LiqTech International, Inc. (LIQT) stock plummeted 36.96% in the current-market trading session at the price of $2.95 after reporting its financial results for the fourth quarter and year 2021.
LIQT is a clean technology firm that delivers innovative ceramic SiC filtration technologies for liquid and gas purification. LIQT’s SiC membranes are being installed in water purification appliances, and its SiC filters are used to regulate diesel exhaust emissions.
LIQT 2021 Financial Summary
On 24th March 2022, LIQT published its earnings report for the quarter and year ended 31st December 2021. Revenues totaled US$18.3M in 2021 compared to US$22.5M last year, representing a drop of 19 percent. The company has a gross profit of US$1.6M in 2021. Gross profit was US$2.1M the previous year.
For 2021, LIQT calculated an operating cost of US$12.3M. It represents an 18 percent surge from US$10.4M in 2020. Net loss was $(11.1) M during 2021 compared to $(9.8) M last year. The company has total cash of US$17.5M on 31st December 2021. Cash totaled US$13.3M on 31st December 2020.
Interim CEO Alex Buehler commented that they are not satisfied with their financial results for the year 2021. However, they have confidence in the potential of their product portfolio, their role in evolving markets, and the quality of their talent. They are facing rising challenges, growing as a team, and fully dedicated to achieving an exciting fortune for the company.
CEO Sune Mathiesen Requested Leaves
Earlier on 18th March 2022, LIQT announced that CEO Sune Mathiesen had taken a leave of absence on medical bases. The company has appointed Alexander J. Buehler, a member of the directing board, to serve as acting chief executive officer.
Mr. Buehler has been working as a director at LiqTech since 2017. Additionally, he has served as the chairman of the Audit Committee. In connection with this appointment, he has resigned from the chair of the Audit Committee.