A specialized developer of high-performance liquid metal alloys targeting next-generation consumer electronics and aerospace applications with a strong focus on material innovation.
Investors might consider this stock for exposure to a high-growth potential material science niche with proprietary IP valued at $14.3M in long-term assets. The company's ability to generate $870k in interest income suggests strong cash reserves relative to its current liability structure, providing a runway for strategic pivots. If the liquid metal technology gains widespread adoption in premium electronics, the current low revenue base could expand rapidly into multi-million dollar streams.
The company faces existential risk given its consistent net losses and inability to achieve profitability over the last five years with revenues barely exceeding $1M. A massive retained earnings deficit of -$278.3M combined with negative operating cash flow indicates a severe liquidity crisis that could lead to bankruptcy without new equity financing. The lack of meaningful revenue growth and high operating expenses relative to sales suggest management may be unable to execute a turnaround strategy.
Liquidmetal Technologies Inc. specializes in developing advanced liquid metal alloys primarily for consumer electronics, aerospace, and automotive industries. The company leverages its proprietary metallurgical processes to create durable, lightweight, and aesthetically unique materials that enhance product design and functionality. While currently operating on a low revenue base under $1M, the firm maintains significant long-term assets indicating substantial intellectual property and manufacturing capabilities.
Despite a slight improvement in net loss from -$2.4M in 2022 to -$1.5M in 2024, the company continues to burn cash with operating expenses significantly outpacing revenue generation. The reduction in accounts receivable by $97k and increase in inventory by $45k indicate shifting working capital dynamics that require close monitoring as sales volume remains under $1M. Heavy reliance on non-operating income of $1.8M, largely from interest, masks the fundamental weakness in core business operations.
The advanced materials industry is rapidly evolving as consumer electronics manufacturers seek lighter, more durable, and heat-resistant components to meet increasing device complexity. Companies specializing in proprietary alloys face intense competition from established metal suppliers and emerging composite material technologies that offer similar benefits at lower costs. Success in this sector requires continuous R&D investment and strategic partnerships with major tech giants to integrate materials into mass-market product lines.
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | $383.0K | $510.0K | $860.0K |
| Cost of Revenue | $316.0K | $361.0K | $643.0K |
| Gross Profit | $67.0K | $149.0K | $217.0K |
| Operating Expenses | $3.1M | $3.2M | $3.5M |
| Operating Income | $-3.1M | $-3.1M | $-3.3M |
| R&D | $55.0K | $20.0K | $19.0K |
| G&A | $3.1M | $3.2M | $3.5M |
| Stock-Based Comp | $163.0K | $113.0K | $144.0K |
| D&A | $344.0K | $335.0K | $327.0K |
| Depreciation | $315.0K | $335.0K | — |
| Amortization | $29.0K | $21.0K | $17.0K |
| Other OpEx | $0 | $0 | $0 |
| Non-Operating Income | $658.0K | $1.0M | $1.8M |
| Interest Income | — | — | $870.0K |
| Pre-Tax Income | $-2.4M | $-2.0M | $-1.5M |
| Income Tax | $0 | $0 | $0 |
| Continuing Ops | $-2.4M | $-2.0M | $-1.5M |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $-2.4M | $-2.0M | $-1.5M |
| Minority Interest | $-1.0K | $-1.0K | $-1.0K |
| Net to Common | $-2.4M | $-2.0M | $-1.5M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Current Assets | $19.3M | $22.8M | $16.1M |
| Cash & Equivalents | $2.3M | $8.8M | $6.0M |
| Accounts Receivable | $24.0K | $186.0K | $89.0K |
| Inventory | $25.0K | $25.0K | $70.0K |
| Prepaid Expenses | $525.0K | $450.0K | $494.0K |
| Other Current Assets | $16.4M | $13.3M | $9.5M |
| Long-Term Assets | $14.1M | $9.0M | $14.3M |
| PP&E (Net) | $8.0M | $7.7M | $7.4M |
| Intangibles | $73.0K | $52.0K | $35.0K |
| Other LT Assets | $6.0M | $1.3M | $6.9M |
| Total Assets | $33.3M | $31.8M | $30.4M |
| Current Liabilities | $394.0K | $344.0K | $1.3M |
| Accounts Payable | $88.0K | $94.0K | $153.0K |
| Deferred Revenue | $41.0K | $6.0K | $0 |
| Other Current Liab | $0 | $0 | $902.0K |
| Long-Term Liabilities | $902.0K | $902.0K | $0 |
| Total Liabilities | $1.3M | $1.2M | $1.3M |
| Shareholders' Equity | $32.0M | $30.6M | $29.1M |
| Paid-In Capital | $288.0M | $288.1M | $288.3M |
| Retained Earnings | $-274.7M | $-276.7M | $-278.3M |
| AOCI | $-296.0K | $190.0K | $107.0K |
| Total L&E | $33.3M | $31.8M | $30.4M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income (CFO) | $-2.4M | $-2.0M | $-1.5M |
| Non-Cash Adjustments | $707.0K | $830.0K | $556.0K |
| Working Capital Changes | $-89.0K | $-95.0K | $-202.0K |
| Cash from Operations | $-1.8M | $-1.3M | $-1.2M |
| Cash from Investing | $-258.0K | $7.9M | $-1.7M |
| Cash from Financing | $212.0K | $0 | $0 |
| FX Effect | $0 | $0 | $0 |
| Net Change in Cash | $-1.8M | $6.6M | $-2.8M |
| Beginning Cash | $4.1M | $2.3M | $8.8M |
| Ending Cash | $2.3M | $8.8M | $6.0M |
The company's revenue is driven by its proprietary Liquidmetal alloy technology sold to OEMs in the consumer electronics sector, complemented by niche contracts within the aerospace and automotive industries for lightweighting and durability. Intellectual property licensing related to their unique metallurgical processes represents a secondary revenue stream. Other miscellaneous operating expenses suggest potential small-scale contract manufacturing or R&D partnerships.
Severe negative operating cash flow of -$1.2M and net loss of -$1.5M highlight an inability to sustain operations without external capital or significant revenue scaling. A substantial retained earnings deficit of -$278.3M suggests a long history of losses that could impact solvency if financing dries up. Revenue growth has been minimal with only $0.9M recorded in 2024, raising concerns about market penetration and commercial viability.
Proprietary liquid metal alloy technology that offers superior scratch resistance, heat dissipation, and aesthetic appeal compared to traditional plastics or metals. Significant long-term assets of $14.3M indicate a robust patent portfolio and specialized manufacturing infrastructure that creates high barriers to entry for competitors. Strong interest income generation from cash balances demonstrates effective treasury management despite current operational losses.
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