The following is a summary of the LiqTech International, Inc. (LIQT) Q1 2024 Earnings Call Transcript:
Financial Performance:
LiqTech reported Q1 revenue of $4.2 million, a 6% increase from Q1 of 2023 with strength in its DPF and ceramic membrane businesses contributing to this increase.
The company expects Q2 revenue to range between $5 million and $5.5 million, signifying a sequential growth of 20% to 30%.
The gross profit margin reported was approximately 6.4%, a decrease from 9.8% from the same quarter of the previous year.
Total operating expenses for Q1 were $2.3 million, down by 10% from Q1 of 2023.
The company reported a net loss of $2.4 million, in line with the net loss of Q1 of 2023, and ended the quarter with a cash reserve of $7.7 million.
Business Progress:
LiqTech secured its first U.S.-based oil and gas produced water order as part of a new distribution agreement with Razorback Direct, bolstering their industry presence.
Significant partnerships with Dan Marine Group and Franman were established to extend market presence in Chinese shipbuilding, repair, and Greece.
Efforts are focused on penetrating global oil and gas, chemicals, and pool system markets and compressing delivery lead times without compromising product quality.
LiqTech aims to break even with a quarterly revenue target of $7 million and is focused on increasing efficiency with existing distributors to drive sales and overall revenue.
More details: LiqTech International IR
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