LiqTech International Reports Fourth Quarter and Year-End Results for 2024

LiqTech International Reports Financial Results for Q4 and FY 2024

LiqTech International, Inc. (Nasdaq: LIQT), a pioneering developer of advanced filtration technologies, recently disclosed its financial performance for the fourth quarter and the entirety of fiscal year 2024, marking the end of a transformative year for the company. The report highlights both achievements and challenges that the company faced amidst an evolving business landscape.

Financial Highlights for Q4 2024

In Q4 2024, LiqTech posted a revenue of $3.4 million, marking a notable increase of 37% sequentially from $2.5 million in Q3 2024. However, this figure represented a decline of 13% compared to $3.9 million recorded in Q4 2023. For the full year 2024, the company reported total revenue of $14.6 million, reflecting a decrease of 19% from $18.0 million in 2023. The net loss for Q4 was $(3.0) million, slightly improved from $(3.2) million in the same quarter last year. For the entire year, the net loss amounted to $(10.3) million, which is greater than last year's $(8.6) million.

As of December 31, 2024, LiqTech's cash balance stood at $10.9 million, showcasing a stable financial position despite recent losses.

Outlook for Q1 2025

Looking ahead, LiqTech anticipates revenue for Q1 2025 will range between $4.3 million and $4.7 million, representing a sequential increase of between 26% and 38%, alongside a year-over-year improvement of 2% to 10% compared to Q1 2024. The company has also implemented a cost reduction strategy aiming to decrease its break-even revenue target to approximately $5.5 to $6.0 million per quarter. Initiatives within this strategy include a 10% reduction in workforce and base salaries for senior management as well as cutting cash compensation for board members.

Operational Developments

Among the operational highlights, LiqTech secured a record commercial order from Razorback Direct for its innovative PureFlow™ mobile units designed for the North American energy sector. This premier order is expected to significantly boost revenue in Q1 2025. Furthermore, operational trials have begun with three pilot units utilized in various markets, including lithium harvesting pre-treatment in the U.S.

Additionally, the company has expanded its footprint in the swimming pool sector, delivering systems to the UK and Spain, and has formed a partnership with PoolCourt Engineering Ltd. to enhance its presence in the Irish market.

LiqTech also achieved supplier approval from WinGD, a leading marine engine manufacturer, for their dual-fuel engines, marking another step in establishing robust industry relationships.

Executive Insights

Fei Chen, CEO of LiqTech, commented on the quarter’s results, stating, "The 37% sequential revenue growth we experienced in Q4 aligns with our projections as we broadened our pilot systems and improved our swimming pool business performance. Our record order for the PureFlow Mobile Units will further drive our growth in the coming months."

He emphasized that despite the challenges faced, particularly in revenue generation, the company is on a steady path toward profitability. "Our focus remains on leveraging the advancements we've made and fostering confidence in our solutions within the oil and gas sector as we head into 2025," Chen affirmed.

Conclusion

As LiqTech International continues to navigate a tough market environment, its commitment to advancing filtration technology positions it favorably for future growth. With an optimistic outlook for the upcoming quarter and strategic measures in place to enhance profitability, stakeholders will be watching closely as the company implements its plans for 2025 and beyond.

For more information on LiqTech International, please visit www.liqtech.com.