LiqTech International (NASDAQ: LIQT) reported Q1 EPS of $0.01, in-line with the analyst estimate of $0.01. Revenue for the quarter came in at $10.3 million versus the consensus estimate of $9.94 million.

Key Highlights

• Record quarterly revenue of $10.3 million
• Gross Profit margin improved to 25.7%
• Net income of $0.3 million
• Successful installation of second new customized furnace
• First sales of the new, lower cost MK 6.1 marine scrubber filtration system
• Implementation of plans to reduce annual operating costs by $1.9 million
• Ending cash balance of $6.3 million

Management Commentary

"We completed the first quarter of fiscal 2020 with record quarterly revenue of $10.3 million despite the unfavorable impacts from COVID-19," commented Sune Mathiesen, CEO of LiqTech International. "We have made good progress in expanding our manufacturing capacity, improving operating efficiencies and reducing our cost structure, which we expect will result in higher gross margins and profitability in the longer term."

Mathiesen continued, "Our leadership position in the marine scrubber market continues to be strong and despite the near-term market disruptions and narrow price spreads between high and low sulfur marine diesel fuels, we are pleased to be receiving new orders from some of the world's largest ship owners, albeit at a slower pace than 2019. This order flow amidst signs of improving marine scrubber market activity coupled with the traction we are beginning to achieve in other key end markets, give me confidence as we look to the future."

For earnings history and earnings-related data on LiqTech International (LIQT) click here.