Press Release
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Management Commentary
Our first quarter 2021 results reflect the completion of the first full year under our restructured operating strategy. During the first quarter, we marked the 100,000th part delivered from our contract manufacturer to support our on-going product development efforts and providing parts to fill customer supply chains. We continue to attract new customers and are working closely with a range of customers from medical device and consumer markets to prototype and evaluate novel part designs for suitability in volume production.
Q1 2021 Financial Summary
During the first quarter of 2021, the Company generated
Cost of goods sold was
Selling, marketing, general and administrative expense was
Research and development expenses were
As of
For a more detailed and complete analysis of the Company’s financial results, please refer to the Company’s
About
Forward-Looking Statement
This press release contains "forward-looking statements," including but not limited to statements regarding the advantages of
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2021 |
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2020 |
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(Unaudited) | (Audited) | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents |
$ |
1,229 |
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$ |
1,514 |
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Restricted cash |
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5 |
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5 |
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Investments in debt securities- short term |
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17,213 |
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14,720 |
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Trade accounts receivable, net of allowance for doubtful accounts |
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54 |
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271 |
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Inventory |
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147 |
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43 |
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Prepaid expenses and other current assets |
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376 |
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465 |
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Total current assets |
$ |
19,024 |
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$ |
17,018 |
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Investments in debt securities- long term |
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10,057 |
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12,768 |
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Property and equipment, net |
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8,534 |
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8,614 |
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Patents and trademarks, net |
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139 |
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158 |
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Other assets |
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266 |
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251 |
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Total assets |
$ |
38,020 |
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$ |
38,809 |
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LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable |
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91 |
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205 |
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Accrued liabilities |
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299 |
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315 |
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Deferred revenue |
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41 |
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- |
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Total current liabilities |
$ |
431 |
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$ |
520 |
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Long-term liabilities | |||||||||||
Other long-term liabilities |
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899 |
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899 |
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Total liabilities |
$ |
1,330 |
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$ |
1,419 |
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Shareholders' equity: | |||||||||||
Preferred Stock, |
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shares authorized; 0 shares issued and outstanding at | |||||||||||
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- |
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- |
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Common stock, |
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and 914,449,957 shares issued and outstanding at |
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and |
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914 |
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914 |
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Warrants |
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18,179 |
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18,179 |
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Additional paid-in capital |
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287,290 |
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287,183 |
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Accumulated deficit |
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(269,617 |
) |
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(268,926 |
) |
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Accumulated other comprehensive income (loss) |
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- |
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116 |
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Non-controlling interest in subsidiary |
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(76 |
) |
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(76 |
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Total shareholders' equity |
$ |
36,690 |
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$ |
37,390 |
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Total liabilities and shareholders' equity |
$ |
38,020 |
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$ |
38,809 |
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For the Three Months
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2021 |
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2020 |
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Revenue | ||||||||||||
Products |
$ |
63 |
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$ |
46 |
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Licensing and royalties |
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9 |
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25 |
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Total revenue |
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72 |
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71 |
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Cost of sales |
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55 |
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36 |
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Gross profit |
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17 |
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35 |
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Operating expenses | ||||||||||||
Selling, marketing, general and administrative |
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879 |
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987 |
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Research and development |
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22 |
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29 |
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Gain on disposal of long-lived assets |
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- |
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(20 |
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Total operating expenses |
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901 |
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996 |
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Operating loss |
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(884 |
) |
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(961 |
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Lease income |
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132 |
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88 |
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Interest and investment income |
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61 |
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127 |
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Loss before income taxes |
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(691 |
) |
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(746 |
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Income taxes |
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- |
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- |
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Net loss |
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(691 |
) |
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(746 |
) |
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Net loss attributable to non-controlling interest |
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- |
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- |
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Net loss attributable to | ||||||||||||
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(691 |
) |
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(746 |
) |
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Per common share basic and diluted: | ||||||||||||
Net loss per common share attributable to |
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Technologies shareholders, basic and diluted |
$ |
(0.00 |
) |
$ |
(0.00 |
) |
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Number of weighted average shares - basic and diluted |
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914,449,957 |
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914,449,957 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20210504006275/en/
Company Contacts:
Bryce Van
Media Relations
949-635-2107
bryce.van@liquidmetal.com
Source: Liquidmetal®