MoSys, Inc. Reports Second Quarter 2016 Financial Results

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(Financial Tables to Follow)

MOSYS, INC. 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
(In thousands, except per share amounts; unaudited) 
                  
     Three Months Ended   Six Months Ended 
     June 30,   June 30, 
      2016   2015    2016   2015  
          
Net Revenue      
 Product $1,287 $543  $2,407 $723  
 Royalty and other 346  451   677  1,047  
  Total net revenue 1,633  994   3,084  1,770  
          
Cost of Net Revenue 963  563   1,826  800  
          
Gross Profit 670  431   1,258  970  
          
Operating Expenses      
 Research and development 4,883  5,789   10,115  12,682  
 Selling, general and administrative 1,577    1,550       3,093     3,164    
  Restructuring charges   -     -       676     -    
    Total operating expenses   6,460     7,339       13,884     15,846    
                   
  Loss from operations   (5,790 )   (6,908 )     (12,626 )   (14,876 )  
                   
  Other income (expense), net   (193 )   29       (202 )   52    
    Loss before income taxes   (5,983 )   (6,879 )     (12,828 )   (14,824 )  
                   
  Income tax provision   20     27       40     47    
                   
Net Loss   $ (6,003 ) $ (6,906 )   $ (12,868 ) $ (14,871 )  
                   
Net loss per share            
  Basic and diluted $ (0.09 ) $ (0.11 )   $ (0.20 ) $ (0.25 )  
                   
Shares used in computing net loss per share            
  Basic and diluted   65,985     64,737       65,830     59,539    
                   
                   
MOSYS, INC.        
CONDENSED CONSOLIDATED BALANCE SHEETS        
(In thousands, unaudited)        
                   
        June 30, December 31,        
          2016     2015          
                   
Assets                
  Current assets:            
    Cash, cash equivalents and investments $ 16,523   $ 20,238          
    Accounts receivable, net   1,062     729          
    Inventories   1,369     1,597          
    Prepaid expenses and other   731     701          
      Total current assets   19,685     23,265          
                   
  Long-term investments   -     -          
  Property and equipment, net   1,704     1,630          
  Goodwill     23,134     23,134          
  Other assets   402     663          
      Total assets $ 44,925   $ 48,692          
                   
Liabilities and Stockholders’ Equity            
  Current liabilities:            
    Accounts payable $ 684   $ 940          
    Accrued expenses and other   2,775     2,664          
      Total current liabilities   3,459     3,604          
                   
  Notes payable   7,890     -          
  Other long-term liabilities   243     247          
      Total liabilities   11,592     3,851          
                   
  Stockholders' equity   33,333     44,841          
                   
      Total liabilities and stockholders’ equity $ 44,925   $ 48,692          
                   
                   
MOSYS, INC.  
Reconciliation of GAAP to Non-GAAP Net Loss and Net Loss Per Share  
(In thousands, except per share amounts; unaudited)  
                   
        Three Months Ended   Six Months Ended  
        June 30,   June 30,  
          2016     2015       2016     2015    
                   
  GAAP net loss $ (6,003 ) $ (6,906 )   $ (12,868 ) $ (14,871 )  
    Stock-based compensation expense            
    - Research and development   382     595       820     1,561    
    - Selling, general and administrative   162     222       329     483    
      Total stock-based compensation expense   544     817       1,149     2,044    
                   
    Restructuring charges   -     -       676     -    
    Amortization of intangible assets   27     28       55     265    
                   
  Non-GAAP net loss $ (5,432 ) $ (6,061 )   $ (10,988 ) $ (12,562 )  
                   
  GAAP net loss per share   $ (0.09 ) $ (0.11 )   $ (0.20 ) $ (0.25 )  
    Reconciling items            
    - Stock-based compensation expense   0.01     0.02       0.02     0.03    
    - Restructuring charges   -     -       0.01     -    
    - Amortization of intangible assets   -     -       -     0.01    
                   
  Non-GAAP net loss per share: basic and diluted $ (0.08 ) $ (0.09 )   $ (0.17 ) $ (0.21 )  
                   
  Shares used in computing non-GAAP net loss per share          
    Basic and diluted   65,985     64,737       65,830     59,539    
                   




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