Liquidmetal Technologies Inc (OTCMKTS:LQMT), the leading developer firm of amorphous alloys, posted results for third quarter closed September 30, 2016.
On October 26, 2016, the firm issued and sold 300 million shares of its common stock for a total buy price of $55 million, containing 200 million shares priced at $0.15 per share while 100 million shares were priced at $0.25 per share to the Investor group to the Securities Purchase Agreement executed in this March. Following this completion, the Investor has completed investment of $63.4 million in the company as planned by the 2016 Purchase Agreement.
Financial summary
In 3Q2016, Liquidmetal Technologies posted $154,000 in revenues as it continued to focus on the formulation of prototype and commercial parts for consumers and partnering with licensees on the progression of the firm’s production processes and technology. Selling, marketing, general & administrative cost was $1.7 million in posted period versus $1.8 million in 3Q2015. Research and development cost was $548,000 in 3Q2016 versus $491,000 in 3Q2015. C
Operating loss came at $2,238 and $7,171 for the quarter and nine months closed September 30, 2016, correspondingly. This compares to $2,372 and $7,139 operating loss posted in the quarter and nine months closed September 30, 2015, correspondingly. Fluctuations in their operating loss are mainly attributable to differences in operating expenses.
Liquidmetal Technologies continue to invest in their technology infrastructure to advance the adoption of their technology, but they have witnessed long sales lead times for client adoption of their technology. Until then they can either increase overall revenues with shipments of commercial products and modules through a combination of their third party contract manufacturers or manufacturing center, or acquire considerable licensing revenues, they anticipate to continue to record operating losses for the imminent future.
