I'm no expert on corporate partnerships or "the Maze" (as people on this board call the tangle of LQMT subsidiaries and partnerships), but I'll share what I HOPE is the case, based on this AI summary about a manufacturing JV (links are out there via Google):
Liquidmetal Technologies (OTCQB: LQMT) has established a $6 million joint venture, named Hangzhou Feifeng Liquidmetal Co. Ltd., to build a 71,000 sq. ft. manufacturing facility in Hangzhou, China, scheduled to start operations by mid-2026. The venture focuses on scaling production of amorphous alloy (bulk metallic glass) components for various industries. Key Details of the Joint Venture:Structure: The JV is 70% owned by Liquidmetal Asia Holdings Limited (a wholly-owned subsidiary of Liquidmetal Technologies) and 30% by an individual investor.Purpose: To build a new manufacturing facility to produce amorphous alloy products, aimed at expanding capacity for injection-molded, high-strength metal components.Location: Hangzhou, China.Timeline: Announced in July 2025, with operations expected to start in mid-2026.
Significance: This move represents a shift in strategy for Liquidmetal Technologies, moving from licensing to direct large-scale production, reducing reliance on third-party manufacturers. This JV follows earlier partnerships for the California-based company, such as a 2022 supply agreement with Yihao Metal Technology, aimed at enhancing its position as a leading developer of bulk metallic glasses.
The timing would "work" for a launch in H2 2026, it seems to me (thought 71000 square feet isn't all that big...), and I would hope that Hangzhou Feifeng => Liquid Metal Asia => LQMT has a final arrow to us shareholders.
Worrying thought: this is all just window dressing and the "real" manufacturing will be via some other LL company that may of may not be controlled by the Chinese government. Reassuring thought: shouldn't Apple -- of all companies -- be absolutely incredible at supply chain management, and also wanting to make sure that they are not exposed, in materials terms and also in PR terms, from being put in an embarrassing position by dealing with a company that is not above board, or controlled by China? Especially now, at a time of extreme global trade uncertainty?
So here's the story I tell myself to not despair over my investment (which is now EXACTLY back to where it was when I bought it about 10 years ago...)
• LQMT is telling the truth when they say they intend to manufacture
• they're just never been able to cross the chasm of tech death
• but with Apple they will, and the new facility is where they will make the hinges, at least
• and it hasn't gone as smoothly as they had hoped hence the delay
• and Apple is not paying them anything until they deliver
• but once they have the experience from producing for Apple, and the exposure, they will thrive
• and I will finally be able to feel like a non-idiot
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