Press Release
|
Management Commentary
Our operating results for the second quarter reflect operations related to the development and manufacturing of amorphous products, prior to our announcement of our Restructuring Plan. Since then, we have received orders from all current customers to produce buffer inventories to sustain them through our transition to outsourced manufacturing. The majority of these buffer orders are scheduled to be completed by the end of the third quarter, with final shipments being made from our facility early in the fourth quarter. There is strong customer interest in new development projects with
In addition, we are executing the remaining aspects of the Restructuring Plan, including the sale or disposal of equipment and developing potential sources for domestic manufacturing. The major aspects of the Plan are on track to be completed on the same timeline as our remaining customer commitments from the facility. As manufacturing operations will continue in our
Q2 2019 Financial Summary
During the second quarter of 2019, the Company generated
Selling, marketing, general and administrative expense was
Research and development expense was
Asset impairment charges of
Cash and restricted cash totaled
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
LIQUIDMETAL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except par value and share data) |
||||||||
June 30, |
December 31, |
|||||||
2019 |
2018 |
|||||||
(Unaudited) |
||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash |
$ |
32,195 |
|
$ |
35,229 |
|
||
Restricted cash |
|
5 |
|
|
5 |
|
||
Trade accounts receivable |
|
80 |
|
|
120 |
|
||
Inventory |
|
87 |
|
|
31 |
|
||
Prepaid expenses and other current assets |
|
200 |
|
|
363 |
|
||
Total current assets |
$ |
32,567 |
|
$ |
35,748 |
|
||
Property and equipment, net |
|
10,158 |
|
|
11,767 |
|
||
Patents and trademarks, net |
|
280 |
|
|
322 |
|
||
Other assets |
|
14 |
|
|
14 |
|
||
Total assets |
$ |
43,019 |
|
$ |
47,851 |
|
||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable |
$ |
93 |
|
$ |
253 |
|
||
Accrued liabilities |
|
228 |
|
|
270 |
|
||
Deferred revenue |
|
37 |
|
|
31 |
|
||
Total current liabilities |
$ |
358 |
|
$ |
554 |
|
||
Long-term liabilities: | ||||||||
Other long-term liabilities |
|
856 |
|
|
856 |
|
||
Total liabilities |
$ |
1,214 |
|
$ |
1,410 |
|
||
Shareholders' equity: | ||||||||
Preferred Stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively |
|
- |
|
|
- |
|
||
Common stock, $0.001 par value; 1,100,000,000 shares authorized; 914,359,124 and 914,206,832 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively |
|
914 |
|
|
914 |
|
||
Warrants |
|
18,179 |
|
|
18,179 |
|
||
Additional paid-in capital |
|
286,632 |
|
|
286,276 |
|
||
Accumulated deficit |
|
(263,845 |
) |
|
(258,854 |
) |
||
Non-controlling interest in subsidiary |
|
(75 |
) |
|
(74 |
) |
||
Total shareholders' equity |
$ |
41,805 |
|
$ |
46,441 |
|
||
Total liabilities and shareholders' equity |
$ |
43,019 |
|
$ |
47,851 |
|
LIQUIDMETAL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except share and per share data) (unaudited) |
||||||||||||||||
For the Three Months Ended |
|
For the Six Months Ended |
||||||||||||||
June 30, |
|
June 30, |
||||||||||||||
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||||
Revenue | ||||||||||||||||
Products |
$ |
132 |
|
$ |
55 |
|
$ |
355 |
|
$ |
135 |
|
||||
Licensing and royalties |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||
Total revenue |
|
132 |
|
|
55 |
|
|
355 |
|
|
135 |
|
||||
Cost of sales |
|
103 |
|
|
61 |
|
|
282 |
|
|
142 |
|
||||
Gross profit (loss) |
|
29 |
|
|
(6 |
) |
|
73 |
|
|
(7 |
) |
||||
Operating expenses | ||||||||||||||||
Selling, marketing, general and administrative |
|
1,275 |
|
|
1,527 |
|
|
2,708 |
|
|
3,112 |
|
||||
Research and development |
|
406 |
|
|
644 |
|
|
895 |
|
|
1,254 |
|
||||
Impairment of long-lived assets |
|
1,676 |
|
|
- |
|
|
1,676 |
|
|
- |
|
||||
Loss on disposal of fixed assets |
|
5 |
|
|
- |
|
|
5 |
|
|
- |
|
||||
Total operating expenses |
|
3,362 |
|
|
2,171 |
|
|
5,284 |
|
|
4,366 |
|
||||
Operating loss |
|
(3,333 |
) |
|
(2,177 |
) |
|
(5,211 |
) |
|
(4,373 |
) |
||||
Interest income |
|
109 |
|
|
35 |
|
|
219 |
|
|
68 |
|
||||
Net loss and comprehensive loss |
|
(3,224 |
) |
|
(2,142 |
) |
|
(4,992 |
) |
|
(4,305 |
) |
||||
Net loss attributable to non-controlling interest |
|
1 |
|
|
- |
|
|
1 |
|
|
- |
|
||||
Net loss and comprehensive loss attributable to Liquidmetal Technologies shareholders |
$ |
(3,223 |
) |
$ |
(2,142 |
) |
$ |
(4,991 |
) |
$ |
(4,305 |
) |
||||
Net loss per common share attributable to Liquidmetal Technologies shareholders, basic and diluted |
$ |
(0.00 |
) |
$ |
(0.00 |
) |
$ |
(0.01 |
) |
$ |
(0.00 |
) |
||||
Number of weighted average shares - basic and diluted |
|
914,359,124 |
|
|
909,213,870 |
|
|
914,319,575 |
|
|
909,063,156 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20190816005444/en/
Source:
Bryce Van
Media Relations
Liquidmetal Technologies, Inc.
949-635-2107
bryce.van@liquidmetal.com