MoSys, Inc. Reports First Quarter 2013 Financial Results

Design Win Activity Accelerates; Receives First Order from Tier-One Customer

SANTA CLARA, Calif. — (BUSINESS WIRE) — April 19, 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 first quarter ended March 31, 2013.

First Quarter and Recent Highlights

  • Secured first order from a Tier-One customer for Bandwidth Engine® 2;
  • Secured an additional platform win with an existing customer;
  • Unveiled newest member of Bandwidth Engine family of ICs, the MSR820, with on-board accelerators for 400G networking equipment;
  • Announced new LineSpeed™ 100G Multi-Mode Gearbox IC to enable data path connectivity, speed and intelligence for 100G data transmission; and
  • Ended the quarter with total cash and investments of $37.3 million.

Management Commentary

“During the first quarter, we continued to build design win momentum for our first and second-generation Bandwidth Engine ICs,” commented Len Perham, MoSys’ President and Chief Executive Officer. “Most notably, we received our first Tier-One customer order for prototype quantities of Bandwidth Engine 2 and secured another platform win with an existing customer. Additionally, we have sample requests for Bandwidth Engine 2 (BE-2) from multiple existing and prospective customers, demonstrating the user communities’ growing interest in this uniquely architected, network equipment solution. To date, the characterization and testing of BE-2 has been very gratifying. BE-2 is functioning according to its specifications, and we are satisfied that it meets the necessary standards and criteria to fulfill current sample requests. Though much remains to be done, we are very pleased with the progress we are making to ready these great new members of the Bandwidth Engine product family for a full release to the market. Finally, we anticipate satisfying all outstanding sample and/or prototyping orders for this new product in the current quarter.

During the first quarter, we further demonstrated our ongoing commitment to leverage our existing core IP and technical expertise by announcing the expansion of the Bandwidth Engine family of products. Our newest member, Bandwidth Engine 2 – Macro (MSR820), accelerates intelligent networking with on-board macro functions for 400G equipment.

We also announced a new high-speed SerDes-based product, the LineSpeed 100G Multi-Mode Gearbox IC, for networking and communications systems. This fully functional, high-performance SerDes IC enables high-density, low-power line cards and modules for short and extended reach datapath applications. We are pleased with the customer interest in our initial LineSpeed product, expect to have samples available later this quarter, and plan to add more products to the LineSpeed family in future quarters. We believe 2013 is off to a very good start, and we look forward to providing additional updates as more progress and milestones are achieved.”

First Quarter Results

Total net revenue for the first quarter of 2013 was $1.3 million, compared with $1.6 million reported in the fourth quarter of 2012 and $1.4 million in the first quarter of 2012.

First quarter 2013 total revenue included licensing and other revenue of $0.2 million, consistent with the previous quarter and first quarter of 2012. First quarter 2013 royalty revenue was $1.1 million, compared with $1.4 million in the previous quarter and $1.2 million for the first quarter of 2012.

Gross margin for the first quarter of 2013 was 99 percent, compared with 97 percent in the fourth quarter of 2012 and 96 percent for the first quarter of 2012. The sequential increase in gross margin was primarily due to less engineering services required on existing licensing contracts.

Total operating expenses on a GAAP basis for the first quarter of 2013 were $6.3 million, compared with $9.4 million in the previous quarter and $8.6 million of expenses for the first quarter of 2012. First quarter 2013 operating expenses included a $0.6 million gain on the sale of assets, as well as $0.3 million for amortization of intangible assets and $0.9 million in stock-based compensation expense.

GAAP net loss for the first quarter of 2013 was $5.0 million, or ($0.12) per share, compared with a net loss of $7.8 million, or ($0.19) per share, in the previous quarter and a net loss of $7.2 million, or ($0.19) per share, for the first quarter of 2012. The non-GAAP net loss for the first quarter of 2013 was $3.9 million, or ($0.10) per share, which excludes amortization of intangible assets and stock-based compensation expense. Earnings per share for the first quarter of 2013 were computed using approximately 40.3 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.

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