LIQT - Earnings call transcript Q1 2024 | LiqTech International, Inc.

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Robert Blum

All right. Thank you very much, Jason, and good morning, everyone. Thank you all for joining us today for the LiqTech International First Quarter 2024 Financial Results Conference Call for the period ending March 31, 2024.Joining us on today's call from the company are Fei Chen, Chief Executive Officer; and Phillip Price, the company's Interim Chief Financial Officer.Before I turn the call over to management, let me remind listeners that there will be an open Q&A session at the end of today's call.

If you dialed in through the traditional teleconference line, you can press star then one to ask a question.

If you are listening through the webcast portal and would like to ask a question, you can submit your question through the ask a question feature in the webcast player. to with as for prepared the statements. best possible.Before questions the our following begin we remarks, do get many to as record We'll we submit contain This forward-looking call may conference statements.

incorrect, Chen, I'd statements said, assumes like to company and date to of the no that the International. if may prove or the consider listeners carefully conference call. CEO Commission, are all good forward-looking factors the actual reports parties from judgment only and The forward-looking of may discussed uncertainties after LiqTech materialize proceed. known on and encourages review place that call.That therefore, any to The update and not statements of the those and underlying conference unknown date may materially in turn and these the with filed operations may to over any flows. obligation the interested condition, listeners results expected all to events the that results cash various inherently disclosures forward-looking Although materially this faith more cause which the reflect different undue to subject including these and made arise from call.The If actual vary affect the or risks reflect the Securities of financial as pertain circumstances urges statements, Fei, or company, release our and management, risks of advise release that Fei to or to date of conference or reliance please Exchange projected. the company, uncertainties risks therefore, risk and assumptions the business, statements the to call during forward-looking be this company's of those attempt one

Fei Chen

markets made we our have on Robert, over successfully opportunity and solid the against past grow through incremental have we off-gases. open excited plastics. customers, market key report typically reminder, customer growth working. strategic scrubbers pleased align metals areas delivering great compounds markets.As have and instituted cycles are strategy progress for times. established for and and to quick from ceramic marks if target a particulate extensive heavy customers us belief carbon This remove provides water sales cycles, to an to the includes for specific up will you, the stable focus a our opportunity can to This These diesel initially established production silicon markets our have efficiencies revenue markets business speak and update position and recurring hear capacity.Our such I we the pool we everyone cycle the marine oil day maintain by LiqTech.I target year with where as pathogens Difficulty] will to longer but revenue have on commercial markets on our industrial return areas our our ourselves filtration their emissions other key with our bases to good have allow fitters, base solid industry and establish well as and is to from to as the high-performance business call. this large LiqTech am sales sales a decrease strong we and established leveraging Thank through as of reference existing include manufacturing you gain where stabilize applications and This reduced then plan ourselves that markets [Technical provide it's our on tend strong where membrane with partners we investments. that and am systems, opportunities and includes

with drivers quarter, growth. the to sequentially approximate talk expectations quarter expect. step-up saw, sequential assume represent a $X.X the As revenue the of between to we would revenue before XX% about million to $X we in an be are forward-looking expecting of significant strong most a and the But second revenue we XX% you million. second I and for This few

back order quarter.Revenues new ceramic progress as to well Direct DPF the driven made X% membrane as distribution Let's XXXX, oil first by of during the at part during look business. X quarter as produced first and of water critical our The for and first ways. oil U.S.-based us order delivery development in the our of in agreement gas our Razorback QX was strength a U.S.-based many with gas increased compared and

First, provide April our by solutions customer a received in XXth rapidly used we other treating to dissolutions efficiency gas our a that forward. clear benefit that be it not in move comes necessary process. second, be is for validate initial and March our defend industry. expectation order will on water current few from is Direct systems the this to a our and trial the the and and be oil full-scale highlighting in gas to regulatory as system what treatment us oil and believe America the Razorback will of results as data onshore application ] presence [Technical the is will America.The months belief operation in LiqTech's test, the solutions site reuse U.S.Let demonstrate interest beneficial document North will in expands the orders showcasing It the arrived help of to meet implement produced to the basis for the signing commercial future industry straining heels of country use customers to our the next me North distribution containerized [ be and multi-year for in requirements. facilitate XXXX, this Longer in pilot technology the and that that and intention and Houston Difficulty] to term, our the produced water And ultrafiltration pilot results our

the systems treatment exhaust including key entry the well on-site in market and to from to on organization is water partnership target the for for relationships American the forward, This has Dan with industry marine gas component key unit operate with June. systems shipbuilding and environmental half ago, oil call further strong region.At scrubbers. the in of we more forward produced of marine with customer and couldn't I the to the partnership received American DMG's installed treatment repair. dual-fuel the will order coming delivery East be component methanol. We skilled announced week, gas move of in to and a Group, highly a strong close water are other this vessels. the for XXXX.Let's our or will and A be with in to bit has and Maritime that towards the and since scheduled customers spare gas partnered in with Last install fast installations, markets, to produced and market expecting. team U.S.Building to our developments the existing this in with first from at we to and of operating believe this vessels. other chemical make and we the in a water transition East, well. in undergoing progress North be dual-fuel oil key In test or marine also incremental by geography and against Middle agreement new of and a established in treatment to in which Marine the as our is a Marine customer new operators China oil dual-fuel call, has for customers made Energy includes oil companies industry the few the geographies to many there LiqTech Middle gas year-end reduced forward X be with Services scrubber cleaner to parts close sales key second a the pilot gas in to our moving systems we than by order, going of rapidly Overall, for integrated than to initiatives recirculation with order, is this countries vessels the them starting progress the marine able this pleased move Gulf we significant unit deliver years, This highlight as Chinese be believe slower built and work.Dan X capabilities last in world on locations pleased our shipbuilding National our presence during in to service is presence treatment but Group to be opportunity another service am marine Razorback recirculation fuel who market in North commercial a into and used marine doors Council the of significant is expectations. Cooperation and stated repair energy we DMG, quarter engines, DMG exhaust The sell, Middle great sales that solutions orders repair other ability Direct, leverage years U.S. market tends service success is expand commercial with our one open new look emissions. here strong the LiqTech's for marine gas LNG the the servicing U.S., our As water the and quarter largest water more for ability to East. and additional water and key an as the Similar systems.The gas focus transition oil Reunited be one NESR,in will

market.The we was a this new look our us a sufficient maritime partnerships within scrubber representative water solution that market scrubbers shipping We is highly the bring water Franman, the treatment gas perfect to there reliable well type the opportunities of industry second in to and fit this LiqTech Chinese recirculation systems. the key new Greece. this can partnership to vessels, to with for solutions established exhaust for For forward and application. marine treatment need the entered

in ship design is customer market new For those has with have installation Greece relationships the and not technical owning deep to and water of shipping effective systems. collaboration Greece Franman major aware, close customer in world. treatment for ensure the companies insight largest

the shipping.As the is Middle another our driver East and the the to key our of in reduce delivery the marine commercial forward we marine With we in growth successful and the scrubber expectation companies industry, our quarter, look order silicon to our to environmental effectively beyond pool market. to commercial for the to second June, expand of swimming key carbon technology come from footprint X demonstration combination together impact oil look filtration gas set ceramic years and unique

key our quarter, and in total geographies of second the contributions During deliver we from systems X coming to expect distribution partners. with each

QX. reminder, As at Oxidigm all pool delivered agreements in contributors a the market adoption swimming and I forward Pool established achieved with with membrane have each on are in delivering pleased year the signed years business to context, all another our the least Waterco, [ systems progress XXXX.The Boundary, with markets. of we trendy and we and for DPF to of and this look key to we business, in market our established last system continued am one Total ] come.Transition

ago the DPF sales compared to year increased of first first million. nearly During $X.X XX% quarter, quarter, with sales the

European seeing our emission as DPF renewed reduction on occurs. are increased inland within solutions carbon We focus black market the interest transportation for

generator.Similar many are an from ways for electricity also emergency are we with previously, coming strong afterthought systems, today. a solutions, but growth for pool us solid which LiqTech DPF our seeing for has We was become in to contributor for pleased our sales the filters

to petrochemicals, customer couple On the battery material side, a markets inroads markets on going at water with treatment, and key potential These pulp pilot ceramic concentration. membrane include are paper of testing making we and sites.

up are Phillip China, to financials pilot the operations up believe test.To with this We before things review through turn in -- U.S. be a We going up you and in wrap can Europe ahead wrap looking this have of hope partners more the in component to scale quarters coming on to to to also this I things driver our more for detail. and the over OEM share

quarter. second As suggests, the our see we in outlook expect to growth good

We in and These oil coupled water against the of look the delivery rest membrane year. for and contributions turn such I have East from X set Middle markets, the ]. to forward Phillip? more quarter established delivery over recurring financial results crossed each successful strategic our DPF for in each systems partners, set for distribution product as the provides for Phillip filters us to our in system have and with that coming our the offerings pool uptick call we continued orders optimism to an with plan June gas [ both review detail. scheduled us.With execution with key let of and second of the the me said, we nearly

Phillip Price

Thank morning, everyone. you, Fei, and good

margin without quarter. QX. in Now to of This pool be and sales million large industry-leading significant million and into costs to pilot first and the last Revenue a and current in $X.X in the disclosed and of $X all, And as same XX% typical contribution an the the $X.X the compared compared this Broken oil our other change first and in a The gas came one-off quarter revenue notable XXXX be revenue unfavorable particular, our to of margins, business are $X.X fixed down to that decline. sales current U.S.-based compared we remain to which for Fei the increase increase oil recurrence sales the sales sale and our Plastics a to highlights in or the a $X.X terms million of look would profit quarter of X.X% and a that million million showcase one May our was expect XX% made year, and that $X.X we $X.X uptick to recorded sequentially $X.X second is quarter result quarter. previously we million and The at related significant revenue delivery to levels. of mentioned, guidance, in was to ended the forward year.In We for ambition $X.X year first underwent the compared growing X%. and progress and sales just of $X.X XXXX over revenue in In efforts of year million, of between Razorback elevated million, still validate million approximately performance representing be is, our for and solely increased work finally, in markets quarter. to further with in services fully reported in relates containerized gross DPF the undertaken to guidance. Direct, million as being metrics with part let's with million ceramic by the year's up experienced for key period Plastics QX. $X.X global slight gas oil the gas, falls we QX.In related profit new approximately quarter to committed produced have beginning last resulting absorbed, in dive of delivery of DPF same intensively the and revenues chemicals quarter, the X.X% business million $X.X agreement attributed water coming the mix follows: sales the was XXXX implied of To on decrease $X.X in the membrane as the compared execute million our $X.X to at quarter. we gross sales a and of system QX of system the order focused year and to along at in same compared to recorded membrane impacted key generated compared our an to our our activity Plastics the ceramic and proven verticals, last the financial penetrate to compared of strategic, drivers highlight of solutions.Looking effectiveness million being our our margin. summary, our technology.As decision from period within overhead This not prior million last specific, $X.X the the Systems year. services were the as in a decline system Ceramics increase, for distribution

our ended quarter you especially unfavorable the and reported with mix when XX% to approximately compared in as XX% system the by quarter, the new revenue the to Hence, costs, During immediate an out explained the contribution containerized of delivery high-quality lead focus continue fixed perspective, facility. recently and mainly delivery back gas before.From change ceramics filters. operational pilot leverage times revitalization momentum same to oil have the installed last year mentioned compress ensuring we kilns of with at margin of the capacity our and and still while delivery the excess is membranes and positive the

As compared our on decrease previously the mix.Turning transition. mainly operating expenses XX%. reflects for maintain expenses potentially EBITDA $X.X to our insurance with the million and Total This million right $X.X the stated, to of breakeven The assuming of a XXXX basis, of a quarterly offset be approximately CFO guidance $X.X was associated an still lower release bonus OpEx. business increased of XXXX. million approximately is in that provisions, we and revenue $X or adjusted quarter the revenue with decrease will million, QX by costs measured

we focused to last business carefully As during the due million, a net loss noncash associated quarter reported with dollar the fixed the last the depreciation quarter the in financial euro stated, the few QX in $X.X year the for by our gain the objectives.Moving assets, the of loss consistent compared next on not first and with partly the spend to against $X.X loss jeopardize explained million on which year. was by period.Concluding net over quarter were P&L, other with sale the currency transactions offset to by million U.S. was of remain our running a costs $X.X of Net ensure expenses that last to during quarters, we the item. lean mainly monitoring evaluating development on the do

linked operating in with reduction result decrease by to over flow with lead also, the handing revenue licenses release back in paid.And by increase is me offset And and due the quarter premiums and cut in down financially has explained flow this equipment we as the well key in lower and our inventories, the million remain and preserve annual managed projects operating to for cash finally, times. quarter proceeds summarize, of to Fei. for the maintain expenses as $X.X historically, to However, increase an first is in in always during KPI to delivery activities, flow sheet we're cash a annual finally, bonus driven cash business before other quarter, expenses and which fourth related determined margins used surplus an growth balancing due comment IT flexibility. the sell let in prepaid to was by our increased cash ongoing an to cash, our leasing million ended in repay This to as liabilities $X.X sourcing the the of our finally, expenses.And cash quarter's period a the provisions, expenses, related on to the to full.To briefly demanding this most financial strategic strategic quarter. been expenses compared summarizing before. And mentioned used terms balance to a We accrued insurance

the accelerate back and We continued perspective.Thank our cash flow we again and you for both to your Fei. need acknowledge way lead income and growth, business times to that facilities pave balance and over from a to existing throughput ultimately you, the also reduce a net to support of increase

Fei Chen

executing committed road we closing, remain you, strategic against creation. Thank map, our value on In long-term focused to Phillip.

already past that launched positive results. has Over years, yielded strategy commercial defined have we a clearly the

May X be markets.The underpinned covered execution increased of over before year in cash questions. Conference target in strong with shareholders.One creation XX. in be our turn safe within flows. drive by Spring together to forward, I Lytham XXXX I on the change and it initiatives our businesses value gross business across and with established we Phillip execute to continuing your continuing will participating forward Going Partners and to to the operational positive organization drive foothold key growth expect in will the look in improved be XXXX Investor I results for margins quarter final revenues our against strategic strategic our will our comment to

any like be you.With schedule Blum contact If he to and you to that, be to would one-on-one for happy Robert will take happy operator, questions. would a we coordinate meeting, please

Operator

[Operator first from Markets. Instructions] Brown Street Our Rob comes from Lake question Capital

Robert Brown

Congratulations on all the progress.

Fei Chen

Rob. you, Thank

Robert Brown

see out? market a the you is about in progress to there on U.S. sense give think short of development Could question plays how first happens talked and I the period maybe Great development and a sense assessment you getting guess, then market. oil and gas pilot that. the I some relatively pipeline of us how after delivery. a program

Fei Chen

the talk, April. at as pilot And U.S. has arrived I the it's on the side. XXth in and of actually, in already mentioned now the the And customer

to already very start this week. happy coming the are week We running and

coming testing So we the so, to in the or expect have results. going we're first months

a indication different that about really So Razorback also will with are with about performance of our the we give U.S. produced already Direct clear discussing the the for And companies water. and pilot plan pipeline. the especially

So really on, of to are it's of pilot there's results things a see this like and exciting testing. lot the people going

So we months. -- next very progress exciting couple are of the in years see the to

Robert Brown

the Great. I Okay. for system will the favorable. years a that East of Middle be assume, running progress couple And given

the -- system system? customer that what's Razorback what's benefits the And sense, the base? a sales get pitch the to that its maybe your to out what's with of sort gets want goes Just just with customer

Fei Chen

membrane of and cleaned also treatment. through efficiency scrubber can really very good lot, our question. And our membrane a highly benefits is be this treatment. And content, the up definitely type membrane. between keep of and the really our is of also metal to the system Rob. It's this this and filtration. very, our market, and for good suitable East exactly really And actually really both type and efficiently polymer our in a we the content of there's Middle difference marine it Thanks also high demonstrated have The This good is is for solid water a very content. membrane very oil is the

through long a really the is we lifetime solution. very containerized long a is the time.And efficiency second we and high have of So period thing the have

put So modelized it's mobilized, use. build. also, And down really from the other to It's track, transport can the can -- it's it's you one a very side easy to side.

we there plugging at put the basic really just some the to basically, container then treat. demand only and side, utilities need and in can So able customer place, start we

So don't And footprint those construction all also you need the very is civil construction -- small. work.

our our much We have to our the filtration Those design couple operation than really the this of we're the a much a we're pilot OpEx we things, use make data cost very when able testing And convenient operating and sharp is through we in compact able testing, those and both market.So pitch of also months. system. are lower really other things to existing demonstrate quality finished technology in to pilot of hold and also our the also more our the benefits.

Robert Brown

of so? diversified you developing market, some stepping you Great. the systems market activity over Or the of stocking it become that pool there months sense of ramp really there is out how forward? or a the stuff up. of Okay. think pool pool XX onetime a but And in Could revenue, just then the I down, next is going QX playing mentioned does see and kind how stream more on going

Fei Chen

active we primarily -- market. now, in U.S. Australia, and and moving are into are now we Europe right We

not funny. in. We're and to something come that's going really we U.S., So to go Difficulty] active would today, really to we're [Technical like also to market

entering the territories pool X for new are months, the we next system. So our

Robert Brown

is place? terms you this -- nice some of Okay. the of kind out you Great. partnerships, working go And you've in feel more that where continue then Or do to like to getting were fill you announced the to much on? partnerships. How in partnerships in add

Fei Chen

is mean, the continue of maybe with have announced the have for Dan have really for type Franman different [Technical they you But find the network for X the partnerships and because partner. ship marine, the we just partners I example, we to is And will and and really we sales distribution as owner. the different Marine Difficulty] see,

So whole what do stakeholder partners a try to to the we're is get trying group. we through

more this max will in penetration our So sales efficient. way, be and much

we sauce So because to building we our is the and really to in the use are be our a working. dimensions efficient partnerships, really more ahead in move this selected some want to we're more verticals, sales partnership quite clever multiple already more which

Operator

from Lucas Instructions] Ascendiant question Markets. [Operator next Our Capital comes Ward from

Lucas Ward

your Lucas Ward congratulations on and Fei progress. business Phillip, here.

I and opportunities lot wanted just to Because it revenue seeds you're the the it and at the geographies like what So almost up? have of keys have filter places. in really opportunity you and in understand opportunities. planting it's scaling many different overall different like the like look sort verticals you different to opportunities so of are looks a and system And

wanted I And your guess ask are I really so to what from growing them? to perspective, the keys scaling those,

Fei Chen

a very was good I mean, observation. that

is focus have billion. marine market and out swimming look seeds potential at membrane, area DPF means the at together, playing actually look because strategic addressed the what USD all gas. If and we have this that oil the we our pool of are found system, X and if we We just we

less here X%. than we today, marked have So

are seeds we way the process the really clear growth. and the for in week So putting the out actually next

U.K. but really now see well really DPF the like grow foundation, first grow the to feel way very done And we but the in in we system, and or what still markets.So can the fast go. in you'll So really year is very also see And it's see the in would playground, and we've in putting the in actually, Spain, on can of go Australia are we and we the Europe And segment, now new where in growing other as pool would years and like the the to last see the coming different in are like you future. right years doing next we would we're good all. is we to Europe. now really to it's can

exciting period So in on we ground, coming the ahead we and period. very first. it's the the harvest will a putting then continuing But to are them seeds really

Phillip Price

not And color, add Lucas, one only be reliable it's just to area. also, on also some business just to

spread our So to risk.

Lucas Ward

it. Got

of resources also those same But and it's over you the presented and a impact like Like just way the comment the various -- on more much ability does of mostly who Okay. comment could Are over verticals Can design finding you it. and you much in get competition how right how after geographies? just your because wins? like you sales matter and it's it, competition? challenge. it the again? to a going partners And a It's see they on marketing players sounds factor, and

Fei Chen

The actually we competitor different our have a interesting uniform And all other. ] December different Denmark, at we different have before, that in about in bought competition but across been each take the is we they to ] [ and that a actually segments market all segment, a from company a competitor has a company. to DPF by had a Tennis [ if don't

moved So China. the has been whole to production

company. that advantage buy customers the because European from the give many actually to European So us a company a of competitive we and European like are

are very DPF in a have high-end our this customers. product. So Japan that's special and to in we And that do our the competition interesting.And But customers many deliver and in fast are very French. flexible niche recurring of in the are And and the some we and is able ones was Germany we area. with

technology the they saving good swimming revenue technology reduction. us competition the a and growing. and is the our saving friendly income.And if chemical this sand still given for water pool for the filtration our environmental a are pool we basis base, customer system the much And very is and a filter. is area, solution more take It's solid energy and very So

value some market. propositions for have we unique really So this

So heads strong to when sales ahead.And push from technology.And to still we very in to door alert area, our and demonstrate on don't see able that what marine the sector. competition see and yet, new. really did marketing have our the we We it's much competition. to for see we really have side. areas, coming speed oil are very trying our for me, keeping get gas definitely there's is any opened going only It's and really, need solutions we it's the we the But and We're in. are

initiative last calls, position they many As and market. good performance, in come with of dominant very had cheap ]. into go cannot flash the We I there's a mentioned marks and solutions very very we a the Chinese [ and bad in couple

our are trying really recirculation. market [ back to a right perfect much to the go That's ] we're to this occupy for technology we cannot back go and was end view and with trying gas stand more cheap those and the there market really exhausted in like clear So solution. now, that and market, because go high

with back different more smart come we solution at So angles. some

different this can segments, competition. hear you different segment. word don't We are So across there have competition all the one

Lucas Ward

expenses. It been more release One was of low attributed low. this I means and expect a time, question for It should Okay. it operating was what surprisingly wanted like expenses. bonus to understand terms provisions. going this hasn't of operating I to forward modeling and long what on just in that

Phillip Price

course. Yes, of

to relates the provisions the of release XXXX bonus KPIs. So

hence, around the therefore, positive So target the provisions, $X.X on that is we level released the and for we quarter. you bonus the didn't meet should expect the million OpEx. But effect the

Lucas Ward

Okay. That's all had. I

Fei Chen

Okay.

We are very much cost conscious.

we're from output really increase trying salespeople. the to So from and output our production

And sales operating more trying our can become and in we're time. cost more the this at same down So the we efficient. and increase keep to actually and way, really the revenue

KPI very and the one whole us, to So also trying across this for is our value chain. process we're improve clear of

Lucas Ward

sort towards -- structural on Okay. more it a cost seemed like there, of Yes. of shift there going It was more didn't a like savings.

thanks that. confirming So for

Operator

Management. our Melas MKH comes question [Operator from George Instructions] And next from

George Melas

job for the about how Was happened it happened question able a then happen solution that and basically looking propose it so so that were first of had to customer a the quarter and and went understand I'm fast? a progress. looking order. did signed started U.S. oil had Or that a technology with one customer? problem agreement and and I trying Razorback and to they you Good to sign sort on distribution found relationship fast. the for and gas they then and to had they and customers you their a

Fei Chen

a oil We very because what are alert very to is the and with partner that's we this in good they think very much in to say question. find gas very and are happy. I needs. work customer interesting have I the this market way,

group So they have the already. a and very strong customer network customer

looking very lack the technology. out customer the and Direct. X companies the people Razorback exactly So found of the there and very commercial really for in is have these match they some really And technical know what are of we chemistry well, people and clever

same start also work discussing work already So the we process. they sign not with. we that's together contract, sign at it's us already We since contract, out is find the to and then them. work, together. what also the tell we like partner customer we like And a the started to we our would this present start We we -- needs.So the time technology discussion start simultaneously,

why really had we say to that's good a I than problem. have a them. any there's a They really but more find new -- X need one for solution at customer month customer. So really And it's really, the a have their for

So a this good match. very is

George Melas

Great. Okay.

other then the terms technology customers offer. a And solutions how treating are Okay. their you in they can many different clearly, have new because, water but to propose of right they that some now, produced solutions they

provided in So how that are the past? the they alternatives what -- have

Fei Chen

general I mean, gas market. people in for the nasty. the for because pretreatment water this is the in is and the water The produced market tough a rather all oil is knowledge

content of and lot a have and solid, of salt particles. lot a solid metal many oil inside also and You

mixture this many part. for are different chemical use there they I like traditionally, of today. And think kind most So of method chemical treatment don't people,

solutions, environment. of and kind friendly and our the also and So for they user really also for some see needs automation the both operator when

right and this because about the are treatment. tired -- excited got of chemical it they chemical really they is kind So of process potential away

-- is this sometimes. So you can be lucky

I think have better we what today. they looking for are they lucky are than because something

George Melas

Okay.

then on the Okay. final systems. one Great. pool question And

assuming the I you you do will. existing XX You or can existing distributors deliveries? any visibility with adding match In system? had in you of existing deliveries so to the think what distributors, with 'XX pool the you in distributors, that that you you're the terms expect but beat have do Given XXXX not But have, that? distributors, have to the beat

Fei Chen

work to efficient. trying definitely our existing with distributors, make more are them We much

grow their their grow So we're And the and next I revenue. sales distributors time, at same sales I our grow also expect the year. we if can going because, in they half mean, to new build

So year, I should it's both, a definitely but combination expect our grow. sales their distributors of every

George Melas

you what do visibility there kind And Okay. their -- pipeline then into the pipeline? have of

Fei Chen

Sorry?

George Melas

pipeline? their you do into visibility What have

Fei Chen

We have transparency. total new

work really we closely So together.

really they're So partners. our

Robert Blum

I've a questions to that portal and just Fei here Phillip, get got the we want couple of make webcast sure through I addressed.

where these So the few like of States. there's Is sales about general one sort is, you. It seems in and focus I'll team of a quickly going this move approach that's to distributors. summarize you area overlap.First be a try can sort your talk marketing, to approach, of for a United some through

expand Just on little U.S. the in more your a bit focus

Fei Chen

ground sales the doing the to We we together back and for for service, the will and together. area, the close and them do support oil have them. we're we're with office what And the also together, marketing pipeline together, Razorback and the the We first their And work people and will distribution partner gas do technical we be very also the testing working do the together. Direct. really and is sales

will and in be there legs our arm the So ground. the U.S.

relationship.And continue gas. find for we some the to and potentially the to and we expect us sales U.S. marketing market help in service. partners the to definitely, the and And the also is the future, this this for also pool will system, the in also So do oil grow

strong working really in a trying U.S. the a So it's U.S., penetration is market. we market. this are really the make to partnership sales in very big

have we not one and happen, at next. need brings we take to like one a that would more time will we see that partners. what we and make partner, definitely, only So really But then

Robert Blum

All questions right. of here. Fantastic. A couple

bit positive talking Just a your of you et bit, to I breakeven, which little breakeven rate talked flow, know in about achieving here, sort the of cash of on just sort goals little but outlook your terms maybe sort sort expand of of a cetera. on

Phillip Price

Yes.

and business that's we before, mentioned So revenue the we breakeven a when mix. $X quarterly approximately lower if still be will the potentially maintain have with revenue the as of right guidance we for million,

Regarding key cash course, financial determined to that's, to are strategic in the we us, preserve flow to our a for flexibility. KPI and maintain cash the order of

what and from net both our and business. and business throughput And is the balance accelerate mentioned lean way main on that pave also before existing acknowledge facilities in income is our Fei ultimately the to a that We we order need flow increase to of cash times to lead focus a growth in also reduce perspective. a running

Robert Blum

like It I've Fantastic. right. last looks here. question All one got

there. electricity for of the of approach? You've generators. expand expand Maybe growth the this talked bit Is I just little about a that? growth, Europe Just some guess, transportation DPF a sort the some more solutions of of within market-driven is inland are Or on and DPF referenced a sales on approach? sort the emergency drivers what it

Fei Chen

say it's would I And very, a very strong trend.

politic more the fear transportation, market. public inland got have it and And and awareness. European We in now more the

start through talking inland these actually much they about how really emission start sectors this people in give So people transportation. looking and to

that data the the intelligence actually with to a those partners this them. and And get feel. are we at and that's now, do have So and good really ones, go definitely very the the also countries like are DPF have area some of they Holland And looking a in customers preferred see us stronger center to they And the years, what combination are And generators, Germany are U.S. and growing very It's definitely because into that. we emergency is around definitely.And around data by building the center the world. purely the close DPF and there's so for collaboration as and on. center been is especially we very we in to lot expect they electricity any artificial some for this with provide world. not for to coming Europe need And U.S. of much this today, data actually building of ones. also installed only even especially this they in one companies seeing in

In most So most the to this customer in the market. approach.So going going feel in and It's out work DPF to reputation have they market And many find proactively really to good them. we many with often, the to target is the us we're market. really good good DPF have quite not conference the what we massive reputation relationship -- also also a themselves, and very but cases, very and try is actually come to some they the customers to measured. marketing by

are working X-way to for a us is on. So continued And confident so. this is we're be really excited development, growth DPF market the coming this in or years very going and to we this we see market are

Robert Blum

helpful. Very the here we Fantastic. It right. questions either have no online teleconference. further All appears through or

remarks. I'll Fei, and So for go you turn ahead back closing to it over

Fei Chen

to Thank you, Thank with us you. much forward being all again. look We very Thank all for soon communicating today. you you Robert. with

Operator

The today's presentation. conference has now Thank concluded. for you attending

disconnect. now may You

LiqTech International (LIQT) 14 May 242024 Q1 Earnings call transcript