10-K · March 12, 2026
The 2025 Form 10-K for Liquidmetal Technologies reiterates a strategy focused on high-margin, design-driven product applications, strategic partnerships and expansion of manufacturing (including developing a China…
Earnings analysis · 10-Q
LQMT earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
Liquidmetal Technologies reported a decrease in total revenue of $26, marking a 9.2% decline compared to the prior year. The net loss attributable to shareholders increased by 34.7% to $765, primarily driven by higher…
Read full summary
Liquidmetal Technologies reported a decrease in total revenue of $26, marking a 9.2% decline compared to the prior year. The net loss attributable to shareholders increased by 34.7% to $765, primarily driven by higher selling and administrative expenses associated with their manufacturing expansion in China.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Gross margin
- 30.1%
What stood out
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Revenue Decline
Total revenue decreased by $26 from $282 in Q1 2025 to $256 in Q1 2026, a reduction of 9.2%.
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Gross Margin Improvement
Gross margin increased slightly to 30.1% in Q1 2026 compared to 27.7% in Q1 2025, despite a decrease in gross profit.
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Increased Operating Expenses
Selling and administrative expenses surged by $237 to $1,212, representing 473.4% of revenue in Q1 2026.
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Decrease in R&D Spending
R&D expenses decreased to $3, down from $4, constituting 1.2% of revenue for Q1 2026.
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Higher Lease Income
Lease income increased to $196 in Q1 2026 from $89 in Q1 2025, a significant growth driven by the amended facility lease.
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Cash Reserves Maintain Stability
As of March 31, 2026, the company had $19,161 in cash and liquid securities, indicating adequate liquidity for operations.
What to watch
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History of Operating Losses
The company reported a net loss of $765, up from $568, indicating ongoing profitability challenges.
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Cash Burn Rate
Cash used in operating activities was $226 in Q1 2026 compared to $299 in Q1 2025, highlighting continued cash burn.
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Dependence on Third-Party Manufacturing
Future product shipments and revenue heavily depend on third-party manufacturers' capabilities, creating production risk.
Management's outlook
Management expects operational losses to continue until product shipments stabilize and increase.
Earlier filings 4
10-Q · November 13, 2025
Liquidmetal reported Q3 revenue of $37,000 (down from $316,000 in Q3 2024) and a net loss attributable to shareholders of $552,000 for the quarter (net loss $1.645M for the nine months). Liquidity improved with cash and…
10-K · March 13, 2025
Liquidmetal emphasizes commercialization of its proprietary bulk amorphous alloys via focused, higher-margin product targeting and strategic partnerships/licenses (e.g., Apple, Eontec, Swatch). The 10-K shows a small…
10-Q · August 13, 2024
Liquidmetal reported Q2 revenue of $242,000 (up from $67,000 in Q2 2023) with gross profit of $55,000 and a reduced net loss of $260,000 (vs. $710,000 prior-year quarter). Operating loss improved to $807,000 from…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.