MoSys, Inc. Reports Third Quarter 2013 Financial Results

SANTA CLARA, Calif. — (BUSINESS WIRE) — October 18, 2013 — MoSys, Inc., (NASDAQ: MOSY), a leader in semiconductor solutions that enable fast, intelligent data access for network and communications systems, today reported financial results for the third quarter ended September 30, 2013.

Third Quarter and Recent Highlights

  • Secured an additional Bandwidth Engine® 2 design win with existing Tier 1 customer;
  • Successfully completed functional and performance-level characterization of Bandwidth Engine 2;
  • Demonstrated high-performance capabilities and interoperability of LineSpeed™ products with leading industry players at ECOC 2013; and
  • Ended the quarter with cash and investments of $53.3 million.

Management Commentary

“We continued to demonstrate solid operational execution during the quarter, as we further expanded our sales activities and product development efforts,” commented Len Perham, MoSys’ President and Chief Executive Officer. “The opportunities for securing additional designs with existing customers are growing. While some companies may resist new approaches like Bandwidth Engine, we have experienced firsthand that once a customer has expended the initial effort to implement a high-speed serial interface and reap the benefits of its performance, size, power and economics; then there is a high likelihood the customer will repurpose the design and find new applications. To underscore this point, during the quarter, we secured an additional design win with our existing Tier 1 customer and have multiple new opportunities in-process with other existing customers.

“On the operational side, we have advanced Bandwidth Engine 2 toward complete carrier-grade qualification and are on schedule for full production release by year end. Although we do not control our customers’ full production releases, we are starting to see shipments ramp to our initial Bandwidth Engine customers and expect a meaningful increase in unit shipments in the fourth quarter. In addition to the Bandwidth Engine activities, we are seeing significant interest for our LineSpeed PHY ICs; these products represent a growing percentage of the activity in our sales funnel.

“In conclusion, our continued progress this quarter further validates the value of our technology as more companies recognize the need to effectively utilize all of the bandwidth available and secure increasingly faster memory access; while simultaneously taking advantage of the most efficient solutions for addressing both high-speed data path challenges and system congestion issues faced by networking equipment. I believe we are well positioned with our current and future Bandwidth Engine and LineSpeed product families to secure additional design wins, which will further broaden our customer footprint and drive future revenue growth.”

Third Quarter Results

Total net revenue for the third quarter of 2013 was $1.0 million, compared with $1.1 million reported in the second quarter of 2013 and $1.3 million in the third quarter of 2012.

Third quarter 2013 total revenue included licensing and other revenue of $0.2 million, consistent with both the previous quarter and third quarter of 2012. Revenue attributable to shipments of integrated circuits is included in licensing and other revenue. Third quarter 2013 royalty revenue was $0.8 million, compared with $1.0 million in the previous quarter and $1.1 million in the third quarter of 2012.

Gross margin for the third quarter of 2013 was 83 percent, compared with 93 percent in the second quarter of 2013 and 96 percent for the third quarter of 2012.

Total operating expenses on a GAAP basis for the third quarter of 2013 were $7.8 million, compared with $7.4 million in the previous quarter and $7.3 million for the third quarter of 2012. Third quarter 2013 operating expenses included $0.3 million of amortization of intangible assets and $1.0 million in stock-based compensation expense.

GAAP net loss for the third quarter of 2013 was $6.9 million, or ($0.14) per share, compared with a net loss of $6.4 million, or ($0.15) per share, in the previous quarter and a net loss of $6.1 million, or ($0.15) per share, for the third quarter of 2012. The non-GAAP net loss for the third quarter of 2013 was $5.7 million, or ($0.12) per share, which excludes amortization of intangible assets and stock-based compensation expense. Earnings per share for the third quarter of 2013 were computed using approximately 48.2 million weighted shares on a GAAP and non-GAAP basis. A reconciliation of GAAP results to non-GAAP results is provided in the financial statement tables following the text of this press release.

Financial Results Webcast / Conference Call

MoSys will host a conference call and webcast with investors today at 5:30 a.m. Pacific Time (8:30 a.m. Eastern Time) to discuss the third quarter 2013 financial results. Investors and other interested parties may access the call by dialing 1-866-318-8615 in the U.S. (1-617-399-5134 outside of the U.S.), and entering the pass code 79590918 at least 10 minutes prior to the start of the call. In addition, an audio webcast will be available through the MoSys Web site at http://www.mosys.com . A telephone replay will be available for two business days following the call at 1-888-286-8010 in the U.S. (1-617-801-6888 outside of the U.S.), pass code of 77451420.

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