MoSys, Inc. (NASDAQ: MOSY), recently reported financial results for the fourth quarter and fiscal year ended December 31, 2018.
Fourth Quarter and Full Year 2018 Financial Results
Total net revenue for the fourth quarter of 2018 was $3.5 million, compared with $4.3 million for the previous quarter and $3.8 million for the fourth quarter of 2017. Product revenue for the fourth quarter was $3.2 million, compared with $4.1 million for the previous quarter and $3.5 million in the year-ago period.
Gross margin for the fourth quarter of 2018 was 72%, compared with 55% for the previous quarter and 45% for the fourth quarter of 2017. The sequential increase in gross margin was due primarily to favorable, non-recurring manufacturing variances, manufacturing efficiencies and product mix.
Total operating expenses on a GAAP basis for the fourth quarter of 2018 were $11.7 million, which included a goodwill impairment charge of $9.7 million, compared with operating expenses of $5.1 million in the previous quarter, which also included a goodwill impairment charge of $3.2 million, and $2.2 million in the fourth quarter of 2017. Total operating expenses, excluding intangible asset amortization, stock-based compensation expenses and restructuring and impairment charges, for the fourth quarter of 2018 were $1.7 million, consistent with the third quarter of 2018 and compared with $1.8 million in the fourth quarter of 2017.
GAAP net loss for the fourth quarter of 2018 was $9.3 million, or ($0.25) per share, compared with a net loss of $2.8 million, or ($0.34) per share, for the previous quarter and a net loss of $0.5 million, or ($0.07) per share, for the fourth quarter of 2017. Non-GAAP net income for the fourth quarter of 2018 was $0.7 million, or $0.01 per diluted share, and compared with net income of $0.6 million, or $0.07 per diluted share, for the previous quarter and a net loss of $0.1 million, or ($0.01) per share, for the fourth quarter of 2017. Adjusted EBITDA for the fourth quarter of 2018 was $0.9 million, and compared with $0.8 million for the previous quarter and $0.1 million for the fourth quarter of 2017. A reconciliation of GAAP results to non-GAAP results is provided in the financial statement tables following the text of this press release.
At December 31, 2018, the Company had $7.1 million in cash, a $2.9 million increase from September 30, 2018. The sequential increase in cash was primarily due to $3.0 million in proceeds from a public offering of common stock in October 2018.
At December 31, 2018, the Company had 42,966,669 shares of common stock outstanding, which excludes 2,310,776 shares of common stock issuable upon exercise of pre-funded warrants.