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and its subsidiaries.
−Removed: We are a materials technology company that works with manufacturing and commercial partners to develop and commercialize products made from our proprietary amorphous alloys.
−Removed: Our Liquidmetal® family of alloys consists of a variety of proprietary bulk alloys and composites that utilize the advantages offered by amorphous alloy technology.
−Removed: We work with partners to design, develop, and sell custom products and parts from bulk amorphous alloys for sale in various industries.
−Removed: We also partner with third-party manufacturers and licensees to develop and commercialize Liquidmetal alloy products.
+Added: We are a materials technology and manufacturing company focused on the development and commercialization of products made from proprietary amorphous alloys and/or utilizing proprietary amorphous alloy manufacturing technologies.
+Added: In addition to developing our own manufacturing facility through our subsidiary in China, we work with third-party manufacturing and commercial partners to develop and commercial products made from our proprietary amorphous alloys.
Amorphous alloys are, in general, unique materials that are distinguished by their ability to retain a random atomic structure when they solidify, in contrast to the crystalline atomic structure that forms in other metals and alloys when they solidify.
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Consequently, bulk Liquidmetal alloys exhibit superior strength and other superior performance characteristics compared to their crystalline counterparts.
−Removed: Prior to 1993, commercially viable amorphous alloys could be created only in thin forms, such as coatings, films, or ribbons.
−Removed: However, in 1993, researchers at the California Institute of Technology (“Caltech”) developed the first commercially viable amorphous alloy in a bulk form.
+Added: In 1993, researchers at the California Institute of Technology (“Caltech”) developed the first commercially viable amorphous alloy in a bulk form.
We obtained the exclusive right to commercialize the bulk amorphous alloy through a license agreement with Caltech and have developed the technology to enable the commercialization of bulk amorphous alloys.
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The constituent elements and percentage composition of Liquidmetal alloys are critical to their ability to solidify into an amorphous atomic structure.
−Removed: We have several different alloy compositions that have different constituent elements in varying percentages.
The raw materials that we use in Liquidmetal alloys are readily available and can be purchased from multiple suppliers.
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Some of the more prominent markets include:
−Removed: medical/ dental, automotive, non-consumer electronics, and sporting equipment.
+Added: humanoid robots, medical/ dental, automotive, non-consumer electronics, and sporting equipment.
We believe that these areas are consistent with our strategy in terms of market size, building brand recognition, and providing an opportunity to develop and refine our processing capabilities.
Although we believe that strategic partnership transactions could also create valuable opportunities beyond the parameters of these target markets, we anticipate continuing to pursue these markets both internally and in conjunction with partners.
+Added: Humanoid Robots
+Added: We are engaged in product development efforts relating to various humanoid robot components that could be made from bulk Liquidmetal alloys.
+Added: We believe that the unique properties of bulk Liquidmetal alloys provide the combination of long-lasting surface finish, corrosion resistance, strength, and precision required by most robotic applications.
+Added: The potential value offered by our alloys is higher performance in some cases and cost reduction in others, the latter stemming from the ability of Liquidmetal alloys to be net shape molded into components, thus reducing costs of secondary processing common with existing processes.
Medical Devices
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The cross-licenses are non-exclusive in geographic areas outside of the foregoing exclusive territories.
−Removed: Eutectix Business Development Agreement
−Removed: On January 31, 2020, we entered into a Business Development Agreement (the “Agreement”) with Eutectix, LLC, a Delaware limited liability company (“Eutectix”), which provided for collaboration, joint development efforts, and the manufacturing of products based on our proprietary amorphous metal alloys.
−Removed: Under the Agreement, we agreed to license to Eutectix specified equipment owned by us, including two injection molding machines, the Machines, and other machines and equipment, all of which would be used to make products for our customers and Eutectix customers.
−Removed: We also licensed to Eutectix various patents and technical information related to our proprietary technology.
−Removed: The Agreement expired in January 2025.
Apple License Transaction
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We will receive royalty payments over the life of the contract on all Liquidmetal products produced and sold by Swatch.
−Removed: The license agreement with Swatch will expire on the expiration date of the last licensed patent.
+Added: The license agreement with Swatch will expire on the expiration date of the last-to-expire licensed patent.
Liquidmetal Golf License
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Manufacturing
−Removed: Our current manufacturing strategy is to partner with global companies that are contract manufacturers and alloy producers.
+Added: Our current manufacturing strategy is to have in-house manufacturing operations and to also seek to partner with global companies that are contract manufacturers and alloy producers.
We seek third party companies with proven track records of success who can gain specialized skills and knowledge of our alloys through close collaborations with our team of engineers.
−Removed: We believe that partnering with these global companies will allow us to forgo the capital intensive requirements of maintaining our own large scale manufacturing facilities and allow us to grow the number of applications for the technology much faster than could be accomplished on our own.
+Added: We believe that in addition to having our own manufacturing operations, partnering with global companies will allow us to forgo the capital intensive requirements of large scale manufacturing facilities and allow us to grow the number of applications for the technology much faster than could be accomplished on our own.
On January 12, 2022, Liquidmetal Technologies entered into a manufacturing agreement (“Manufacturing Agreement”) with Dongguan Yihao Metal Materials Technology Co.
−Removed: (“Yihao”) to become the primary outsourced manufacturer of the Company’s products.
+Added: (“Yihao”) to become an outsourced manufacturer of the Company’s products.
Under the Manufacturing Agreement, which has a term of five years, Yihao has agreed to serve as a non-exclusive contract manufacturer for amorphous alloy parts offered and sold by the Company at prices determined on a “cost-plus” basis.
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and Professor Lugee Li, our Chairman and largest beneficial owner of the Company’s capital stock.
−Removed: During 2024, there were three major customers, who together accounted for 91% of our revenue.
−Removed: During 2023, there were three major customers, who together accounted for 86% of our revenue.
+Added: On July 4, 2025, Liquidmetal Asia Holdings Limited (“Liquidmetal Asia”), a Hong Kong incorporated wholly owned subsidiary of the Company, entered into a shareholders agreement with Mr.
+Added: Chong Liu, an individual investor to form a new joint venture company named Hangzhou Feifeng Liquidmetal Co.
+Added: Ltd., a limited liability company formed under the Peoples Republic of China (the “Joint Venture Company”).
+Added: The Joint Venture Company was formed for the principal purpose of developing a manufacturing facility in Hangzhou, China for the manufacture of amorphous metal products.
+Added: The Joint Venture Company will be owned 70% by Liquidmetal Asia and 30% by Mr.
+Added: Liu and will be capitalized with $6.0 million USD of initial capital, of which $4.2 million has been contributed by Liquidmetal Asia, and $1.8 million will be contributed by Mr.
+Added: Liu on or before May 25, 2028.
+Added: We currently anticipate that the Joint Venture Company will have full manufacturing capabilities in 2026.
+Added: The Joint Venture Company and Shareholders Agreement will have an initial term of fifty years, provided that either Shareholder may terminate the Shareholders Agreement and Joint Venture Company earlier under certain circumstances, including if the Joint Venture Company experiences a net loss for three consecutive years or if the other Shareholder attempts to assign its interest in the Joint Venture Company in violation of the terms of the agreement.
+Added: During 2025, we had three major customers which together accounted for 86% of our revenue.
+Added: During 2024, we had three major customers which together accounted for 91% of our revenue.
As of December 31, 2025, one customer represented 60%, or $54,280 of the total outstanding trade accounts receivable.
−Removed: As of December 31, 2023, two customers represented 96%, or $178, of the total outstanding trade accounts receivable.
+Added: As of December 31, 2024, one customer represented 83%, or $73,600 of the total outstanding trade accounts receivable.
In the future, we expect that a significant portion of our revenue may continue to be concentrated in a limited number of customers, even if our bulk alloys business grows.
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Human Capital
−Removed: As of December 31, 2024, we had 7 full-time employees and 1 full-time consultant.
+Added: As of December 31, 2025, we had 7 full-time employees and 2 part-time consultants for our U.S.
+Added: corporate office, and 3 full-time employees in our manufacturing operations in China.
As of that date, none of our employees or consultants were represented by a labor union.
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We own 79% of the outstanding common stock in Liquidmetal Golf.
−Removed: On January 13, 2022, Liquidmetal Golf entered into a sublicense agreement (“LMG Sublicense Agreement”) with Amorphous Technologies Japan, Inc.
−Removed: (“ATJ”), a newly formed Japanese entity that was established by Twins Corporation, a sporting goods company operating in Japan.
−Removed: Under the agreement, LMG granted to ATJ a nonexclusive worldwide sublicense to the Company’s amorphous alloy technology and related trademarks to manufacture and sell golf clubs and golf related products.
−Removed: The LMG Sublicense Agreement has a term of three years and provides for the payment of a running royalty to LMG of 3% of the net sales price of licensed products.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.