MoSys, Inc. Reports Fourth Quarter and Full Year 2018 Financial Results

other risks identified in the company’s most recent report on Form 10-K filed with the Securities and Exchange Commission, as well as other reports that MoSys files from time to time with the Securities and Exchange Commission. MoSys undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.

About MoSys, Inc.
MoSys, Inc. (NASDAQ: MOSY) is a provider of semiconductor solutions that enable fast, intelligent data access for cloud networking, security, test and video systems. More information is available at  www.mosys.com.

Bandwidth Engine and MoSys are registered trademarks of MoSys, Inc. in the US and/or other countries. LineSpeed and the MoSys logo are trademarks of MoSys, Inc. All other marks mentioned herein are the property of their respective owners.

(Financial Tables to Follow)

 
MOSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts; unaudited)
                 
     Three Months Ended   Twelve Months Ended
     December 31,   December 31,
     2018 2017  2018 2017
         
Net Revenue     
 Product $  3,242$  3,536 $  15,053$  7,833
 Royalty and other209257 1,5471,009
  Total net revenue3,4513,793 16,6008,842
         
Cost of Net Revenue9642,104 6,3464,694
         
Gross Profit2,4871,689 10,2544,148
         
Operating Expenses     
 Research and development1,065924 4,1298,158
 Selling, general and administrative9371,043 4,0954,702
 Restructuring and impairment charges9,697269 12,8561,321
  Total operating expenses11,6992,236 21,08014,181
         
 Loss from operations(9,212)(547) (10,826)(10,033)
         
  Other income (expense), net (48) 21   (583) (635)
Net Loss   $   (9,260) $   (526)   $   (11,409) $   (10,668)
                 
Net Loss per share          
  Basic and diluted $   (0.25) $   (0.07)   $   (0.74) $   (1.45)
                 
Shares used in computing net loss per share          
  Basic and diluted 36,788 8,068   15,393 7,338
                 
                 
                 
MOSYS, INC.      
CONDENSED CONSOLIDATED BALANCE SHEETS      
(In thousands, unaudited)      
                 
        December 31,      
        2018 2017      
                 
Assets              
  Current assets:          
    Cash and cash equivalents $   7,104 $   3,868      
    Accounts receivable, net 1,622 1,681      
    Inventories 1,148 1,766      
    Prepaid expenses and other 923 1,347      
      Total current assets 10,797 8,662      
                 
  Property and equipment, net 279 827      
  Goodwill
420 13,276      
  Other   260 374      
      Total assets $   11,756 $   23,139      
                 
Liabilities and Stockholders’ Equity          
  Current liabilities:          
    Accounts payable $   236 $   170      
    Deferred revenue 273 3,938      
    Accrued expenses and other 1,402 2,507      
      Total current liabilities 1,911 6,615      
                 
  Convertible notes payable 2,671 9,160      
  Other long-term liabilities 17 18      
      Total liabilities 4,599 15,793      
                 
  Stockholders' equity 7,157 7,346      
                 
      Total liabilities and stockholders’ equity $   11,756 $   23,139      
                 
                 
                 
MOSYS, INC.
Reconciliation of GAAP to Non-GAAP Net Income (Loss) and Net Income (Loss) Per Share
(In thousands, except per share amounts; unaudited)
                 
        Three Months Ended   Twelve Months Ended
        December 31,   December 31,
        2018 2017   2018 2017
                 
  GAAP net loss $   (9,260) $   (526)   $   (11,409) $   (10,668)
    Stock-based compensation expense          
    - Research and development 132 90   327 420
    - Selling, general and administrative 96 77   347 299
      Total stock-based compensation expense 228 167   674 719
                 
    Restructuring and impairment charges 9,697 269   12,856 1,321
    Amortization of intangible assets 28 28   111 112
                 
  Non-GAAP net income (loss) $   693 $   (62)   $   2,232 $   (8,516)
                 
  GAAP net loss per share, basic $   (0.25) $   (0.07)   $   (0.74) $   (1.45)
    Reconciling items          
    - Stock-based compensation expense 0.01 0.02   0.04 0.10
    - Restructuring and impairment charges 0.26 0.04   0.84 0.18
    - Amortization of intangible assets - -   0.01 0.01
                 
  Non-GAAP net income (loss) per share, basic $   0.02 $   (0.01)   $   0.15 $   (1.16)
                 
  GAAP net loss per share, diluted $   (0.25) $   (0.07)   $   (0.74) $   (1.45)
    Reconciling items          
    - Stock-based compensation expense 0.01 0.02   0.04 0.10
    - Restructuring and impairment charges 0.20 0.04   0.73 0.18
    - Amortization of intangible assets - -   0.01 0.01
    - Interest and other, net adjustments 0.05 -   0.09 -
                 
  Non-GAAP net income (loss) per share, diluted $   0.01 $   (0.01)   $   0.13 $   (1.16)
                 
  Shares used in computing non-GAAP net income (loss) per share        
    Basic 36,788 8,068   15,393 7,338
    Diluted 49,444 8,068   17,530 7,338
                 
                 
                 
MOSYS, INC.
Reconciliation of GAAP and Non-GAAP Financial Information
(In thousands; unaudited)
                 
        Three Months Ended   Twelve Months Ended
        December 31,   December 31,
        2018 2017   2018 2017
  Reconciliation of GAAP net loss and adjusted EBITDA          
  GAAP net loss $   (9,260) $   (526)   $   (11,409) $   (10,668)
    Stock-based compensation expense          
    - Research and development 132 90   327 420
    - Selling, general and administrative 96 77   347 299
    Stock-based compensation expense 228 167   674 719
    Restructuring and impairment charges 9,697 269   12,856 1,321
    Amortization of intangible assets 28 28   111 112
                 
  Non-GAAP net income (loss) 693 (62)   2,232 (8,516)
    EBITDA adjustments:          
    Depreciation 112 174   598 747
    Interest expense 51 242   582 927
    Provision (benefit) for income taxes 9 (249)   13 (233)
                 
  Adjusted EBITDA $   865 $   105   $   3,425 $   (7,075)
                 






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