Liquidmetal Technologies Reports Results for Fiscal Year 2020
4:30 pm ET March 9, 2021 (BusinessWire) Print
Liquidmetal(R) Technologies, Inc. (OTCQB: LQMT), a leading authority on commercial applications of amorphous alloys, reported results for the fiscal year ended December 31, 2020.
Management Commentary
Our 2020 results reflect the completion of the first year under an outsourced manufacturing model, as originally outlined in our 2019 Restructuring Plan. We have made excellent progress in executing our strategy despite the global impacts of the COVID-19 pandemic.
Through our relationship with Dongguan Yihao Metal Materials Technology Co. Ltd. ("Yihao"), we delivered more than 60,000 parts that will be used in a premium dental device. Monthly deliveries have allowed us to validate Yihao as a supplier and navigate the ever-changing landscape of global trade. Expanded sales and marketing campaigns have allowed us to reach thousands of new contacts in targeted industries. In addition, we have leased approximately 80% of our office building since March 2020. Scheduled payments have been unaffected by shutdowns associated with the COVID-19 pandemic.
"We are pleased with the results of our strategic shift to outsourced manufacturing, demonstrating improvements in cost, quality and scalability, and an increase in direct sales and marketing efforts. This is driving sustained interest from leading medical and consumer products companies seeking innovative solutions to challenging design problems. While challenges remain in gaining broad market adoption of our technology, we are better positioned to develop and source volume applications with enhanced operations and a streamlined expense structure," said Bruce Bromage, COO Liquidmetal Technologies.
