Liquidmetal Technologies Reports Second Quarter 2018 Results
LAKE FOREST, Calif.--(BUSINESS WIRE)--Aug 7, 2018--Liquidmetal® Technologies, Inc. (OTCQB: LQMT), the leading developer of amorphous alloys and composites, reported results for its second quarter ended June 30, 2018.
Regarding the Company’s results for the second quarter of 2018, Bruce Bromage, the Company’s Chief Operating Officer noted, “The second quarter of 2018 has been instrumental in our continued evolution into a trusted, volume manufacturer. We delivered amorphous alloy parts under early production orders with medical and consumer products customers. Our product development efforts continue to focus on lowering manufacturing costs, increasing customer confidence in high volume commercial applications, and developing effective strategies to infiltrate target markets.”
Dr. Bromage went on to note that “We have identified an exceptional candidate to serve as our Vice President of Sales and Marketing. We are excited by a fresh outlook and approach to markets and customers, while maintaining our momentum with key accounts and strategic applications.”
Q2 2018 Financial Summary
During the second quarter of 2018, the Company generated $55 thousand in revenue as it continued to focus on the development and manufacturing of prototype and commercial parts for its customers and partnering with licensees on the development of the Company’s technology and production processes.
Selling, marketing, general and administrative expense was $1.5 million in Q2 2018, as compared to $1.3 million in Q2 2017. The increase was primarily due to increases in non-cash expenses for depreciation due to continued capital investments in the Company’s manufacturing center.
Research and development expense was $0.6 million in Q2 2018, as compared to $0.4 million in Q2 2017. The increase from the prior year was mainly due to additional expenses associated with alloy and application development.
Cash and restricted cash totaled $37.9 million at June 30, 2018, as compared to $41.3 million at December 31, 2017.
For a more detailed and complete analysis of the Company’s financial results, please refer to the Company’s June 30, 2018 Form 10Q, which was filed earlier today.
About Liquidmetal Technologies
Lake Forest, California-based Liquidmetal Technologies, Inc. is the leading producer 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.
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 2017 Annual Report on Form 10-K.
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CONTACT: Liquidmetal Technologies, Inc.
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: MANUFACTURING STEEL OTHER MANUFACTURING NATURAL RESOURCES MINING/MINERALS
SOURCE: Liquidmetal Technologies, Inc.
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PUB: 08/07/2018 05:15 PM/DISC: 08/07/2018 05:15 PM