Liquidmetal Technologies (LQMT) AI Stock Analysis

• Market Cap: $102.26M
• Dividend Yield: N/A
• Average Volume (3M): 463.77K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.92
• Revenue Growth: -27.53%
• EPS Growth: -64.29%
• Country: US
• Employees: 7
• Sector: Industrials
• Sector Strength: 72
• Industry: Manufacturing - Metal Fabrication
• EPS (TTM): >-0.01
• Shares Outstanding: 917,285,160
• 10 Day Avg. Volume: 526,030
• 30 Day Avg. Volume: 463,771
• PEG Ratio: -0.63
• Price to Book (P/B): 3.38
• Price to Sales (P/S): 116.77
• P/FCF Ratio: -33.22
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: 128.67
• Enterprise Value/Gross Profit: 438.59
• Enterprise Value/Ebitda: -37.49
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: $0.12 ▲(16.00% Upside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is held back primarily by very weak profitability and persistent negative cash flow, despite a relatively stronger balance sheet. The earnings call adds some support via liquidity and a defined manufacturing scale-up plan, while technicals are modestly positive but not broadly confirmed by longer-term trend measures. Valuation signals remain unfavorable/unclear due to negative earnings and no dividend yield.

Positive Factors

Strong cash runway

A roughly $20M liquid cash balance provides multi-quarter runway to fund R&D, the Hangzhou buildout, and commercialization efforts without immediate financing. This liquidity reduces short-term solvency risk, enables strategic optionality for partnerships or licensing, and supports disciplined execution toward longer-term revenue scale.

Proprietary IP and manufacturing platform

Developing a proprietary injection molding machine and formalizing IP capture creates a structural competitive advantage: it enables licensing, higher per-unit capture of manufacturing value, and differentiation versus commodity metal suppliers. Over time, this can improve gross margins and create recurring licensing streams if adoption succeeds.

Early tier‑one customer and medical orders

Validation from a top-tier mobile customer plus medical device production orders signals meaningful product-market fit in high-value, durable end markets. Such customer traction can underpin repeatable licensing, co-development, and scale, making future revenue growth and margin improvement more attainable if relationships mature into volume contracts.

Negative Factors

Very low and volatile revenue

Absolute revenue remains immaterial relative to operating costs and planned capital deployment. Low, volatile top-line undermines ability to absorb fixed costs, delays achieving scale economies, and leaves the company highly sensitive to single-customer outcomes. Sustained growth is required to normalize margins and returns.

Persistent negative cash flow

Consistent operating and free cash flow deficits indicate ongoing cash burn that will consume liquidity absent material revenue or cost improvement. Even with current cash, continued negative FCF risks future dilution or constrained investment, limiting the firm's ability to self-fund scale and increasing dependency on external financing or asset monetization.

Execution and capex risk from manufacturing ramp

Building an in-house Hangzhou plant entails material upfront capex, supply-chain and ramp risks, and a shift from an outsourced model the company historically used. Delays, cost overruns, or sub-scale production would postpone expected unit-economics improvement and could exacerbate cash burn and margin compression over the medium term.

Liquidmetal Technologies Business Overview & Revenue Model

Company Description

Liquidmetal Technologies, Inc., a materials technology company, designs, develops, and sells products and parts from bulk amorphous alloys to customers in various industries in the United States and internationally. It provides bulk amorphous alloy custom products and parts for applications, which include non-consumer electronic devices, medical products, automotive components, and sports and leisure goods. The company also offers tooling and prototype parts, such as demonstration parts and test samples for customers with products in development; and product licensing and royalty. In addition, it partners with third-party manufacturers and licensees to develop and commercialize liquidmetal alloy products. The company was incorporated in 1987 and is based in Lake Forest, California.

How the Company Makes Money

Liquidmetal Technologies primarily makes money through monetizing its intellectual property and related technology rather than operating as a large-scale manufacturer. Key revenue streams include: (1) Licensing revenue: granting third parties rights to use the company’s patented amorphous metal alloy technologies and/or manufacturing processes in exchange for license fees and, where applicable, ongoing royalties tied to the licensee’s product sales or production volumes (specific royalty terms vary by contract and are not publicly detailed for all agreements). (2) Product development and services revenue: providing engineering, prototyping, tooling support, and process development services to customers seeking to design or qualify parts made from amorphous metal alloys; this can include non-recurring engineering (NRE) fees and other development-related charges. (3) Sale of manufactured parts and materials (if/when applicable): producing and selling limited quantities of parts, components, or feedstock for customers and partners as part of commercialization efforts; the scale and consistency of this revenue can vary by period. Significant partnerships or customer arrangements and their financial contributions are not fully disclosed in all cases; where not publicly available, the specific counterparties, contract values, and detailed economics are null.

Liquidmetal Technologies Financial Statement Overview

Summary

Financials are the key weakness: revenue remains very small and volatile and the company is deeply unprofitable (extremely negative net margins). Cash flow is consistently negative with ongoing cash burn, though the balance sheet is comparatively stronger with manageable leverage and sizable equity for its scale.

Income Statement

Revenue is small and volatile, with growth improving recently (up ~6% in 2025 after modest growth in 2024), but the company remains deeply unprofitable. Gross margin is positive and improved to ~29% in 2025 (from ~25% in 2024), yet operating losses are very large relative to sales, driving extremely negative net margins (roughly -299% in 2025). Overall, the trajectory shows some top-line stabilization and gross profit resilience, but profitability is still far from turning.

Balance Sheet

The balance sheet is a relative strength: equity remains sizable versus the company’s scale, and leverage appears manageable with debt-to-equity around ~0.21 in 2025 (down from ~0.32 in 2024), indicating some de-risking after debt increased in 2024. However, returns remain negative (2025 return on equity ~-8.6%), reflecting ongoing losses and potential future pressure on the equity base if profitability does not improve.

Cash Flow

Cash generation is weak, with operating cash flow and free cash flow negative across all shown periods, including 2025 (operating cash flow about -$2.75M; free cash flow about -$2.76M). While free cash flow “growth” is shown as positive in some years, the absolute level remains meaningfully negative and worsened in 2025 versus 2024, implying continued cash burn. Cash flow broadly tracks net losses (free cash flow roughly in line with net income), but there is no evidence of sustained improvement toward cash breakeven.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	784.00K	860.00K	510.00K	383.00K	811.00K
Gross Profit	230.00K	217.00K	149.00K	67.00K	183.00K
EBITDA	-3.42M	-2.99M	-2.73M	-2.71M	-3.69M
Net Income	-2.34M	-1.51M	-2.05M	-1.61M	-3.22M
Balance Sheet
Total Assets	29.11M	30.40M	31.84M	33.34M	35.60M
Cash, Cash Equivalents and Short-Term Investments	12.08M	15.46M	22.13M	18.70M	17.94M
Total Debt	5.73M	9.45M	0.00	0.00	0.00
Total Liabilities	2.03M	1.26M	1.25M	1.30M	1.31M
Stockholders Equity	27.09M	29.22M	30.67M	32.12M	34.37M
Cash Flow
Free Cash Flow	-2.76M	-1.16M	-1.31M	-1.78M	-2.73M
Operating Cash Flow	-2.75M	-1.16M	-1.31M	-1.78M	-2.73M
Investing Cash Flow	3.90M	-1.67M	7.88M	-258.00K	5.31M
Financing Cash Flow	0.00	0.00	0.00	212.00K	0.00

Liquidmetal Technologies Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LQMT, the sentiment is Negative. The current price of 0.1 is below the 20-day moving average (MA) of 0.12, below the 50-day MA of 0.11, and below the 200-day MA of 0.13, indicating a bearish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 45.07 is Neutral, neither overbought nor oversold. The STOCH value of 21.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LQMT.

Liquidmetal Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NWPX	74 Outperform	$688.48M	16.91	9.20%	―	7.61%	25.35%
PRLB	72 Outperform	$1.34B	50.09	3.20%	―	2.82%	-34.29%
TG	64 Neutral	$275.28M	4.28	16.65%	―	-3.42%	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
MEC	58 Neutral	$345.62M	-47.25	-3.30%	―	-12.38%	-0.71%
LQMT	50 Neutral	$102.26M	-32.84	-8.37%	―	-27.53%	-64.29%
AP	46 Neutral	$129.07M	―	-120.09%	―	0.20%	88.39%