Liquidmetal Technologies Reports Results for Fiscal Year 2020
Liquidmetal Technologies reported a revenue of $989 thousand for fiscal year 2020, down from $1,373 thousand in 2019, reflecting a shift to outsourced manufacturing per its 2019 Restructuring Plan. The company's cost of goods sold decreased to $621 thousand, while operating expenses fell to $3.8 million. Despite facing challenges due to the COVID-19 pandemic, Liquidmetal delivered over 60,000 parts for a dental device, validating its supplier relationship with Yihao. The company possesses $1.5 million in cash and $27.5 million in debt securities for future strategies.
- Completed transition to outsourced manufacturing, improving cost, quality, and scalability.
- Delivered over 60,000 parts for a premium dental device, validating supplier Yihao.
- Reduced operating expenses by $1.6 million year-over-year.
- Revenue declined by 28% year-over-year due to lower product sale volumes.
- Research and development expenses fell sharply to $0.1 million from $1.3 million.
Liquidmetal® Technologies, Inc. (OTCQB: LQMT), a leading authority on commercial applications of amorphous alloys, reported results for the fiscal year ended December 31, 2020.
Management Commentary
Our 2020 results reflect the completion of the first year under an outsourced manufacturing model, as originally outlined in our 2019 Restructuring Plan. We have made excellent progress in executing our strategy despite the global impacts of the COVID-19 pandemic.
Through our relationship with Dongguan Yihao Metal Materials Technology Co. Ltd. (“Yihao”), we delivered more than 60,000 parts that will be used in a premium dental device. Monthly deliveries have allowed us to validate Yihao as a supplier and navigate the ever-changing landscape of global trade. Expanded sales and marketing campaigns have allowed us to reach thousands of new contacts in targeted industries. In addition, we have leased approximately
"We are pleased with the results of our strategic shift to outsourced manufacturing, demonstrating improvements in cost, quality and scalability, and an increase in direct sales and marketing efforts. This is driving sustained interest from leading medical and consumer products companies seeking innovative solutions to challenging design problems. While challenges remain in gaining broad market adoption of our technology, we are better positioned to develop and source volume applications with enhanced operations and a streamlined expense structure,” said Bruce Bromage, COO Liquidmetal Technologies.
2020 Financial Summary
Revenues were
Cost of goods sold was
Selling, marketing, general and administrative expense was
Research and development expenses decreased to
As of December 31, 2020, the Company had
For a more detailed and complete analysis of the Company’s financial results, please refer to the Company’s December 31, 2020 Form 10-K, which was filed earlier today.
About Liquidmetal Technologies
Lake Forest, California-based Liquidmetal Technologies, Inc. is a leading authority and developer of parts made with amorphous alloys, also known scientifically as Bulk Metallic Glasses or BMGs. The non-crystalline atomic structure of these materials imparts unique performance properties, including the ability to injection-mold with micron-level precision, lustrous finishes, high strength, hardness and corrosion resistance, and remarkable elasticity. Liquidmetal Technologies is the first company to produce amorphous alloy parts commercially, enabling significant improvements in products across a wide array of industries. For more information, go to www.liquidmetal.com.
Forward-Looking Statement
This press release contains "forward-looking statements," including but not limited to statements regarding the advantages of Liquidmetal's amorphous alloy technology, scheduled manufacturing of customer parts and other statements associated with Liquidmetal's technology and operations. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from Liquidmetal's expectations and projections. Risks and uncertainties include, among other things; customer adoption of Liquidmetal's technologies and successful integration of those technologies into customer products; potential difficulties or delays in manufacturing products incorporating Liquidmetal's technologies; Liquidmetal's ability to fund its current and anticipated operations; the ability of third party suppliers and manufacturers to meet customer product requirements; general industry conditions; general economic conditions; and governmental laws and regulations affecting Liquidmetal's operations. Additional information concerning these and other risk factors can be found in Liquidmetal's public periodic filings with the U.S. Securities and Exchange Commission, including the discussion under the heading "Risk Factors" in Liquidmetal's 2020 Annual Report on Form 10-K.
| LIQUIDMETAL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except par value and share data) |
||||||||
December 31, |
|
December 31, |
||||||
2020 |
|
2019 |
||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ |
1,514 |
|
$ |
19,543 |
|
||
| Restricted cash |
|
5 |
|
|
5 |
|
||
| Investments in debt securities- short term |
|
14,720 |
|
|
4,415 |
|
||
| Trade accounts receivable, net of allowance for doubtful accounts |
|
271 |
|
|
303 |
|
||
| Inventory |
|
43 |
|
|
12 |
|
||
| Prepaid expenses and other current assets |
|
465 |
|
|
322 |
|
||
| Total current assets | $ |
17,018 |
|
$ |
24,600 |
|
||
| Investments in debt securities- long term |
|
12,768 |
|
|
7,074 |
|
||
| Property and equipment, net |
|
8,614 |
|
|
8,819 |
|
||
| Patents and trademarks, net |
|
158 |
|
|
239 |
|
||
| Equipment held for sale |
|
- |
|
|
585 |
|
||
| Other assets |
|
251 |
|
|
14 |
|
||
| Total assets | $ |
38,809 |
|
$ |
41,331 |
|
||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable |
|
205 |
|
|
132 |
|
||
| Accrued liabilities |
|
315 |
|
|
775 |
|
||
| Total current liabilities | $ |
520 |
|
$ |
907 |
|
||
| Long-term liabilities | ||||||||
| Other long-term liabilities |
|
899 |
|
|
856 |
|
||
| Total liabilities | $ |
1,419 |
|
$ |
1,763 |
|
||
| Shareholders' equity: | ||||||||
| Preferred Stock, |
- |
- |
||||||
| Common stock, |
914 |
914 |
||||||
| Warrants |
|
18,179 |
|
|
18,179 |
|
||
| Additional paid-in capital |
|
287,183 |
|
|
286,832 |
|
||
| Accumulated deficit |
|
(268,926 |
) |
|
(266,284 |
) |
||
| Accumulated other comprehensive income |
|
116 |
|
|
2 |
|
||
| Non-controlling interest in subsidiary |
|
(76 |
) |
|
(75 |
) |
||
| Total shareholders' equity | $ |
37,390 |
|
$ |
39,568 |
|
||
| Total liabilities and shareholders' equity | $ |
38,809 |
|
$ |
41,331 |
|
||
| LIQUIDMETAL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) |
||||||||
Years Ended December 31, |
||||||||
2020 |
|
2019 |
||||||
| Revenue | ||||||||
| Products | $ |
925 |
|
$ |
1,325 |
|
||
| Licensing and royalties |
|
64 |
|
|
48 |
|
||
| Total revenue |
|
989 |
|
|
1,373 |
|
||
| Cost of sales |
|
621 |
|
|
832 |
|
||
| Gross profit |
|
368 |
|
|
541 |
|
||
| Operating expenses | ||||||||
| Selling, marketing, general and administrative |
|
3,798 |
|
|
5,424 |
|
||
| Research and development |
|
110 |
|
|
1,342 |
|
||
| Impairment of long-lived assets |
|
- |
|
|
{
"@context": "https://schema.org",
"@type": "FAQPage",
"name": "Liquidmetal Technologies Reports Results for Fiscal Year 2020 FAQs",
"mainEntity": [
{
"@type": "Question",
"name": "What was Liquidmetal's revenue for 2020?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Liquidmetal reported a revenue of $989 thousand for the fiscal year 2020."
}
},
{
"@type": "Question",
"name": "How did Liquidmetal's revenue in 2020 compare to 2019?",
"acceptedAnswer": {
"@type": "Answer",
"text": "In 2020, revenue decreased from $1,373 thousand in 2019 to $989 thousand."
}
},
{
"@type": "Question",
"name": "What were the main factors impacting Liquidmetal's revenue decline?",
"acceptedAnswer": {
"@type": "Answer",
"text": "The revenue decline was mainly due to lower product sale volumes as the company transitioned to outsourced manufacturing."
}
},
{
"@type": "Question",
"name": "What is Liquidmetal's current cash position?",
"acceptedAnswer": {
"@type": "Answer",
"text": "As of December 31, 2020, Liquidmetal had $1.5 million in cash and $27.5 million in investments in debt securities."
}
},
{
"@type": "Question",
"name": "What expenses decreased for Liquidmetal in 2020?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Selling, marketing, general, and administrative expenses decreased to $3.8 million from $5.4 million in 2019."
}
}
]
}
FAQ
What was Liquidmetal's revenue for 2020?
Liquidmetal reported a revenue of $989 thousand for the fiscal year 2020.
How did Liquidmetal's revenue in 2020 compare to 2019?
In 2020, revenue decreased from $1,373 thousand in 2019 to $989 thousand.
What were the main factors impacting Liquidmetal's revenue decline?
The revenue decline was mainly due to lower product sale volumes as the company transitioned to outsourced manufacturing.
What is Liquidmetal's current cash position?
As of December 31, 2020, Liquidmetal had $1.5 million in cash and $27.5 million in investments in debt securities.
What expenses decreased for Liquidmetal in 2020?
Selling, marketing, general, and administrative expenses decreased to $3.8 million from $5.4 million in 2019.
LIQUIDMETAL TECHS INC
OTC:LQMTLQMT RankingsLQMT Latest NewsMar 19, 2024
Liquidmetal Technologies and Amorphology, Inc. Enter into a Manufacturing License Agreement
Feb 27, 2023
Liquidmetal Technologies Sets 2022 Year End Earnings Conference Call for Tuesday, March 14th, 2023 at 4:30 p.m. EST
Mar 21, 2022
Liquidmetal Technologies Sets 2021 Year End Earnings Conference Call for Tuesday, March 29th, 2022 at 4:30 p.m. EST
Jan 19, 2022
Liquidmetal Enters Into Golf License Agreement
LQMT Stock Data | |||