Liquidmetal Technologies Reports First Quarter 2019 Results

Liquidmetal Technologies, Inc., the leading developer of amorphous alloys and composites, reported results for its first quarter ended March 31, 2019. During the first quarter of 2019, the Company generated $223 thousand in revenue through the completion of initial production part runs on our AMM platform and the completion of additional tooling orders on our MIM platform. Cost of goods sold was $179 thousand in Q1 2019 and $81 thousand in Q1 2018. This increase was primarily attributable to higher production part deliveries under recurring orders and lower material costs due to prior year book markdowns of inventory. Selling, marketing, general and administrative expense was $1.4 million in Q1 2019 and $1.6 million in Q1 2018. The decrease is primarily due to slightly lower costs associated with employee compensation, inclusive of non-cash stock-based compensation. Research and development decreased to $489 thousand from $610 thousand in Q1 2018. The decrease is mainly due to a shift to customer support activities as a result of increased production orders. Cash and restricted cash totaled $33.9 million at March 31, 2019, as compared to $35.2 million at December 31, 2018.