Liquidmetal Technologies Reports Third Quarter 2018 Results
LAKE FOREST, Calif.--(BUSINESS WIRE)--Nov 6, 2018--Liquidmetal® Technologies, Inc. (OTCQB: LQMT), the leading developer of amorphous alloys and composites, reported results for its third quarter ended September 30, 2018.
Dr. Bruce Bromage, the Company’s Chief Operating Officer, stated that “the third quarter of 2018 showed the Company’s continued execution of our commercialization strategy. Early production orders shipped during the quarter for Amorphous Metal Molding (AMM) and Metal Injection Molding (MIM) customers. In addition, the Company has active development projects with top-tier medical, automotive and consumer products companies, each with potential for volume, multi-year production.”
Dr. Bromage continued that “several projects are underway in collaboration with Yihao Metals, taking advantage of Liquidmetal’s amorphous metals expertise and proximity to US customers to develop parts that can be produced in high volumes in Asia. Liquidmetal and Yihao are working together to improve the cost of commercial AMM machines, alloys and processing methods to open markets globally.”
Q3 2018 Financial Summary
During the third quarter of 2018, the Company generated $253 thousand in revenue through completion of the production tooling portion of commercial orders for both our AMM and MIM platforms. During the third quarter of 2018, we finished validation procedures for the Company’s first eight-cavity mold, highlighting our development efforts and continued emergence as a volume manufacturer.
Cost of goods sold was $884 thousand in Q3 2018 and $87 thousand in Q3 2017. This increase was primarily attributable to markdowns of raw materials inventory, which was slightly offset by improved production throughput.
Selling, marketing, general and administrative expense was $1.4 million in Q3 2018 and $1.7 million in Q3 2017. The decrease is primarily due to slightly lower costs associated with employee compensation, inclusive of non-cash stock-based compensation.
Research and development increased to $601 thousand from $500 thousand in Q3 2017. The increase is mainly due to increases in internal projects related alloy and molding machine development.
Cash and restricted cash totaled $36.4 million at September 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 September 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: 11/06/2018 04:15 PM/DISC: 11/06/2018 04:15 PM