Liquidmetal Technologies, Inc.

What they do

The company develops amorphous alloys that retain a random atomic structure when solidified, which it says gives advantages in strength, hardness, corrosion resistance, surface finish and the ability to mold complex shapes. It works with third-party manufacturing and commercial partners and also develops its own manufacturing facility through its subsidiary in China. The company describes its bulk amorphous alloy technology as relatively new and says its success depends on continued refinement of its processes and alloy compositions.

Revenue drivers

• Product and component sales from amorphous alloys — Revenue comes from selling components and products made from proprietary amorphous alloys, but the company states it has a limited history of producing these on a mass-production scale and depends on suppliers and third parties.
• Technology licensing — Liquidmetal licenses its amorphous alloy technology to third parties; the 10-Q risk factors specifically cite the company's limited history of licensing.
• Third-party manufacturing partnerships — The company works with third-party manufacturing and commercial partners to develop and commercialize products, rather than relying solely on its own China-based subsidiary.

Recent performance

Annual revenue has been small and inconsistent, moving from $811 thousand in 2021 to $383 thousand in 2022, $510 thousand in 2023, $860 thousand in 2024 and $784 thousand in 2025. The company has posted annual net losses in each year shown: $3.4M in 2021, $2.4M in 2022, $2.0M in 2023, $1.5M in 2024 and $2.3M in 2025. Operating cash flow was negative in all five years, at $2.7M, $1.8M, $1.3M, $1.2M and $2.8M respectively. Quarterly revenue for the four quarters ended June 30, 2026 was $37 thousand, $176 thousand, $256 thousand and $196 thousand. At June 30, 2026 the company reported $27.4M in total assets, $2.0M in total liabilities, $25.4M in shareholder equity and $8.3M in cash and equivalents.

Strategy

Management says future success depends on expanding and improving its technology platform by refining processes, optimizing existing alloy compositions for various applications, and developing new bulk amorphous alloy compositions. The company works with third-party manufacturing and commercial partners in addition to developing its own manufacturing facility through its China subsidiary. It also seeks to license its technology to third parties, though it notes a limited history of doing so. The filings reference strategic partnerships as a stated area of focus.

Risks

• Persistent operating losses — Operating losses were $3,742 and $3,313 (in thousands) for 2025 and 2024, with an accumulated deficit of approximately $280,594 at December 31, 2025.
• Limited production history — The company has a limited history of producing bulk amorphous alloy components at mass-production scale and depends on suppliers to produce in desired quantities at commercially reasonable prices.
• Third-party manufacturing dependence — The 10-Q cites challenges associated with having products manufactured from its alloys and the use of third parties for manufacturing.
• Lengthy, unpredictable customer adoption — The 10-Q lists lengthy customer adoption cycles and unpredictable customer adoption practices as a risk, along with competition from incumbent materials suppliers.

Outlook

The company says it anticipates it may continue to incur operating losses for the foreseeable future and that it is possible it may never achieve positive earnings, or sustain them if achieved. It states no obligation to update forward-looking statements except as required by law. The 10-Q points readers to the risk factors in the 10-K for the year ended December 31, 2025.