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INTERMOLECULAR INC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2019 10-Q, filed Aug 8, 2019. Its latest SEC filing is a 15-12B from Sep 30, 2019.

The sections below describe the company as of the FY2018 annual report.

What Did They Do?

Runs materials research programs and supplies experimentation tools and analysis software to semiconductor and other advanced-materials manufacturers.

How Did They Make Money?

Customers pay contracted service fees when research projects or milestones are completed, and may also pay subscription fees for dedicated or shared workflow tools. The company also earns licensing fees and royalties for rights to its technology, including royalties tied to customer product sales.

FY2018 revenue

Who Were Their Customers?

Semiconductor companies and manufacturers in glass, advanced alloys, light-emitting diodes and flat-panel displays work with the company on materials research programs.

Did Revenues Turn Into Profits?

Not on paper. It lost $3.4M in FY2018, but brought in more cash than it spent: $4.7M of free cash flow.

Operating income, FY2018
−13% of revenue
▼ −60% (Loss) vs FY2017 (−$11M, −30%)
Net income, FY2018
−10% of revenue
▼ −67% (Loss) vs FY2017 (−$10.4M, −28%)
Free cash flow, FY2018
14% of revenue
▲ Now profitable vs FY2017 (−$1.7M, −4%)

How Were They Changing?

Since the FY2018 annual report
Latest quarter: Q2 FY2019, the three months to Jun 30, 2019
Revenue
▼ −53%
vs $9.8M in Q2 FY2018
Net income
▼ Now a loss
vs $496K in Q2 FY2018
  • Sep 20, 2019 Merger closed; Intermolecular became a wholly owned subsidiary Each share converted into a right to receive $1.20 in cash; the company requested Nasdaq trading suspension and delisting.

Shrank. Revenue fell 29% in 4 years, from $47.7M in FY2014 to $33.7M in FY2018, about 8% a year.

A narrower market focus The earlier report described plans to expand into architectural glass, displays, consumer electronics, aerospace and automotive; the latest report emphasizes semiconductor device makers and semiconductor materials and equipment makers.

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