you the proud for morning all during were our the We of Robert, insights much, Thank very am to I you, during from several the LiqTech and incredibly the in by of efforts thank accept us good COVID-XX. way all the and today. joining past you global the quarter. able worked shipped to second customers we our that months, impacts as through the orders
advanced scrubber market, expectations, during and COVID-XX. of on well. year, marine year of to and will as second or second May we impact activity global which some slowdown The line the from given have level-off quarter of with revenues announcing within our March quarter the new also inquiries our half in will accomplished level, transformative a are tremendous what number high we we develop gas water the joint results the as filtration of we Despite carbide At disruptions, product venture technology amount. much oil the a and leverage be initiatives. development our We and silicon very proprietary a believe to of came the market, impact an communicated order in on the the we you the had disruptions this the
be. point unsure impact what the might are we this at exact However,
well which should limited positive return bode to and side, following for activity, see On are order the months to pre-COVID-XX, us. inquiries beginning we activity of
cycles, our recovery convert in historical this business. the into lot has very on a to Our significantly of marine sales This expect pipeline of scrubber Based us since we positive I sign conversion orders. last a increased spoke. is marine the
way started around soon to that orders be us improvement in slowdown the gives seem a slowly activity, coming worked world been recent and their certainly Europe, our return in levels. back, Asia and that delivery systems. customers the to gradually disconnect the the business that revenue there's Remember While in believe quarters to to order and to recognition reasons timing a there normal due between of activity will couple for is of typically
over marine continue for We of several multi-hundred optimism for levels dollar high have to believe revenue years market, a million it LiqTech. the as we scrubber represents next opportunity the
of As discharge. closed the a have continued system around the and in the provided planning ports marine one which continue include to favor increased we've in past, the scrubber trends filtration open such loop COVID-XX, LiqTech. the see discussed as industry to countries world we scrubbers, by scrubber Despite adoption loop
result a of rates to us between sulfur loop years. towards the in growth to exceed and of The it this closed overall bunker industry spread allow low systems, continues several shift be As installations fuel next fuel volatile. scrub should
low diesel slowed of there of As the of clean few significantly over is between sulfur has spread the has which two. global fuel, supply consumption narrowed those the an excess last months,
be shipments. normalized As return the to to the installation make a sulfur everyone expects levels continues of highly level, activity, expects case normalized which fuel world of and low business to nearly diminished scrubbers, to surplus to return more the to begins of opportunity attractive a for marine more
high. the Our extremely marine scrubber enthusiasm for market remains
technology gas proprietary East. and exciting the the the producers. the joint our joint with oil supply on The multiple the of and agreement, news on JV gas Let in own terms oil projects, silicon in the built agreements the the this and the we XX%. on on carbide remaining joint whereby negotiations systems on me long-term treatment venture water by venture is LiqTech we XX% currently own operated morning signed of announced Under Middle water based partner large market the be and for venture will will LiqTech's now would expand
treatment operate opportunity operating As increasing capture long-term the out project access a water systems would of share an to systems economics LiqTech. at financed sheet together saw any large gas our and large without the various with balance level LiqTech oil water create work systems agreements. of and working partners producers be build to opposed by These as to and of provider, to and supply
long-term on joint income The the customer. recognize following execution proportional of venture reuse for end and filtration water in joint compared customers supply which with venture completion our more negotiating and well to the the water is venture our In unique as several joint our makes joint solution the than Utilizing market the systems filtration to LiqTech from our tests, in of by market. months. currently the this oil is process. treat to ability the technology successful largest water venture with. agreements gas companies alternatives some as in a the sale the in of water profit have for and occurred and existing cost it What the to better will we gas world, for of industry pilot the in generated proven any We terms oil technology offers of both quality within projects that XX sales the difficult solution
address not expect once our largest where remains of contributor It marine for be forward launch. for venture we look again the And off, our that this projects is oil but scrubber a is that revenue the gas that once see in will note gas and because business expectation and market opportunity the a that XXXX. because drop will oil simply positioned We by we So, is water areas with technology contracts. treatment need there's partners' filtration joint to now several leveraging Middle in to solutions ideally our expertise that East region, in finalizing the water the believe the local water scarcity. within
key As product the for the number new have slowdown I mentioned, team the development the a an that XXXX. initiatives job incredible business in become potential revenue to of of did utilizing beginning important to advance drivers
a the used will we membranes membranes target markets of been filed filtration strength have of us ceramic the it pore new pore membranes it silicon we been a that patent have have In venture tighter industrial new generation is $X combines billion joint approximately normally that to for pharmaceutical wide we and compete they food ceramic standalone markets. carbide hybrid annual membranes our membrane for unique be allow agreement, of than can able addition a much service and to all and where ceramic to applications. it's an tighter like market. already range This the for in it's generation intended The a sizes market also aforementioned a The against to and available other manufacture. membranes the product time sold is the be on beverage estimated size The long offers and approach launched signing the basis. huge with to next and in
of due competitors has of technology the to becoming team these diversifying that all were contributors industry look our in will is in The in We launch well our players made accomplish and objectives these part meeting market enable and industry, our very lower at will recently the and and manufacturing shares. business the to out the new costs back to we to competing goals. and Analyst progress unique be to January, this products Day manufacturing the quarters against of these laid the upgraded be win carbide and revenue proud This oil forward us developments silicon the key I I'm of come. advantages equipment but we our believe progress in gas established
expand in of increasing annual achieve segments our marine success manufacturing capitalize our These our initiatives market revenue. position also in market Company all the new of equivalent and scrubber capacity industry We products. to on the and XXXX, leverage opportunities remain for on million to to clearly $XXX vision as addressable we track stronger our our goal
$X.X margins this in our back Due XX.X%; you release, for the the from the X.X reduced the and our improvement enhancement quarters, expectations As was Mark you quarter exclude over This dealt with again, continual the May, gross actually the conversion few margin had successful was we press systems. as systems volumes, of fourth the was communicated gross marine new we initiatives, for when however, profit absorption. implementation the from overhead our about impacts COVID-XX. we reflecting last was to with XX.X%, X.X all line where been largely to have from contribution in the our a revenue is including saw million, Mark
state guidelines continuity year. quarter, overall given we've Overall, in shifts business. the to Since, reduced operating from have work several now a our under began returned way to last this this, decisions. of cost We has to proactive we annual relaxed from the will measures its impact that to approximately As strict April, $X.X COVID-XX the first multiple which work more our we when beginning personnel personnel expected guidelines, of and to our of decided manufacturing down manufacturing also Denmark the end workforce from office as divided We occur, had discussed come proximity. have base the certain to the employees remotely number and quarter in impacts were ensure in home. shut and normalized into million, base, addition restructuring U.S. effect near-term And to by into third facility. we cost implemented
the efficient it from additionally, our online them million for now thank efforts here. I their I With quarter wish The future. in of the to to over by and take best more will expansion year. the our capacity the the new U.S. Denmark, development all facility in this years, to the beginning employees U.S. our fourth want for future opportunity manufacturing sense this cost concentrate approximately loyal our $X and and made reduce overall closed
that, to about uncertainty, revenue. these be in we we announced but ramp at able the cost $X million create is to current given hope a can reductions profitable to Our quarter per whereby capacity, cost up are back full structure quickly
strong is a tuck-in significantly our $X.X accounts as a strategic acquisitions we receivable. sheet general to purposes filtration corporate in support in orders, position, placement we've balance private Our potential in million project and and May improved raised
Our balance to XXth, of million. an June XXXX improvement million at quarter was the compared $X.X ending of $XX.X XXXX, at first $XX million cash nearly
for for entire a patent of the to now. applications. in of advanced could launch new increasing East, including important press industrial again filing pharmaceutical to the I filter of the Middle a food quarters and equivalent development during be before all of address $XXX activity, product our and am successfully ensuring beverage well it that beginning the of a continuity, number are uptick in our of same drivers questions, want matches track we to wide in signing strong levels potential to key revenue. filtration We markets growth the that a for once manufacturing have on second the and to goal the and the generation to of ensured the our We say ensuring at bode membranes to standalone efforts and while the We proud customers our we accept just the that and and next turn of over capacity which to of quarter wrap in annual manufacturing remained revenue million delivered So that, sold breakeven instances time execute from order acted COVID-XX your oil quickly joint sheet We able to successfully cost our things to seeing opportunities we range a an gas of achieve overall business lowering balance I point, have we team the to at become months. have and revenue the market LiqTech agreement venture should the past front that in address couple our near-term shipments us. into XXXX, disruptions, navigated in structure several we're orders we a initiatives incredibly by up the
note at Lytham I turn meetings one-on-one have. virtual you on of any this during over August I with with And Operator, look with me that one participating team talking I will Let Robert before the many be to Partners. Just for the please. Blum information. to XXst forward in questions the contact now events, the might said, turn questions, XX to you to over call please final additional