Liquidmetal Tech Financials

LQMT

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Liquidmetal Tech (LQMT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI LQMT FY2025 2026-05-09

Liquidmetal’s dominant mechanic is balance-sheet-funded operations, with sub-$1M revenue far too small to absorb corporate overhead or replenish cash internally.

FY2025 gross margin improved to 29.3%, but revenue was only $784K, so better unit economics had too little scale to matter. SG&A of $4.0M still drove operating cash burn to -$2.8M, which means the bottleneck is commercial scale, not manufacturing margin.

From FY2023 to FY2025, the current ratio fell from 18.3x to 8.8x, showing the cash cushion is being used rather than rebuilt. Even so, liabilities equal only 7.0% of assets, so this is a business with a shrinking buffer, not an overleveraged one.

Year-end liquidity reached $7.2M despite free cash flow of -$2.8M, so cash on hand did not come from the business paying for itself. Positive investing cash flow bridged the gap, while inventory plus receivables were just $137K; with capex of $4K, this is an asset-light cash drain driven mainly by maintaining the organization.

Financial Health Signals

Financial health score pending refresh

We are recalculating Liquidmetal Tech's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Altman Z-Score Safe

43.60

Liquidmetal Tech scores 43.60, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($192.6M) relative to total liabilities ($2.0M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

2/8

Liquidmetal Tech passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). No profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

1.18x

For every $1 of reported earnings, Liquidmetal Tech generates $1.18 in operating cash flow (-$2.8M OCF vs -$2.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$784K

YoY-8.8%

5Y CAGR-4.5%

10Y CAGR+20.2%

Liquidmetal Tech generated $784K in revenue in fiscal year 2025. This represents a decrease of 8.8% from the prior year.

EBITDA

-$3.4M

YoY-14.4%

Liquidmetal Tech's EBITDA was -$3.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 14.4% from the prior year.

Net Income

-$2.3M

YoY-55.0%

Liquidmetal Tech reported -$2.3M in net income in fiscal year 2025. This represents a decrease of 55.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$2.8M

YoY-138.2%

Liquidmetal Tech generated -$2.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 138.2% from the prior year.

Cash & Debt

$7.2M

YoY+19.3%

5Y CAGR+36.5%

10Y CAGR+10.0%

Liquidmetal Tech held $7.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

917M

YoY+0.0%

5Y CAGR+0.1%

10Y CAGR+6.8%

Liquidmetal Tech had 917M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

29.3%

YoY+4.1pp

5Y CAGR-7.9pp

10Y CAGR+208.5pp

Liquidmetal Tech's gross margin was 29.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 4.1 percentage points from the prior year.

Operating Margin

-477.3%

YoY-92.1pp

5Y CAGR-122.9pp

10Y CAGR+6947.5pp

Liquidmetal Tech's operating margin was -477.3% in fiscal year 2025, reflecting core business profitability. This is down 92.1 percentage points from the prior year.

Net Margin

-298.6%

YoY-123.0pp

5Y CAGR-31.5pp

10Y CAGR+5548.6pp

Liquidmetal Tech's net profit margin was -298.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 123.0 percentage points from the prior year.

Return on Equity

-8.6%

YoY-3.5pp

5Y CAGR-1.6pp

10Y CAGR+158.1pp

Liquidmetal Tech's ROE was -8.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.5 percentage points from the prior year.

Capital Allocation

R&D Spending

$14K

YoY-26.3%

5Y CAGR-33.8%

10Y CAGR-39.3%

Liquidmetal Tech invested $14K in research and development in fiscal year 2025. This represents a decrease of 26.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$4K

5Y CAGR-49.0%

10Y CAGR-40.1%

Liquidmetal Tech invested $4K in capex in fiscal year 2025, funding long-term assets and infrastructure.

LQMT Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$784K-8.8%	$860K+68.6%	$510K+33.2%	$383K-52.8%	$811K-18.0%	$989K
Cost of Revenue	$554K-13.8%	$643K+78.1%	$361K+14.2%	$316K-49.7%	$628K+1.1%	$621K
Gross Profit	$230K+6.0%	$217K+45.6%	$149K+122.4%	$67K-63.4%	$183K-50.3%	$368K
R&D Expenses	$14K-26.3%	$19K-5.0%	$20K-63.6%	$55K-34.5%	$84K-23.6%	$110K
SG&A Expenses	$4.0M+12.7%	$3.5M+9.2%	$3.2M+4.9%	$3.1M-26.3%	$4.2M+9.5%	$3.8M
Operating Income	-$3.7M-12.9%	-$3.3M-7.4%	-$3.1M-1.1%	-$3.1M+24.8%	-$4.1M-15.9%	-$3.5M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$2.3M-55.0%	-$1.5M+26.2%	-$2.0M+14.5%	-$2.4M+29.1%	-$3.4M-27.8%	-$2.6M
EPS (Diluted)	N/A	N/A	$0.00	$0.00	$0.00	$0.00

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$256K+45.5%	$176K+375.7%	$37K-87.2%	$289K+2.5%	$282K+118.6%	$129K-59.2%	$316K+30.6%	$242K
Cost of Revenue	$179K+47.9%	$121K+611.8%	$17K-92.0%	$212K+3.9%	$204K+145.8%	$83K-65.3%	$239K+27.8%	$187K
Gross Profit	$77K+40.0%	$55K+175.0%	$20K-74.0%	$77K-1.3%	$78K+69.6%	$46K-40.3%	$77K+40.0%	$55K
R&D Expenses	$3K0.0%	$3K-25.0%	$4K+33.3%	$3K-25.0%	$4K0.0%	$4K-33.3%	$6K+20.0%	$5K
SG&A Expenses	$1.2M+10.7%	$1.1M+13.9%	$961K+3.7%	$927K-4.9%	$975K-1.2%	$987K+9.2%	$904K+5.5%	$857K
Operating Income	-$1.1M-9.1%	-$1.0M-10.4%	-$945K-10.8%	-$853K+5.3%	-$901K+4.7%	-$945K-13.4%	-$833K-3.2%	-$807K
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	$0	$0	$0	$0	$0
Net Income	-$765K-9.8%	-$697K-26.3%	-$552K-5.3%	-$524K+7.7%	-$568K-14.5%	-$496K-12.5%	-$441K-70.3%	-$259K
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

LQMT Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$29.1M-4.2%	$30.4M-4.5%	$31.8M-4.5%	$33.3M-6.4%	$35.6M-8.3%	$38.8M
Current Assets	$13.5M-16.1%	$16.1M-29.3%	$22.8M+18.2%	$19.3M+3.5%	$18.6M+9.5%	$17.0M
Cash & Equivalents	$7.2M+19.3%	$6.0M-32.0%	$8.8M+289.5%	$2.3M-44.5%	$4.1M+170.2%	$1.5M
Inventory	$46K-34.3%	$70K+180.0%	$25K0.0%	$25K-28.6%	$35K-18.6%	$43K
Accounts Receivable	$91K+2.2%	$89K-52.2%	$186K+675.0%	$24K-83.7%	$147K-45.8%	$271K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.0M+61.0%	$1.3M+1.1%	$1.2M-3.9%	$1.3M-1.3%	$1.3M-7.5%	$1.4M
Current Liabilities	$1.5M+21.3%	$1.3M+1.1%	$1.2M-3.9%	$1.3M+213.0%	$414K-20.4%	$520K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$27.1M-7.0%	$29.1M-4.7%	$30.6M-4.5%	$32.0M-6.6%	$34.3M-8.3%	$37.4M
Retained Earnings	-$280.6M-0.8%	-$278.3M-0.5%	-$276.7M-0.7%	-$274.7M-0.9%	-$272.3M-1.3%	-$268.9M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$28.6M-1.9%	$29.1M-0.1%	$29.1M-1.6%	$29.6M-1.2%	$30.0M-1.4%	$30.4M-2.4%	$31.1M-0.5%	$31.3M
Current Assets	$14.3M+5.5%	$13.5M-9.0%	$14.9M+5.4%	$14.1M+4.2%	$13.5M-16.1%	$16.1M-6.7%	$17.3M-11.3%	$19.5M
Cash & Equivalents	$7.4M+3.4%	$7.2M-15.6%	$8.5M+51.1%	$5.6M+14.7%	$4.9M-18.4%	$6.0M+22.8%	$4.9M-33.6%	$7.4M
Inventory	$0-100.0%	$46K	$0	$0-100.0%	$18K-74.3%	$70K+233.3%	$21K-16.0%	$25K
Accounts Receivable	$153K+68.1%	$91K+16.7%	$78K-69.2%	$253K+82.0%	$139K+56.2%	$89K+32.8%	$67K-52.8%	$142K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.2M+9.0%	$2.0M+44.0%	$1.4M0.0%	$1.4M+6.9%	$1.3M+4.5%	$1.3M-2.8%	$1.3M+7.8%	$1.2M
Current Liabilities	$1.8M+19.2%	$1.5M+8.5%	$1.4M0.0%	$1.4M+6.9%	$1.3M+4.5%	$1.3M-2.8%	$1.3M+7.8%	$1.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$26.4M-2.7%	$27.1M-2.3%	$27.7M-1.7%	$28.2M-1.6%	$28.6M-1.7%	$29.1M-2.3%	$29.8M-0.8%	$30.1M
Retained Earnings	-$281.4M-0.3%	-$280.6M-0.2%	-$279.9M-0.2%	-$279.3M-0.2%	-$278.8M-0.2%	-$278.3M-0.2%	-$277.8M-0.2%	-$277.3M

LQMT Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$2.8M-137.9%	-$1.2M+11.9%	-$1.3M+26.1%	-$1.8M+34.9%	-$2.7M-22.4%	-$2.2M
Capital Expenditures	$4K	$0	N/A	N/A	$0-100.0%	$116K
Free Cash Flow	-$2.8M-138.2%	-$1.2M	N/A	N/A	-$2.7M-16.4%	-$2.3M
Investing Cash Flow	$3.9M+333.3%	-$1.7M-121.2%	$7.9M+3154.7%	-$258K-104.9%	$5.3M+133.6%	-$15.8M
Financing Cash Flow	N/A	N/A	$0-100.0%	$212K	$0	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$226K+84.2%	-$1.4M-91.3%	-$746K-166.4%	-$280K+6.4%	-$299K+70.7%	-$1.0M-12875.0%	$8K-84.9%	$53K
Capital Expenditures	$315K+31400.0%	$1K	N/A	N/A	$0	$0	N/A	N/A
Free Cash Flow	-$541K+62.1%	-$1.4M	N/A	N/A	-$299K+70.7%	-$1.0M	N/A	N/A
Investing Cash Flow	$466K+361.4%	$101K-97.2%	$3.6M+262.5%	$998K+222.9%	-$812K-138.0%	$2.1M+186.0%	-$2.5M-19.2%	-$2.1M
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

LQMT Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	29.3%+4.1pp	25.2%-4.0pp	29.2%+11.7pp	17.5%-5.1pp	22.6%-14.6pp	37.2%
Operating Margin	-477.3%-92.1pp	-385.2%+219.7pp	-604.9%+192.0pp	-796.9%-296.1pp	-500.7%-146.3pp	-354.4%
Net Margin	-298.6%-123.0pp	-175.6%+225.8pp	-401.4%+223.4pp	-624.8%-208.4pp	-416.4%-149.3pp	-267.1%
Return on Equity	-8.6%-3.5pp	-5.2%+1.5pp	-6.7%+0.8pp	-7.5%+2.4pp	-9.8%-2.8pp	-7.1%
Return on Assets	-8.0%-3.1pp	-5.0%+1.5pp	-6.4%+0.8pp	-7.2%+2.3pp	-9.5%-2.7pp	-6.8%
Current Ratio	8.85-3.9	12.79-5.5	18.29+3.4	14.88-30.1	45.01+12.3	32.73
Debt-to-Equity	0.07+0.0	0.040.0	0.040.0	0.040.0	0.040.0	0.04
FCF Margin	-351.5%-217.0pp	-134.5%	N/A	N/A	-336.6%-99.4pp	-237.2%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	30.1%-1.2pp	31.3%-22.8pp	54.0%+27.4pp	26.6%-1.0pp	27.7%-8.0pp	35.7%+11.3pp	24.4%+1.6pp	22.7%
Operating Margin	-444.5%+148.1pp	-592.6%+1961.4pp	-2554.1%-2258.9pp	-295.2%+24.3pp	-319.5%+413.1pp	-732.6%-468.9pp	-263.6%+69.9pp	-333.5%
Net Margin	-298.8%+97.2pp	-396.0%+1095.9pp	-1491.9%-1310.6pp	-181.3%+20.1pp	-201.4%+183.1pp	-384.5%-244.9pp	-139.6%-32.5pp	-107.0%
Return on Equity	-2.9%-0.3pp	-2.6%-0.6pp	-2.0%-0.1pp	-1.9%+0.1pp	-2.0%-0.3pp	-1.7%-0.2pp	-1.5%-0.6pp	-0.9%
Return on Assets	-2.7%-0.3pp	-2.4%-0.5pp	-1.9%-0.1pp	-1.8%+0.1pp	-1.9%-0.3pp	-1.6%-0.2pp	-1.4%-0.6pp	-0.8%
Current Ratio	7.83-1.0	8.85-1.7	10.55+0.5	10.01-0.3	10.27-2.5	12.79-0.5	13.33-2.9	16.19
Debt-to-Equity	0.080.0	0.07+0.0	0.050.0	0.050.0	0.050.0	0.040.0	0.040.0	0.04
FCF Margin	-211.3%+600.0pp	-811.4%	N/A	N/A	-106.0%+686.2pp	-792.3%	N/A	N/A

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Frequently Asked Questions

What is Liquidmetal Tech's annual revenue?

Liquidmetal Tech (LQMT) reported $784K in total revenue for fiscal year 2025. This represents a -8.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Liquidmetal Tech's revenue growing?

Liquidmetal Tech (LQMT) revenue declined by 8.8% year-over-year, from $860K to $784K in fiscal year 2025.

Is Liquidmetal Tech profitable?

No, Liquidmetal Tech (LQMT) reported a net income of -$2.3M in fiscal year 2025, with a net profit margin of -298.6%.

What is Liquidmetal Tech's EBITDA?

Liquidmetal Tech (LQMT) had EBITDA of -$3.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Liquidmetal Tech's gross margin?

Liquidmetal Tech (LQMT) had a gross margin of 29.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Liquidmetal Tech's operating margin?

Liquidmetal Tech (LQMT) had an operating margin of -477.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Liquidmetal Tech's net profit margin?

Liquidmetal Tech (LQMT) had a net profit margin of -298.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Liquidmetal Tech's return on equity (ROE)?

Liquidmetal Tech (LQMT) has a return on equity of -8.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Liquidmetal Tech's free cash flow?

Liquidmetal Tech (LQMT) generated -$2.8M in free cash flow during fiscal year 2025. This represents a -138.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Liquidmetal Tech's operating cash flow?

Liquidmetal Tech (LQMT) generated -$2.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Liquidmetal Tech's total assets?

Liquidmetal Tech (LQMT) had $29.1M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Liquidmetal Tech's capital expenditures?

Liquidmetal Tech (LQMT) invested $4K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Liquidmetal Tech spend on research and development?

Liquidmetal Tech (LQMT) invested $14K in research and development during fiscal year 2025.

How many shares does Liquidmetal Tech have outstanding?

Liquidmetal Tech (LQMT) had 917M shares outstanding as of fiscal year 2025.

What is Liquidmetal Tech's current ratio?

Liquidmetal Tech (LQMT) had a current ratio of 8.85 as of fiscal year 2025, which is generally considered healthy.

What is Liquidmetal Tech's debt-to-equity ratio?

Liquidmetal Tech (LQMT) had a debt-to-equity ratio of 0.07 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Liquidmetal Tech's return on assets (ROA)?

Liquidmetal Tech (LQMT) had a return on assets of -8.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Liquidmetal Tech's cash runway?

Based on fiscal year 2025 data, Liquidmetal Tech (LQMT) had $7.2M in cash against an annual operating cash burn of $2.8M. This gives an estimated cash runway of approximately 31 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Liquidmetal Tech's Altman Z-Score?

Liquidmetal Tech (LQMT) has an Altman Z-Score of 43.60, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Liquidmetal Tech's Piotroski F-Score?

Liquidmetal Tech (LQMT) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Liquidmetal Tech's earnings high quality?

Liquidmetal Tech (LQMT) has an earnings quality ratio of 1.18x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.