Intermolecularが2017年第4四半期および通年決算を発表

Intermolecular, Inc.

2018/2/14 16:05

Intermolecularが2017年第4四半期および通年決算を発表

AsiaNet 72309 (0311)

【サンノゼ(カリフォルニア州)2018年2月14日PR Newswire=共同通信JBN】先端素材イノベーションの信頼されるパートナーであるIntermolecular, Inc. (NASDAQ: IMI)は14日、2017年12月31日に終了した第4四半期および通年の決算を発表した。

業績ハイライト:

*第4四半期総売上高は1050万ドルと前期比22%増、前年同期比1%増;2017会計年度の売上高は3720万ドル。

*第4四半期純利益は10万ドル。前年同期は300万ドルの純損失。

*第4四半期調整済みの利払い前・税引き前・減価償却前利益(EBITDA)は210万ドルで、売上高の20%を占めた。

Intermolecularのクリス・クレイマー最高経営責任者(CEO)は「Intermolecularは2017年第4四半期に、前期比で売上高が22%増、営業費用が10%減となったことから、5年ぶりにGAAP純利益を計上した。業務上の観点から、第4四半期に3つの新しいプログラムを追加した。当社はまたShanghai Industrial Technology Research Institute(SITRI)との間で重要な戦略的提携を結んだ。これは2018年下半期以降のIntermolecularの将来の収入機会を推進すると確信している」と語った。

▽2017会計年度第4四半期業績

2017年第4四半期の売上高は1050万ドルで、2017年第3四半期の860万ドルと比較して22%増、前年同期の1050万ドルに比べて1%増だった。

2017年第4四半期の純利益は10万ドル、1株当たり利益は0.00ドルだった。2017年第3四半期は180万ドルの純損失、1株当たり0.04ドルの損失で、前年同期は300万ドルの純損失、1株当たり0.06ドルの損失だった。

2017年第4四半期のNon-GAAP純利益は40万ドル、1株当たり利益は0.01ドルだった。前四半期は160万ドルのNon-GAAP純損失、1株当たり0.03ドルの損失で、前年同期は230万ドルのNon-GAAP純損失、1株当たり0.05ドルの損失だった。

2017年第4四半期の調整済みEBITDAは210万ドルと、前四半期の10万ドルから増えた。前年同期は50万ドルの損失だった。

2017年第4四半期末の現金・投資は2580万ドルと、2017年第3四半期末の2710万ドルから130万ドル減少した。

▽2017会計年度通年業績

2017年12月31日に終了した通年の売上高は3720万ドルと2016年の4730万ドルから21%減少した。売上高減少は主として、2017年に同社のビジネスモデルをロイヤルティー・サービスモデルからサービスベースのプログラムモデルに変えた戦略的移行によるものである。

2017年12月31日に終了した通年の純損失は1040万ドル、1株当たり損失は0.21ドル。2016年は1540万ドルの純損失、1株当たり損失は0.31ドルだった。

2017年のNon-GAAP純損失は890万ドル、1株当たり損失は0.18ドル。2016年は1180万ドルの純損失、1株当たり損失は0.24ドルだった。

2017年末の現金・投資は2580万ドルで、2016年末は2780万ドルだった。

▽2018年第1四半期見通し

以下の記述は2018年3月31日に終了する第1四半期に関するIntermolecularの現在の見通しに基づいている。以下の記述は将来の見通しに関するものであり、実際の業績は、市場条件および下記の「将来の見通しに関する記述」に記載されている要因によって大きく異なる可能性がある。Intermolecularは今後この見通しの更新を予定しておらず、将来この見通しを更新するいかなる義務も負わない。

*売上高は960万-990万ドルと見込まれる。

*純損失は100万-130万ドル、1株当たり損失は0.02-0.03ドルと予測される。発行済み株式数が約4960万株との前提に基づく。

*株式報酬費用を除くNon-GAAP純損失は70万-100万ドル、1株当たり損失は0.01-0.02ドルと予測される。発行済み株式数が約4960万株との前提に基づく。

*調整済みEBITDAは40万-70万ドルと見込まれる。

Intermolecularは米国一般会計基準(GAAP)に従い、そして追加的に非GAAPベースで、売上高、売上原価、粗利益、営業利益(損失)、純利益(純損失)および1株当たり利益(損失)を報告している。非GAAP財務指標と最も直接的に比較可能なGAAP指標との調整ならびに非GAAP指標から除外された項目の記述は、本プレスリリースの財務諸表に含まれている。 以下の「GAAPと非GAAP財務指標との調整」および「GAAP純損失から非GAAP純損失への調整」を参照。

▽カンファレンスコール

Intermolecularは米東部時間2018年2月13日午後5時(米太平洋時間午後2時)からカンファレンスコールおよび同時ウェブキャスト(音声のみ)を開催し、これらの業績について議論する。カンファレンスコールはIntermolecularのクリス・クレイマー社長兼CEOおよびビル・ロシュレイン最高財務責任者(CFO)が主催する。

直通電話番号

米国: (877) 251-1860

海外から: (244) 357-2386

Conference ID: 5955988

開始時間の5-10分前に上記の番号に電話を。オペレーターがあなたの名前と組織を登録する。カンファレンスコールとの接続が困難な場合には、 (949) 574-2386に電話し、Liolios Groupと接触を。

カンファレンスコールの生放送およびウェブキャスト(音声のみ)は、終了後最長30日間、Intermolecularのウェブサイト(http://ir.intermolecular.com/ )で利用可能。

▽Intermolecular, Inc.について

Intermolecular(R)は先端素材イノベーションの信頼されるパートナーである。先端素材は、半導体、家電、自動車、航空宇宙を含む幅広い産業のための21世紀におけるイノベーションの中核である。Intermolecularは豊富な素材に関する専門知識、加速学習・実験プラットフォーム、そして情報・分析インフラストラクチャーで、10年間にわたり大手企業が素材イノベーションを加速し、リスクを極小化するのをサポートしてきた。

「Intermolecular」およびIntermolecularロゴは登録商標である。不許複製。詳細についてはwww.intermolecular.com を参照。

▽非GAAP財務指標

当社はまた、GAAPベースで提示された財務データを補足するため、株式報酬費用の影響を除いた特定の非GAAP財務指標を開示している。これらの非GAAP財務指標は、GAAPに準拠して作成されたものではなく、GAAPに代わるものでもない。他の企業が開示した非GAAP財務情報とは異なる方法で算出される可能性もある。これらの結果は、当社の業績をそれと対応するGAAP指標と併せて評価するためにのみ使用される必要がある。

われわれは、非GAAP財務指標は経営陣がIntermolecularの中核事業の業績の外にあると判断した費用を除外しているため、非GAAP財務情報は経営陣および投資家に対し、当社の財務状態および経営成績に関連する財務および事業の傾向に関する有益な情報を提供すると考えている。当社は、GAAPに従って計算された当社の財務実績と対応して見られる非GAAPベースの売上高、売上原価、粗利益、売上総利益、営業利益(損失)、純利益(純損失)および1株当たり利益(損失)という非GAAP財務指標は、投資家にさらなる視点と継続的な業績のより意味のある理解を提供すると考える。さらに、経営幹部は、これらの非GAAP指標を使用して、財務実績をレビューおよび評価し、幹部職員のインセンティブ報酬を決定し、将来の業績を計画および予測する。

                              Intermolecular, Inc.

                   Condensed Consolidated Statements of Operations

               (In thousands, except per share amounts, Unaudited)

            Three Months Ended           Twelve Months Ended

                  December 31,               December 31,

                         2017     2016      2017     2016

Revenue:

Program revenue         $ 8,850   $ 8,833   $ 29,010  $ 39,690

Licensing and

royalty revenue           1,698    1,644      8,193      7,608

Total revenue             10,548   10,477    37,203     47,298

Cost of revenue:

Cost of program

revenue                  3,353    3,421     11,449     15,705

Cost of licensing

and royalty revenue       344        25        656        125

Total cost of revenue      3,697     3,446     12,105    15,830

Gross profit              6,851     7,031     25,098    31,468

Operating expenses:

Research and development 4,206    5,847     21,535    28,126

Sales and marketing        734    1,518      4,019     7,383

General and

Administrative           1,974     2,777      9,198    10,713

Restructuring charges       -       (6)         1,351     1,114

Total operating

expenses                 6,914    10,136     36,103    47,336

Loss from operations      (63)      (3,105)    (11,005)  (15,868)

Other income (expense):

Interest income

(expense), net             84         50         266     173

Other income (expense),

net                       95         63         337     265

Total other income

(expense), net            179        113         603     438

Income (loss) before

provision for

income taxes              116      (2,992)    (10,402)  (15,430)

Provision for income taxes   -         -            1       7

Net income (loss)         $ 116     $ (2,992)  $ (10,403)  $ (15,437)

Basic net income

(loss) per common share   $ 0.00    $ (0.06)   $ (0.21)   $ (0.31)

Diluted net income

(loss) per common share   $ 0.00    $ (0.06)   $ (0.21)   $ (0.31)

Shares used in basic

net income (loss) per

common share            49,559   49,486    49,547     49,396

Shares used in diluted

net income (loss) per

common share            49,765   49,486    49,547     49,396

                                   Intermolecular, Inc.

                        Condensed Consolidated Balance Sheets

                                (In thousands, Unaudited)

                  As of December 31,           As of December 31,

                             2017                  2016

ASSETS

Current assets:

Cash and cash equivalents    $ 6,090                $ 5,759

Short-term investments       18,060                20,035

Total cash, cash

equivalents and

short-term investments       24,150                 25,794

Accounts receivable            5,519                  5,063

Prepaid expenses and

other current assets            1,069                  1,397

Total current assets           30,738                 32,254

Long-term investments         1,657                  1,995

Materials inventory            2,781                   3,357

Property and equipment, net    5,913                  10,964

Intangible assets, net           2,620                   4,001

Other assets                     600                     597

Total assets                  $ 44,309               $ 53,168

LIABILITIES AND

STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable             $ 928                  $ 309

Accrued liabilities              865                  1,451

Accrued compensation and

employee benefits             2,535                 1,663

Deferred revenue               941                 1,533

Total current liabilities        5,269                 4,956

Other long-term liabilities     2,967                 3,216

Total liabilities               8,236                 8,172

Stockholders' equity:

Common stock                  50                    50

Additional paid-in capital     214,796                213,313

Accumulated other

comprehensive loss             (36)                   (32)

Accumulated deficit           (178,737)              (168,335)

Total stockholders' equity      36,073                44,996

Total liabilities and

stockholders' equity           $ 44,309               $ 53,168

                                   Intermolecular, Inc.

                        Condensed Consolidated Statements of Cash Flows

                                (In thousands, Unaudited)

                             Twelve Months Ended December 31,

                                 2017                2016

Cash flows from operating

activities:

Net loss                           $ (10,403)        $ (15,437)

Adjustments to reconcile

net loss to net cash

used in operating

activities:

Depreciation, amortization

and accretion                     7,194             9,537

Stock-based compensation          1,472             3,627

(Gain) loss on disposal of

property and equipment            68                 (12)

Changes in operating assets

and liabilities:

Accounts receivable                (456)              1,051

Prepaid expenses and other assets   585                 122

Materials inventory                557                 333

Accounts payable                  592                (493)

Accrued and other liabilities        110               (3,069)

Deferred revenue                  (592)              (1,063)

Net cash used in operating

activities                          (873)              (5,404)

Cash flows from investing

activities:

Purchase of investments           (20,888)            (23,486)

Redemption of investments         22,861             24,676

Purchase of property and

equipment                         (777)              (2,381)

Proceeds from sale of equipment       14                22

Purchased and capitalized

intangible assets                     -                 (45)

Net cash (used in) provided by

investing activities                 1,210              (1,214)

Cash flows from financing

activities:

Payment of capital leases            (13)                 (13)

Proceeds from exercise of

common stock options                 7                 714

Net cash (used in) provided by

financing activities                   (6)                701

Net increase (decrease) in cash

and cash equivalents                331              (5,917)

Cash and cash equivalents at

beginning of period                 5,759             11,676

Cash and cash equivalents

at end of period                   $ 6,090            $ 5,759

                                   Intermolecular, Inc.

                 Reconciliation of GAAP to Non-GAAP Financial Measures

      (In thousands, except per share amounts and percentages, Unaudited)

              Three Months Ended               Twelve Months Ended

                         December 31,                    December 31,

                            2017     2016             2017      2016

GAAP cost of net

revenue                     $ 3,697   $ 3,446          $ 12,105   $ 15,830

Stock-based

compensation

expense (a)                  (47)      (102)            (191)       (510)

Non-GAAP cost

of net revenue               $ 3,650   $ 3,344          $ 11,914   $ 15,320

GAAP gross profit           $ 6,851   $ 7,031          $ 25,098   $ 31,468

Stock-based

compensation

expense (a)                   47        102             191         510

Non-GAAP gross

profit                       $ 6,898   $ 7,133           $ 25,289  $ 31,978

As a percentage

of net revenue:

GAAP gross margin          65.0 %    67.1 %           67.5 %    66.5 %

Non-GAAP gross margin      65.4 %    68.1%           68.0 %    67.6 %

GAAP operating loss         $ (63)     $ (3,105)        $ (11,005)  $ (15,868)

Stock-based

compensation

expense (a):

- Cost of net revenue           47        102             191       510

- Research and

Development                  66        189             373       949

- Sales and marketing          23        (40)            119       527

- General and

administrative                115        440            789      1,641

Non-GAAP operating

income (loss)                $ 188     $ (2,414)         $ (9,533)  $ (12,241)

GAAP net income

(loss)                       $ 116     $ (2,992)         $ (10,403) $ (15,437)

Stock-based

compensation

expense (a)                   251      691             1,472      3,627

Non-GAAP net

income (loss)                $ 367     $ (2,301)         $ (8,931)  $ (11,810)

GAAP net income

(loss)                       $ 116     $ (2,992)         $ (10,403) $ (15,437)

Interest (income)

expense, net                 (84)         (50)           (266)      (173)

Provision for taxes             -          -               1          7

Depreciation,

amortization, impairment

and accretion               1,824    1,829             7,194     9,537

Restructuring

charges (b)                    -        (6)              1,351     1,114

Stock based compensation

expense (a)                   251      691             1,472     3,627

Adjusted EBITDA           $ 2,107   $ (528)           $ (651)    $ (1,325)

Shares used in

computing earnings

per share:

Basic                       49,559   49,486           49,547     49,396

Diluted                     49,765   49,486           49,547     49,396

GAAP earnings (loss)

per share:

Basic                       $ 0.00    $ (0.06)          $ (0.21)    $ (0.31)

Diluted                     $ 0.00    $ (0.06)          $ (0.21)    $ (0.31)

Non-GAAP earnings

(loss) per share:

Basic                       $ 0.01    $ (0.05)          $ (0.18)    $ (0.24)

Diluted                     $ 0.01    $ (0.05)          $ (0.18)    $ (0.24)

 

(a) Stock-based compensation reflects expense recorded relating to

        stock-based awards. The Company excludes this item when it evaluates

        the continuing operational performance of the Company, as management

        believes this provides it a meaningful understanding of its core

        operating performance.

 

(b) Restructuring charges incurred in connection with a reduction in

        headcount primarily comprised of employee severance and benefit costs.

                 Intermolecular, Inc.

             First Quarter 2018 Outlook

    Reconciliation of GAAP Net Loss to Non-GAAP Net Loss

     (In thousands, except per share amounts, Unaudited)

GAAP net loss range           $(1,000)  -    $(1,300)

Stock-based compensation              $300   -       $300

Non-GAAP net loss range             $(700)  -    $(1,000)

   

GAAP and Non-GAAP diluted shares          49,600

GAAP net loss per share range    $(0.02)  -     $(0.03)

Non-GAAP net loss per share range   $(0.01)  -   $(0.02)

▽企業問い合わせ先  

Bill Roeschlein

Intermolecular, Inc.

Chief Financial Officer

bill.roeschlein@intermolecular.com

+1 (408) 582-5415

▽投資家問い合わせ先

Matt Glover or Najim Mostamand, CFA

Liolios Group, Inc.

IMI@liolios.com

+1 (949) 574-3860

Logo - https://mma.prnewswire.com/media/641639/Intermolecular_Logo.jpg

ソース:Intermolecular, Inc.

Intermolecular Reports Fourth Quarter and Full Year 2017 Financial Results

PR72309

SAN JOSE, Calif., Feb. 14, 2018 /PRNewswire=KYODO JBN/ --

Intermolecular, Inc. (NASDAQ: IMI), the trusted partner for advanced materials

innovation, today reported results for its fourth quarter and full year ended

December 31, 2017.

Results Highlights:

    -- Fourth quarter total revenue of $10.5 million, an increase of 22% over

       prior quarter and 1% over the same period last year; 2017 fiscal year

       revenue of $37.2 million.

    -- Fourth quarter net income of $0.1 million compared to net loss of

       $(3.0) million in the same period last year.

    -- Fourth quarter Adjusted EBITDA of $2.1 million, or 20% of revenue.

"The fourth quarter of 2017 marked Intermolecular's first GAAP profitable

quarter in five years, driven by a 22% increase in revenue and a 10% decrease

in operating expense as compared to the prior quarter," said company president

and CEO, Chris Kramer. "From an operational standpoint, we added three new

programs during the fourth quarter and we also formed an important strategic

alliance with the Shanghai Industrial Technology Research Institute (SITRI),

which we believe will drive future revenue opportunities for Intermolecular in

the second half of 2018 and beyond."

Fourth Quarter Fiscal 2017 Results

Revenue for the fourth quarter of 2017 was $10.5 million, up 22% compared to

$8.6 million in the third quarter of 2017, and up 1% compared to $10.5 million

in the same period a year ago.

Net income for the fourth quarter of 2017 was $0.1 million, or $0.00 per share,

compared to net loss of $(1.8) million, or $(0.04) per share, in the third

quarter of 2017 and net loss of $(3.0) million, or $(0.06) per share, in the

same period a year ago.

Non-GAAP net income for the fourth quarter of 2017 was $0.4 million, or $0.01

per share, compared to non-GAAP net loss of $(1.6) million, or $(0.03) per

share, in the prior quarter and non-GAAP net loss of $(2.3) million, or $(0.05)

per share, in the same period a year ago.  

Adjusted EBITDA for the fourth quarter of 2017 was $2.1 million, compared to

$0.1 million in the prior quarter and Adjusted EBITDA loss of $(0.5) million in

the same period a year ago.  

Cash and investments were $25.8 million at the end of fourth quarter of 2017, a

decrease of $1.3 million compared to $27.1 million at the end of third quarter

of 2017.    

Full Year Fiscal 2017 Results

Revenue for the full year ended December 31, 2017 was $37.2 million, down 21%

compared to $47.3 million in 2016. The decrease in revenue was primarily due to

the strategic transition of the company's business model in 2017 from a royalty

and services model to a services-based program model.

Net loss for the full year ended December 31, 2017 was $(10.4) million, or

$(0.21) per share, compared with $(15.4) million, or $(0.31) per share, for

2016.

Non-GAAP net loss for 2017 was $(8.9) million, or $(0.18) per share, compared

to $(11.8) million, or $(0.24) per share, for 2016.

Cash and investments were $25.8 million at the end of 2017, compared to $27.8

million at the end of 2016.

First Quarter of 2018 Outlook

The following statements are based on Intermolecular's current expectations for

the first quarter ending March 31, 2018. The following statements are

forward-looking, and actual results could differ materially depending on market

conditions and the factors set forth under "Forward-Looking Statements" below.

Intermolecular does not plan to update, nor does it undertake any obligation to

update, this outlook in the future.

    -- Revenue is projected to be in the range of $9.6 million to $9.9

       million;

    -- Net loss is projected to be between $(1.0) million and $(1.3) million,

       or between $(0.02) to $(0.03) per share, based on approximately 49.6

       million shares expected to be outstanding;

    -- Non-GAAP net loss, excluding stock-based compensation expense, is

       projected to be between $(0.7) million and $(1.0) million, or between

       $(0.01) to $(0.02) per share based on 49.6 million shares expected to

       be outstanding; and,

    -- Adjusted EBITDA is projected to be between $0.4 million and $0.7

       million.

Intermolecular reports revenue, cost of revenue, gross margin, operating income

(loss), net income (loss) and earnings (loss) per share in accordance with U.S.

generally accepted accounting principles (GAAP) and additionally on a non-GAAP

basis. A reconciliation of the non-GAAP financial measures with the most

directly comparable GAAP measures, as well as a description of the items

excluded from the non-GAAP measures, is included in the financial statements

portion of this press release. Please refer to "Reconciliation of GAAP to

Non-GAAP Financial Measures" and "Reconciliation of GAAP Net Loss to Non-GAAP

Net Loss" below.

Conference Call

Intermolecular will host a conference call and simultaneous audio-only webcast

today (February 13, 2018) at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to

discuss these results. The call will be hosted by Intermolecular President and

CEO Chris Kramer and CFO Bill Roeschlein.

U.S. dial-in number: (877) 251-1860

International dial-in number: (244) 357-2386

Conference ID: 5955988

Please call the conference telephone number five to ten minutes prior to start

time. An operator will register your name and organization. If you have

difficulty connecting with the conference call, please contact Liolios Group at

(949) 574-2386

A live and archived webcast (audio only) of the call will be available on

Intermolecular's website (http://ir.intermolecular.com/ ) for up to 30 days

after the call.

About Intermolecular, Inc.

Intermolecular(R) is the trusted partner for advanced materials innovation.

Advanced materials are at the core of innovation in the 21st century for a wide

range of industries including semiconductors, consumer electronics, automotive

and aerospace. With its substantial materials expertise; accelerated learning

and experimentation platform; and information and analytics infrastructure,

Intermolecular has a ten-year track record helping leading companies accelerate

and de-risk materials innovation.

"Intermolecular" and the Intermolecular logo are registered trademarks; all

rights reserved. Learn more at www.intermolecular.com.  

Forward-Looking Statements

Statements made in this press release and the earnings call referencing the

press release that are not statements of historical fact are forward-looking

statements. Forward-looking statements are subject to the "safe harbor"

provisions of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements are commonly identified by words such as "would,"

"may," "expects," "believes," "plans," "intends," "projects" and other terms

with similar meaning. Investors are cautioned that the forward-looking

statements in this document are based on current beliefs, assumptions and

expectations, speak only as of the date of this document and involve risks and

uncertainties that could cause actual results to differ materially from current

expectations. Such statements are subject to certain known and unknown risks

and uncertainties, many of which are difficult to predict and generally beyond

Intermolecular's control, that could cause actual results and other future

events to differ materially from those expressed in, or implied or projected

by, the forward-looking information and statements. Material factors that could

cause actual results to differ materially from current expectations include,

without limitation, the following: our ability to productize our workflows with

existing and future customers; expectations regarding our future revenue, cash

flow and GAAP and non-GAAP net income or loss; financial condition; the ability

of our new business model to generate profits and long-term shareholder

returns; the extent to which technology developed in collaboration with our

customers will continue to remain on the critical path and have significant

value for such customers and us as well as the industry as a whole; and

anticipated growth in our current markets through expansion of existing

customer programs and the entry into other engagements with new customers.

Forward-looking statements are subject to risks and uncertainties that could

cause actual results to differ materially from expectations, including but not

limited to: our ability to execute on our strategy, prove our business model

and remain technologically competitive in rapidly evolving industry conditions;

commercial acceptance of our HPC platform and methodology as effective R&D

tools; our ability to achieve and sustain profitability; the ability of our

customers to achieve their announced product roadmaps in a timely manner; the

extent to which we are able to successfully extend and expand relationships

with existing customers; our ability to manage the growth of our business; the

rapid technology changes and volatility of the customers and industries we

serve; our potential need for future capital to finance our operations; and

other risks described in our most recent annual report on Form 10-K as updated

by our quarterly reports on Form 10-Q and other filings with the Securities and

Exchange Commission available at www.sec.gov, particularly in the sections

titled "Risk Factors." All forward-looking statements are based on management's

current estimates, projections and assumptions, and we assume no obligation to

update them.

Non-GAAP Financial Measures

To supplement the financial data presented on a GAAP basis, we also disclose

certain non-GAAP financial measures, which exclude the effect of stock-based

compensation expense. These non-GAAP financial measures are not prepared in

accordance with GAAP, do not serve as an alternative to GAAP and may be

calculated differently than non-GAAP financial information disclosed by other

companies. These results should only be used to evaluate our results of

operations in conjunction with the corresponding GAAP measures. We believe that

our non-GAAP financial information provides useful information to management

and investors regarding financial and business trends relating to our financial

condition and results of operations because the non-GAAP measures exclude

charges that management considers to be outside of Intermolecular's core

operating results. We believe that the non-GAAP measures of revenue, cost of

net revenue, gross profit, gross margin, operating (loss) income, net (loss)

income, earnings per share and net (loss) income per share, viewed in

combination with our financial results calculated in accordance with GAAP,

provide investors with additional perspective and a more meaningful

understanding of our ongoing operating performance. In addition, management

uses these non-GAAP measures to review and assess financial performance, to

determine executive officer incentive compensation and to plan and forecast

performance in future periods.

                              Intermolecular, Inc.

                   Condensed Consolidated Statements of Operations

               (In thousands, except per share amounts, Unaudited)

            Three Months Ended           Twelve Months Ended

                  December 31,               December 31,

                         2017     2016      2017     2016

Revenue:

Program revenue         $ 8,850   $ 8,833   $ 29,010  $ 39,690

Licensing and

royalty revenue           1,698    1,644      8,193      7,608

Total revenue             10,548   10,477    37,203     47,298

Cost of revenue:

Cost of program

revenue                  3,353    3,421     11,449     15,705

Cost of licensing

and royalty revenue       344        25        656        125

Total cost of revenue      3,697     3,446     12,105    15,830

Gross profit              6,851     7,031     25,098    31,468

Operating expenses:

Research and development 4,206    5,847     21,535    28,126

Sales and marketing        734    1,518      4,019     7,383

General and

Administrative           1,974     2,777      9,198    10,713

Restructuring charges       -       (6)         1,351     1,114

Total operating

expenses                 6,914    10,136     36,103    47,336

Loss from operations      (63)      (3,105)    (11,005)  (15,868)

Other income (expense):

Interest income

(expense), net             84         50         266     173

Other income (expense),

net                       95         63         337     265

Total other income

(expense), net            179        113         603     438

Income (loss) before

provision for

income taxes              116      (2,992)    (10,402)  (15,430)

Provision for income taxes   -         -            1       7

Net income (loss)         $ 116     $ (2,992)  $ (10,403)  $ (15,437)

Basic net income

(loss) per common share   $ 0.00    $ (0.06)   $ (0.21)   $ (0.31)

Diluted net income

(loss) per common share   $ 0.00    $ (0.06)   $ (0.21)   $ (0.31)

Shares used in basic

net income (loss) per

common share            49,559   49,486    49,547     49,396

Shares used in diluted

net income (loss) per

common share            49,765   49,486    49,547     49,396

                                   Intermolecular, Inc.

                        Condensed Consolidated Balance Sheets

                                (In thousands, Unaudited)

                  As of December 31,           As of December 31,

                             2017                  2016

ASSETS

Current assets:

Cash and cash equivalents    $ 6,090                $ 5,759

Short-term investments       18,060                20,035

Total cash, cash

equivalents and

short-term investments       24,150                 25,794

Accounts receivable            5,519                  5,063

Prepaid expenses and

other current assets            1,069                  1,397

Total current assets           30,738                 32,254

Long-term investments         1,657                  1,995

Materials inventory            2,781                   3,357

Property and equipment, net    5,913                  10,964

Intangible assets, net           2,620                   4,001

Other assets                     600                     597

Total assets                  $ 44,309               $ 53,168

LIABILITIES AND

STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable             $ 928                  $ 309

Accrued liabilities              865                  1,451

Accrued compensation and

employee benefits             2,535                 1,663

Deferred revenue               941                 1,533

Total current liabilities        5,269                 4,956

Other long-term liabilities     2,967                 3,216

Total liabilities               8,236                 8,172

Stockholders' equity:

Common stock                  50                    50

Additional paid-in capital     214,796                213,313

Accumulated other

comprehensive loss             (36)                   (32)

Accumulated deficit           (178,737)              (168,335)

Total stockholders' equity      36,073                44,996

Total liabilities and

stockholders' equity           $ 44,309               $ 53,168

                                   Intermolecular, Inc.

                        Condensed Consolidated Statements of Cash Flows

                                (In thousands, Unaudited)

                             Twelve Months Ended December 31,

                                 2017                2016

Cash flows from operating

activities:

Net loss                           $ (10,403)        $ (15,437)

Adjustments to reconcile

net loss to net cash

used in operating

activities:

Depreciation, amortization

and accretion                     7,194             9,537

Stock-based compensation          1,472             3,627

(Gain) loss on disposal of

property and equipment            68                 (12)

Changes in operating assets

and liabilities:

Accounts receivable                (456)              1,051

Prepaid expenses and other assets   585                 122

Materials inventory                557                 333

Accounts payable                  592                (493)

Accrued and other liabilities        110               (3,069)

Deferred revenue                  (592)              (1,063)

Net cash used in operating

activities                          (873)              (5,404)

Cash flows from investing

activities:

Purchase of investments           (20,888)            (23,486)

Redemption of investments         22,861             24,676

Purchase of property and

equipment                         (777)              (2,381)

Proceeds from sale of equipment       14                22

Purchased and capitalized

intangible assets                     -                 (45)

Net cash (used in) provided by

investing activities                 1,210              (1,214)

Cash flows from financing

activities:

Payment of capital leases            (13)                 (13)

Proceeds from exercise of

common stock options                 7                 714

Net cash (used in) provided by

financing activities                   (6)                701

Net increase (decrease) in cash

and cash equivalents                331              (5,917)

Cash and cash equivalents at

beginning of period                 5,759             11,676

Cash and cash equivalents

at end of period                   $ 6,090            $ 5,759

                                   Intermolecular, Inc.

                 Reconciliation of GAAP to Non-GAAP Financial Measures

      (In thousands, except per share amounts and percentages, Unaudited)

              Three Months Ended               Twelve Months Ended

                         December 31,                    December 31,

                            2017     2016             2017      2016

GAAP cost of net

revenue                     $ 3,697   $ 3,446          $ 12,105   $ 15,830

Stock-based

compensation

expense (a)                  (47)      (102)            (191)       (510)

Non-GAAP cost

of net revenue               $ 3,650   $ 3,344          $ 11,914   $ 15,320

GAAP gross profit           $ 6,851   $ 7,031          $ 25,098   $ 31,468

Stock-based

compensation

expense (a)                   47        102             191         510

Non-GAAP gross

profit                       $ 6,898   $ 7,133           $ 25,289  $ 31,978

As a percentage

of net revenue:

GAAP gross margin          65.0 %    67.1 %           67.5 %    66.5 %

Non-GAAP gross margin      65.4 %    68.1%           68.0 %    67.6 %

GAAP operating loss         $ (63)     $ (3,105)        $ (11,005)  $ (15,868)

Stock-based

compensation

expense (a):

- Cost of net revenue           47        102             191       510

- Research and

Development                  66        189             373       949

- Sales and marketing          23        (40)            119       527

- General and

administrative                115        440            789      1,641

Non-GAAP operating

income (loss)                $ 188     $ (2,414)         $ (9,533)  $ (12,241)

GAAP net income

(loss)                       $ 116     $ (2,992)         $ (10,403) $ (15,437)

Stock-based

compensation

expense (a)                   251      691             1,472      3,627

Non-GAAP net

income (loss)                $ 367     $ (2,301)         $ (8,931)  $ (11,810)

GAAP net income

(loss)                       $ 116     $ (2,992)         $ (10,403) $ (15,437)

Interest (income)

expense, net                 (84)         (50)           (266)      (173)

Provision for taxes             -          -               1          7

Depreciation,

amortization, impairment

and accretion               1,824    1,829             7,194     9,537

Restructuring

charges (b)                    -        (6)              1,351     1,114

Stock based compensation

expense (a)                   251      691             1,472     3,627

Adjusted EBITDA           $ 2,107   $ (528)           $ (651)    $ (1,325)

Shares used in

computing earnings

per share:

Basic                       49,559   49,486           49,547     49,396

Diluted                     49,765   49,486           49,547     49,396

GAAP earnings (loss)

per share:

Basic                       $ 0.00    $ (0.06)          $ (0.21)    $ (0.31)

Diluted                     $ 0.00    $ (0.06)          $ (0.21)    $ (0.31)

Non-GAAP earnings

(loss) per share:

Basic                       $ 0.01    $ (0.05)          $ (0.18)    $ (0.24)

Diluted                     $ 0.01    $ (0.05)          $ (0.18)    $ (0.24)

(a) Stock-based compensation reflects expense recorded relating to

        stock-based awards. The Company excludes this item when it evaluates

        the continuing operational performance of the Company, as management

        believes this provides it a meaningful understanding of its core

        operating performance.

(b) Restructuring charges incurred in connection with a reduction in

        headcount primarily comprised of employee severance and benefit costs.

                 Intermolecular, Inc.

             First Quarter 2018 Outlook

    Reconciliation of GAAP Net Loss to Non-GAAP Net Loss

     (In thousands, except per share amounts, Unaudited)

GAAP net loss range           $(1,000)  -    $(1,300)

Stock-based compensation              $300   -       $300

Non-GAAP net loss range             $(700)  -    $(1,000)

   

GAAP and Non-GAAP diluted shares          49,600

GAAP net loss per share range    $(0.02)  -     $(0.03)

Non-GAAP net loss per share range   $(0.01)  -   $(0.02)

Corporate Contact:

Bill Roeschlein

Intermolecular, Inc.

Chief Financial Officer

bill.roeschlein@intermolecular.com

+1 (408) 582-5415

Investor Contact:

Matt Glover or Najim Mostamand, CFA

Liolios Group, Inc.

IMI@liolios.com

+1 (949) 574-3860

Logo - https://mma.prnewswire.com/media/641639/Intermolecular_Logo.jpg

SOURCE:  Intermolecular, Inc.

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