Liquidmetal Technologies, Inc. reported significant financial developments for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenue for the third quarter reached $316,000, a substantial increase from $127,000, marking a 148.8% rise. For the nine-month period, revenue rose to $731,000 from $224,000, driven by increased product shipments, particularly in health monitoring rings.
Gross profit for the third quarter was $77,000, up from $38,000, while for the nine months, it increased to $171,000 from $60,000. However, the company reported an operating loss of $832,000 for the third quarter, worsening from a loss of $713,000 in the prior year. For the nine months, the operating loss improved slightly to $(2,368,000) from $(2,460,000).
Net loss for the third quarter was $(440,000), a slight improvement from $(467,000) in 2023. For the nine-month period, the net loss decreased to $(1,014,000) from $(1,763,000). Interest and investment income also rose, totaling $258,000 for the third quarter, compared to $157,000 in 2023, attributed to higher yields on debt securities.
As of September 30, 2024, Liquidmetal's cash and cash equivalents stood at $4,890,000, down from $8,837,000 at the end of 2023. Total current assets decreased to $17,276,000 from $22,795,000, while total assets slightly declined to $31,132,000 from $31,836,000. Shareholders' equity also fell to $29,836,000 from $30,590,000.
The company has made strategic moves, including a First Amendment to a License Agreement with Amorphology Inc. on March 15, 2024, granting a non-exclusive royalty-bearing license for products utilizing Engel injection molding machines. This agreement is expected to enhance revenue through royalties based on Amorphology's sales.
Research and development expenses remained stable, reflecting ongoing investments in Liquidmetal alloys and technology infrastructure. Selling, general, and administrative expenses increased to $2,524,000 for the nine months, representing 345.3% of revenue, up from $2,504,000 (1117.9% of revenue) in the prior year.
Overall, Liquidmetal Technologies is navigating a challenging financial landscape while focusing on product development and strategic partnerships to enhance its market position.
About LIQUIDMETAL TECHNOLOGIES INC
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