It’s been quite some time since we touched upon Liquidmetal Technologies Inc (OTCMKTS:LQMT), a stock that we covered rather extensively here on Street Register this past spring. The company is a developer of amorphous alloys, which are unique materials that are distinguished by their ability to be injection molded and die cast into high performance applications for a broad range of markets.
Recently, the company’s quarterly report containing operational and financial highlights hit newswires, so we wanted to pass those along to our readers.
During the second quarter of 2017 Liquidmetal Technologies Inc (OTCMKTS:LQMT) received two hot crucible amorphous metal molding machines from its licensing partner Eontec Ltd. These machines allow the production of amorphous alloy parts that are up to three times larger and one-third the cost of established technologies. In addition, the Company continued the build out of its new manufacturing facility which the Company purchased in February of 2017.
“The Company is making significant progress towards expanding its manufacturing capabilities. With the renovation of our state of the art facility nearing completion, we can begin commissioning our manufacturing operations with both our hot and cold crucible amorphous metal molding machines. Exciting times are upon us,” said Professor Li, Chairman and CEO of Liquidmetal.
During the second quarter of 2017, the Company generated revenues of $58 thousand as it continued to focus on the development of prototype and commercial parts for its customers and partnering with licensees on the development of the Company’s technology and production processes.
Selling, marketing, general and administrative expense was $1.4 million in Q2 2017, as compared to $1.8 million in Q2 2016. Research and development expense was $439 thousand in Q2 2017, compared to $623 thousand in Q2 2016. The decreases were primarily due to decreases in employee headcount and incentive compensation.
Cash and restricted cash totaled $45.4 million at June 30, 2017, as compared to $58.9 million at December 31, 2016. The decrease was primarily attributable to 2017 capital expenditures associated with the continued build-out of the Company’s manufacturing capabilities. (Source: OTC Disclosure & New Service)
Additionally, LQMT has officially moved in to its new facility located at 20321 Valencia Circle , Lake Forest, CA 92630.
The Company will be hosting the public during the month of October to showcase its new, state of the art building. In particular, the Company has set aside October 17, 2017 as the date for its “Open House” specifically devoted to shareholders and investors. The Company will have further announcements with more details related to this event.
“The Company has devoted much of 2017 to acquiring and building out its new manufacturing facility. Now that we are here, we are truly excited to share our continuing story as we begin manufacturing operations in our new building. I welcome our partners, shareholders and anyone interested in our technology to come join us in celebration of our accomplishments and to get a glimpse of what the future holds for Liquidmetal,” said Professor Li, Chairman and CEO. (Source: OTC Disclosure & New Service)
More updates on the new facility were promised by the company, and we will await those bulletins eagerly. You can keep track of the story with us. All you need to do is stay locked to Street Register for updates, and we’ll deliver important developments on LQMT as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in LQMT stock, short or long.