Robert, for joining us to results. and of XXXX Thank our you. financial good all you, morning today discuss quarter fourth to Thank you
we certainly and some First in everyone call unprecedented are We're healthy. all hope and on safe operating families times. your of the
results see from in quarter results LiqTech the the fourth transition you on As to had press January line for release XX, record yearend highlighted provided for our were which and in back we preliminary revenue and XXXX profitability. the with
which growth XXX% revenue million in $XX.X currency. constant the The of was was water carbide due our achieved of significant an to XXXX higher commercial the $X.X filtration a markets loss We're in million $XX.X company to compared a in million to in XXX% of also XXXX, ceramic with For revenue net the or year, increase systems driving income where in we $XX million. the silicon of proprietary of sales breakthrough. a $XX,XXX compared turnaround profitable is
had clearly to remember we during over impact fourth last available and despite highlighted it's shutdown overcome our the believe the we the that business average have We the opportunity fact the was model it and this year the highlights in of that quarter.
profitability furnaces that come. first believe a we to we we're the optimization margin to With program, growth further online we improve and as our now and seeing the continue in years
XXXX from the compared mechanical fourth November was the for For impact our initial $X.X in fourth and representing This quarter increase with to in furnaces. million we discussed line $X.X was XXX%. affecting the the our the legacy of reflected issues of revenue back an fourth quarter quarter in expectations
furnace. the been these furnaces capacity each resolved the of four have legacy successful following has now new many firsthand that As issues you just investment mentioned individual commission installation saw Denmark and the times of the by and of during any in
with I'm XXXX in performance highlighted the Overall in commercial which [indiscernible] our pleased industry. breakthrough our
scrubber all our more. we XX% through currents share we to filtration that commencing continue be installed marine in at the scrubber strong market As approximately goal systems estimate the of our or where market look future, shares to
But for our markets into believe significantly our application proprietary to leverage opportunity. the scrub is than adjacent expanding success water that the technology larger in also normal potential has we filtration which
dirty we Let The marine teachings for past the Operating the Again this me have and which of those contaminants increased to in several of simply water quarters all into marine a on the the some closed-loop obviously includes scrubbers. the include towards reuse scrubbers the scrubber for ocean. in back adoption space take water the provide other first ocean. market and spend markets. that those systems happened into products some the used system time discharges from filtration water scrubber continues then dirty trend discussed
new Open really to the have was around scrubbers from the from months double contaminants harmful than purpose environment. firms few just systems by removing defeat of opened the world what the nearly trying ago. a achieve number XXX now More
the the other environments benefits or are addition employing to In close significant scrubbers.
over XXX open It installed close of to about those close X,XXX to through of is all are currently XXXX being end systems loop XXXX that maintenance loop. be implies opportunity This converted worth nearly loop. addressable that additional estimated approximately the potential of scrubbers an there from market XX% of
occur more to open banks. We continue implement have global and to bandwidth
a $X or installed opportunity to on cost between system simply very is with of billion of the install the LiqTech new $XXX,XXX to overall significant about Remember for of $X.X highlight scrubber fleet This the the scrubber to nearly million. ranging the filtration would $X.X cost on systems. $XXX,XXX based market a already
a into if the to expense. already expense is overall the additional scrubber filter a small million owners install invested of part our So ship
[indiscernible] additional highlighted X,XXX and been large. historical to X,XXX current hold extremely to between if and closed to that vessels towards market loop installed to and indicate closer market XX% trends the as an that existing recent estimates the Beyond on production scrubbers XX% XX% XXXX remains potential XXXX system or has jumps
scrubbers towards driven and also discharge As by I global solutions. by this environmental in utilize the closed loop only to more increased faults around pressure scrubber driven the not of XXX loop filtration of any open shipping superior from customers than stated but last world discharge quarter and companies is trend
has scrubber install the question between market the fuel makes up that and high is that often the sulphur of economic at owner or every lies obviously ahead to these two the argument two. the ship the impact most much looking scrubber, an and between the spread fuel a fees between has filtrations trends issue higher, the that other and recently are to owner's term long sulphur spread when been install but come low it A decision the from ship
decreased times. the two last said the fuel than oil normal We month, in the absence across much world industry near certainly of gas have for the in and term, has sulphur between during times has lower significantly over the the which the driven price main to the the shipping
scrubber When term out I not months plays all to opportunity market. time. marine on on talk mostly point that to to normalized spread normalize bullish based Obviously coming this one we this the any spread we within scrubber at in see expect long or will the but decision is the the remain how and install their we in
in our recent the customers surrounding suppliers In of are the light communication term, most close event COVID-XX. with immediate and global we in
the any for quarter As all $XX to revenue. of cancellations of had and today orders. had In date existing we have shipped the not million deliveries of quarter first have we planned made approximately we
which rate $XX know is the million, guidance our company. As first day all global uncertainties would day to for current the by the you for are quarter given quarterly the mark situation we despite new situation developing and now a lowering of
incoming guidelines operational Operationally, good it continuity we provided with along will impact to on multiple in implemented the that enough under our feature don’t shifts. to on impact have yet workforce Additionally, comply work what have although rest facilities revenues that a can daily obviously measures with the be. quarter proximity, of ensure slowed have normal we order world orders personnel several will our into and and second in we state manufacturing
work also are office to We certain personnel from home. permitting
steps and monitor We taken have to as additional reduce continue our change closely necessary. cost overall to the base situation
you with systems base water our As recall business manufacturers. scrubber our diversified from proprietary customer significantly seamlessly of our filtration conference may number call have we a work November as
orders been the created, they at encounter of be to have current where number a seeing challenges many launch of added situation first expansions had from Asia again the new the we first that time has We significant Asia being also [indiscernible]. of to the the to With customers. appear COVID-XX
I've week be with our in and after last spoken customers to Over appear to difficult period the they normal. of a many returning the region
optimistic that the disruptions minimize allow immediate will are our to customer to in operations our diversification us term. We
believe Denmark application in our filtration spoke Investor you recall our highlighting power including a considerable is lifetime our like of you markets. But our opportunity to the it of us ago we to we in that and time the industries technology expand plant Day advance during we front with when may core seems spent
resources new need extensively Moreover a more the reduced. are of treated growth in the cost the to discussed have application portion reduce water. we geological water increase ultimately reduced need with regulations has and extract As the restrictions local effective driving and combined to for the oil processes the entity greater increased treatment and to and of unconventional reuse fresh intrinsic gas of water
new East, is function number here in option price in working counties obvious price as a water and in large with of January, of recently oil viable legislation East. on limited is very a in constantly water more opportunities of relay that question the Middle or is in a not current the Middle will function of to But very orders me a As our conversations oil this resources that in which the and to particularly term. oil minimize we usage place this Day the large producing near believe the Investor in discussed continue we is in of the result they with our are I production given their whether had partners significant put still to being the less very on
this it optimistic have will expectation gas perspective and have an market proper years take to come the is that is simply that be finalized, because that always significant have terms oil scrubber will is remain off business everything with perspective of revenues that LiqTech of and drop to into that not proper and marine scrubber a in large. will the into contribution oil note to see the we we Until that highly for business we the clearly brought in opportunity a gas us for I it we the drive put
few to of part important power our our core continue and a on onwards. additional areas book systems in be expansion business technology we plant orders and an will for believe Quickly for of that XXXX
I've as and initiatives of continuing make in our We many also to be believe initiative. stated implementation will remain launch target on the the is our reduction developing key a are marketing products this on industry next to XXXX the We the the this which later year. progress product past [indiscernible] in following
our in with Finally member online new also capacity we oil the and sales. will be coming advancing
our at those for back of saw and operations expansion furnaces we increased manufacturing efficiency. a due marine, the several the The size in facility our turning company's to capacity of so four our list milestones as capacity. January of installation expand approximately that are systems our existing new you to the the And few and furnaces times were furnaces new of to production through made
online second that June the in of towards furnaces the XXXX. but year of two be soon appear installation additional installed to first coming by The the furnace barrel new is end set last
are successful furnaces. four result efficient less June to to in in furnaces all $XXX million an social on expected Overall of completely the expect XXXX until Following efficient our retire XXXX. of between company's new to annualized initiatives basis brand manufacturing older million $XXX installation capacity we
process We've provided key our has water BS some components design the targets far improvements important manufacturing systems. program of efforts Plastics in-sourcing for in for and some optimization the system also operations. margin The efficiencies exceeded has in-sourcing and so important filtration continued with of our acquisition plastic financial for our
thresholds revenue gross achieve for assuming margins believe gross well-positioned are to achieve XXXX XX% in our XXXX. on expectations more that we're dependent than we Our certain margins of achieving we
the growth for again a become diversifying are return standpoint uncertainty. new very we marine in for our as markets working We've one, gas about besides growth developing I market LiqTech both are once show some position unprecedented continued volatility will made base contributors certain believe and product certainly through will us. for market and future customer at times, end and technology. tremendous new a oil of from strides a financial believe level While I well strong as significant strong scrubber as we and to that we such
have with net look approximately have and visit in Again are we income families a positive all in again we healthy and to cash of and safe able debt. sheet to balance future. hope your with and you $XX million you be the strong Financially, and forward near no
now let me any questions you Operator that said the turn please. over With call might have. to
