Liquidmetal Technologies Reports Q1 2024 Results

TL;DR

LQMT Q1 2024: $0 revenue, $917M assets. No change.

AI Summary

Liquidmetal Technologies Inc. filed its 10-Q for the period ending March 31, 2024. The company reported no revenue for the first quarter of 2024, similar to the same period in 2023. As of March 31, 2024, the company had total assets of $917,285,149.

Why It Matters

This filing provides insight into Liquidmetal Technologies' financial performance and asset base as of the first quarter of 2024, which is crucial for investors assessing the company's current standing.

Risk Assessment

Risk Level: medium — The company's lack of revenue generation and reliance on asset value presents a significant risk.

Key Numbers

• $917.29M — Total Assets (As of March 31, 2024)
• $0.00 — Revenue (For the three months ended March 31, 2024)
• $0.00 — Revenue (For the three months ended March 31, 2023)

Key Players & Entities

• LIQUIDMETAL TECHNOLOGIES INC (company) — Filer
• 20240331 (date) — Reporting Period End Date
• $917,285,149 (dollar_amount) — Total Assets as of March 31, 2024
• 2023-03-31 (date) — Prior Year Reporting Period End Date

FAQ

Filing Documents

• lqmt20240331_10q.htm (10-Q) — 862KB
• ex_662610.htm (EX-10.1) — 35KB
• ex_662611.htm (EX-10.2) — 35KB
• ex_662612.htm (EX-31.1) — 9KB
• ex_662613.htm (EX-32.1) — 3KB
• 0001437749-24-017655.txt ( ) — 4564KB
• lqmt-20240331.xsd (EX-101.SCH) — 51KB
• lqmt-20240331_cal.xml (EX-101.CAL) — 41KB
• lqmt-20240331_def.xml (EX-101.DEF) — 317KB
• lqmt-20240331_lab.xml (EX-101.LAB) — 262KB
• lqmt-20240331_pre.xml (EX-101.PRE) — 344KB
• lqmt20240331_10q_htm.xml (XML) — 531KB

– Financial Information

PART I – Financial Information

– Financial Statements

Item 1 – Financial Statements 4 Unaudited Consolidated Balance Sheets 4 Unaudited Consolidated Statements of Operations 5 Unaudited Consolidated Statements of Stockholders' Equity 6 Unaudited Consolidated Statements of Comprehensive Income (Loss) 7 Unaudited Consolidated Statements of Cash Flows 8 Notes to Unaudited Consolidated Financial Statements 9

– Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Item 2 – Management ' s Discussion and Analysis of Financial Condition and Results of Operations 18

– Quantitative and Qualitative Disclosures about Market Risk

Item 3 – Quantitative and Qualitative Disclosures about Market Risk 23

– Controls and Procedures

Item 4 – Controls and Procedures 23

– Other Information

PART II – Other Information 24

– Legal Proceedings

Item 1 – Legal Proceedings 24

– Risk Factors

Item 1A – Risk Factors 24

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 24

– Defaults Upon Senior Securities

Item 3 – Defaults Upon Senior Securities 24

– Mine Safety Disclosures

Item 4 – Mine Safety Disclosures 24

– Other Information

Item 5 – Other Information 24

– Exhibits

Item 6 – Exhibits 24

Signatures

Signatures 25 3 Table of Contents PART I FINANCIAL INFORMATION

– Financial Statements

Item 1 – Financial Statements LIQUIDMETAL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) ($ in thousands, except par value and share data) (Unaudited) (Unaudited) March 31, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 9,398 $ 8,837 Restricted cash 5 5 Investments in debt securities- short term 12,344 13,292 Trade accounts receivable, net of allowance for doubtful accounts 184 186 Inventories 25 25 Prepaid expenses and other current assets 375 450 Total current assets 22,331 22,795 Investments in debt securities- long term 1,341 1,098 Property and equipment, net 7,590 7,668 Patents and trademarks, net 48 52 Other assets 183 223 Total assets $ 31,493 $ 31,836 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 113 $ 94 Accrued liabilities 169 244 Deferred revenue - 6 Total current liabilities 282 344 Other long-term liabilities 902 902 Total liabilities 1,184 1,246 Shareholders' equity: Common stock, $ 0.001 par value; 1,100,000,000 shares authorized; 917,285,149 shares issued and outstanding 917 917 Warrants 18,179 18,179 Additional paid-in capital 288,151 288,126 Accumulated deficit ( 277,057 ) ( 276,743 ) Accumulated other comprehensive income 198 190 Non-controlling interest in subsidiary ( 79 ) ( 79 ) Total shareholders' equity 30,309 30,590 Total liabilities and shareholders' equity $ 31,493 $ 31,836 The accompanying notes are an integral part of the consolidated financial statements. 4 Table of Contents LIQUIDMETAL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS ($ in thousands, except share and per share data) (unaudited) (Unaudited) Three Months Ended March 31, 2024 2023 Revenue: Products $ 173 $ 30 Licensing and royalties - - Total revenue 173 30 Cost of sales 134 23 Gross profit 39 7 Operat

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Three Months Ended March 31, 2024 and 2023 (numbers in thousands, except percentages, share and per share data) (unaudited) 1. Description of Business Liquidmetal Technologies, Inc. (the "Company") is a materials technology company that works with manufacturing and commercial partners to develop and commercialize products made from proprietary amorphous alloys. The Company's family of alloys consists of a variety of bulk alloys and composites that utilize the advantages offered by amorphous alloys technology. The Company works with partners to design, develop, and sell products and custom parts from bulk amorphous alloys for sale in a wide range of industries. The Company also partners with third -party manufacturers and licensees to develop and commercialize Liquidmetal alloy products. Amorphous alloys are, in general, unique materials that are distinguished by their ability to retain a random atomic structure when they solidify, in contrast to the crystalline atomic structure that forms in other metals and alloys when they solidify. Liquidmetal alloys are proprietary amorphous alloys that possess a combination of performance, processing, and potential cost advantages that the Company believes will make them preferable to other materials in a variety of applications. The amorphous atomic structure of bulk alloys enables them to overcome certain performance limitations caused by inherent weaknesses in crystalline atomic structures, thus facilitating performance and processing characteristics superior in many ways to those of their crystalline counterparts. The Company believes that the alloys and the molding technologies it employs may result in components, for many applications, that exhibit: exceptional dimensional control and repeatability that rivals precision machining, excellent corrosion resistance, brilliant surface finish, high strength, high hardness, high elastic limit, alloys that are non-magne

View Full Filing

View this 10-Q filing on SEC EDGAR