Business
LiqTech Receives $8.4 Million Marine Scrubber Filtration Order from Large Shipowner and Provides Outlook for Year
BALLERUP, Denmark, Aug. 26, 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, Aug. 26, 2019 /PRNewswire/ -- LiqTech International, Inc. (NASDAQ: LIQT) (\"LiqTech\"), a clean technology company that manufactures and markets highly specialized filtration technologies, today announced the receipt of the Company's largest single order to date for its proprietary ceramic silicon carbide water filtration systems for marine scrubber applications. The order was placed by one of the world's three largest shipping companies and follows the recent installation and system deployment by this same customer on the two largest container ships in the world. The new orders are expected to be delivered starting in late 2019, with completion in 2020.\nSune Mathiesen, CEO of LiqTech International, commented, \"We are very pleased to have received this additional $8.4 million marine scrubber order from one of the world's largest and most successful shipping companies, as it reinforces LiqTech's position as a leading supplier of ceramic silicon carbide water filtration systems for marine scrubbers. This particular shipping customer has placed multiple orders over the last three years for LiqTech's proprietary water filtration systems and we are pleased to report that to date, we have received orders representing over 95% of their planned or completed scrubber installations. We continue to see strength in marine scrubbers as an effective compliance solution to IMO 2020 regulations, particularly from new Asian suppliers who have recently entered the market and are utilizing LiqTech systems as an effective solution for closed loop applications.\"\nOutlook\nLiqTech will be meeting with investors for a series of non-deal roadshow meetings this coming week and have further investment conference presentations planned. Consequently, management is providing the following update:\nRevenue for the third quarter 2019 is expected to be approximately $10 million, representing another quarter of sequential record revenue growth, despite the holiday season in Europe. The Company is anticipating further sequential revenue growth in the fourth quarter. The Company's margin optimization program, which delivered a 500 bps scrubber system margin improvement in the second quarter 2019, should generate further improvement in the third quarter. Key drivers to this margin increase include design improvements for more efficient manufa...