MoSys, Inc. Reports Fourth Quarter 2012 Financial Results

SANTA CLARA, Calif. — (BUSINESS WIRE) — February 1, 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 fourth quarter and fiscal year ended December 31, 2012.

2012 and Recent Highlights

  • Secured initial OEM design wins for the Bandwidth Engine® IC product family at multiple customers;
  • Passed 3000 hours of high temperature operating life (HTOL) testing of the Bandwidth Engine IC with no failures; thus, exceeding carrier-grade QA&R requirements;
  • Made significant progress toward new design wins with prospective customers in Japan, China and the U.S.;
  • Established worldwide sales representation and distribution channels;
  • Taped out second generation Bandwidth Engine IC;
  • Announced support of GigaChip™ Interface by Renesas Electronics Corporation; and
  • Ended the year with total cash and investments of approximately $41 million.

Management Commentary

“In 2012, MoSys made continued progress toward becoming a fabless semiconductor company. Specifically, we advanced the development of our Bandwidth Engine IC family, including passing 3000 hours of HTOL testing with no failures, securing multiple design wins and taping out our second generation device family,” commented Len Perham, MoSys’ President and Chief Executive Officer. “Our second generation Bandwidth Engine family will embody substantial performance improvements, a significantly expanded feature set and much faster I/O speeds, resulting in an expanded range of applications that can be served when compared with our first generation family. We are excited to have this new IC family in wafer fabrication and look forward to receiving first silicon for testing and characterization.”

Mr. Perham continued, “Activity in our sales funnel increased substantially during the year, and we have made significant progress towards declaring our first tier one design win. This brisk pace of sales activity for new design wins across all geographic regions has created a solid foundation of customer and partnership interest in Bandwidth Engine. Furthermore, our close collaboration with our initial design win partners has assisted these lead OEMs to advance toward achieving full system qualification and initial production releases, which we believe are scheduled for completion in the second half of 2013.

“During 2012, we also continued to reconfigure our resources and operations to align with our focus on IC sales. We believe these actions, along with our numerous operational accomplishments and increased design win activity, have set the stage for further product expansion and customer traction in 2013 and beyond.”

Fourth Quarter Results

Total net revenue for the fourth quarter of 2012 was $1.6 million, compared with $1.3 million reported in the third quarter of 2012 and $5.2 million in the fourth quarter of 2011.

Fourth quarter 2012 total revenue included licensing and other revenue of $0.2 million, consistent with the previous quarter and compared with $2.7 million for the fourth quarter of 2011. Fourth quarter 2012 royalty revenue was $1.4 million compared with $1.1 million in the previous quarter and $2.5 million for the fourth quarter of 2011.

Gross margin for the fourth quarter of 2012 was 97% compared with 96% in the third quarter of 2012 and 66% for the fourth quarter of 2011.

Total operating expenses on a GAAP basis for the fourth quarter of 2012 were $9.4 million compared with $7.3 million in the previous quarter and a net gain of $26.5 million for the fourth quarter of 2011. Fourth quarter 2012 operating expenses included $0.3 million of amortization of intangible assets and $0.8 million of stock-based compensation expense.

GAAP net loss for the fourth quarter of 2012 was $7.8 million, or ($0.19) per share, compared with a net loss of $6.1 million, or ($0.15) per share, in the previous quarter and net income of $29.8 million, or $0.75 per diluted share, for the fourth quarter of 2011. The non-GAAP net loss for the fourth quarter of 2012 was $6.7 million, or ($0.17) per share, which excluded amortization of intangible assets and stock-based compensation expense. Earnings per share for the fourth quarter of 2012 were computed using approximately 40.0 million 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.

As of December 31, 2012, cash and investments totaled $40.7 million.

Full Year 2012 Results

Total revenue for 2012 was $6.1 million, compared with $14.1 million for 2011. Net loss for 2012 was $27.6 million, or ($0.70) per share, compared with net income of $11.3 million, or $0.28 per diluted share, in 2011. Non-GAAP net loss for 2012 was $22.0 million, or ($0.56) per share, excluding stock-based compensation charges of $3.8 million and intangible asset amortization charges of $1.7 million. Non-GAAP net income for 2011 was $17.6 million, or $0.44 per diluted share. Earnings per share for the full year 2012 were computed using approximately 39.2 million shares on a GAAP and non-GAAP basis.

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