Press Release
|
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
"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
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
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
CONSOLIDATED BALANCE SHEETS (in thousands, except par value and share data) |
||||||||
|
|
|
||||||
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 |
|
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) |
||||||||
Years Ended |
||||||||
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 |
|
- |
|
|
1,676 |
|
||
Gain on disposal of long-lived assets |
|
(35 |
) |
|
(11 |
) |
||
Total operating expenses |
|
3,873 |
|
|
8,431 |
|
||
Operating loss |
|
(3,505 |
) |
|
(7,890 |
) |
||
Interest and investment income |
|
378 |
|
|
459 |
|
||
Lease income |
|
484 |
|
|
- |
|
||
Loss before income taxes |
|
(2,643 |
) |
|
(7,431 |
) |
||
Income taxes |
|
- |
|
|
- |
|
||
Net loss |
|
(2,643 |
) |
|
(7,431 |
) |
||
Net loss attributable to non-controlling interest |
|
1 |
|
|
1 |
|
||
Net loss attributable to |
|
(2,642 |
) |
|
(7,430 |
) |
||
Per common share basic and diluted: | ||||||||
Net loss per common share attributable to |
$ | (0.00 | ) | $ | (0.01 | ) | ||
Net loss per common share attributable to |
$ | (0.00 | ) | $ | (0.01 | ) | ||
Number of weighted average shares - basic |
|
914,449,957 |
|
|
914,352,127 |
|
||
Number of weighted average shares - diluted |
|
914,449,957 |
|
|
914,352,127 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210309006007/en/
Bryce Van
Media Relations
949-635-2107
bryce.van@liquidmetal.com
Source: