LiqTech International Q4 2024 Earnings Call Transcript

There are 8 speakers on the call.

Operator

Good day, and welcome to the LiqTech International Fourth Quarter and Fiscal Year twenty twenty four Financial Results Conference Call. All participants will be in listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Robert Blum with Lytham Partners.

Operator

Please go ahead.

Speaker 1

All right. Thanks very much, operator, and good morning and good afternoon to everyone. Thank you for joining today's conference call to discuss LiqTech International's fourth quarter fiscal year twenty twenty four financial results for the period ended 12/31/2024. Joining us on today's call from the company are Faye Chen, Chief Executive Officer David Kowalczyk, the company's recently appointed Chief Financial Officer and Chief Operating Officer and Philip Price, the company's recently announced Interim Chief Financial Officer. Before I turn the call over to management, let me remind listeners that there will be an open Q and A session session at the end of the call.

Speaker 1

If you dialed into the call through the traditional teleconference line as the operator just indicated, please press then 1 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 that webcast player, and we'll look to take those questions at the conclusion 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.

Speaker 1

The company therefore urges all listeners not 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 the date of this conference call and press release. The Company assumes no obligation to update any forward looking statements to reflect any events or circumstances that may arise after the date of the press release and conference call. With that said, I'd like to turn the call over to Fay Chen, CEO of LiquTech International.

Speaker 1

Fay, please proceed.

Speaker 2

Thank you, Robert, and good day to everyone on the call. At a high level, the fourth quarter results came in line with expectations we provided back in November with revenues of RMB3.4 million. This represented a 37% sequential increase from the third quarter. The biggest contributors to the sequential growth was ongoing water filtration pilot programs for lithium brine production pretreatment in U. S.

Speaker 2

And another for petrochemical company for micro plastics removal. I will touch momentarily on why these pilots are critical to the long term adoption in these markets. All told, revenue within our water treatment systems operations was up nearly 750,000 or 108% sequentially and was a key driver to the improved financial results. The key milestone, however, during the first quarter was clearly the record commercial order we received from Razorback's direct for our PureFlow mobile units for our customers in the North American energy sector. We received this order in December and completed it during the current first quarter of twenty twenty five.

Speaker 2

With this order already in hand, we have strong visibility into a much improved first quarter with expectations for revenue to be between RMB 4,300,000.0 and RMB 4,700,000.0 equating to 26% to 38% sequential revenue growth. This landmark commercial oil and gas order in North America is a remarkable milestone for Leasek as we continue to validate our solutions in the global energy industry. I will come back to this more in a moment. As we mentioned last quarter, another key activity during the fourth quarter was the implementation of a cost reduction strategy aimed at the lowering our breakeven target measured on an adjusted EBITDA basis to a quarterly revenue run rate of approximately RMB5.5 million to RMB6.0 million. These initiatives include a reduction in headcount, basic salary for senior management and the cash compensation by the Board of Directors.

Speaker 2

You will start to see these initiatives flow through the income statement more fully in the first quarter. So with revenue growth expected and the cost savings implemented, we are improving our profitability metrics with the ultimate goal to be profitable later this year. So the high level summary improved sequential revenue growth in Q4 lead by a number of water filtration pilots underway. The receipt of a record oil and gas order, which completed here in Q1, which will contribute to another quarter of sequential revenue growth and the implementation of cost savings initiatives aimed at lowering our breakeven rate to about RUB5.5 million to RUB6.0 million per quarter. And as a reminder with the private placement, we completed back in late September, our balance sheet is strong with more than RMB10 million in cash at end of the year.

Speaker 2

Consistening back to the record oil and gas order, as we have talked since I joined the company about two years ago, we recognized that there was a large addressable market opportunity for our solutions in a wide variety of markets that can drive growth for Leasex. This large system solutions in the area of industry water treatment, oil and gas filtration, battery materials, purification and other industry applications are ideally suited for LiqTech solutions. Unfortunately, these markets have much longer sales cycles and often times require initial pilot programs before full commercial implementation occurs. We also recognized the need to work with groups that had strong relationships with end customers. To these two ends, we entered into a distribution agreement to commercialize LiDTech's produced water treatment, so filtration solution for reinjection and reuse in February 2024 with Riso Bag Direct, a Houston based company providing water treatment solutions consultancy for oil and gas water treatment in The U.

Speaker 2

S. We followed that initial engagement with Ritzbeck direct up about a month later with the receipt of a significant order for a containerized pilot system for produced water treatment. The order was shifted shortly thereafter and operated satisfactorily at the customer side throughout the second half of twenty twenty four. With positive results showcased by with this customer from the pilot program, it leads to this new record commercial order, which will be deployed at one of Resurvex Directus customer sites in North America. I remind everyone of this pathway to receiving this order because it highlights the steps needed to penetrate this very large industry opportunities.

Speaker 2

They oftentimes require pilot programs first that then lead to commercial orders. Now I do believe that the next steps within oil and gas will hopefully become much more accelerated. We now have a commercial level system in place that can be a highlight for future customers' reference. It doesn't mean that a different customer may not want to conduct their own pilot programs, but hopefully this should shorten the timeline to future adoption. I want to thank the team at Risselbeck Direct for their commitment to delivering demonstrated value to their customers by delivering efficient, reliable and robust solution for complex water challenges.

Speaker 2

As the CEO of Risbeck Direct stated recently, the results of the pilot exceeded expectation providing clear evidence of the system's capability to meet the demanding needs of our industry. This order further solidifies our beliefs in LiqTech's ability to drive meaningful advancements in water management. This is a strong testament to what we believe will be a very bright future for us within the oil and gas industry. As the history of progress with Risobek Direct, we've seen The U. S.

Speaker 2

Oil and gas industry highlighted. The first steps to new application success with our filtration systems often starts with a pilot lever program. Currently, we have five systems at the various phases of testing and the piloting, including a pilot unit from a leading technology company for lithium brine production in The U. S. We announced in November and has recently been extended through the April for evaluation.

Speaker 2

A pilot unit with a U. S. Petrochemical company for microplastics remover, which was shifted in quarter three for which we are currently waiting next steps. One with one of the world's leading integrated energy companies for produced water treatment in The U. S.

Speaker 2

Was shifted in Q3 for last year. The system is currently active and has been extended through to the May at which time we will await next steps. We also recently commenced a pilot testing with an engine manufacturer in China as part of our COE, which I will touch on more momentarily. And finally, in The Middle East, we have a pilot with NASA, which was completed in Q2 of last year and the legacy system in The Middle East, which has now been operational for more than three years. The Middle East continues to be slow in its adoption.

Speaker 2

Our focus is therefore increasingly directed towards The U. S. Markets. Beyond these pilot programs, we think the last year or so we have also sold units in key end markets including a unit for MEC's recovery for an offshore project in mid tiering, multiple marine scrubber units in China, a waste water treatment system for the metro processing industry in Denver. Also we have shot a number of core system units over the past two years.

Speaker 2

Each of the various areas I mentioned represent large addressable market opportunities for LiTec. Our team is highly focused on advancing each of these pilots to successful outcomes that we believe has the ability to lead to large scale commercial orders this year. A market for us that was very strong for a number of years, but has slowed down in the past three years has been the marine scrubber and the border marine markets. We still believe this represents a large addressable market for Lydtech. We just need to be properly positioned with engine manufacturers and the shipbuilders to regain market share.

Speaker 2

To that end, a few weeks ago, we received supply approval for our waste treatment water treatment system for the 1TD dual fuel engine. For those not familiar, WinTD is one of the market leaders in marine engine manufacturing with a focus on advancing the decarbonization of marine transportation. This supplier approval allows us to seamlessly deliver systems to Vengile, its licensees and their authorized service partners. During the fourth quarter, we announced the establishment of a JV in China to expand our focus within the marine market. Zitik will be the majority owner of the JV where our partner JV will be a minority owner contributing facilities and the local support along with initial operational and commercial funding.

Speaker 2

Since our call in November, we have brought a general manager, technical service manager, to Technical Sales Managers on board. The team has moved quickly to engage with one of the leading engine manufacturers in China with pilot testing. The results are expected in quarter two this year. I recently came back from China and has participated the pilot test of our water treatment system on engine side. I have also got the chance to meet and interact with many relevant major stakeholders in China.

Speaker 2

As most of you are familiar, it is much easier to work with China based companies by having operations on the ground in the country. With the GOV now up and running and pilot testing underway, I believe that opportunity to truly expand in this large addressable market is better today than at any point in the past. Before I turn it over to David and Philip, let me quickly touch on a few other key markets with a brief update. First, within the swimming pool market, we shipped two systems during quarter four and have another two systems set to ship here in quarter one. We also signed a distribution agreement this month to expand our focus in Ireland with the first order under this agreement scheduled for delivering in quarter two, twenty twenty five.

Speaker 2

Since received NSF approval in November, we have been actively searching for potential candidates for distribution in The U. S. Swimming pools will remain a key contributor and I look forward to more progress made here. Consistening to other parts of our established markets, starting with CPF and ceramic membranes, where sales during quarter four were about $1,100,000 which was similar to what they were in quarter three of twenty twenty four. These markets contributed to remain consistent contributor for us.

Speaker 2

Within plastics, we saw a nice uptick during quarter four with revenue of almost 900,000, which was up 13% compared to quarter four of last year and up 34% sequentially. The plastics team continues to do a great job differentiating itself and is generally outperforming our expectations. So with stability in our key established markets, a record oil and gas commercial order in The U. S, a wide variety of pilot programs underway, which oftentimes is a prelude to much larger orders and of course with exciting partnerships, GOV and supply approvals in place. We are well positioned heading into 2025.

Speaker 2

One other key move we made was the appointment of David Kovalski as new Chief Financial and Operating Office of LiqTech effective March one of this year. As you hopefully saw in the announcement we made in January, David brings our twenty years of leadership experience and a proven track record in global industry companies, his expertise spends, finance, strategy, equity analysis, audit and operational management. Let me now turn the call over to David to introduce himself.

Speaker 3

Thank you, Faye, and hello to everyone on the call. I'm truly honored to join VicTech at this pivotal moment, and I'm excited to contribute to the company's growth and profitability. I joined LiqTech because I'm deeply impressed by the significant untapped potential of the company's innovative technology. Under face leadership, we are now better than ever aligned to leverage that potential and drive meaningful impact through not only product sales, but application knowledge and services. As a green tech company, strategically positioned in rapidly expanding markets, Frigtec is uniquely positioned to capitalize on opportunities that few companies can address today.

Speaker 3

Water, in particular, has become a global priority with government increasing regulatory measures and offering significant initiatives to not only protect, but also improve water quality. The momentum is growing, and LiqTech is poised to be at the forefront of this transformative shift. On a personal note, I see this as an exciting time to be part of a company that is not only addressing critical global challenges, but also has the potential to co lead the change in the sectors in which we operate. I want to thank Faye and the entire LiqTech team for welcoming me on board, and I look forward to the opportunity to meet with all of our investors in the coming weeks and months. And with that, Faye, I'll turn it back to you.

Speaker 2

Thank you, David. And of course, I want to also thank Philip Price for stepping in over the past year as our Interim Chief Financial Office. Philip has done an incredible job across all aspects of financial reporting, SEC compliance and the capital markets. Fortunately, Philip will be staying on board with us through the April to ensure a seamless transition and is here today to once again provide a detailed review of the financials. Filip, let me now turn the call over to you.

Speaker 4

Thank you for the kind words, Faye, and good morning, everyone. As you have hopefully seen in the press release, we have provided breakouts for both the fourth quarter and full year end tables. We also provided narratives in the release for the year as a whole. Therefore, let me spend a few minutes diving deeper into some of the numbers for the fourth quarter and provide some trends we see going forward. Let's start off with revenue.

Speaker 4

Revenue for the quarter came in at $3,400,000 dollars up from $2,500,000 in the sequential third quarter, but down from $3,900,000 in the same quarter last year. Broken down by verticals, sales for the fourth quarter were as follows: Water systems sales and related services of $1,400,000 compared to $1,600,000 in the same period last year, but up significantly from $700,000 in Q3. BPF and ceramic membrane sales were $1,100,000 down from $1,400,000 in Q4 last year and flat compared to $1,100,000 in Q3. And finally, Classic revenues came in at $900,000 compared to $800,000 in Q4 last year and $700,000 in Q3. Key takeaways for the quarter include strong sequential improvement in water systems driven by two swimming pool system shipments and multiple ongoing pilot programs, solid growth in Classics with continued momentum, EPF and ceramic membrane remained relatively flat quarter over quarter.

Speaker 4

Looking ahead to Q1 of twenty twenty five, and as Feyn mentioned, we expect to recognize our record oil and gas order, which will help us to drive continued sequential growth from the fourth quarter. We anticipate revenue for Q1 to be between $4,300,000 and $4,700,000 representing a 26% to 38% sequential increase over Q4 twenty twenty four and a 2% to 10% improvement year over year from Q1 twenty twenty four. Turning to gross margin, as we continue to be below our optimal revenue level, we continue to have fixed production costs that are not fully being absorbed and thus negative gross margins. Furthermore, Q4 margins were impacted by a comprehensive inventory review, which led to necessary adjustments of $400,000 related to obsolete and slow moving items. That said, based on our Q1 revenue expectation of $4,300,000 to $4,700,000 and supported by operational optimization initiatives already in place, we expect to return to positive gross margins in Q1.

Speaker 4

As we have previously reported on a contribution margin basis, which excludes the impact from our fixed overhead, we are currently operating at approximately 40% to 45% depending on the product mix. Turning to OpEx. Total operating expenses for the quarter were $2,200,000 down from $2,600,000 in Q4 of last year and compared to $2,400,000 in Q3 of twenty twenty four. In particular, selling expenses decreased by $400,000 primarily due to a reduction in executive officers, the reversal of previously accrued bonuses and a lower travel expenses. These savings were partially offset by bad debt expenses of $500,000 mainly related to the settlement of a legacy receivable during the quarter.

Speaker 4

G and A decreased 100,000 driven by savings in legal fees and external consultancy services, while R and D expenses increased by $100,000 primarily due to the completion of a larger R and D project in Q4. As we look to the future, we have now fully implemented the comprehensive cost reduction strategy aimed at lowering our breakeven target measured on an adjusted EBITDA basis to a quarterly revenue level of approximately $5,500,000 to $6,000,000 a significant improvement from the previous target of $6,500,000 to $7,000,000 Key initiatives include a 10% reduction in headcount, a 10% reduction in base salaries for senior management in 2025, a 50% reduction in cash compensation for the Board of Directors in 2025 as well as other cost saving measures. Concluding on the P and L, net loss for the quarter was $3,000,000 compared to $3,200,000 for the comparable period of 2023. And finally, from a cash flow perspective, we ended the quarter with $10,900,000 in cash. Adjusting from the impact of the financial placement, which closed across both Q3 and Q4, underlying cash decreased by approximately $2,400,000 compared to the end of the third quarter.

Speaker 4

With revenue growth benefiting from operating leverage due to our largely fixed production cost base and supported by the cost reductions we have implemented, we expect to see significant improvement in cash utilization in 2025. With this being my last call, let me just say thank you to all of the investors for their support of Liechtec. I have enjoyed stepping in during this transitionary period, and I look forward to all the great things from Liektec in the future. Faye, let me turn the call back over to you.

Speaker 2

Thank you, Philip. And again, thank you for your steady leadership filling in on an interim basis of this past year. To close things out before I turn over to questions, let me just recap a few key points. First, quarter one is expected to show sizable sequential growth lead by progress made in the oil and gas market. This order not only is a key drive to improved financial results, but really is validations of our systems capabilities in this critical market.

Speaker 2

Second, this oil and gas order came from following the successful execution of a pilot order. Pilot orders are in some ways a leading indicator for us. To that end, we have a number of pilots ongoing in a wide range of industries, which we believe will transition to larger commercial scale orders this year. Our base business of DTFs, ceramics, plastics, aftermarket path and the service and the swimming pools remains stable. Therefore, growth from this larger systems will be key drivers to transitioning this business to profitability.

Speaker 2

And fortunately with high contribution margins, it only takes a couple key systems to drive the business to that critical milestone. We are clearly aware of the need to preserve our cash balance and drive the business to achieve cash flows. We understand the expectations from our investors and are highly focused on simultaneously implementing cost savings initiatives, we are driving revenue growth. Again, thank everyone for your support for Leetech. With that, operator, we would be happy to take any questions.

Operator

We will now begin the question and answer session. The first question comes from Lucas Ward with Ascendiant Capital Markets. Please go ahead.

Speaker 5

Hello. Good afternoon. Thanks for the opportunity to ask a question here. My first question is on Q4 revenues. It looks like we were towards the lower end of expectations.

Speaker 5

Was there a deterioration that happened since the call in November?

Speaker 4

No, but it depended on timing differences on some key projects that went to the next quarter. So that's why we were in the lower end of the guidance or still within the guidance range.

Speaker 5

Okay. Thanks, Philip. And then with regards to guidance for Q1 revenues, obviously, it looks like we're booking the new Oil and Gas PureFlow systems and that is pretty lumpy. I'm wondering if how that would affect subsequent quarters. In other words, if all that revenue comes in Q1, could there be a fall off in Q2 or Q3?

Speaker 2

That's very relevant question. We do get a very big order on PureFlow system in quarter one. And however, we for the quarter two, we are expecting some other market segment will contribute. So we definitely work on continued growth each quarter in this year.

Speaker 5

Okay. And I guess, yes, just a final question on that note. I mean, obviously, you've worked very, very hard to open up new markets. You've had a lot of new distribution agreements, lots of new pilots, some orders here and there. What do you think it's going to take at this point to see a real takeoff in revenues for LiqTech overall from where we sit?

Speaker 2

I mean, you are totally right. We have been building up quite many distribution agreement network and that really is the basis for us to get a strong pipeline and to make ourselves able to take off. So we are improving our sales pipelines in both the swimming pool system and the oil and gas. And also now we're also building up the strong pipelines for marine system. So those pipelines will give us the basis for takeoff in the sales.

Speaker 5

Okay. All right. Thank you, Pei.

Speaker 2

Thank you, Lopez.

Speaker 6

Okay.

Operator

Our next question comes from Bill Chapman, a private investor. Please go ahead.

Speaker 6

Yes. Thank you. Hi, everyone. I'm curious on your oil and gas treatment technology. Why would a customer deal with you versus the competition that they're seeing?

Speaker 2

I mean, there are different measures today. One of the major competitive technology compared to our technology is the chemical treatment. And that treatment is very expensive in the operating point of view and also it's very difficult to handle in a stable way. And their treatment cannot provide the water reinjection and reuse. So basically, we are the only one in the market now.

Speaker 2

We are able to give the stable treatment and the really high quality and makes the reinjection and reuse of the wastewater in oil and gas industry feasible. So that's the reason why they are very interesting in our technology.

Speaker 6

Okay. Thank you. You mentioned on your press release, you're engaging in new experimental technologies. Could you give us an idea of these extensions what you already have or is it new areas you're going into?

Speaker 2

We are basically have our silicon carbon ceramic membrane combined with our systems. So it's not like we continue doing the new systems. We use our system and then we use our application knowledge. We're able to go into different industry sectors. So what I mentioned in the new sectors, one of the areas is the petrochemical industry.

Speaker 2

We're able to make the microplastic particles removal. And another thing is interesting, we also have a pilot in U. S. Right now is for the lithium material production, a lithium brine production pretreatment. We are also working very hard to open that market for our application.

Speaker 2

So it's really used the same technology and the same system, but with different application knowledge and also understanding of customers' needs, we're able to go into a different the new domain in this way.

Speaker 6

Okay. That sounds great. Thank you very much. Goodbye.

Speaker 2

Thank you.

Operator

Our next question comes from George Melas with MKH Management. Please go ahead.

Speaker 7

Thank you. Good morning, Faye. Good morning, Philip. Quick question on two questions on the pools and on marine. The pool sales were quite it seems like they were quite disappointing in 2024.

Speaker 7

And I thought we had gathered some momentum with additional distribution partners. Of course, not yet in The U. S, but I'd love to try to understand kind of why did that sort of like peter out, let's say in 2024?

Speaker 2

I mean, the reason pool system has really been desponding, you're totally right word in 2024 is we have not been able to build up a very strong sales pipeline during 2023 because it took about six to nine months before you have a lead until you really got the sales. So when you're coming to 2024 without a good pipeline and that takes long time to build up. So we have seen the past two or three months, our pipeline value is really increased. So we do really hope and work very hard on and the next three quarters in this year, the pool sales should catch up based on the pipeline we have built up now.

Speaker 7

Okay, great. That's good to know. And then on the you got the supply approval from, it's hard to pronounce, but Rin Givens. Is there when do they start or maybe they won't really start, but when do they start producing these engines? And when do you think when is your first opportunity to recognize revenue in that area?

Speaker 2

They are already produced the engine right now. And that's one of the reason why we are doing this pilot trial and pilot testing in China with one of the engine manufacturer and this engine manufacturer actually have the license from Wengili to produce engine for them. So the pilot testing now we have China is really the it's like the ticket to able to get into their system to able to sell to their commercial system. So we are very exciting to get this fast opportunity to test our pilot at their engine side and we expect by the end of quarter two, we will have the final results that we should able to come to the commercial sales.

Speaker 7

Okay. And can you give us a sense of what is the opportunity? What is the TAM in that space?

Speaker 2

I mean, this is really a very we started John Winter in December, and we have now got hired a general manager and the salesperson in this the past two months. The salespeople just started actually in the March. So they are working on really build up a substantial sales pipeline. I would say when we come to quarter two and when we go to make the earnings call in quarter two, I think I were able to give you much more concrete answers on that because right now we are building up the real sales pipeline and I will only answer you when I have the data available.

Speaker 7

Okay, very good. Okay, thank you very much.

Speaker 2

Thank

Speaker 1

All right, operator, this is Robert Blum here. Looks while we wait to see if there's any additional questions to the live, I've got just a couple here on the webcast that I don't believe have been addressed. And again, just as a reminder, everyone on the webcast, if you'd like to ask a question, you can type it into that Ask a Question box on your player there. Faye, I know you touched a little bit on The U. S.

Speaker 1

Pool market, but anything further you can talk about as it relates to timing on distribution agreements within The U. S?

Speaker 2

As I mentioned, we got NSF approval in November and we start actively searching for the partners. So we are now narrowing our searching. And So I cannot say exactly the result yet. So we are working on that.

Speaker 1

Okay, great. There's a question here pertaining to back in I think this is more of a clarification. The order that was discussed at the end of the third quarter being delayed. Was that in fact the order from that was announced here and to be recorded in Q1 or any updates on that specific announcement?

Speaker 2

That was correct. That's the order we have received in December from Riesbeck, the huge oil and gas commercial unit and that will be delivered in quarter one this year and that's exactly the order we announced in quarter three delayed.

Speaker 1

Okay, great. And then maybe just a couple of questions here on gross margins. I guess, Philip, you mentioned sort of talking about the percentages there on a contribution basis. Is there any more visibility that can be provided as it pertains to sort of a breakeven gross profit dollar basis to sort of help connect the dots there? And I think what you mentioned was your positive gross margin expectation for Q1.

Speaker 4

Yes. So, Robert, you are correct. So the declining in gross margin is mainly driven by the lower than expected revenue, which has resulted in fixed production costs not being spread over or are being spread over a smaller revenue base and putting additional pressure on profitability. So as I also mentioned in my speech earlier is that we are still running at a decent contribution margin level of 40% to 45% and that number excludes the impact from fixed overhead. So therefore, it's solely due to the reduced revenue base.

Speaker 4

So I'm not going to put a number on the exact breakeven target on gross margin because we already communicated the breakeven target on the EBITDA basis.

Speaker 1

Okay, very good. I am showing no further questions on the live line or additional questions on the webcast player here. So with that, management, I will turn it back over for closing remarks.

Speaker 2

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

Operator

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

Earnings Conference Call
LiqTech International Q4 2024
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