Despite the posting of dismal quarterly results, LiqTech International Inc. (NASDAQ: LIQT) has increased 5.33% to $0.47 in after-hours trade on Friday.
What financial details has LIQT disclosed?
After the market closed on Thursday, LiqTech (LIQT) released its financial results for the third quarter of 2022.
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- Revenue for the reported quarter for LiqTech was $3.3 million, which was down 20% from the same quarter a year earlier.
- Compared to the same quarter last year, LIQT’s net loss was $(1.8) million instead of $(2.9) million.
- LIQT did, however, manage to finish the quarter with a healthy cash balance of $17.6 million.
Recent events could have contributed to the stock’s performance in maintaining its value despite these results.
What current events took place at LIQT?
Tobias Baldrian Madsen’s appointment as Head of Strategy and Business Intelligence, reporting to the CEO, was announced by LiqTech last week. Another crucial stage in the company’s development has been reached with the hiring of Mr. Madsen.
It is essential for LIQT to define its market and customer focus based on reliable business information and creates its strategy appropriately to enable swift execution as the firm moves to the next stage of its commercial development. Given his company growth expertise and in-depth understanding of the relevant industries, Mr. Madsen will significantly contribute to LIQT. On December 1, 2022, Mr. Madsen will start working for the company.
Another strategic development:
Additionally, LiqTech disclosed last week that it has received a purchase order for a wastewater treatment system for the Danish metal manufacturing sector. The project will use the silicon carbide (SiC) membrane from LIQT, which has special technological benefits for treating this kind of wastewater, to deploy a whole filtration system solution.
Numerous demanding components, such as lubricating oils, suspended particles, different raw metals, surfactants, corrosion inhibitors, antifoam agents, biocides, and others are present in the wastewater from the metal processing sector. From a practical standpoint, the industry will benefit greatly from effective wastewater treatment since it will use less water and cost less to handle dirty water effluent. Additionally, clients will find it much simpler to comply with stringent environmental regulations regarding their dirty water effluent by using LIQT’s SiC membrane-based water treatment systems.
How will LIQT develop going forward?
Customers may now overcome the difficulties they have previously experienced by utilizing the exclusive SiC membranes from LIQT that can filter heavy metals and other difficult compounds and pollutants. This initial order will be fulfilled by LiqTech (LIQT), and the management is certain that its success will be a significant step in proving LiqTech’s water treatment technology for this new application in a new end market.
