MoSys, Inc. Reports Second Quarter 2014 Financial Results

SANTA CLARA, Calif. — (BUSINESS WIRE) — July 22, 2014MoSys (NASDAQ: MOSY), a leader in semiconductor solutions that enable fast, intelligent data access for network and communications systems, today reported financial results for the second quarter ended June 30, 2014.

Second Quarter Highlights

  • Secured additional design wins for MoSys® Bandwidth Engine® ICs;
  • Increased shipments of Bandwidth Engine ICs quarter-over-quarter;
  • Established a dual-sourcing product and technology partnership with GSI Technology; and
  • Ended the quarter with total cash and investments of $40.1 million.

Management Commentary

“We continued to gain traction in the second quarter for our Bandwidth Engine ICs by securing additional design wins and increasing shipments to customers,” commented Len Perham, MoSys’ president and chief executive officer. “Most notable, total IC shipments for the first half of 2014 were double the amount shipped during all of 2013. While the timing of our customers’ production ramps remains difficult to predict, we remain optimistic that our early design win customers are making solid progress and will initiate their production ramps later this year.

“Also of note, during the quarter, we announced a dual-sourcing and technology partnership with GSI Technology. This partnership is an important milestone because it provides our customers and potential customers the comfort of having multiple sources of supply for key components. It also provides the opportunity to collaborate on future products critical to the fast-moving advancements we are seeing in the network infrastructure. Furthermore, this dual-sourcing relationship should allow both companies to grow their served available markets.

“In addition, we continued to advance the development of our third generation Bandwidth Engine IC family and next-generation 100G PHY LineSpeed™ products. Our R&D roadmap aligns well with the market’s transition toward next-generation networking systems and the drive toward 400G+ platforms. The growing trend toward data center and edge devices that expand capacity, security and deep packet inspection are generating increased interest in both our technology and our advanced IC solutions. We are working closely with both customers and partners to address these growing needs.”

Second Quarter Results

Total net revenue for the second quarter of 2014 was $1.8 million, compared with $1.3 million reported in the first quarter of 2014 and $1.1 million in the second quarter of 2013.

Second quarter 2014 total revenue included product revenue of $1.0 million, compared with $0.6 million in the first quarter of 2014. Royalty and other revenue for the second quarter of 2014, which includes licensing revenue, was $0.8 million, consistent with the previous quarter and compared with $1.1 million in the second quarter of 2013.

Gross margin for the second quarter of 2014 was 42 percent, compared with 57 percent in the first quarter of 2014 and 93 percent for the second quarter of 2013. The sequential decrease in gross margin reflects increased IC product sales, which carry a lower gross margin than the Company’s licensing and royalty revenue.

Total operating expenses on a GAAP basis for the second quarter of 2014 were $7.9 million, compared with $8.9 million in the previous quarter and $7.4 million for the second quarter of 2013. Second quarter 2014 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 second quarter of 2014 was $7.2 million, or ($0.14) per share, compared with a net loss of $8.1 million, or ($0.16) per share, in the previous quarter and a net loss of $6.4 million, or ($0.15) per share, for the second quarter of 2013. Non-GAAP net loss for the second quarter of 2014 was $5.9 million, or ($0.12) per share, which excludes amortization of intangible assets and stock-based compensation expense. Earnings per share for the second quarter of 2014 were computed using approximately 49.5 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 second quarter 2014 financial results. Investors and other interested parties may access the call by dialing 1-866-271-6103 in the U.S. (1-617-213-8894 outside of the U.S.), and entering the pass code 61562569 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 74177110.

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