Core Viewpoint - LiqTech International, Inc. reported strong financial results for Q1 2025, with a significant sequential revenue growth driven by a record commercial order in the oil and gas sector and ongoing projects in various markets, including a joint venture in China [4][5][6]. Recent Financial Highlights - Q1 2025 revenue was $4.6 million, a 36% increase from $3.4 million in Q4 2024 and a 9% increase from $4.2 million in Q1 2024 [5][7]. - The company expects Q2 2025 revenue to be between $4.8 million and $5.2 million, representing a 4% to 13% sequential increase and a 7% to 16% year-over-year improvement from Q2 2024 [2]. Recent Operational Highlights - A record commercial order for PureFlow™ Mobile Units was delivered to the oil and gas industry, contributing to a 36% sequential revenue growth [4]. - The company has multiple pilot and commercial projects underway, including lithium brine production and oil and gas water treatment [4][6]. - A joint venture with Jiangsu JiTRI Marine Equipment Co., Ltd. was established, leading to two marine scrubber orders and a new framework agreement for aftersales support [4][6]. Management Commentary - The CEO highlighted the successful delivery of a record order and the positive outlook for Q2 2025 based on good sales development across various products [4]. - The company is seeing a ramp-up in DPF order intakes, swimming pool systems orders, and growth in plastics, which are expected to drive further revenue growth [4]. Financial Results Overview - Gross profit for Q1 2025 was $0.1 million, with a gross profit margin of 2.7%, down from $0.3 million and 6.4% in Q1 2024, primarily due to low margins on the full-scale liquid filtration system [8]. - Total operating expenses for Q1 2025 were $2.3 million, consistent with the same period in 2024 [9]. - The net loss for Q1 2025 was $(2.4) million, unchanged from Q1 2024 [13]. Balance Sheet Highlights - As of March 31, 2025, the company had a cash balance of $10.4 million and total assets of $32.57 million [21][24]. - Total liabilities were $17.5 million, with stockholders' equity at $15.06 million [23][24].