LIQUIDMETAL TECHNOLOGIES INC
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
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.
Jun 30, 2026 · Filed Aug 6, 2026
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001437749-26-015930
Item 2. – Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001437749-26-026257
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 60 previous paragraphs and 71 current paragraphs.
44 unchanged; 13 reworded; 4 added; 2 removed; 1 previous and 10 current paragraphs rearranged.
Tables are not compared: 2 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 (4)
Current report
Comparison of the six months ended June 30, 2026 and 2025
Current report
Revenue and operating expenses
Current report
Non-operational income and expenses
Current report
Cash provided by investing activities
Removed paragraphs (2)
Previous report
Liquidmetal Golf License
Previous report
Cash provided by (used in) investing activities
Reworded paragraphs (13)
Previous wording
Our revenues are derived from i) selling our bulk amorphous alloy custom products and parts for applications which include, but are not limited to, non-consumer electronic devices, medical products, automotive components, and sports and leisure goods; ii) selling tooling and prototype parts such as demonstration parts and test samples for customers with products in development; and iii) product licensing and royalty revenue.
Current wording
Our revenues are derived from i) selling our bulk amorphous alloy custom products and parts for applications which include, but are not limited to, non-consumer electronic devices, robotic components, medical products, automotive components, and sports and leisure goods; ii) selling tooling and prototype parts such as demonstration parts and test samples for customers with products in development; and iii) product licensing and royalty revenue.
Previous wording
Revenue*.* Total revenue decreased by $26 to $256 for the three months ended March 31, 2026 from $282 for the three months ended March 31, 2025. The decrease was attributable to decrease in product shipments primarily related to recurring customer orders and medical device orders.
Current wording
Revenue*.* Total revenue decreased by $93 to $196 for the three months ended June 30, 2026 from $289 for the three months ended June 30, 2025. 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 $179, or 69.9% of total revenue, for the three months ended March 31, 2026, as compared to $204, or 72.3% of total revenue, for the three months ended March 31, 2025. The decrease in our cost of sales was primarily driven by lower product revenues during Q1 2026 compared to Q1 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 $107, or 54.6% of total revenue, for the three months ended June 30, 2026, as compared to $212, or 73.4% of total revenue, for the three months ended June 30, 2025. The decrease in our cost of sales was primarily driven by lower costs of tariffs during Q2 2026 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.
Previous wording
Gross Profit*.* Our gross profit decreased by $1 from $78 for the three months ended March 31, 2025 to $77 for the three months ended March 31, 2026. Our gross margin percentage increased slightly from Q1 2025 to Q1 2026. 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 $12 from $77 for the three months ended June 30, 2025 to $89 for the three months ended June 30, 2026. Our gross margin percentage increased slightly from Q2 2025 to Q2 2026. 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
Research and development expenses*.* Research and development expenses decreased to $3, or 1.2% of revenue, for the three months ended March 31, 2026, and $4, or 1.4% of revenue, for the three months ended March 31, 2025. 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 increased to $4, or 2.0% of revenue, for the three months ended June 30, 2026, and $3, or 1.0% of revenue, for the three months ended June 30, 2025. 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
Interest income*.* Interest income relates to interest earned from our cash deposits and investments in debt securities for the respective periods. Interest income was $137 and $179 for the three months ended March 31, 2026 and 2025, respectively. The decrease during the three months ended March 31, 2026 is primarily due to withdrawals from debt securities to fund our new joint venture.
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 $114 and $163 for the three months ended June 30, 2026 and 2025, respectively. The decrease during the three months ended June 30, 2026 is primarily due to withdrawals from debt securities to fund our new joint venture and operations.
Previous wording
Lease income*.* Lease income relates to straight-line rental income received under the Facility Lease. Such amounts were $196 and $89 for the three months ended March 31, 2026 and 2025, respectively. The increase during the three months ended March 31, 2026 was primarily due to amendment of the Facility Lease on May 1, 2025 and the related increase in leased square footage.
Current wording
Lease income*.* Lease income relates to straight-line rental income received under the Facility Lease. Such amounts were $196 and $160 for the three months ended June 30, 2026 and 2025, respectively. The increase during the three months ended June 30, 2026 was primarily due to amendment of the Facility Lease on May 1, 2025 and the related increase in leased square footage.
Previous wording
Net loss*.* Our annual net losses of $765 for the three months ended March 31, 2026 and $568 for the three months ended March 31, 2025 are primarily reflective of operating expenses associated with our on-going business as well as non-operational income, discussed above. Inventory was $0 as of March 31, 2026, as all inventory had been shipped before period end.
Current wording
Net loss*.* Our annual net losses of $841 for the three months ended June 30, 2026 and $525 for the three months ended June 30, 2025 are primarily reflective of operating expenses associated with our on-going business as well as non-operational income, discussed above.
Previous wording
Selling, marketing, general, and administrative expenses. Selling, marketing, general, and administrative expenses increased by $237 to $1,212, or 473.4% of revenue, for the three months ended March 31, 2026 from $975, or 345.7% of revenue, for the three months ended March 31, 2025. The increase in expenses was primarily attributable to increase in payroll expenses and expenses related to our factory build out in China in Q1 2026 compared to Q1 2025. Stock Based compensation decreased by $16 to $38 for the three months ended March 31, 2026 from $54 for the three months ended March 31, 2025. The decrease was attributable to no new stock option issuances in the current quarter.
Current wording
Selling, marketing, general, and administrative expenses. Selling, marketing, general, and administrative expenses increased by $581 to $2,482, or 549.1% of revenue, for the six months ended June 30, 2026 from $1,901, or 332.9% of revenue, for the six months ended June 30, 2025. The increase in expenses was primarily attributable to increase in payroll expenses and expenses related to our factory build out in China in Q2 2026 compared to Q2 2025. Stock Based compensation decreased by $16 to $71 for the six months ended June 30, 2026 from $87 for the six months ended June 30, 2025. The decrease was attributable to no new stock option issuances in the current period.
Previous wording
Investment income*.* Investment income relates to realized gains earned from our investments in debt securities for the respective periods. Investment income was $10 and $63 for the three months ended March 31, 2026 and 2025, respectively. The decrease during the three months ended March 31, 2026 is primarily due to withdrawals from debt securities.
Current wording
Investment income*.* Investment income relates to realized gains earned from our investments in debt securities for the respective periods. Investment income was $45 and $68 for the six months ended June 30, 2026 and 2025, respectively. The decrease during the six months ended June 30, 2026 is primarily due to withdrawals from debt securities.
Previous wording
Cash used in operating activities totaled $226 and $299 for the three months ended March 31, 2026 and 2025, 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 $419 and $579 for the six months ended June 30, 2026 and 2025, 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 $466 and cash used in $812 for the three months ended March 31, 2026 and 2025, respectively. Investing inflows primarily consist of proceeds from the sale of debt securities. Investing outflows primarily consist of purchases of debt securities and purchases of fixed assets for our factory in China
Current wording
Cash provided by investing activities totaled $1,521 and $186 for the six months ended June 30, 2026 and 2025, respectively. Investing inflows primarily consist of proceeds from the sale of debt securities. Investing outflows primarily consist of purchases of debt securities and purchases of fixed assets for our factory in China
Previous wording
However, as of March 31, 2026, we had $7,404 in cash and restricted cash, as well as $11,757 in investments in debt securities. We view this total of $19,161 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. Accordingly, we have concluded that there is no substantial doubt about the Company’s ability to continue as a going concern.
Current wording
However, as of June 30, 2026, we had $8,266 in cash and restricted cash, as well as $10,581 in investments in debt securities. We view this total of $18,847 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. Accordingly, we have concluded that there is no substantial doubt about the Company’s ability to continue as a going concern.
Rearranged current paragraphs (10)
Current report — wording carried from elsewhere
Selling, marketing, general, and administrative expenses. Selling, marketing, general, and administrative expenses increased by $344 to $1,270, or 648.0% of revenue, for the three months ended June 30, 2026 from $926, or 320.4% of revenue, for the three months ended June 30, 2025. The increase in expenses was primarily attributable to increase in payroll expenses and expenses related to our factory build out in China in Q2 2026 compared to Q2 2025. Stock Based compensation was $33 for the three months ended June 30, 2026 and $33 for the three months ended June 30, 2025.
Current report — wording carried from elsewhere
Investment income*.* Investment income relates to realized gains earned from our investments in debt securities for the respective periods. Investment income was $35 and $5 for the three months ended June 30, 2026 and 2025, respectively. The increase during the three months ended June 30, 2026 is primarily due to increased income from investing activities.
Current report — wording carried from elsewhere
Revenue*.* Total revenue decreased by $119 to $452 for the six months ended June 30, 2026 from $571 for the six months ended June 30, 2025. The decrease was attributable to decrease in product shipments primarily related to recurring customer orders and medical device orders.
Current report — wording carried from elsewhere
Cost of Sales*.* Cost of sales was $286, or 63.3% of total revenue, for the six months ended June 30, 2026, as compared to $416, or 72.9% of total revenue, for the six months ended June 30, 2025. The decrease in our cost of sales was primarily driven by lower tariffs for customer shipments in Q2 2026 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 report — wording carried from elsewhere
Gross Profit*.* Our gross profit increase by $11 from $155 for the six months ended June 30, 2025 to $166 for the six months ended June 30, 2026. Our gross margin percentage increased slightly from Q2 2025 to Q2 2026. 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 report — wording carried from elsewhere
Research and development expenses*.* Research and development expenses was $7, or 1.5% of revenue, for the six months ended June 30, 2026, and $7, or 1.2% of revenue, for the six months ended June 30, 2025. 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 report — wording carried from elsewhere
We continue to invest in our technology infrastructure to expedite the adoption of our technology, but we have experienced long sales lead times for customer adoption of our technology. Until that time when we can either (i) increase our revenues with shipments of routine, commercial products and parts through third party contract manufacturers or (ii) obtain significant licensing revenues, we expect to continue to have operating losses for the foreseeable future.
Current report — wording carried from elsewhere
Interest income*.* Interest income relates to interest earned from our cash deposits and investments in debt securities for the respective periods. Interest income was $251 and $342 for the six months ended June 30, 2026 and 2025, respectively. The decrease during the six months ended June 30, 2026 is primarily due to withdrawals from debt securities to fund our new joint venture.
Current report — wording carried from elsewhere
Lease income*.* Lease income relates to straight-line rental income received under the Facility Lease. Such amounts were $392 and $249 for the six months ended June 30, 2026 and 2025, respectively. The increase during the six months ended June 30, 2026 was primarily due to amendment of the Facility Lease on May 1, 2025 and the related increase in leased square footage.
Current report — wording carried from elsewhere
Net loss*.* Our annual net losses of $1,606 for the six months ended June 30, 2026 and $1,093 for the six months ended June 30, 2025 are primarily reflective of operating expenses associated with our on-going business as well as non-operational income, discussed above.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
On January 13, 2022, our Liquidmetal Golf subsidiary (“Liquidmetal Golf” or “LMG”) entered into a sublicense agreement (“LMG Sublicense Agreement”) with Amorphous Technologies Japan, Inc. (“ATJ”), a newly formed Japanese entity that was established by Twins Corporation, a sporting goods company operating in Japan. Under the agreement, LMG granted ATJ a nonexclusive worldwide sublicense to our amorphous alloy technology and related trademarks to manufacture and sell golf clubs and golf related products. The original term of three years was extended to have automatic, annual renewals and provided for the payment of a running royalty to LMG of 3% of the net sales price of licensed products.