Liquidmetal Technologies Inc
Liquidmetal Technologies Inc. develops and commercializes bulk amorphous metal alloys and related components for use in customer products. The company does not sell a broad catalog of finished goods; instead, it works with customers and manufacturing partners to design, test, and produce parts that exploit the material’s strength, precision, and unique forming characteristics.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueProprietary metal alloys sold or supplied for use in precision components and finished goods.
Customer-specific parts fabricated from Liquidmetal alloys for commercial applications.
Engineering, testing, and prototype work to qualify new applications with customers.
Outsourced production coordination, mold making, and alloying through third parties.
Products
Reported · share of revenue- Products98.9 %
- License1.1 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Customers are manufacturers that can incorporate Liquidmetal alloys into finished goods, often after extensive testing and design work. The company relies on a small number of customer relationships, so adoption by each customer matters disproportionately to revenue and commercialization progress.
Buy alloys and components to incorporate into branded finished goods after qualification and testing.
Engage the company for early-stage design, testing, and transition from concept to production.
Use the material where precision parts or unique mechanical properties justify adoption.
Support manufacturing scale-up and commercialization through production partnerships.
Strategy
Liquidmetal’s strategy is to convert its materials science into repeatable customer programs by moving from testing to prototype to volume production. Near term, the company is focused on securing customer relationships, expanding manufacturing capability through partners and the joint venture, and reducing dependence on a narrow supplier base.
Revenue depends on customers adopting the alloys in finished goods and scaling those products successfully.
The company needs reliable production capacity to meet demand and convert development work into sales.
A wider set of end uses reduces dependence on a few programs and improves commercialization potential.
Geography
The company is headquartered in the United States but its manufacturing footprint and supply chain are heavily exposed to China. Reports indicate one key supplier in China and a joint venture manufacturing facility under development in Hangzhou, making execution and geopolitical conditions in China central to operations.
Risks
The business is highly dependent on a small number of customers, long qualification cycles, and the commercial success of customers’ own products. It also faces concentrated manufacturing and supply-chain exposure in China, plus execution risk around the Hangzhou joint venture and cybersecurity/IT dependence typical of a small technology manufacturer.
- Long qualification and development cyclesImpact: HighLikelihood: High
Customers test and evaluate parts extensively before volume production, delaying revenue recognition.
Exposure: Timing of sales and profitability
- Customer concentrationImpact: HighLikelihood: Medium
A limited number of customers generate a significant portion of revenue, so order changes have outsized impact.
Exposure: Revenue and commercialization pipeline
- Single-supplier and China manufacturing dependenceImpact: HighLikelihood: Medium
One supplier in China currently handles alloying, mold making, and manufacturing, creating disruption risk.
Exposure - Joint venture execution riskImpact: HighLikelihood: Medium
The Hangzhou facility may face permitting, engineering, capital, or policy delays.
Exposure: Future capacity and customer fulfillment
- Persistent operating lossesImpact: High
The company has a long history of losses and may not achieve sustainable profitability.
Exposure: Liquidity and financing needs
- Cybersecurity and IT dependenceImpact: MediumLikelihood: Low
Operations rely on internal and third-party systems for data, reporting, and coordination.
Exposure: Operational continuity and data protection
Accounting
Judgemental itemsRevenue depends on when customer programs move from testing to production and when products are accepted.
Impact: Can shift reported revenue materially between periods
The company may incur significant upfront costs before any commercial sales occur.
Impact: Affects gross margin and operating loss timing
Limited commercialization history increases the risk that assets or program values need reassessment.
Impact: Could create non-cash charges if expected benefits do not materialize
Manufacturing partnerships and JV arrangements may involve contractual obligations and estimates.
Impact: Can affect liabilities and future cash requirements
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Last updated: 24/09/2026