Benzinga | Aug 16, 2021 03:19PM EDT

LiqTech International Stock Slips Despite Expecting Double Revenue in 2H

* LiqTech International Inc (NASDAQ:LIQT) reported a second-quarter revenue decline of 13.5% year-over-year to $4.02 million, missing the consensus of $4.07 million.

* EPS decreased to $(0.14) from $(0.12) in 2Q20, missing consensus of $(0.12).

* The gross margin contracted by 267 bps to 8%.

* Loss from operations expanded to $(2.56) million from $(1.94) million a year ago.

* LiqTech generated cash flow from operations of $0.4 million and held cash on hand and restricted cash of $25.1 million on June 30, 2021.

* LiqTech expects revenue to more than double in the second half of 2021, supported via overall improving market trends, coupled with breakthrough new orders and current backlog.

* Additionally, the company announced it had received the first order for a new offshore deep-sea drilling application in the oil & gas market.

* Price Action: LIQT shares are trading lower by 2.53% at $5.00 on the last check Monday.