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04 October, 2022 19:35 IST
Liquidmetal Technologies annual loss widens
Source: IRIS | 28 Mar, 2017, 08.38PM

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Liquidmetal Technologies (LQMT) saw its loss widen to $18.74 million, or $0.03 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $7.31 million, or $0.02 a share.      

Revenue during the year surged 284 percent to $0.48 million from $0.12 million in the previous year.

Operating loss for the year was $9.89 million, compared with an operating loss of $9.28 million in the previous year.

Professor Lugee Li, chairman, president and chief executive officer of Liquidmetal Technologies, stated, "We recently announced the purchase of a new, larger manufacturing facility, as well sourcing alternative manufacturing platforms and materials from China-based Eontec. With these investments, we are actively moving towards increasing our manufacturing capabilities, expanding the range of products we will be able to manufacture, and providing lower cost solutions to our customers. We believe that these investments, when combined with an improved capital structure and future strategies, will allow us to accomplish our goal of expanding the Liquidmetal brand and future profitability."

Working capital increases sharplyLiquidmetal Technologies has recorded an increase in the working capital over the last year. It stood at $56.06 million as at Dec. 31, 2016, up 1,584.50 percent or $52.73 million from $3.33 million on Dec. 31, 2015. Current ratio was at 16.41 as on Dec. 31, 2016, up from 2.69 on Dec. 31, 2015.

Days sales outstanding went down to 44 days for the year compared with 73 days for the same period last year.

Days inventory outstanding has increased to 129 days for the year compared with 101 days for the previous year period. At the same time, days payable outstanding went down to 173 days for the year from 232 for the same period last year.

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