LIQUIDMETAL TECHNOLOGIES INC
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 13, 2025
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-13.
0001437749-25-026496
Item 2. – Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001437749-25-034818
Item 2. – Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 69 previous paragraphs and 71 current paragraphs.
46 unchanged; 22 reworded; 3 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
Hangzhou Feifeng Liquidmetal Co., Ltd. Joint Venture
Current report
On July 4, 2025, Liquidmetal Asia Holdings Limited (“Liquidmetal Asia”), a Hong Kong based, our wholly owned subsidiary, entered into a shareholders agreement with Mr. Chong Liu, an individual investor to form a new joint venture company named Hangzhou Feifeng Liquidmetal Co. Ltd., a limited liability company formed under the Peoples Republic of China (the “Joint Venture Company”). The Joint Venture Company was formed for the principal purpose of developing a manufacturing facility in Hangzhou, China for the manufacture of amorphous metal products. The Joint Venture Company will be owned 70% by Liquidmetal Asia and 30% by Mr. Liu and will be capitalized with $6.0 million USD of initial capital, of which $4.2 million has been contributed by Liquidmetal Asia, and $1.8 million will be contributed by Mr. Liu on or before May 25, 2028.
Current report
Comparison of the nine months ended September 30, 2025 and 2024
Removed paragraphs (1)
Previous report
Comparison of the six months ended June 30, 2025 and 2024
Reworded paragraphs (22)
Previous wording
On January 12, 2022, Liquidmetal Technologies entered into a manufacturing agreement (“Manufacturing Agreement”) with Dongguan Yihao Metal Materials Technology Co. Ltd. (“Yihao”) to become the primary contract manufacturer of our products. Under the Manufacturing Agreement, which has a term of five years, Yihao has agreed to serve as a non-exclusive contract manufacturer for amorphous alloy parts offered and sold by the us at prices determined on a “cost-plus” basis. Yihao is an affiliate of Dongguan Eontec Co. Ltd. and Professor Lugee Li, our Chairman and largest beneficial owner of our capital stock.
Current wording
On January 12, 2022, we entered into a manufacturing agreement (“Manufacturing Agreement”) with Dongguan Yihao Metal Materials Technology Co. Ltd. (“Yihao”) to become the primary contract manufacturer of our products. Under the Manufacturing Agreement, which has a term of five years, Yihao has agreed to serve as a non-exclusive contract manufacturer for amorphous alloy parts offered and sold by us at prices determined on a “cost-plus” basis. Yihao is an affiliate of Dongguan Eontec Co. Ltd. and Professor Lugee Li, our Chairman and largest beneficial owner of our capital stock.
Previous wording
Revenue*.* Total revenue increased by $47 to $289 for the three months ended June 30, 2025 from $242 for the three months ended June 30, 2024. The increase was attributable to increase in product shipments primarily related to recurring customer orders and medical device orders.
Current wording
Revenue*.* Total revenue decreased by $279 to $37 for the three months ended September 30, 2025 from $316 for the three months ended September 30, 2024. The decrease was attributable to decrease in product shipments primarily related to recurring customer orders and medical device orders.
Previous wording
Cost of Sales*.* Cost of sales was $212, or 73.4% of total revenue, for the three months ended June 30, 2025, as compared to $187, or 77.3% of total revenue, for the three months ended June 30, 2024. The increase in our cost of sales was primarily driven by lower product revenues during Q2 2024 compared to Q2 2025. Once we are able to sustain and increase shipments of routine, commercial products and parts through our contract manufacturers, we expect our cost of sales percentages to decrease, stabilize, and be more predictable.
Current wording
Cost of Sales*.* Cost of sales was $17, or 45.9% of total revenue, for the three months ended September 30, 2025, as compared to $239, or 75.6% of total revenue, for the three months ended September 30, 2024. The increase in our cost of sales was primarily driven by lower general production revenues and higher mold tooling during Q3 2025 compared to Q3 2024. Once we are able to sustain and increase shipments of routine, commercial products and parts through our contract manufacturers, we expect our cost of sales percentages to decrease, stabilize, and be more predictable.
Previous wording
Gross Profit*.* Our gross profit increased by $22 from $55 for the three months ended June 30, 2024 to $77 for the three months ended June 30, 2025. Our gross margin percentage increased slightly from Q2 2024 to Q2 2025. Our gross profit percentages have fluctuated and may continue to fluctuate based on production volumes and quoted production prices per unit and may not be representative of our future business. If we are able to sustain and increase shipments of routine, commercial products and parts through future orders to third party contract manufacturers, we expect our gross profit percentages to stabilize, increase, and be more predictable.
Current wording
Gross Profit*.* Our gross profit decreased by $57 from $77 for the three months ended September 30, 2024 to $20 for the three months ended September 30, 2025. Our gross margin percentage increased from Q3 2024 to Q3 2025. Our gross profit percentages have fluctuated and may continue to fluctuate based on production volumes and quoted production prices per unit and may not be representative of our future business. If we are able to sustain and increase shipments of routine, commercial products and parts through future orders to third party contract manufacturers, we expect our gross profit percentages to stabilize, increase, and be more predictable.
Previous wording
Selling, marketing, general, and administrative expenses. Selling, marketing, general, and administrative expenses increased by $70 to $927, or 320.8% of revenue, for the three months ended June 30, 2025 from $857, or 354.1% of revenue, for the three months ended June 30, 2024. The increase in expenses was primarily attributable to increase in payroll expenses, a one-time severance payment to an administrative staff, and stock compensation in Q2 2025 compared to Q2 2024.
Current wording
Selling, marketing, general, and administrative expenses. Selling, marketing, general, and administrative expenses increased by $57 to $961, or 2,597.3% of revenue, for the three months ended September 30, 2025 from $904, or 286.1% of revenue, for the three months ended September 30, 2024. The increase in expenses was primarily attributable to increase in payroll expenses, legal fees, travel expenses, and stock compensation in Q3 2025 compared to Q3 2024.
Previous wording
Research and development expenses*.* Research and development expenses remained unchanged at $3, or 1.0% of revenue, for the three months ended June 30, 2025, and $5, or 2.1% of revenue, for the three months ended June 30, 2024. This was primarily due to continuing efforts to perform research and development on new Liquidmetal alloys and related processing capabilities, albeit on a reduced basis.
Current wording
Research and development expenses*.* Research and development expenses remained unchanged at $4, or 10.8% of revenue, for the three months ended September 30, 2025, and $6, or 1.9% of revenue, for the three months ended September 30, 2024. This was primarily due to continuing efforts to perform research and development on new Liquidmetal alloys and related processing capabilities, albeit on a reduced basis.
Previous wording
Investment income*.* Investment income relates to realized gains earned from our investments in debt securities for the respective periods. Investment income was $5 and $34 for the three months ended June 30, 2025 and 2024, respectively. The decrease during the three months ended June 30, 2025 is primarily due to higher overall yields on debt securities as a result of an increase in overall interest rate increases by the government and holding onto debt securities until maturity.
Current wording
Investment income*.* Investment income relates to realized gains earned from our investments in debt securities for the respective periods. Investment income was $25 and $53 for the three months ended September 30, 2025 and 2024, respectively. The decrease during the three months ended September 30, 2025 is primarily due to withdrawals from debt securities.
Previous wording
Interest income*.* Interest income relates to interest earned from our cash deposits and investments in debt securities for the respective periods. Interest income was $160 and $89 for three months ended June 30, 2025 and 2024, respectively. The decrease during the three months ended June 30, 2025 is primarily due to withdrawals from debt securities.
Current wording
Interest income*.* Interest income relates to interest earned from our cash deposits and investments in debt securities for the respective periods. Interest income was $166 and $206 for three months ended September 30, 2025 and 2024, respectively. The decrease during the three months ended September 30, 2025 is primarily due withdrawals from debt securities to fund our new joint venture.
Previous wording
Lease income*.* Lease income relates to straight-line rental income received under the Facility Lease. Such amounts were $160 and $89 for the three months ended June 30, 2025 and 2024, the increase in lease income was due to our tenant signing a new lease agreement with higher base rents.
Current wording
Lease income*.* Lease income relates to straight-line rental income received under the Facility Lease. Such amounts were $196 and $88 for the three months ended September 30, 2025 and 2024, the increase in lease income was due to our tenant signing a new lease agreement with higher base rents.
Previous wording
Net loss*.* Our annual net losses of $525 for the three months ended June 30, 2025 and $260 for the three months ended June 30, 2024 are primarily reflective of operating expenses associated with our on-going business as well as non-operational income, discussed above.
Current wording
Net loss*.* Our annual net losses of $552 for the three months ended September 30, 2025 and $441 for the three months ended September 30, 2024 are primarily reflective of operating expenses associated with our on-going business as well as non-operational income, discussed above.
Previous wording
Revenue*.* Total revenue increased by $156 to $571 for the six months ended June 30, 2025 from $415 for the six months ended June 30, 2024. The increase was attributable to increase in product shipments primarily related to recurring customer orders and medical device orders.
Current wording
Revenue*.* Total revenue decreased by $123 to $608 for the nine months ended September 30, 2025 from $731 for the nine months ended September 30, 2024. The decrease was attributable to a decrease in product shipments primarily related to recurring customer orders and medical device orders.
Previous wording
Cost of Sales*.* Cost of sales was $416, or 72.9% of total revenue, for the six months ended June 30, 2025, as compared to $321, or 77.3% of total revenue, for the six months ended June 30, 2024. The increase in our cost of sales was primarily driven by lower product revenues during Q2 2024 compared to Q2 2025. Once we are able to sustain and increase shipments of routine, commercial products and parts through our contract manufacturers, we expect our cost of sales percentages to decrease, stabilize, and be more predictable.
Current wording
Cost of Sales*.* Cost of sales was $433, or 71.2% of total revenue, for the nine months ended September 30, 2025, as compared to $560, or 76.6% of total revenue, for the nine months ended September 30, 2024. The decreease in our cost of sales was primarily driven by lower production part revenues during Q3 2025 compared to Q3 2024. Once we are able to sustain and increase shipments of routine, commercial products and parts through our contract manufacturers, we expect our cost of sales percentages to decrease, stabilize, and be more predictable.
Previous wording
Gross Profit*.* Our gross profit increased by $61 from $94 for the six months ended June 30, 2024 to $155 for the six months ended June 30, 2025. Our gross margin percentage increased slightly from Q2 2024 to Q2 2025. Our gross profit percentages have fluctuated and may continue to fluctuate based on production volumes and quoted production prices per unit and may not be representative of our future business. If we are able to sustain and increase shipments of routine, commercial products and parts through future orders to third party contract manufacturers, we expect our gross profit percentages to stabilize, increase, and be more predictable.
Current wording
Gross Profit*.* Our gross profit increased by $4 from $171 for the nine months ended September 30, 2024 to $175 for the nine months ended September 30, 2025. Our gross margin percentage increased slightly from Q3 2024 to Q3 2025. Our gross profit percentages have fluctuated and may continue to fluctuate based on production volumes and quoted production prices per unit and may not be representative of our future business. If we are able to sustain and increase shipments of routine, commercial products and parts through future orders to third party contract manufacturers, we expect our gross profit percentages to stabilize, increase, and be more predictable.
Previous wording
Selling, marketing, general, and administrative expenses. Selling, marketing, general, and administrative expenses increased by $282 to $1,902, or 333.1% of revenue, for the six months ended June 30, 2025 from $1,620, or 390.4% of revenue, for the six months ended June 30, 2024. The increase in expenses was primarily attributable to increase in payroll expenses, a one-time severance payment to an administrative staff, and stock compensation in Q2 2025 compared to Q2 2024.
Current wording
Selling, marketing, general, and administrative expenses. Selling, marketing, general, and administrative expenses increased by $339 to $2,863, or 470.9% of revenue, for the nine months ended September 30, 2025 from $2,524, or 345.3% of revenue, for the nine months ended September 30, 2024. The increase in expenses was primarily attributable to increase in payroll expenses, travel expenses, legal fees, and stock compensation in Q3 2025 compared to Q3 2024.
Previous wording
Research and development expenses*.* Research and development expenses remained unchanged at $7, or 1.2% of revenue, for the six months ended June 30, 2025, and $9, or 2.2% of revenue, for the six months ended June 30, 2024. This was primarily due to continuing efforts to perform research and development on new Liquidmetal alloys and related processing capabilities, albeit on a reduced basis.
Current wording
Research and development expenses*.* Research and development expenses remained unchanged at $11, or 1.8% of revenue, for the nine months ended September 30, 2025, and $15, or 2.1% of revenue, for the nine months ended September 30, 2024. This was primarily due to continuing efforts to perform research and development on new Liquidmetal alloys and related processing capabilities, albeit on a reduced basis.
Previous wording
Investment income*.* Investment income relates to realized gains earned from our investments in debt securities for the respective periods. Investment income was $68 and $86 for the six months ended June 30, 2025 and 2024, respectively. The decrease during the six months ended June 30, 2025 is primarily due to higher overall yields on debt securities as a result of an increase in overall interest rate increases by the government and holding onto debt securities until maturity.
Current wording
Investment income*.* Investment income relates to realized gains earned from our investments in debt securities for the respective periods. Investment income was $93 and $139 for the nine months ended September 30, 2025 and 2024, respectively. The decrease during the nine months ended September 30, 2025 is primarily due to withdrawals from debt securities.
Previous wording
Interest income*.* Interest income relates to interest earned from our cash deposits and investments in debt securities for the respective periods. Interest income was $342 and $430 for six months ended June 30, 2025 and 2024, respectively. The decrease during the six months ended June 30, 2025 is primarily due to withdrawals from debt securities.
Current wording
Interest income*.* Interest income relates to interest earned from our cash deposits and investments in debt securities for the respective periods. Interest income was $508 and $636 for nine months ended September 30, 2025 and 2024, respectively. The decrease during the nine months ended September 30, 2025 is primarily due to withdrawals from debt securities to fund our new joint venture.
Previous wording
Lease income*.* Lease income relates to straight-line rental income received under the Facility Lease. Such amounts were $249 and $179 for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Lease income*.* Lease income relates to straight-line rental income received under the Facility Lease. Such amounts were $445 and $267 for the nine months ended September 30, 2025 and 2024, respectively, the increase in lease income was due to our tenant signing a new lease agreement with higher base rents.
Previous wording
Net loss*.* Our annual net losses of $1,093 for the six months ended June 30, 2025 and $574 for the six months ended June 30, 2024 are primarily reflective of operating expenses associated with our on-going business as well as non-operational income, discussed above.
Current wording
Net loss*.* Our annual net losses of $1,645 for the nine months ended September 30, 2025 and $1,015 for the nine months ended September 30, 2024 are primarily reflective of operating expenses associated with our on-going business as well as non-operational income, discussed above.
Previous wording
Cash used in operating activities totaled $579 and $143 for the six months ended June 30, 2025 and 2024, respectively. The cash was primarily used to fund operating expenses related to our business and product development efforts.
Current wording
Cash used in operating activities totaled $1,325 and $135 for the nine months ended September 30, 2025 and 2024, respectively. The cash was primarily used to fund operating expenses related to our business and product development efforts.
Previous wording
Cash provided by investing activities totaled $186 and cash used in investing activities totaled $1,327 for the six months ended June 30, 2025 and 2024, respectively. Investing inflows primarily consist of proceeds from the sale of debt securities. Investing outflows primarily consist of purchases of debt securities.
Current wording
Cash provided by investing activities totaled $3,804 and cash used in investing activities totaled $3,812 for the nine months ended September 30, 2025 and 2024, respectively. Investing inflows primarily consist of proceeds from the sale of debt securities. Investing outflows primarily consist of purchases of debt securities.
Previous wording
However, as of June 30, 2025, we had $5,618 in cash, as well as $16,212 in investments in debt securities. We view this total of $21,830 as readily available sources of liquidity in the event needed to advance our existing strategy, and/or pursue an alternative strategy. As such, we anticipate that our current capital resources, when considering expected losses from operations, will be sufficient to fund our operations for the foreseeable future.
Current wording
However, as of September 30, 2025, we had $8,490 in cash, as well as $12,616 in investments in debt securities. We view this total of $21,106 as readily available sources of liquidity in the event needed to advance our existing strategy, and/or pursue an alternative strategy. As such, we anticipate that our current capital resources, when considering expected losses from operations, will be sufficient to fund our operations for the foreseeable future.