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LiqTech International Announces Third Quarter 2024 Financial Results
LIQTLiqTech(LIQT) Prnewswire·2024-11-14 13:00

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 2.5million,a512.5 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].−Netlossforthequarterwas(0.2) million [6]. - Net loss for the quarter was (2.8) million, compared to (1.4)millioninQ32023[8].−Endingcashbalancewas(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 13.3millionafteraprivateplacement[2][8].OperationalHighlights−ThecompanyenteredajointventurewithJiangsuIndustrialTechnologyResearchInstitutetodevelopwatertreatmentequipmentformarineshipsinChina[3].−ApilotprojectorderwasreceivedfromaU.S.petrochemicalcompanyformicroplasticsremoval[3].−TwoswimmingpoolsystemsweredeliveredtoIrelandandSpainduringQ32024[3].−Testingofaminiunitforlithiumbrineproductionpretreatmentwascompleted,leadingtoapilotunitorder[3].−Acostreductionstrategywasimplementedtolowerthebreak−eventargettoapproximately13.3 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 3.3millionand3.3 million and 4.3 million, compared to $3.9 million in Q4 2023 [4][9].