MoSys, Inc. Reports First Quarter 2019 Financial Results

About MoSys, Inc.
MoSys, Inc. (NASDAQ: MOSY) is a provider of semiconductor solutions that enable fast, intelligent data access for cloud networking, security, test and video systems. More information is available at www.mosys.com.

Bandwidth Engine and MoSys are registered trademarks of MoSys, Inc. in the US and/or other countries. LineSpeed and the MoSys logo are trademarks of MoSys, Inc. All other marks mentioned herein are the property of their respective owners.

(Financial Tables to Follow)

Contacts:
Jim Sullivan, CFO
MoSys, Inc.
+1 (408) 418-7500
jsullivan@mosys.com



MOSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts; unaudited)

	Three Months Ended
	March 31,
		2019			2018

Net Revenue
Product	$	3,386		$	3,704
Royalty and other		134			504
Total net revenue		3,520			4,208

Cost of Net Revenue		1,354			1,601

Gross Profit		2,166			2,607

Operating Expenses
Research and development		1,153			1,051
Selling, general and administrative		972			989
Total operating expenses		2,125			2,040

Income from operations		41			567

Other expense, net		(31	)		(219	)
Net Income	$	10		$	348

Net Income per share
Basic	$	0.00		$	0.04
Diluted	$	0.00		$	0.04

Shares used in computing net income per share
Basic		43,068			8,130
Diluted		45,412			8,347



MOSYS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)

	March 31,			December 31,
		2019			2018

Assets
Current assets:
Cash, cash equivalents and investments	$	6,329		$	7,104
Accounts receivable, net		2,171			1,622
Inventories		902			1,148
Prepaid expenses and other		1,171			923
Total current assets		10,573			10,797

Property and equipment, net		255			279
Goodwill		420			420
Other		557			260
Total assets	$	11,805		$	11,756

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	215		$	236
Deferred revenue		269			273
Accrued expenses and other		1,295			1,402
Total current liabilities		1,779			1,911

Convertible notes payable		2,749			2,671
Other long-term liabilities		115			17
Total liabilities		4,643			4,599

Stockholders' equity		7,162			7,157

Total liabilities and stockholders’ equity	$	11,805		$	11,756



MOSYS, INC.
Reconciliation of GAAP to Non-GAAP Net Income and Net Income Per Share
(In thousands, except per share amounts; unaudited)

	Three Months Ended
	March 31,
		2019			2018

GAAP net income	$	10		$	348
Stock-based compensation expense
- Research and development		(27	)		6
- Selling, general and administrative		23			88
Total stock-based compensation expense		(4	)		94

Amortization of intangible assets		-			27

Non-GAAP net income	$	6		$	469

GAAP net income per share, basic	$	0.00		$	0.04
Reconciling items
- Stock-based compensation expense		-			0.01
- Amortization of intangible assets		-			0.01

Non-GAAP net income per share, basic	$	0.00		$	0.06

GAAP net income per share, diluted	$	0.00		$	0.04
Reconciling items
- Stock-based compensation expense		-			0.01
- Amortization of intangible assets		-			0.01

Non-GAAP net income per share, diluted	$	0.00		$	0.06

Shares used in computing non-GAAP net income per share
Basic		43,068			8,130
Diluted		45,412			8,347



MOSYS, INC.
Reconciliation of GAAP and Non-GAAP Financial Information
(In thousands; unaudited)

	Three Months Ended
	March 31,
		2019			2018
Reconciliation of GAAP net income and adjusted EBITDA
GAAP net income	$	10		$	348
Stock-based compensation expense
- Research and development		(27	)		6
- Selling, general and administrative		23			88
Stock-based compensation expense		(4	)		94
Amortization of intangible assets		-			27

Non-GAAP net income		6			469
EBITDA adjustments:
Depreciation		72			169
Interest expense		54			221
Provision for income taxes		-			1

Adjusted EBITDA	$	132		$	860

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