Apple has exclusive IP rights to produce and distribute the "liquid metal" product in the consumer electronics field. They will not even label it a Liquidmetal Technologies product. They will produce it (via some subsidiary) and label it accordingly, thus producing a revenue stream that will be 100% owned by Apple. That is why they "Fully Paid" the licensing agreement up front. Liquidmetal Technologies will get nothing from that revenue and production.
However...Apples production and use of the product will "prove" the product in that application and will allow for Liquidmetal Technologies to produce it on their own for other fields/industries and will have the opportunity to create their own revenue stream from that...OR they can enter into other licensing agreements with companies like Apple that can produce the product for use in other fields/industries. We have no idea, at this point, from the information that has been shared publicly, if LQMT has plans to produce the product or simply continue to sell licensing.
Furthermore, LQMT does not necessarily have to produce that revenue stream for the stock price to go up (even if temporarily). The mere speculation of a successful "Apple" production and subsequent "proving" of the product in their field will generate a "buzz" for LQMT. That buzz can easily bring the SP to new highs. Although, beware those new highs will quickly fall off with no catalyst. A catalyst being, news on their own production, additional licensing, etc. There is still room to flip this as a 5-8 bagger trade just from what Apple does with the product, and again once LQMT clarifies their plans to generate additional revenue. It's just not quite time for that to happen. GLTA, LQMT.
This is my understanding of the past MANY PR's and articles that have emerged. It is my opinion and represents only my interpretation of the facts made known to the public.
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