Financial Performance - Revenue for Q3 2024 was $2,478,221, a decrease of $2,592,225 or 51.1% compared to $5,070,446 in Q3 2023[86] - Gross loss for Q3 2024 was $209,533, representing a gross loss margin of 8.5%, compared to a gross profit of $948,565 and a margin of 18.7% in Q3 2023, marking a decrease of $1,158,098 or 122.1%[90] - Net loss for Q3 2024 was $2,840,526, an increase of $1,426,296 or 100.9% from a net loss of $1,414,230 in Q3 2023[96] - Revenue for the nine months ended September 30, 2024 was $11,198,627, a decrease of $2,873,357, or 20.4%, compared to $14,071,984 for the same period in 2023[98] - Gross profit for the nine months ended September 30, 2024 was $778,780, representing a gross profit margin of 7%, down from $2,502,435 and 17.8% in 2023, a decrease of $1,723,655, or 68.9%[100] - Net loss for the nine months ended September 30, 2024 was $7,340,521, an increase of $1,981,496, or 37.0%, compared to a net loss of $5,359,025 in 2023[106] Operating Expenses - Total operating expenses for Q3 2024 were $2,380,440, a decrease of $266,978 or 10.1% from $2,647,418 in Q3 2023[91] - Selling expenses in Q3 2024 were $610,713, down $354,326 or 36.7% from $965,039 in Q3 2023[92] - General and administrative expenses increased by $237,587 or 18.9% to $1,491,366 in Q3 2024 compared to $1,253,779 in Q3 2023[93] - Research and development expenses decreased by $150,239 or 35.1% to $278,361 in Q3 2024 from $428,600 in Q3 2023[94] - Total operating expenses for the nine months ended September 30, 2024 were $7,501,292, a decrease of $495,621, or 6.2%, compared to $7,996,913 for the same period in 2023[101] - Selling expenses decreased by $1,192,285, or 37.5%, to $1,983,414 for the nine months ended September 30, 2024, compared to $3,175,699 in 2023[102] - General and administrative expenses increased by $887,202, or 24.0%, to $4,577,413 for the nine months ended September 30, 2024, compared to $3,690,211 in 2023[103] - Research and development expenses decreased by $190,538, or 16.8%, to $940,465 for the nine months ended September 30, 2024, compared to $1,131,003 in 2023[104] Cash Flow and Financing - Cash flows used in operating activities for the nine months ended September 30, 2024 were $5,528,442, an unfavorable change of $2,554,778 compared to $2,973,664 for the same period in 2023[118] - Cash flows used in investing activities improved to $28,767 for the nine months ended September 30, 2024, compared to $2,261,131 for the same period in 2023, representing an improvement of $2,232,364[119] - Cash flows used in financing activities were $125,718 for the nine months ended September 30, 2024, a decline of $844,045 compared to cash flows provided of $718,327 for the same period in 2023[120] - The company raised net proceeds of $1,107,385 from the issuance of common stock and prefunded warrants during the financing activities[120] - The company entered into an agreement to issue and sell Common Stock and warrants for gross proceeds of up to $10 million, receiving approximately $1.2 million in the first tranche and $8.8 million in the second tranche[109] Internal Controls and Compliance - Management identified material weaknesses in internal controls over financial reporting, which were not effective as of September 30, 2024[127] - The company has initiated remediation efforts, including hiring additional finance staff and implementing a new ERP system to enhance internal controls[129] - The company is committed to improving its internal control system, although material weaknesses cannot be considered fully remediated until relevant controls operate effectively over time[130] Business Operations and Strategy - The decrease in revenue was attributed to reduced deliveries of ceramic membranes, DPFs, and liquid filtration systems, partly offset by increased sales of plastics products[86] - The company is expanding its product range to leverage existing customer relationships and develop new ones in various industries, including oil & gas and marine[81] - As of September 30, 2024, the company had cash of $4,535,266 and net working capital of $9,963,511, a decrease of $4,626,921 compared to December 31, 2023[107] - Other expenses for Q3 2024 were $260,614, a decrease of $530,757 or 196.5% compared to other income of $270,143 in Q3 2023[95] - Other expenses for the nine months ended September 30, 2024 were $656,659, a decrease of $749,019, or 811.0%, compared to other income of $92,360 for the same period in 2023[105] - The net loss for the period ending September 30, 2024 was $7,340,521, adjusted for non-cash items including depreciation of $3,455,950[118] - The assessment of critical accounting estimates includes revenue recognition, product warranties, and collectability of accounts receivable, impacting gross profit and operating expenses[122]

Financial Data and Key Metrics Changes - The conference call discusses LiqTech International's third quarter 2024 financial results for the period ending September 30, 2024 [3]. Business Line Data and Key Metrics Changes - Specific details regarding changes in various business lines are not provided in the available content. Market Data and Key Metrics Changes - Information on market data and key metrics changes is not included in the provided content. Company Strategy and Development Direction and Industry Competition - The management team, including the CEO and Interim CFO, is present to discuss the company's strategic direction, but specific strategies and competitive positioning are not detailed in the available content [4]. Management Comments on Operating Environment and Future Outlook - Management may provide insights on the operating environment and future outlook during the call, but specific comments are not captured in the provided content. Other Important Information - The call includes a forward-looking statement disclaimer, indicating that the statements made may be subject to risks and uncertainties [5]. Q&A Session Summary - The Q&A session is mentioned, but no specific questions or answers are provided in the available content.

Core Viewpoint - LiqTech International, Inc. reported a significant decline in revenue for Q3 2024, primarily due to delays in a major water treatment project, but is optimistic about future growth opportunities and has implemented cost reduction strategies to improve profitability [2][4]. Financial Highlights - Revenue for Q3 2024 was $2.5 million, a 51% decrease from $5.1 million in Q3 2023, attributed to delays in a large commercial project [2][5]. - Gross loss margin was (8.5)% compared to a gross profit margin of 18.7% in Q3 2023, reflecting a gross loss of $(0.2) million [6]. - Net loss for the quarter was $(2.8) million, compared to $(1.4) million in Q3 2023 [8]. - Ending cash balance was $4.5 million as of September 30, 2024, with a pro forma cash balance of $13.3 million after a private placement [2][8]. Operational Highlights - The company entered a joint venture with Jiangsu Industrial Technology Research Institute to develop water treatment equipment for marine ships in China [3]. - A pilot project order was received from a U.S. petrochemical company for microplastics removal [3]. - Two swimming pool systems were delivered to Ireland and Spain during Q3 2024 [3]. - Testing of a mini unit for lithium brine production pretreatment was completed, leading to a pilot unit order [3]. - A cost reduction strategy was implemented to lower the break-even target to approximately $5.5 million in quarterly revenue [3][4]. Management Commentary - The CEO noted that the delay in the water treatment project impacted Q3 results but emphasized the number of ongoing testing and piloting programs [4]. - The company expects Q4 2024 revenue to be between $3.3 million and $4.3 million, compared to $3.9 million in Q4 2023 [4][9].

Group 1 - LiqTech International, Inc. will report its financial results for Q3 2024 on November 14, 2024, before the market opens [1] - A conference call to review the results is scheduled for the same day at 9:00 a.m. ET [2] - Interested parties can access the conference call via phone or a live webcast [2] Group 2 - LiqTech International, Inc. specializes in high-tech filtration technology, particularly ceramic silicon carbide filtration for gas and liquid purification [4] - The company develops products using proprietary silicon carbide technology, offering solutions for microfiltration and ultrafiltration applications [4] - LiqTech's products are designed for challenging purification applications, including controlling diesel exhaust soot emissions [4]

Core Viewpoint - LiqTech International, Inc. has announced a definitive securities purchase agreement with existing institutional investors, aiming to raise funds through a Private Placement to support its growth strategy in various sectors [1][4]. Group 1: Private Placement Details - The Private Placement will consist of 3,630,129 shares of common stock, 1,369,871 pre-funded warrants, and warrants to purchase up to 5,000,000 shares of common stock [2]. - The purchase price for one share of common stock and one accompanying warrant is set at $2.00, while the price for one pre-funded warrant and one accompanying warrant is $1.999 [2]. - The transaction will close in two tranches, with the first tranche representing 19.99% of shares outstanding prior to the Private Placement, and the total gross proceeds expected to be $10 million [3]. Group 2: Use of Proceeds - Proceeds from the Private Placement will be utilized for ongoing commercial development in the U.S. oil & gas sector, expansion in the European and U.S. swimming pool sector, and a new initiative in marine exhaust gas recirculation water treatment [4]. Group 3: Company Overview - LiqTech International, Inc. specializes in high-tech filtration technology, providing advanced ceramic silicon carbide filtration technologies for gas and liquid purification [6]. - The company develops products using proprietary silicon carbide technology, offering solutions for challenging purification applications, including diesel exhaust soot emissions control [6].

BALLERUP, Denmark, Aug. 14, 2024 /PRNewswire/ -- LiqTech International, Inc. (NASDAQ: LIQT) ("LiqTech"), a clean technology company that manufactures and markets highly specialized filtration technologies, today announced its financial results for the second quarter of 2024. Q2 2024 Financial Highlights Revenue of $4.5 million, a 10% decrease from Q2 2023 and a 6% increase from Q1 2024. Gross profit margin of 16.0% compared to 23.3% in Q2 2023 and 6.4% in Q1 2024. Net loss of $(2.1) million compared to $(1. ...

BALLERUP, Denmark, Aug. 12, 2024 /PRNewswire/ -- LiqTech International, Inc. (NASDAQ: LIQT), a high-tech filtration technology company that manufactures and markets highly specialized filtration products and systems, today announced the receipt of an order from one of the world's leading integrated energy companies to deliver a pilot system for produced water treatment in the U.S. This produced water treatment order strengthens the relationship between the two companies with the intention to use the results ...

BALLERUP, Denmark and SHANGHAI, China, Aug. 1, 2024 /PRNewswire/ -- LiqTech International, Inc. (NASDAQ: LIQT), a high-tech filtration company that manufactures and markets highly specialized filtration products and systems, and China Haisum Engineering Co., Ltd., a one-stop intelligent engineering service company, have entered a Memorandum of Understand ("MoU") to explore the application of LiqTech's advanced filtration system for the challenged industrial water treatment in China. China Haisum Engineering ...

BALLERUP, Denmark, July 25, 2024 /PRNewswire/ -- LiqTech International, Inc. (NASDAQ: LIQT), a high-tech filtration company that manufactures and markets highly specialized filtration products and systems for marine, and Danbee Marine, a South Korean-based maritime representative to the shipping industry, entered into a partnership agreement with Danbee to market LiqTech's marine scrubber water treatment solutions within South Korea, the second largest ship building market in the world after China. Establis ...

Forward-Looking Statements This press release contains "forward-looking statements." Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us in the reports filed with th ...