LIQTECH INTERNATIONAL INC (LIQT) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Plastics Segment	3.5	3.6
Other Segments	0.3	0.3	0.6	0.6
Other	12.1	14.4	21.9	32.0
Total revenues [+]	16.0	18.3	22.5	32.6	12.2	11.3	13.9	15.8
Products							13.9	15.8
Revenue growth [+]	-12.5%	-18.9%	-31.0%	166.8%	7.8%	-18.4%	-12.1%	8.6%
Plastics Segment	-2.4%
Other Segments	12.3%	-53.7%	-4.1%
Ceramics Segment	-4.7%	26.8%	-13.5%
Cost of goods sold	15.4	16.7	20.4	25.5	11.2	11.1	12.5	12.6
Gross profit	0.6	1.6	2.1	7.2	1.1	0.2	1.4	3.2
Gross margin	3.5%	8.6%	9.5%	21.9%	8.7%	1.8%	10.3%	20.3%
Selling, general and administrative [+]	9.4	10.4	9.1	7.0	4.9	4.3	6.2	5.5
Sales and marketing	3.7	4.6	2.9	2.4	1.7	1.9	2.2	2.7
General and administrative	5.7	5.8	6.2	4.6	3.2	2.3	4.0	2.8
Research and development	1.8	1.9	1.3	0.7	0.7	0.5	0.6	0.7
Other operating expenses			-0.3				0.4	0.4
EBITDA [+]	-8.1	-7.9	-5.1	0.8	-3.8	-3.7	-4.4	-2.0
EBITDA growth	1.4%	55.2%	-768.5%	-120.0%	4.6%	-16.9%	125.7%	-45.1%
EBITDA margin	-50.4%	-43.5%	-22.7%	2.3%	-31.4%	-32.3%	-31.7%	-12.4%
Depreciation	2.5	2.6	2.8	1.3	0.6	0.9	1.4	1.4
EBITA	-10.6	-10.6	-7.9	-0.6	-4.5	-4.6	-5.8	-3.4
EBITA margin	-66.1%	-57.9%	-35.3%	-1.8%	-36.7%	-40.6%	-41.6%	-21.5%
Amortization of intangibles	0.1	0.1
EBIT [+]	-10.6	-10.7	-7.9	-0.6	-4.5	-4.6	-5.8	-3.4
EBIT growth	-0.4%	34.4%	1277.4%	-87.1%	-2.6%	-20.4%	70.4%	-34.5%
EBIT margin	-66.6%	-58.5%	-35.3%	-1.8%	-36.7%	-40.6%	-41.6%	-21.5%
Non-recurring items [+]	1.9		0.3				7.3
Asset impairment							7.3
Loss on contingent liability			0.3
Interest income, net [+]	0.4	0.4	-0.1	0.0	-0.1	0.0	0.0	0.1
Interest expense			0.1	0.0	0.1	0.0	0.0	0.0
Interest income	0.4	0.4						0.1
Other income (expense), net [+]	-2.3	-0.9	-1.9	0.3	0.4	-0.1	0.0	0.4
Amortization of debt discount premium	-2.4	-0.8
Gain (loss) on sale of assets	0.0	0.0	0.0	0.0	0.0	0.0
Gain (loss) on investments							0.0	0.0
Gain (loss) on foreign currency transactions	0.4	0.7	-1.5	0.3	0.3	-0.1	0.0	0.5
Change in fair value of warrants			-0.9
Other	-2.4	-0.8						0.5
Pre-tax income	-14.4	-11.2	-10.3	-0.3	-4.2	-4.8	-13.2	-2.9
Income taxes	-0.2	-0.1	-0.5	-0.3	-0.4	-0.3	3.2	-0.7
Tax rate	1.6%	0.6%	4.5%	115.4%	8.7%	6.7%		24.2%
Minority interest								0.0
Net income	-14.2	-11.1	-9.8	0.0	-3.8	-4.5	-16.4	-2.2
Net margin	-88.7%	-60.9%	-43.5%	0.1%	-31.2%	-39.3%	-118.1%	-14.0%

Basic EPS [+]	($0.40)	($0.52)	($0.46)	$0.00	($0.24)	($0.11)	($0.45)	($0.06)
Growth	-22.4%	11.6%	-23041.2%	-100.8%	122.9%	-75.9%	642.1%	-36.5%
Diluted EPS [+]	($0.40)	($0.52)	($0.46)	$0.00	($0.24)	($0.11)	($0.45)	($0.06)
Growth	-22.4%	11.6%	-23059.3%	-100.8%	122.9%	-75.9%	642.1%	-36.5%

Shares outstanding (basic) [+]	35.4	21.6	21.2	19.7	16.0	41.6	36.8	36.8
Growth	64.1%	1.7%	7.9%	23.1%	-61.6%	12.9%	0.1%	13.6%
Shares outstanding (diluted) [+]	35.4	21.6	21.2	19.7	16.0	41.6	36.8	36.8
Growth	64.1%	1.7%	7.8%	23.2%	-61.6%	12.9%	0.1%	13.6%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.