Liquidmetal® Technologies, Inc. (OTCQB: LQMT), the
leading developer of amorphous alloys and composites, reported
results for the quarter ended September 30, 2014.
Q3 2014 Operational Highlights
During the third quarter of 2014, the Company opened its
Manufacturing Center of Excellence, which encompasses a fully
functional, automated production cell to make Liquidmetal parts.
The Manufacturing Center of Excellence represents a significant
investment by the Company and will be the core of the Company’s
manufacturing efforts during the coming years.
Management Commentary
“We completed training for our Manufacturing Sales
Representatives, hosted customers, and conducted our 2014
Shareholder meeting in the newly opened Manufacturing Center of
Excellence,” commented Tom Steipp, CEO. “We also accepted our first
order for a prototype to be completely produced in our own
facility, representing significant progress in our transition to a
fully functional manufacturing facility.”
Q3 2014 Financial Summary
In Q3 2014, the company generated revenues of $97 thousand as it
continued to focus on the development 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 $1.8
million compared to $1.2 million in Q3 2013. The increase was
primarily due to additional compensation expenses associated with
new personnel to support our sales and marketing efforts.
Research and development expense was $498,000 compared to
$368,000 in Q3 2013.
Cash totaled $11.9 million at September 30, 2014, as compared to
$2.1 million at December 31, 2013.
Conference Call
Liquidmetal Technologies management will hold a conference call
later today (November 12, 2014) to discuss these results. The
Company’s President and CEO Tom Steipp and CFO Tony Chung will host
the call starting at 4:30 p.m. Eastern time. A question and answer
session will follow management’s presentation.
Date: Wednesday, November 12, 2014Time: 4:30
p.m. Eastern time (1:30 p.m. Pacific time)Dial-In Number:
1-800-533-7954International: 1-785-830-1924Conference ID:
1822895
The conference call will be broadcast simultaneously and
available for replay via the investor section of the Company’s
website at www.liquidmetal.com.
Please call the conference telephone number 5-10 minutes prior
to the start time. An operator will register your name and
organization.
A replay of the call will be available after 7:30 p.m. Eastern
time on the same day through November 19, 2014.
Toll-Free Replay Number:
1-888-203-1112International Replay Number: 1-719-457-0820Replay PIN
Number: 1822895
About Liquidmetal Technologies
Rancho Santa Margarita, California-based Liquidmetal
Technologies, Inc. is the leading developer of bulk alloys and
composites that utilize the performance advantages offered by
amorphous alloy technology. Amorphous alloys are unique materials
that are distinguished by their ability to retain a random
structure when they solidify, in contrast to the crystalline atomic
structure that forms in ordinary metals and alloys. Liquidmetal
Technologies is the first company to produce amorphous alloys in
commercially viable bulk form, enabling significant improvements in
products across a wide array of industries. For more information,
go to www.liquidmetal.com.
Forward-Looking Statement
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 2013 Annual Report on Form 10-K.
Liquidmetal Technologies Balance Sheet
September 30,
December 31, 2014
2013 (Unaudited) (Audited)
ASSETS
Current assets:
Cash $ 11,902 $ 2,062 Trade accounts receivable, net of allowance
for doubtful accounts 63 215 Prepaid expenses and other current
assets 421 412
Total current
assets $ 12,386 $ 2,689 Property and equipment, net 1,101 249
Patents and trademarks, net 695 764 Other assets 28
401
Total assets $ 14,210 $ 4,103
LIABILITIES AND
STOCKHOLDERS' DEFICIT
Current liabilities: Accounts payable 275 361 Accrued
liabilities 689 710 Deferred revenue 60 - Convertible notes, net of
debt discount - - Embedded conversion feature liabilities on
convertible notes - -
Total current
liabilities $ 1,024 $ 1,071 Long-term liabilities:
Warrant liabilities 4,981 4,921 Other long-term liabilities
856 856
Total liabilities $ 6,861 $
6,848 Stockholders' equity (deficit):
Preferred Stock, $0.001 par value;
10,000,000 shares authorized; 0 shares issued and outstanding at
September 30, 2014 and December 31, 2013.
- -
Common stock, $0.001 par value;
700,000,000 shares authorized at September 30, 2014 and December
31, 2013; 464,482,819 and 375,707,190 shares issued and outstanding
at September 30, 2014 and December 31, 2013, respectively
464 376 Warrants 18,179 18,179 Additional paid-in capital 200,277
182,832 Accumulated deficit (211,519 ) (204,090 ) Non-controlling
interest in subsidiary (52 ) (42 )
Total
stockholders' equity (deficit) 7,349 (2,745 )
Total liabilities and stockholders' equity (deficit) $
14,210 $ 4,103 Working Capital (Deficit):
11,362 1,618
Liquidmetal Technologies
Statement of Income For the
Three Months For the Nine Months
Ended September
30,
Ended September
30,
2014
2013
2014
2013
Revenue Products $ 97 $ 456 $ 374 $ 721 Licensing and
royalties - - 36 7
Total revenue 97 456 410 728 Cost of sales
85 396 300 589
Gross profit 12 60 110 139 Operating expenses
Selling, marketing, general and administrative 1,847 1,213 5,719
3,735 Research and development 498 368
1,224 829
Total operating
expenses 2,345 1,581 6,943
4,564
Operating loss (2,333 ) (1,521 )
(6,833 ) (4,425 ) Change in value of warrants, gain (loss)
1,595 (2,511 ) (276 ) (1,715 )
Change in value of embedded conversion
feature liabilities, gain (loss)
- (2,435 ) - 621 Debt discount amortization expense (321 ) (361 )
(373 ) (6,504 ) Interest expense - (21 ) - (242 ) Interest and
other income 41 1 43 5 Gain on extinguishment of debt (Note 7)
- 91 - 91
Net loss (1,018 ) (6,757 ) (7,439 ) (12,169 )
Net loss attributable to non-controlling interest 2
32 10 40
Net loss and comprehensive loss
attributable to Liquidmetal Technologies shareholders
$ (1,016 ) $ (6,725 ) $ (7,429 ) $ (12,129 )
Net loss per common share attributable
to Liquidmetal Technologies shareholders, basic and diluted
$ (0.00 ) $ (0.02 ) $ (0.02 ) $ (0.04 )
Number of
weighted average shares - basic and diluted 464,269,486
372,840,523 433,757,751
330,329,312
Liquidmetal Technologies, Inc.Otis Buchanan, 949-635-2120Media
Relationsotis.buchanan@liquidmetal.com
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