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Liquidmetal Technologies Reports First Quarter 2021 Results

Liquidmetal® Technologies, Inc. (OTCQB: LQMT), a leading authority on commercial applications of amorphous alloys, reported results for the quarter ended March 31, 2021.

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 $72 thousand in revenue through a combination of initial part deliveries for new application development initiatives and royalty revenues under existing contracts.

Cost of goods sold was $55 thousand in Q1 2021 and $36 thousand in Q1 2020. This increase was primarily attributable to pricing variations for application development projects from our contract manufacturer.

Selling, marketing, general and administrative expense was $0.9 million in Q1 2021 and $1.0 million in Q1 2020. The decrease in expenses was attributable to overall lower costs for employee compensation due to continued headcount reductions associated with the 2019 Restructuring Plan.

Research and development expenses were $22 thousand and $29 thousand in Q1 2021 and Q1 2020, respectively. Expenses continue to remain low due to a significant decrease in internal development initiatives, in accordance with the 2019 Restructuring Plan.

As of March 31, 2021, the Company had $1.2 million in cash and cash equivalents and restricted cash, as well as $27.3 million in investments in debt securities. Those readily available sources of liquidity are accessible to advance the Company’s existing strategy, and/or the pursuit of an alternative strategy.

For a more detailed and complete analysis of the Company’s financial results, please refer to the Company’s March 31, 2021 Form 10-Q, which was filed earlier today.

About Liquidmetal Technologies

Lake Forest, California-based Liquidmetal Technologies, Inc. is a leading authority and developer 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.

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 2020 Annual Report on Form 10-K.

LIQUIDMETAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except par value and share data)

March 31,

December 31,

2021

2020

(Unaudited)(Audited)
ASSETS
 
Current assets:
Cash and cash equivalents

$

1,229

$

1,514

Restricted cash

5

5

Investments in debt securities- short term

17,213

14,720

Trade accounts receivable, net of allowance for doubtful accounts

54

271

Inventory

147

43

Prepaid expenses and other current assets

376

465

Total current assets

$

19,024

$

17,018

Investments in debt securities- long term

10,057

12,768

Property and equipment, net

8,534

8,614

Patents and trademarks, net

139

158

Other assets

266

251

Total assets

$

38,020

$

38,809

 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
Current liabilities:
Accounts payable

91

205

Accrued liabilities

299

315

Deferred revenue

41

-

Total current liabilities

$

431

$

520

 
Long-term liabilities
Other long-term liabilities

899

899

Total liabilities

$

1,330

$

1,419

 
Shareholders' equity:
Preferred Stock, $0.001 par value; 10,000,000
shares authorized; 0 shares issued and outstanding at
March 31, 2021 and December 31, 2020, respectively

-

-

Common stock, $0.001 par value; 1,100,000,000 shares authorized; 914,449,957
and 914,449,957 shares issued and outstanding at March 31, 2021
and December 31, 2020, respectively

914

914

Warrants

18,179

18,179

Additional paid-in capital

287,290

287,183

Accumulated deficit

(269,617

)

(268,926

)

Accumulated other comprehensive income (loss)

-

116

Non-controlling interest in subsidiary

(76

)

(76

)

Total shareholders' equity

$

36,690

$

37,390

 
Total liabilities and shareholders' equity

$

38,020

$

38,809

 

LIQUIDMETAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)

For the Three Months
Ended March 31,

2021

2020

 
Revenue
Products

$

63

$

46

Licensing and royalties

9

25

Total revenue

72

71

 
Cost of sales

55

36

Gross profit

17

35

 
Operating expenses
Selling, marketing, general and administrative

879

987

Research and development

22

29

Gain on disposal of long-lived assets

-

(20

)

Total operating expenses

901

996

Operating loss

(884

)

(961

)

 
Lease income

132

88

Interest and investment income

61

127

 
Loss before income taxes

(691

)

(746

)

 
Income taxes

-

-

 
Net loss

(691

)

(746

)

 
Net loss attributable to non-controlling interest

-

-

Net loss attributable to
Liquidmetal Technologies shareholders

(691

)

(746

)

 
 
Per common share basic and diluted:
 
Net loss per common share attributable to Liquidmetal
Technologies shareholders, basic and diluted

$

(0.00

)

$

(0.00

)

 
Number of weighted average shares - basic and diluted

914,449,957

914,449,957

Contacts:

Company Contacts:
Bryce Van
Media Relations
Liquidmetal Technologies, Inc.
949-635-2107
bryce.van@liquidmetal.com

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