition. We believe we are now well positioned to address four high-growth opportunities, including water treatment for the oil and gas industry, black carbon and NOx reduction for the marine industry, ceramic membranes for industrial and municipal water treatment and marine scrubber wash water filtration. Each of these holds the possibility to be transformational in the coming years. I am very pleased with the progress made by the entire organization throughout what has been a challenging time to position LiqTech for significant growth in the future,\" concluded Mr. Mathiesen.\nThird Quarter 2020 Financial Results\nRevenue for the third quarter of 2020 was $3.5 million, down 63% compared to $9.7 million in the third quarter of 2019 but in line with our expectations. As reported previously, we saw a significant slowdown in both inquiries and orders for marine scrubber filtration systems beginni...