Intermolecular, Inc., the trusted partner for advanced materials innovation, reported results for its second quarter ended June 30, 2019.

Second Quarter of 2019 Financial Results

Revenue for the second quarter of 2019 was $4.6 million, a decrease of 31% from $6.7 million in the first quarter of 2019, and a decrease of 53% from $9.8 million in the same period a year ago. Program revenue was $4.5 million, a 30% decrease from $6.4 million in the first quarter of 2019, and a 52% decrease from $9.4 million in the same period a year ago.

Gross profit for the second quarter of 2019 was $3.2 million (69% of total revenue), a 34% decrease from $4.8 million (73% of total revenue) in the first quarter of 2019, and a 54% decrease from $6.9 million (71% of total revenue) in the same period a year ago.

Total operating expenses for the second quarter of 2019 were $8.7 million, an 18% increase from $7.4 million in the first quarter of 2019, and an increase of 30% compared to $6.7 million in the same period a year ago.

Net loss for the second quarter of 2019 totaled $(5.3) million, or $(0.11) per basic and diluted share, compared to net loss of $(2.3) million, or $(0.05) per basic and diluted share in the first quarter of 2019, and compared to net income of $0.5 million, or $0.01 per basic and diluted share in the same period a year ago.

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Non-GAAP net loss, which excludes stock-based compensation expense, for the second quarter of 2019 totaled $(4.9) million, or $(0.10) per basic and diluted share, compared to non-GAAP net loss of $(1.8) million, or $(0.04) per basic and diluted share in the first quarter of 2019, and compared to non-GAAP net income of $0.7 million, or $0.01 per basic and diluted share in the same period a year ago.

Adjusted EBITDA for the second quarter of 2019 totaled $(4.6) million, compared to an adjusted EBITDA of $(1.3) million in the first quarter of 2019 and Adjusted EBITDA of $1.8 million in the same period a year ago.

Cash and investments totaled $23.9 million at the end of second quarter of 2019, a decrease of $3.5 million compared to $27.4 million at the end of first quarter of 2019. The company had no debt as of June 30, 2019.

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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.

Agreement and Plan of Merger

Intermolecular will not hold an earnings call, nor provide forward guidance for the third quarter of fiscal year 2019, due to the previously announced proposed acquisition of Intermolecular by Merck KGaA, Darmstadt, Germany.

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