MoSys, Inc. Reports First Quarter 2015 Financial Results

SANTA CLARA, Calif. — (BUSINESS WIRE) — May 1, 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 first quarter ended March 31, 2015.

First Quarter and Recent Highlights

  • Achieved another quarter of double-digit design wins;
  • Secured new Bandwidth Engine® design wins with existing Tier-One customer;
  • Completed underwritten public offering of common stock for net proceeds of $21.4 million; and
  • Ended the quarter with total cash and investments of $40.7 million.

Management Commentary

"Building upon the design win momentum generated last quarter, we achieved another quarter of double-digit design win activity, putting us on track to achieve our goal of doubling design wins again in 2015," commented Len Perham, president and CEO of MoSys. "Most of our design wins in the quarter were for our Bandwidth Engine products and reflect, in some cases, additional market penetration with existing customers. In several instances, these customers are now re-using the Bandwidth Engine architecture as a building block for new systems or line card applications to achieve higher aggregate data rates or new features. We also have multiple active design engagements with customers for our LineSpeed™ products, particularly our newest product, the LineSpeed 100G Low Power Retimer, targeting high data-rate, low-power, smart optical module applications.

"In addition, we continued to make progress on our product development roadmap, especially with our new Bandwidth Engine 3 product family, which we expect to bring to market in the second half of the year. We remain on track with the development schedules of our early Bandwidth Engine 3 alpha customers and our NPU partner, EZchip, and continue to work closely with our FPGA partners, Altera and Xilinx."

Mr. Perham concluded, "Overall, customer interest and sales activity for both the Bandwidth Engine and LineSpeed product families remain very robust, setting the stage for additional design wins in the coming quarters. We remain focused on doubling design wins again this year, bringing additional products to market, and expanding our served available market and customer base, while remaining well positioned to support our customers' production ramps."

First Quarter Results

Total net revenue for the first quarter of 2015 was $0.8 million, compared with $1.1 million reported in the fourth quarter of 2014 and $1.3 million in the first quarter of 2014.

First quarter 2015 total revenue included product revenue of $0.2 million, compared with $0.3 million in the fourth quarter of 2014 and $0.6 million in the year ago period. Royalty and other revenue for the first quarter of 2015, which includes licensing revenue, was $0.6 million as compared with $0.8 million in both the previous quarter and the first quarter of 2014.

Gross margin for the first quarter of 2015 was 69 percent, compared with 76 percent in the fourth quarter of 2014 and 57 percent for the first quarter of 2014.

Total operating expenses on a GAAP basis for the first quarter of 2015 were $8.5 million, compared with $9.8 million in the previous quarter and $8.9 million for the first quarter of 2014. First quarter 2015 operating expenses included $0.2 million of amortization of intangible assets and $1.2 million in stock-based compensation expense.

GAAP net loss for the first quarter of 2015 was $8.0 million, or ($0.15) per share, compared with a net loss of $9.0 million, or ($0.18) per share, in the previous quarter and a net loss of $8.1 million, or ($0.16) per share, for the first quarter of 2014. Non-GAAP net loss for the first quarter of 2015 was $6.5 million, or ($0.12) per share, which excludes amortization of intangible assets and stock-based compensation expense. Earnings per share for the first quarter of 2015 were computed using approximately 54.3 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 first quarter financial results. Investors and other interested parties may access the call by dialing 1-855-779-0042 in the U.S. (1-631-485-4856 outside of the U.S.), and entering the pass code 21672962 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 1-855-859-2056 in the U.S. (1-404-537-3406 outside of the U.S.), pass code of 21672962.

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