LIQUIDMETAL TECHNOLOGIES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LIQUIDMETAL TECHNOLOGIES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	0.48	0.32	0.53	1.37	0.99	0.81	0.38	0.51	0.86	0.78
Cost of revenue	0.55	0.7	1.16	0.83	0.62	0.63	0.32	0.36	0.64	0.55
Gross profit	-0.07	-0.38	-0.63	0.54	0.37	0.18	0.07	0.15	0.22	0.23
Research and development	2.34	1.96	2.43	1.34	0.11	0.08	0.06	0.02	0.02	0.01
Selling, general and administrative	7.47	6.27	5.9	5.42	3.8	4.16	3.06	3.21	3.51	3.96
Operating expenses	9.81	8.23	8.33	8.43	3.87	4.24	3.12	3.23	3.53	3.97
Operating income	-9.89	-8.6	-8.96	-7.89	-3.51	-4.06	-3.05	-3.09	-3.31	-3.74
Interest expense	0.01
Interest income								0.29	0.87	0.65
Other non-operating income							0.66	1.04	1.8	1.4
Pre-tax income	-18.8	-8.69	-8.7	-7.43	-2.64	-3.38	-2.39	-2.05	-1.51	-2.34
Income tax					0	0	0	0	0	0
Net income to minority interests	-0.01	-0	-0	-0	-0	-0	-0	-0	-0	-0
Net income	-18.7	-8.69	-8.7	-7.43	-2.64	-3.38	-2.39	-2.05	-1.51	-2.34
EBITDA	-9.36	-7.97	-7.88	-6.76	-3.1	-3.69	-2.71	-2.75	-2.99	-3.42
EPS, basic	-0.03	-0.01	-0.01	-0.01	0.00	0.00	0.00	0.00	0.00	0.00
EPS, diluted	-0.03	-0.01	-0.01	-0.01	0.00	0.00	0.00	0.00	0.00	0.00
Shares, basic (weighted)	640	897	911	914	914	914	917	917	917	917
Shares, diluted (weighted)	640	897	911	914	914	914	917	917	917	917

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	58.9	41.3	35.2	19.5	1.51	4.09	2.27	8.84	6.01	7.16
Short-term investments				4.42	14.7	13.9	16.4	13.3	9.45	4.92
Receivables	0.1	0.16	0.12	0.3	0.27	0.15	0.02	0.19	0.09	0.09
Inventory	0.39	0.39	0.03	0.01	0.04	0.04	0.03	0.03	0.07	0.05
Other current assets	0.31	0.33	0.36	0.32	0.47	0.51	0.53	0.45	0.49	1.3
Total current assets	59.7	42.2	35.7	24.6	17	18.6	19.3	22.8	16.1	13.5
Property, plant and equipment	1.14	12.5	11.8	8.82	8.61	8.3	7.98	7.67	7.36	7.05
Lease right-of-use assets									0	0.81
Intangible assets	0.49	0.41	0.32	0.24	0.16	0.1	0.07	0.05	0.04	0.02
Long-term investments				7.07	12.8	8.27	5.65	1.1	6.88	7.61
Other non-current assets	0.04	0.01	0.01	0.01	0.25	0.31	0.35	0.22	0.01	0.11
Total assets	61.4	55.1	47.9	41.3	38.8	35.6	33.3	31.8	30.4	29.1
Accounts payable	0.33	0.09	0.25	0.13	0.21	0.11	0.09	0.09	0.15	0.15
Accrued liabilities	1.07	0.37	0.27	0.78	0.32	0.25	0.27	0.24	0.21	0.17
Deferred revenue	0.01	0.01	0.03		0	0.06	0.04	0.01	0
Short-term debt	0	0
Total current liabilities	3.64	0.46	0.55	0.91	0.52	0.41	1.3	1.25	1.26	1.53
Lease liabilities									0	0.5
Other non-current liabilities	0.86	0.86	0.86	0.86	0.9	0.9	0.9	0.9	0.9	0.9
Total liabilities	6.54	3.51	1.41	1.76	1.42	1.31	1.3	1.25	1.26	2.03
Paid-in capital	273	278	286	287	287	288	288	288	288	288
Retained earnings	-237	-245	-259	-266	-269	-272	-275	-277	-278	-281
Other comprehensive income				0	0.12	-0.06	-0.3	0.19	0.11	0.25
Minority interests	-0.07	-0.07	-0.07	-0.08	-0.08	-0.08	-0.08	-0.08	-0.08	-0.08
Total equity	54.8	53.8	46.4	39.6	37.4	34.3	32	30.6	29.1	27.1
Total liabilities and equity	61.4	55.1	47.9	41.3	38.8	35.6	33.3	31.8	30.4	29.1
Shares outstanding	886	909	914	914	914	914	917	917	917	917

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-18.8	-8.69	-8.7	-7.43	-2.64	-3.38	-2.39	-2.05	-1.51	-2.34
Depreciation and amortization	0.53	0.63	1.08	1.13	0.4	0.38	0.34	0.34	0.33	0.33
Stock-based compensation	1.69	1.26	0.92	0.54	0.35	0.46	0.16	0.11	0.14	0.15
Deferred income tax									-43.4	-43.5
Change in receivables	-0.07	-0.06	0.04	-0.18	-0.19	0.12	0.12	-0.16	0.1	-0
Change in inventory	-0.31	-0	-0.28	0.02	-0.03	0.01	0.01	0	-0.05	0.02
Change in payables	0.2	-0.94	0.06	0.38	0.03	-0.16	-0.01	-0.02	0.02	-0.04
Cash from operations	-7.82	-7.66	-6.25	-3.87	-2.23	-2.73	-1.78	-1.31	-1.16	-2.75
Capital expenditures	-0.2	-11.9	-0.29	-0.63	-0.12	0			0	-0
Purchases of investments				-11.7	-26.7	-19.3	-21.7	-11.3	-20.2	-7.13
Sales and maturities of investments				0.21	10.8	24.6	21.5	19.2	18.6	11
Cash from investing	-0.22	-11.9	-0.29	-11.8	-15.8	5.31	-0.26	7.88	-1.67	3.91
Stock issued	62.7	1.24	0.46	0.02	0	0	0.21	0	0	0
Cash from financing	62.2	1.95	0.46	0.02		0	0.21	0
Net change in cash	54.1	-17.6	-6.08	-15.7	-18	2.58	-1.82	6.57	-2.83	1.15
Free cash flow	-8.01	-19.5	-6.54	-4.5	-2.35	-2.73			-1.16	-2.76
Interest paid	0.01	0	0	0	0	0	0	0	0	0
Income taxes paid							0.8	0.8	0.8	0.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.10 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	36.2%	Gross profit / revenue.
Operating margin	-648.4%	Operating income / revenue.
EBITDA margin	-591.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-429.2%	Pre-tax income / revenue.
Net margin	-429.2%	Net income / revenue.
FCF margin	-461.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-389.8%	Cash from operations / revenue.
Return on assets (ROA)	-10.4%	Net income / average total assets.
R&D / revenue	2.1%	Research and development expense / revenue.
SG&A / revenue	682.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	20.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	71.4%	Capital expenditures / revenue.
D&A / revenue	56.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-8.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	27.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-4.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	50.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-9.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-4.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-5.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	9.14x	Current assets / current liabilities.
Quick ratio	8.86x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	8.85x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	7.3%	Total liabilities / total assets.
Working capital	$13.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.02x	Revenue / average total assets.
Fixed asset turnover	0.09x	Revenue / average property, plant and equipment.
Inventory turnover	9.02x	Cost of revenue / average inventory.
Days inventory	40 days	365 x average inventory / cost of revenue.
Receivables turnover	44.3x	Revenue / average receivables.
Days sales outstanding	8 days	365 x average receivables / revenue.
Days payables	181 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-132 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.00	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$0.00	Revenue / diluted weighted shares.
FCF per share	-$0.00	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.00	Cash from operations / diluted weighted shares.
Cash per share	$0.02	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$91.7M	Share price x shares outstanding.
Enterprise value	$77.0M	Market cap + total debt - cash - short-term investments.
P/S	138x	Market cap / revenue.
EV/Sales	116x	Enterprise value / revenue.
FCF yield	-3.3%	Free cash flow / market cap.
Earnings yield	-3.1%	Net income / market cap (the inverse of P/E).

What was LIQUIDMETAL TECHNOLOGIES INC's revenue in fiscal 2025?

LIQUIDMETAL TECHNOLOGIES INC reported revenue of $784.0K for fiscal 2025, 8.8% lower than the year before.

Was LIQUIDMETAL TECHNOLOGIES INC profitable in fiscal 2025?

No. It reported a net loss of $2.3M.

How much free cash flow did LIQUIDMETAL TECHNOLOGIES INC generate in fiscal 2025?

Cash from operations of $2.8M minus capital expenditures of $4.0K left free cash flow of -$2.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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