Good morning, everyone, and welcome to the LiqTech International Reports Fourth Quarter and Fiscal Year 2022 Financial Results conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then one using a touch-tone telephone. To withdraw your questions, you may press star and two. You also note today's event is being recorded. At this time, I'd like to turn the floor over to Robert Blum with Lytham Partners. Sir, please go ahead. All right. Thank you very much. Good morning, everyone. As Jamie mentioned, thanks for joining us on today's conference call to discuss LiqTech International's fourth quarter and fiscal year 2022 financial results for the period ending December 31, 2022. Joining us on this today's call from the company is Fei Chen, Chief Executive Officer, and Simon Stadil, 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 the call. Before we begin with prepared remarks, we submit for the record the following statement. This conference call may contain forward-looking statements. Although the forward-looking statements reflect the good faith and judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed during the conference call. The company therefore urges all listeners to carefully review and consider the various disclosures made in the reports filed with the Securities and Exchange Commission, including risk factors that attempt to advise interested parties of the risks that may affect our business, financial condition, operations, and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, the company's actual results may vary materially from those expected or projected. The company therefore encourages all listeners not to place undue reliance on these forward-looking statements, which pertain only as of this date and the date of the release and conference call. The company assumes no obligation to update any forward-looking statements to reflect any events or circumstances that may arise after the date of this release and conference call. Now, I'd like to turn the call over to Fei Chen, CEO of LiqTech International. Fei, please proceed. Thank you, Robert. Good morning or good afternoon to everyone on the call, depending on where you may be. I am excited to get the opportunity to speak with you all today. As those of you that have followed the company closely know, I took over as the CEO in mid-September, following a long career across a variety of global industry companies, with an emphasis on water treatment, chemicals, and clean energy technologies. As I mentioned briefly last quarter, when I was at Grundfos in 2012, I was introduced to LiqTech's technology, having seen the uniqueness of the company's silicon carbide membrane technology up close, and the opportunity that I believe the technology enabled. Today, with six months under my belt, that feeling is only amplified. We have a tremendous opportunity ahead of us to leverage our highly unique technological advantages, brand competencies, and sustainability value to build a growing and profitable business in the years to come. The big question is: How do we get there? What is different today versus a few months ago? Following my appointment, we moved quickly to define our corporate vision and commercial strategy with a clear focus on recurring revenues and the large system opportunities. My initial actions included the hiring and appointment of a senior leadership team and the staffing of key sales personnel to accelerate revenue growth. These actions has already result in the expansion of recurring revenue prospects, as we now have a much larger and more reliable pipeline of swimming pool, DPF, membrane sales, and the plastic business opportunities. To that point, just last week, we received a large order for four commercial swimming pool water filtration systems in New Zealand, which deployed a complete filtration system solution leveraging our enhanced Aqua Solution membrane. This project is an extension of three commercial swimming pool systems supplied to the same customer in 2020. This type of repeat sale illustrates our strategy to focus on recurring business. From a membrane element standpoint, at end of September, we closed a large order consisting of nearly 1,200 membrane elements and have since closed orders for an additional 265 membrane elements over the past few months. Membranes represent a significant opportunity for us. On the DPF side, where we don't expect tremendous growth here, our objective has been to stem the tide from the most recent few years. Last year, we saw a 9.8% decrease in our DPF business. In the first quarter, we are expecting a 3.8% increase from the quarter for 2022, as the sales team has re-engaged with existing and the past accounts to drive incremental order flow. On the plastics side, in the first quarter, we are expecting a 70% increase from the quarter for 2022. This is mainly driven by a large order we received at end of last year in the area of biological-based material development. To give some perspective, last year, our products and services to the swimming pool, DPF, and the plastics were around $11 million in total. We will look to make strong increases on those numbers in 2023, which will improve predictability of the business, improve our manufacturing throughput and the growth margins, and ultimately reduce our break-even point. We're not ignoring our systems business. Our team has done an excellent job in identifying areas where our solutions can offer superior performance and add value to our customers. As evidence of this, in the last few months, we received new system orders for monoethylene glycol, or MEG, recovering solutions in the oil and gas industry, as well as systems for wastewater treatment for the metal processing industry, two key end markets that can play a significant role in our future growth. This MEG order is the first of a two-part order for an offshore project from a major US oil company operating in Europe, where we have already demonstrated the silicon carbide membrane technology performance in pilot and have verified significant performance improvements to the MEG regeneration process. When compared to other membrane technologies, our MEG system has completed the MEG, the FAT test. We expect that this improvement will be validated on-site in the next coming years. For those not familiar, MEG is widely used by oil and gas producers in wellheads and pipelines to reduce the risk of hydrate formation in pipelines that could cause a blockage. In deep water offshore gas production facilities, where exposure to lower temperatures in subsea pipelines is common, MEG is used for hydrate inhibition. The wastewater treatment system order for the metal processing industry is for application in Denmark, but worldwide represents a potentially large addressable market for the company. Polluted water effluent from metal processing has been a long-standing challenge for the industry. By leveraging our preparatory silicon carbide membranes that can filter heavy metals and other demanding substances and toxins, customers can now overcome the challenges that they have historically faced. Beyond these new agreements, I think it is also important to note that our agreement in the Middle East addressing produced water treatment for oil and gas production, where our technology and cooperation with our partners continues to provide demonstrating tremendous results. Not only does this help to drive revenue growth for our company due to the recurring component of the agreement and aftermarket activity, but also creates a tremendous case study for this market. Our team is aggressively pursuing opportunities in the Middle East. Where this is a longer lead cycle solution, I believe progress is being made. Beyond direct selling efforts, another important component in our commercial strategy will be the creation of distribution partnerships. Since our call in November, we have signed 3 new agreements that will expand our geographic reach and access to key market workers. First, in November, we entered an agreement with National Energy Services Reunited or NESR, a publicly traded international provider of integrated energy services in the Middle East and North Africa region. The agreement will be focused on leveraging our capabilities in produced water treatment filtration solution for reinjection. NESR has close customer relationships and a strong service organization within the Middle East and North Africa oil and gas industry. As an industry-leading provider of solutions across its drilling, evaluation, and production service segments, NESR is looking to bring new technologies into the region. Through its ESG Impact segment, NESR's goal is to import and jointly develop technology solutions especially to help customers enhance resource stewardship and decarbonization, within which the water treatment subsegment is a primary focus. LiqTech solution fits perfectly into their objectives. We both look forward to a mutually beneficial relationship going forward. In December, we entered a cooperation agreement with Electron Wastewater Solution, a US-based firm specializing in electrolytic water treatment for the commercialization of a combined solution for phosphoric acid purification. The unique solution offered by both LiqTech and Electron is based on a combination of Electron's E-FLOC technology, which is an electrochemical precipitation and oxidation reduction system, and our silicon carbide ceramic filtration system for the purification of crude phosphoric acid streams. We have filed a joint patent application for this combined solution. We should have more updates throughout the year on this program. The last month, we entered into a distribution agreement to supply membranes to Liquinex Water Treatment Solutions for Singapore. Liquinex specialize in the design, fabrication, and system integration of combi-compact water and wastewater treatment platforms using next generation technologies such as ceramic, biomimetic, and graphene membranes. Liquinex collaborates with Singapore Water Agency as well as other public and private entities in Singapore, Malaysia, the Philippines, and Indonesia. In the past, Liquinex has used our silicon carbide ceramic membranes for their cooling tower systems, industrial water recycling, aquaculture, and humanitarian water supply applications. By entering into this distribution agreement, our two companies will expand our relationships and become more closely aligned in providing efficient technology solutions to mitigate water scarcity and effects of climate change in Southeast Asia. I believe we will see increased performance in these countries from this agreement in 2023. Where our primary focus is to further develop and commercialize our co-filtration technology to drive profitable revenue growth, we have also successfully improved cash flow, having reduced both fixed costs and discretionary operating expenses during 2022. Importantly, quarter four, 2022, operating expenses continued to trend sequentially lower to $2.3 million, excluding any restructuring expenses, compared to $2.4 million reported in quarter three, 2022. Reduced annual operating expenses was by 37% from the prior year period, helping to substantially reduce our revenue break-even point. Compared to the third quarter of 2022, our sequential quarter and cash balance only decreased by $1 million. Simon will hit on the numbers a bit more. I can confirm that we are on track to deliver a profitable business based on quarterly revenue break-even around $7 million, which is a significant improvement from where we were a few quarters ago. Where the operating backdrop is still not ideal, with energy-related concerns still impacting us along with higher interest rates and inflation. Nevertheless, I believe we are making significant progresses. As we look to the first quarter, we are expecting revenue of about $4 million, which would representing 11% increase from the year-ago fourth quarter and about flat with the fourth quarter. Much of the revenue is attributable to recurring components with most of the recently booked systems set for delivery later in the year. With that, let me turn the call over to Simon to review the financials in more detail. After which, I will wrap up with a few comments and then open the call to your questions. Simon, please proceed. Thank you, Fei, and good morning, everyone. Let me add some color on the financial highlights for the fourth quarter and full year. For the full year, revenue was $16 million compared to $18.3 million in 2021, representing a decrease of 13%. Broken down by vertical, sales were as follows: System sales and related services was $5.3 million compared to $7.2 million last year, a decline of 26%. DPF and ceramic membrane sales were $6.8 million versus $7.2 million in 2021, a decline of 5%. Finally, plastic revenues of $3.5 million compared to $3.6 million, a year-on-year decline of 2%. As you can hear, the largest decline was in our systems business, primarily due to a reduction in sales of water treatment systems to the global marine scrubber industry, as well as lower commissioning activity. This partly offset by increased activity pertaining to our successful oil and gas commissioning in the Middle East and the start-up of the MEG project in the Mediterranean. The more modest decline in our plastics and ceramics businesses reflect increased underlying activity offset by currency headwinds due to the euro and DKK-denominated revenue streams converted to US dollar at a less favorable rate compared to prior year. Looking more specifically at the fourth quarter, you'll see that the revenue was $4 million compared to $3.3 million in the sequential third quarter, an increase of 22%. As Faye alluded to, we are seeing a bit of a positive trend going into the new year. In terms of outlook for the first quarter, I also echo the remarks made by Faye, indicating a Q1 revenue of approximately $4 million, an improvement of about 11% compared to Q1 last year, and flat compared to the fourth quarter of 2022. Looking at our gross profit for the full year, we reported $0.6 million on implied gross profit margin of 3.5%, compared to $1.6 million and 8.6% in the prior year. The decrease was predominantly explained by the overall reduction in revenue, coupled with the lower relative share of system sales, which typically command a higher average gross margin compared to our legacy DPF and plastic businesses. Gross profit was further impacted by the European energy crisis, rising input cost inflation, and finally, increased provision for inventory obsolescence. During the year, we continued to adjust capacity, cut costs, and implement power price surcharges to defend profitability, which we expect to benefit from going into 2023. Turning to OpEx. Total operating expenses for the year was $13.1 million compared to $12.3 million in 2021, with the year-on-year increase explained by the restructuring cost of $1.9 million, as well as non-recurring costs related to the CEO transition and China closure. Adjusting for this, the OpEx was down 16% year-on-year, despite the elevated OpEx levels recorded in the early part of 2022. As Faye mentioned, fourth quarter OpEx came in at $2.3 million, excluding restructuring expenses. This compared to $3.7 million in the fourth quarter of 2021, i.e., a reduction of 37%, evidencing the benefits of our cost reduction efforts. We remain diligent in managing the business, reflecting our determination to defend profitability through organizational rightsizing, mix improvements, and capacity optimization. Looking into 2023, we have strengthened our commercial capabilities and invested in improved business intelligence resources, which combined with the recent depreciation of the dollar against our euro-denominated cost base, is likely to increase our OpEx run rate compared to Q4. We maintain our commitment to deliver a quarterly break even at around $7 million, measured on an adjusted EBITDA basis. Moving to the next item, net other expenses during the year was $1.9 million, compared to $0.5 million in 2021. This due to lower gain on currency transactions. More importantly, the repayment of the convertible note in the second quarter, with $1.8 million in early repayment premium and additional amortization costs. Commercially, other income benefited from the decrease in interest expenses due to the improved capital structure, receipt of COVID-19 grants in the Danish entities. Finally, a gain on lease termination due to the closure in China. Concluding on the P&L, net loss was $14.2 million for the year, compared to a loss of $11.1 million in 2021, with the increase explained by the non-recurring restructuring costs, China closure, early repayment of convertible note, and the CEO transition. For the fourth quarter, net loss was $2.2 million, compared to a loss of $2.7 million in the fourth quarter of 2021. A meaningful improvement despite lower revenue and the review of our inventories conducted during the quarter. Let me briefly comment on our cash flow and balance sheet before summarizing and handing over to Faye. We ended the year with $16.6 million in cash, down $1 million compared to the third quarter, evidencing a significantly lower cash burn compared to the same period last year. Development in Q4 represents net cash used in operating activities of $0.6 million, cash flow from investing activities of $0.9 million, offset by a new lease financing secured for our debinding kilns in Ballerup and gain on currency translation. Balancing our cash flow remain a key KPI for our business, as we are determined to preserve cash to maintain our strategic and financial flexibility in what clearly is a very volatile and uncertain market environment. We continue to benefit from excess capacity across our Danish manufacturing sites. Near to medium-term CapEx will be confined to maintenance CapEx and select strategic investments in machinery that can help us improve quality and operational efficiencies. Our capital structure remains robust. Note that servicing in 2023 except ordinary lease payments. In summary, 2022 was a difficult year for LiqTech. We have together stabilized our business, sorted up our balance sheet, and with new leadership, defined a new strategic direction for our company with immediate focus on defending profitability, and more importantly, creating a sustainable and credible path to profitable growth step by step. Thanks again for your continued support and interest in LiqTech, over to you, Faye. Thank you, Simon. Before I turn it over to your questions, let me quickly summarize. First, we are moving quickly to accelerate the commercial and business development processes here at the company. We are simultaneously working to develop markets where we can create more predictable recurring revenue opportunities, leveraging our differentiated technology. We're also focusing on opportunities where we can deploy larger systems. We made nice progress on both fronts over the past few months. Second, we will continue to drive opportunities through our traditional direct go-to-market sales pathway, but also look to create new distributor relationships to address certain end markets. We have signed three new agreements since our last call, and expect to leverage my industry relationships to bring more agreements to fusion. Third, we have brought in highly accomplished commercial sales individuals that can help to develop end market strategies, but more importantly, can execute on those strategies. I believe we have a great team in place now. Finally, everything we are doing is set against the backdrop of achieving profitability. The organizational transition we are undertaking has proceeded with emphasis on utilizing our existing core competencies within the company and calibrated with our renewed strategic focus and market dynamics. As Simon and I both mentioned, we remain on track to deliver break-even at $7 million in revenue, a number we think is achievable in the near term. I am extremely optimistic about the future and look forward to take any questions there might be. Operator? Ladies and gentlemen, at this time, we'll begin the question and answer session. To ask a question, you may press Star and then one using a touch-tone telephone. If you are using a speakerphone, we do ask you please pick up your handset prior to pressing the keys to ensure the best sound quality. To withdraw your questions, you may press Star and two. Once again, that is Star and then one to join the question queue. We'll pause momentarily to assemble the roster. Our first question today comes from Rob Brown from Lake Street Capital Markets. Please go ahead with your question. Hi, Simon. Hi, Fei. Hi, Rob. Just, first question is on the kind of time to maturity of these distribution agreements that you put in place. How long do they typically take to mature? How do you see them sort of ramping in the next year or so? The distribution agreement we have signed, I mean, if I take each of them, Liquinex has already working with us for some year, this is actually accelerating what they already done. We definitely think it's a very, very mature relationship. We just get more professional and more focused. We have a high, high expectation on that. The agreement with the NESR is really progressing also because we have close dialogues and also close activity together with them. We also would hope we can very soon get some results on that. Even the oil and gas industry is a longer recycle time, as I mentioned, and you also understand that. The third one with E-FLOC technology, which is something we're already working on, we just need to really scaling up the commercialization. You can see all distribution agreements we're signing is really with expectation have the effect already in the near term. It's not for long term, it's really near term. This is just very clear for us. Okay. Thank you. The systems market, if you give an update on the pipeline in the major markets, how is that pipeline developing and how does it look at this point, I guess? Maybe also an update on the marine market as well. Yeah. I mean, according to our commercial strategy, we actually did this. We have two different pipelines. One is for the recurring business and another one is for the larger system, because the larger system have much longer recycle time. The larger system, we have a quite strong pipeline actually, and we do expect we will have some project this year. You know, it takes longer time, so that's why it's not like a swimming pool. It's just coming very fast. We are quite confident we have a very reliable and a strong pipeline, and we expect to deliver something this year, definitely. Okay. If you get, I guess, how long would it take, does it take to get, to get revenue following orders in that business? You know, should you see revenue starting to ramp in that business in Q3 and Q4? Rob, Simon here. First of all, I think the key thing here is to focus on what we've been trying to achieve over the last 6 months after Fei arrived. That is continue to build a stronger and more predictable business, again, with our pooled marine scrubbers, aftermarket, EPF, plastics and membrane business. Again, that's what we call the recurring business, and that is showing very solid progress. You will also see that when we disclose all the details on for our Q1, in basically in 45 days. I think going in, looking forward, and that's basically what you're asking for, yeah. For us, it's a matter of creating this predictability, improving our recurring business so we can basically have a more sustainable business with shorter, you can say, shorter decision cycle on the recurring business, but more importantly, revenue to pay for our fixed cost and OpEx. The more lumpier sizable growth projects, we still have some uncertainty with regards to the timing, and hence, we will not guide on specific quarters. As Faye alluded to, I think the commercial efforts, both the strengthening of our internal sales team and distribution agreements give us a higher comfort that we'll deliver on these large growth projects later this year. Again, we can't specifically comment on the timing of those larger projects, but we can comment that we have increased confidence in our ability to deliver and secure those orders this year. Thank you. Last question is on kind of pricing actions you've taken. Did those really start yet or are those more 2023 impact? I guess the key thing is to... If you look at the Q4 numbers, and I guess 2022 as a whole has a lot of non-recurring items into it. What I can confirm is definitely that we are reaping the benefits of both our cost reductions, but certainly also our profitability improvement measures on the pricing side. One thing that is also worth mentioning is that we, in the latter part of the year, really benefited from having our ERP system fully up and running. We basically have full visibility on our individual orders on a cost basis. Again, our pricing has become sharper, but we have also been better at evaluating where we make money and where we wanna put our focus. Long story short, we do expect to see significant improvements going into this year, both due to the fact that we don't have the non-recurring items, but certainly also because of our pricing and cost reductions combined delivers a significant impact to our business in a positive context. Okay. Thank you. I'll turn it over. Once again, if you would like to ask a question, please press star and then 1 using a touch-tone telephone. To withdraw your questions, you may press star and 2. Again, that is star and then 1 to join the question queue. Ladies and gentlemen, at this time and showing no additional questions, I'd like to turn the floor back over to the management team for any closing remarks. Thank you. I would just like to say thank you all very much for being with us today. We look forward to communicating with you very soon again. Thank you. Ladies and gentlemen, with that, we'll conclude today's conference call. We do thank you for attending. You may now disconnect your lines.