Liquidmetal Technologies (OTC: LQMT) is a materials science company that develops and commercializes bulk amorphous alloys, marketed under the Liquidmetal brand, for use in precision-formed metal components. Revenue comes from product sales of parts made from its alloys, with licensing revenue as a secondary target that has not yet materialized at scale. The company holds more than 34 owned or licensed U.S. patents and more than 89 foreign counterpart patents and patent applications covering alloy composition, processing, and applications, with exclusivity on commercializing Caltech-developed amorphous alloy technology under a license agreement. As of December 31, 2025, LQMT had 7 full-time U.S. employees, 2 part-time consultants, and 3 full-time employees in manufacturing operations in China. The company reported an operating loss of $3,742 thousand for FY2025, up from $3,313 thousand in FY2024, and held $7,164 thousand in cash plus $12,523 thousand in debt securities as of December 31, 2025. Total revenue was approximately $775 thousand in FY2025 based on disclosed R&D expense ratios.

Revenue model

Product sales of bulk amorphous alloy components manufactured in-house and through third-party contract manufacturers, with licensing of its alloy technology as a stated secondary revenue target. The company has not yet achieved significant licensing revenues as of FY2025.

Products and services

Bulk amorphous (glassy) metal alloys processed via thermoplastic molding and net-shape casting into precision components. The alloys retain an amorphous atomic structure through solidification, yielding higher strength than crystalline metals. The patent portfolio covers alloy compositions, processing methods, and applications, with patents expiring between 2026 and 2040.

Customers and end markets

Target end markets include medical devices, consumer electronics, and other applications requiring high-strength, net-shape metal components. Sales cycles are long; the company works through prototype and testing stages with potential customers before commercial production. Medical device applications are subject to FDA and foreign regulatory approval requirements.

Value-chain role

Materials developer and component manufacturer operating upstream as an alloy technology licensor and downstream as a component producer. Manufacturing is split between in-house operations and global third-party contract manufacturers and alloy producers. The company sources commodity raw material elements from multiple suppliers.

Geographic exposure

U.S. corporate headquarters with manufacturing operations in China as of December 31, 2025. The company sells and develops applications globally but does not disclose a geographic revenue breakdown in the excerpts provided.

Source: SEC 10-K, filed 2026-03-12

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