Liquidmetal Technologies, Inc. (OTC:LQMT) Q4 2025 Earnings Call Transcript

Liquidmetal Technologies, Inc. (OTC:LQMT) Q4 2025 Earnings Call Transcript March 12, 2026

Operator: Good afternoon. Welcome to the Liquidmetal Technologies, Inc. Fiscal Year 2025 Conference Call. My name is Michelle, and I will be your conference operator this afternoon. Joining us on today’s call is Mr. Tony Chung, Liquidmetal Technologies, Inc.’s Chief Executive Officer. Before we proceed, I would like to provide the company’s safe harbor statement with important cautions regarding forward-looking statements made during this call as follows. All statements made by management during this call that are not based on historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

Such forward-looking statements include, but are not limited to, those made by Mr. Chung regarding the company’s cash, revenue outlook, and technology development. While management has based any forward-looking statements made during the call on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events that are subject to a number of risks, uncertainties, and other factors, many of which are outside of the company’s control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth under the Risk Factors in the company’s Annual Report on Form 10-K for the year ended 12/31/2025.

Accordingly, you should not place any reliance on forward-looking statements as a prediction of actual results. The company disclaims any intention and undertakes no obligation to update or revise any forward-looking statements. You are also urged to carefully review and consider the various disclosures in the company’s Annual Report on Form 10-K for the year ended 12/31/2025, as well as other public filings with the SEC since such date. I would also like to remind everyone that this call will be available for replay starting later this evening via a link available in the Investor Relations section of the company’s website at www.liquidmetals.com. I would now like to turn the call over to the company’s Chief Executive Officer, Mr. Tony Chung.

Sir, please go ahead.

Tony Chung: Thank you, operator. And thank you to our investors for participating in today’s call. As a reminder, please supplement the information provided during today’s call with the financial statements and disclosures in our Form 10-K filed earlier today to get the latest full overview of our company operations. For today’s call, I would like to provide more clarity on our company’s pivotal events that occurred during 2025, especially as it relates to our Asia operation, and how these events tie into the overall future and vision for the company. If you have kept up with our press releases and blogs during 2025, we announced that our Chairman, Professor Lugee Li, was appointed as the head of our Asia operations and also announced our new manufacturing operations in Hangzhou, China.

Q&A Session

To illustrate the significance of these events, let me provide some historical perspective on our Chairman and how his involvement in amorphous alloys brought the technology to where it is today. Professor Li is a Chinese-born businessman, materials scientist, entrepreneur, and philanthropist, best known as the founder and former Chairman of Dongguan Eontec in China. Eontec is a manufacturing powerhouse which specializes in manufacturing advanced light alloy materials, including magnesium and aluminum, for the automotive industry. With his technical and academic foundation in materials and industrial design, Professor Li has been involved with research, industrialization of new materials, and precision manufacturing. He founded Eontec in 1993 and took the company public on the Shenzhen Exchange in 2012.

Shortly thereafter, Professor Li became very interested in a revolutionary new material, amorphous alloys, and devoted a part of Eontec operations for the development and production of this intriguing new material. In 2014, he spun off a company from Eontec called Yeehaw Metal, which happens to be our current outsourced contract manufacturer, that was fully devoted to amorphous alloy manufacturing. While he was developing Yeehaw’s manufacturing technology in China, Professor Li also set his sights on having a global presence for this new technology. In 2016, he took another major step towards control by taking a significant stake in Liquidmetal Technologies, Inc. to become our Chairman and to solidify his leadership in this industry. With his experience in advanced materials, precision die casting, and industrial transformation, he devoted himself fully to the development of amorphous alloy technology by, one, focusing on manufacturing technologies at Yeehaw; two, developing the worldwide amorphous alloy brand with Liquidmetal Technologies, Inc.; to complete the ecosystem for taking amorphous alloy technology to the masses.

Since Professor Li’s involvement with us, Liquidmetal Technologies, Inc.’s business model was to maintain our intellectual property, focus on sales, and outsource all manufacturing to Yeehaw. This model has served us well as it allowed us to conserve cash while allowing the manufacturing technology for amorphous alloys to mature and advance. While it is common knowledge that outsourcing manufacturing is an effective solution to allow expert manufacturers like Yeehaw to do what they do best and for companies like Liquidmetal Technologies, Inc. to focus on sales, the long-term drawback to this business model would be that the manufacturing advancements and know-how would be owned by the third-party manufacturer. You could say that we might face the same dilemma as America as a whole faces today, and that when we allow ourselves to utilize outsourced manufacturing overseas, we could end up losing our competitive edge.

With the new opportunities in consumer products and physical AI, also known as humanoid robots, it is an optimal time for Liquidmetal Technologies, Inc. to itself advance amorphous alloy technology by venturing into our own manufacturing operations. As such, we are devoting our resources to creating new process know-how related to alloy, tooling design, injection molding conditions, post-processing steps, and other manufacturing processes for advancement. In that regard, we have developed and built our newly designed machine called Liquid Morphium that utilizes advanced injection molding technology. This new machine incorporates years of machine technology experience with a focus on part quality and cost reduction and will be part of the lineup for our new Hangzhou manufacturing plant.

As a natural output of our R&D efforts on our Liquid Morphium platform and other advancements in manufacturing, we will develop new intellectual property all our own, which is why we announced recently that we have established a new IP holding company called Liquid Morphium LLC, all in the name of increasing the value of our company. Another benefit to manufacturing in-house is that we will have better cost control to allow for higher gross margin once scale is reached. We will also have the ability to price strategically for high-value applications. While capital expenditures will be higher upfront, unit economics will improve at scale for the long term, increasing the value of the company as a whole. One of the most vital aspects of making advancements in manufacturing is that our efforts will immediately attract established tier-one manufacturing companies that would want to partner with or invest into Liquidmetal Technologies, Inc.

to further jointly develop amorphous alloy technology. As we devote more of our resources to R&D and technology advancements, Liquidmetal Technologies, Inc. ultimately increases its value by making it an attractive target for collaboration. This is a very significant component of our future success in that access to global customers will be significantly accelerated through collaborations with these tier-one manufacturing companies. In essence, we view manufacturing as a critical step in increasing the value of the company and broadening our appeal with other established manufacturing companies to better position the company for success. Our renewed focus on manufacturing makes sense overall, but many have asked how our in-house manufacturing venture will affect the relationship we have with Yeehaw Metal.

In the short term, our relationship with Yeehaw will not change, and they will continue to be our outsourced contract manufacturer. For the long term, however, we view Yeehaw as a collaborator and an outsourcing partner. For amorphous alloy technology to be widely accepted as a viable solution for various applications, the market needs multiple sources of manufacturers to mitigate risks of relying on a single source. There are plenty of opportunities for both Liquidmetal Technologies, Inc., Yeehaw, and perhaps even other manufacturing companies to succeed together, whereby customers can order parts directly from either Yeehaw or Liquidmetal Technologies, Inc. We also envision outsourcing orders to each other to manage volume production. We note that Yeehaw has already achieved tier-one vendor status for a global mobile device company, as well as all the mobile device companies in China.

To our benefit, we are currently working together to build out the supply chain even further and look forward to collaborating and building the amorphous alloy manufacturing ecosystem together. In summary, I view our new venture into manufacturing as a natural progression of our journey to make amorphous alloy technology available to the masses. Our focus on advancing manufacturing technology for quality parts and cost reduction will allow us to increase the value of our company by, one, developing an arsenal of new IP; two, reducing costs to attract well-established customers to adopt our technology; and three, fostering joint venture collaborations with tier-one manufacturing vendors who already have ties with global customers. Of course, we have Professor Li, who has divested his ownership and roles at Eontec and Yeehaw and is now free to fully devote himself to the success of Liquidmetal Technologies, Inc.

He has a proven track record of building manufacturing operations from scratch and is proactively managing and operating our Hangzhou manufacturing plant through the mobilization of his network of collaborators, who were carefully cultivated during his tenure at Eontec. Looking into our future sales opportunities, we believe that there is unlimited potential. We have completed prototypes for one of the top-tier mobile device companies and are working towards designing production parts. We have made inroads into the medical device space with our current production orders. As announced in our recently updated website, we have highlighted the opportunities with foldable phone hinges and physical AI, and our foray into manufacturing will allow us to take full advantage of these opportunities ahead.

Let us now switch gears and quickly go over the financial results for 2025. We ended 2025 with revenues of about $800,000 and a net loss of $2,400,000, with our EBITDA being about negative $1,800,000. We ended the year with about $20,000,000 of readily available liquid cash and investments. Our corporate office building has a market value that is more than double the current book value of $7,000,000, which may also be accessible for future operating needs if necessary. We are well positioned to fund our growth for the foreseeable future and have no going concern issues. In closing, we are in 2026. Our Hangzhou manufacturing plant buildout is progressing smoothly, and we hope to be fully operational toward 2026. We are aggressively pursuing sales opportunities in consumer products, physical AI, and the medical industry and working closely with tier-one manufacturers to transition their current products to Liquidmetal Technologies, Inc.

applications. We will keep investors informed as these developments progress, and we look forward to announcing good news in the near future. Thank you for your time, and with the Lunar New Year upon us, I wish everyone good luck for 2026. I will now hand things over back to the operator.

Operator: Thank you, Mr. Chung. At this time, this concludes today’s call. You may now disconnect. Everyone, have a great day.