- LiqTech International Inc (NASDAQ: LIQT) reported an FY21 revenue decline of 18.9% year-over-year to $18.27 million.
- Results were unfavorably impacted by a decrease in sales of liquid filters and wash water filtration systems for the marine scrubber industry.
- The gross margin declined by 90 bps to 8.6%.
- Loss from operation expanded to $(10.69) million, from $(8.26) million in FY20.
- Total operating expense increased 18% Y/Y to $12.3 million.
- Loss per shares expanded to $(0.52) from $(0.46) in FY20.
- The company held cash and equivalents as of December 31, 2021, of $17.5 million. LiqTech's cash used in operating activities was $7.2 million.
- In January, LiqTech has signed a three-year $23 million OEM membrane supply agreement. It recently appointed Alexander J. Buehler to take up the Interim CEO role, as CEO Sune Mathiesen has taken a medical leave of absence.
- Outlook: LIQT anticipates Q1 revenue of $3.5 million - $4 million, below the consensus of $8.55 million.
- The company lowered its FY22 revenue outlook from $50 million - $80 million to $25 million - $30 million (consensus $54.4 million), citing the current business environment, where geopolitical tensions, supply chain disruptions, and sustained inflation create market uncertainty.
- Price Action: LIQT shares are trading lower by 34.7% at $3.06 on the last check Thursday.
Read at Benzinga