MoSys, Inc. Reports Fourth Quarter and Full Year 2014 Financial Results

SANTA CLARA, Calif. — (BUSINESS WIRE) — January 30, 2015MoSys (NASDAQ: MOSY), a leader in semiconductor solutions that enable fast, intelligent data access for network and communications systems, today reported financial results for the fourth quarter and fiscal year ended December 31, 2014.

Full Year 2014 and Recent Highlights

  • Recently announced collaboration with EZchip Semiconductor’s NPS family of network processors and a customized derivative of the MoSys Bandwidth Engine® 3;
  • Launched LineSpeed™ 100G Low-Power Retimer;
  • Established a dual-sourcing product and technology partnership with GSI Technology;
  • Introduced third-generation Bandwidth Engine architecture;
  • Nearly doubled total number of IC design wins in 2014 over 2013;
  • Increased IC product revenue to over 40% of total 2014 revenue; and
  • Ended the year with total cash and investments of $25.8 million.

Management Commentary

Commenting on the results, Len Perham, president and CEO of MoSys, said, “We finished 2014 on a strong note, as design win activity for our Bandwidth Engine products picked up substantially in the fourth quarter. Specifically, the accelerating adoption of our Bandwidth Engine 2 products resulted in our best design win quarter to date, and total design wins for 2014 nearly doubled the number of wins secured in 2013. These most recent wins include expanded traction for our solutions into high-performance switching and security applications that reside in both the data center and at the edge of the Cloud.

“During the year, we continued to make progress on our product development roadmap and broadened our product offerings with the introduction of the Bandwidth Engine 3 architecture and our LineSpeed 100G Low Power Retimer for optical modules. These solutions, along with an anticipated further expansion of our LineSpeed product portfolio, will allow us to meaningfully expand our served available market in 2015. In addition, we recently announced a collaboration with EZchip intended to provide a customized version of Bandwidth Engine 3 for EZchip’s NPS family of C-programmable network processors. This significant partnership should accelerate the adoption of our Bandwidth Engine products in the marketplace. We believe it demonstrates the value that leading IC companies in our ecosystem are beginning to place on our solutions. We are currently working closely with EZchip to complete the integration and technology verification of our respective component families with the goal of sampling to customers later this year.

Mr. Perham concluded, “With our strong fourth quarter design win activity, we believe we are well positioned for growth in 2015 with solid design win traction, a robust sales funnel and an expanding product portfolio, all of which are expected to drive both additional design wins and a ramping of revenue in the second half of the year.”

Fourth Quarter Results

Total net revenue for the fourth quarter of 2014 was $1.1 million, compared with $1.1 million reported in the third quarter of 2014 and $1.0 million in the fourth quarter of 2013.

Fourth quarter 2014 total revenue included product revenue of $0.3 million, compared with $0.4 million in the third quarter of 2014 and $0.2 million in the year ago period. Royalty and other revenue for the fourth quarter of 2014, which includes licensing revenue, was $0.8 million as compared with $0.7 million in the previous quarter and $0.8 million in the fourth quarter of 2013.

Gross margin for the fourth quarter of 2014 was 76 percent, compared with 61 percent in the third quarter of 2014 and 78 percent for the fourth quarter of 2013. Fourth quarter gross margin reflects a higher mix of royalty and other revenue, which carry higher gross margins than IC products.

Total operating expenses on a GAAP basis for the fourth quarter of 2014 were $9.8 million, compared with $9.2 million in the previous quarter and $7.3 million for the fourth quarter of 2013, as research and development expenses for taping out new products were significantly higher than in prior periods. Fourth 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 fourth quarter of 2014 was $9.0 million, or ($0.18) per share, compared with a net loss of $8.5 million, or ($0.17) per share, in the previous quarter and a net loss of $6.5 million, or ($0.13) per share, for the fourth quarter of 2013. Non-GAAP net loss for the fourth quarter of 2014 was $7.7 million, or ($0.15) per share, which excludes amortization of intangible assets and stock-based compensation expense. Earnings per share for the fourth quarter of 2014 were computed using approximately 49.8 million weighted shares on a GAAP and non-GAAP basis.

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