Q2 2024 LiqTech International Inc Earnings Call Transcript
Key Points
- LiqTech International Inc (LIQT) received a significant order from a leading integrated energy company for a pilot system for produced water treatment in the US.
- The company has successfully delivered three consecutive produced water filtration systems for the oil and gas industry.
- LiqTech International Inc (LIQT) has signed multiple distribution agreements, including with NESR in the Middle East and Razorback Direct in the US, driving recent progress.
- The company has entered into new partnerships to expand its presence in the marine scrubber market, including agreements with Danbee Marine Group and Franman.
- LiqTech International Inc (LIQT) received NSF certification for its swimming pool systems in the US, opening up new market opportunities.
- Revenue for the second quarter decreased by 10% compared to the same quarter last year, from $5.2 million to $4.5 million.
- The company fell short of its expectations for swimming pool system deliveries, missing its target by three systems due to delays in government funding.
- Gross profit margin decreased to approximately 16% from 23.3% in the prior year's second quarter, impacted by the revenue mix and delivery of an oil and gas pilot system.
- Net loss for the quarter was $2.1 million, compared to $1.6 million for the same period in 2023, driven by decreased revenue and lower margins.
- Aftermarket services and ceramic membrane sales saw declines, with aftermarket services down by about $300,000 and ceramic membrane sales down by about $400,000 from the previous year.
Good morning, and welcome to the LiqTech International second-quarter fiscal year 2024 financial results conference call. (Operator Instructions) Please note today's event is being recorded. I would now like to turn the conference over to Robert Blum with Lytham Partners. Please go ahead.
All right. Thank you very much, Rocco. Good morning, everyone. And as Rocco indicated, thank you for joining us for today's LiqTech International second-quarter 2024 financial results conference call for the period ended June 30, 2024. Joining us on today's call from the Company is Fei Chen, the company's Chief Executive Officer, and Phillip Price, the company's interim Chief Financial Officer. (Conference Instructions)
Before we begin with prepared remarks, we submit for the record the following statement. This conference call may contain forward looking statements. Although the forward looking statements reflect the good faith and judgment of management, forward-looking statements are inherently subject to known and unknown risks
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