LiqTech International (NASDAQ: LIQT) reported Q4 EPS of $0.00, $0.02 better than the analyst estimate of ($0.02). Revenue for the quarter came in at $6.2 million versus the consensus estimate of $5.9 million.

Fourth Quarter 2019 Financial Results

• Revenue for the fourth quarter of 2019 was $6.2 million, an increase of 116% compared to $2.9 million in the fourth quarter of 2018.
• Net income for the fourth quarter of 2019 was a loss of $0.8 million compared to a loss of $1.1 million in the fourth quarter of 2018.

"I am pleased with our performance in 2019, which was highlighted by record revenues as our proprietary ceramic silicon carbide water filtration systems achieved a commercial breakthrough in the marine scrubber industry," commented Sune Mathiesen, CEO of LiqTech International. "We expect to leverage our success within the marine scrubber market by expanding the application of our technologies into adjacent markets, where we have recently completed important pilot programs that we believe position the Company for commercial success in the future."

"We also met a key milestone to expand our production capacity through the installation of the first of several new furnaces and the expansion of our systems manufacturing capacity. We have also continued our efforts in our margin optimization program, with important process improvements, further system design efficiencies and the insourcing of some manufacturing operations. The acquisition of BS Plastics A/S has thus far exceeded our financial targets and has provided important insourcing for some key plastics components for our water filtration systems."

Mathiesen continued, "We are in close communication with our customers and suppliers in light of the recent global events. As of this writing, we have made all planned deliveries for the first quarter and we have not had any cancellations of existing orders. We continue to monitor the situation closely and have taken additional steps to reduce our overall cost base as necessary. I am encouraged to note that our partners in Asia appear to be ramping up again after a difficult period and I trust that we will see same normalization in the rest of the world soon."

"Overall, I am pleased with our leading position in the marine scrubber market as we not only continue to supply the world's largest shipowners with our highly effective solutions but continue to expand and diversify our customer base as well. We are also diversifying our end markets through the introduction of our leading-edge technologies into adjacent industries. This customer and industry diversification, coupled with a strong balance sheet of nearly $10 million in cash, no debt and a new credit facility puts us in a good position to face the impacts from the current challenging global situation."

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