MoSys, Inc. Reports Second Quarter 2019 Financial Results

  • a lack of working capital to aggressively fund product development and growth;
  • the timing of customer orders and product shipments;
  • customer concentration;
  • lengthy sales cycle;
  • ability to enhance our existing proprietary technologies and develop new technologies;
  • achieving additional design wins for our IC products through the acceptance and adoption of our IC architecture and interface protocols by potential customers and their suppliers;
  • difficulties and delays in the development, production, testing and marketing of our ICs;
  • reliance on our manufacturing partners to assist successfully with the fabrication of our ICs;
  • availability of quantities of ICs supplied by our manufacturing partners at a competitive cost;
  • level of intellectual property protection provided by our patents, the expenses and other consequences of litigation, including intellectual property infringement litigation, to which we may be or may become a party from time to time;
  • vigor and growth of markets served by our customers and our operations; and

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. The MoSys logo is a trademark of MoSys, Inc. All other marks mentioned herein are the property of their respective owners.

(Financial Tables to Follow)

Contacts:
Jim Sullivan, CFO
MoSys, Inc.
+1 (408) 418-7500
jsullivan@mosys.com


MOSYS, INC. 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
(In thousands, except per share amounts; unaudited) 
            
     Three Months Ended  Six Months Ended 
     June 30,  June 30, 
      2019    2018    2019    2018  
            
Net Revenue        
 Product $  2,810  $  4,051     $   6,196     $   7,755    
  Royalty and other     256         547         390         1,051    
    Total net revenue     3,066         4,598         6,586         8,806    
                       
Cost of Net Revenue     1,228         1,833         2,582         3,434    
                       
Gross Profit     1,838         2,765         4,004         5,372    
                       
Operating Expenses                
  Research and development     981         990         2,134         2,041    
  Selling, general and administrative     932         1,250         1,904         2,239    
    Total operating expenses     1,913         2,240         4,038         4,280    
                       
  Income (loss) from operations     (75 )       525         (34 )       1,092    
                       
  Other expense, net     (28 )       (210 )       (59 )       (429 )  
Net Income (loss) $   (103 )   $   315     $   (93 )   $   663    
                       
Net Income (loss) per share                
  Basic    $   (0.00 )   $   0.04     $   (0.00 )   $   0.08    
  Diluted   $   (0.00 )   $   0.04     $   (0.00 )   $   0.08    
                       
Shares used in computing net income (loss) per share                
  Basic        43,171         8,171         43,115         8,151    
  Diluted       43,171         8,409         43,115         8,378    
                       
                       
MOSYS, INC.          
CONDENSED CONSOLIDATED BALANCE SHEETS          
(In thousands, unaudited)          
                       
        June 30,   December 31,          
          2019       2018            
                       
Assets                    
  Current assets:                
    Cash, cash equivalents and investments $   7,444     $   7,104            
    Accounts receivable, net     1,355         1,622            
    Inventories     601         1,148            
    Prepaid expenses and other     944         923            
      Total current assets     10,344         10,797            
                       
  Property and equipment, net     223         279            
  Goodwill       420         420            
  Other       510         260            
      Total assets $   11,497     $   11,756            
                       
Liabilities and Stockholders’ Equity                
  Current liabilities:                
    Accounts payable $   88     $   236            
    Deferred revenue     103         273            
    Accrued expenses and other     1,311         1,402            
      Total current liabilities     1,502         1,911            
                       
  Convertible notes payable     2,749         2,671            
  Other long-term liabilities     67         17            
      Total liabilities     4,318         4,599            
                       
  Stockholders' equity     7,179         7,157            
                       
      Total liabilities and stockholders’ equity $   11,497     $   11,756            
                       
                       
MOSYS, INC.  
Reconciliation of GAAP to Non-GAAP Net Income and Net Income Per Share  
(In thousands, except per share amounts; unaudited)  
                       
        Three Months Ended   Six Months Ended  
        June 30,   June 30,  
          2019       2018       2019       2018    
                       
  GAAP net income (loss) $   (103 )   $   315     $   (93 )   $   663    
    Stock-based compensation expense                
    - Research and development     67         83         40         89    
    - Selling, general and administrative     52         76         75         164    
      Total stock-based compensation expense     119         159         115         253    
                       
    Amortization of intangible assets     -          28         -          55    
                       
  Non-GAAP net income $   16     $   502     $   22     $   971    
                       
  GAAP net income (loss) per share, basic $   (0.00 )   $   0.04     $   (0.00 )   $   0.08    
    Reconciling items                
    - Stock-based compensation expense     -          0.02         -          0.03    
    - Amortization of intangible assets     -          -          -          0.01    
                       
  Non-GAAP net income per share, basic $   0.00     $   0.06     $   0.00     $   0.12    
                       
  GAAP net income (loss) per share, diluted $   (0.00 )   $   0.04     $   (0.00 )   $   0.08    
    Reconciling items                
    - Stock-based compensation expense     -          0.02         -          0.03    
    - Amortization of intangible assets     -          -          -          0.01    
                       
  Non-GAAP net income per share, diluted $   0.00     $   0.06     $   0.00     $   0.12    
                       
  Shares used in computing non-GAAP net income per share                
    Basic     43,171         8,171         43,115         8,151    
    Diluted     45,710         8,409         45,516         8,378    
                       
                       
MOSYS, INC.  
Reconciliation of GAAP and Non-GAAP Financial Information  
(In thousands; unaudited)  
                       
        Three Months Ended   Six Months Ended  
        June 30,   June 30,  
          2019       2018       2019       2018    
  Reconciliation of GAAP net income (loss) and adjusted EBITDA                
  GAAP net income (loss) $   (103 )   $   315     $   (93 )   $   663    
    Stock-based compensation expense                
    - Research and development     67         83         40         89    
    - Selling, general and administrative     52         76         75         164    
    Stock-based compensation expense     119         159         115         253    
                       
    Amortization of intangible assets     -          28         -          55    
                       
  Non-GAAP net income     16         502         22         971    
    EBITDA adjustments:                
    Depreciation      39         171         111         340    
    Interest expense     56         206         110         427    
    Provision for income taxes     -         1         -         2    
                       
  Adjusted EBITDA $   111     $   880     $   243     $   1,740    
                       

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