Interlink Electronics reports first quarter 2022 results

Interlink Electronics reports first quarter 2022 results

Revenue increased 27% from the previous year and 23% sequentially from the previous quarter

IRVINE, California, May 5, 2022 / PRNewswire / – Interlink Electronics, Inc. (NASDAQ: LINK), an industry-leading trusted advisor and technology partner in the evolving world of human-machine interface (HMI) and force sensing technologies, today announced the financial results for the three months ended March 31, 2022. The revenues for the quarter were $ 2.0 millionup 27% over the prior year period thanks to increased shipments of our sensor products and solutions and up 23% sequentially over the three months ended December 31, 2021. Gross margin increased 62% on the efficiency resulting from the higher volume of sales.

(PRNewsfoto / Interlink Elettronica)

Consolidated financial aspects

(Amounts in thousands excluding data per share and percentages)

Three months ended March 31st

Consolidated financial results

2022

2021

$ ∆

% ∆

Income

$

1.991

$

1,568

$

423

27.0

%

Gross profit

$

1.241

$

874

$

367

42.0

%

Gross margin

62.3

%

55.7

%

Income (losses) from operations

$

18

$

(60)

$

78

130.0

%

Net profit (loss)

$

142

$

(43)

$

185

430.2

%

Earnings (losses) per ordinary share – diluted

$

0.01

$

(0.01)

$

0.02

200.0

%

  • Revenues in the first quarter of 2022 increased by 27%. $ 20.0 million from $ 10.6 million in the same period a year ago, mainly due to higher demand for our customized products in the medical market and for our standard products, offset by lower shipments of our customized products to the consumer market. Demand in the medical market continues to recover from the restrictive effects of the pandemic that previously impacted our customers’ ability to install devices in hospitals, while the decrease in shipments to our consumer market customers was mainly due to a design change from part of one of our largest consumer products customers.

  • Gross margin increased to 62.3% in the current quarter from 55.7% in the quarter a year ago. Gross margin is affected by our sales volume, product and customer mix, and manufacturing efficiencies.

  • The operating profit / loss was an operating profit of $ 18k for the first quarter of 2022, compared to an operating loss of $ 60k in the same period of 2021. The operating income / loss was impacted by higher operating expenses in the current quarter due to increased technical and administrative staff and increased professional fees and, as the previous year had included the benefit of $ 186,000 from the PPP loan amnesty.

  • In the first quarter of 2022, after-tax profit / loss was a net profit of $ 142,000, or $ 0.01 per diluted share, compared to a net loss of $ 43,000, or $ 0.01 per diluted share, in the same period a year ago.

  • Interlink closed the quarter with $ 8.1 million in cash and cash equivalents, e $ 20.3 million of negotiable securities.

“We are pleased with our quarterly results and continue to see an increase in business activity,” he said Steven N. Bronson, President, President and CEO of Interlink Electronics. “We are committed to expanding our sales and technical support resources to create new opportunities for customers.

“We continue to actively pursue acquisitions that are part of our accelerated growth plans,” added Bronson.

About Interlink Electronics, Inc.

Interlink Electronics is a trusted and leading global provider of HMI, sensor and IoT solutions. In addition to standard product offerings, Interlink uses its expertise in materials science, manufacturing, firmware and software to produce internal system solutions for custom applications. For 35 years, Interlink has led the printed electronics industry in commercializing its patented Force Sensing Resistor® technology and has provided some of the world’s leading electronics manufacturers with intuitive sensor and interface technologies such as the VersaPad and the new VersaPad Plus. , which boasts the largest active surface of any resistive touchpad. It also has a proven track record in providing technology solutions for mission-critical applications in a wide range of markets, including medical, automotive, consumer electronics, telecommunications and industrial control, providing standard and custom sensors that offer engineers flexibility and functionally seek out sophisticated electronic devices of today. Interlink serves an international customer base from its headquarters in Irvine, Californiaand a world-class materials science laboratory and research and development center a Camarillo, California. They are supported by strategic global locations covering manufacturing, distribution and sales support. For more information, visit InterlinkElectronics.com.

Forward-Looking Statements

This version contains forward-looking statements. Forward-looking statements include, but are not limited to, the company’s views on future financial performance and are generally identified by phrases such as “think”, “anticipate”, “believe”, “estimate”, “expect”, “intend,” “” plans “and similar words. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors that could cause actual results to differ materially from the forward-looking statement. These statements are based, among other things, on assumptions made and information currently available to management, including management’s knowledge and assessment of the company’s sector, R&D initiatives, competition and capital requirements. . Other factors and uncertainties that could affect the company’s forward-looking statements include, among other things, the following: our success in anticipating new markets and acceptance of our new products; efficient management of our infrastructure; the pace of technological developments and the evolution of industry standards and their effect on our target product and market choices; the effect of technological development in outsourcing; changes in our customers’ ordering patterns; a decrease in the quality and / or reliability of our products; protection of our proprietary intellectual property; competition from sophisticated and generic alternative products; continuous availability of raw materials for our products at competitive prices; disruptions in our manufacturing facilities; international sales and transaction risks including exchange rate fluctuations; compliance with regulatory requirements applicable to our manufacturing operations; and customer concentration. Additional factors that could cause actual results to differ materially from those projected in our forward-looking statements can be found under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our annual report. most recent (Form 10 -K) or Quarterly Report (Form 10-Q) filed with the Securities and Exchange Commission. Forward-looking statements are issued as of the date of this release and we expressly disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
Interlink Electronics, Inc.
IR@iefsr.com
Steven N. BronsonCEO
805-623-4184

INTERLINK ELECTRONICS, INC.

CONSOLIDATED FINANCIAL STATEMENTS

(not certified)

31 March

December 31st

2022

2021

(in thousands)

RESOURCES

Current assets

Cash and cash equivalents

$

8.130

$

10,777

Limited cash

5

5

Negotiable securities

2,335

Accounts receivable, net

1,300

1,080

Inventories

799

814

Prepayments and other current assets

388

391

Total current assets

12,957

13,067

Property, plant and equipment, net

290

338

Intangible fixed assets, net

116

131

Goods by right of use

119

163

Prepaid taxes

8

8

Other activities

42

72

Total assets

$

13,532

$

13,779

LIABILITIES AND SHAREHOLDERS ‘EQUITY

Current liabilities

Accounts payable

$

333

$

338

Accrued liabilities

251

507

Lease liabilities, current

114

138

Accrued income tax

66

54

Total current liabilities

764

1,037

Long-term liabilities

Long-term lease liabilities

14

37

Total long-term liabilities

14

37

Total passivity

778

1,074

Net assets

Preferred shares

2

2

Joint action

7

7

Additional paid-up capital

62,552

62,552

Other cumulative accumulated profits

103

96

Accumulated deficit

(49,910)

(49,952)

Total equity

12,754

12.705

Total liabilities and shareholders’ equity

$

13,532

$

13,779

INTERLINK ELECTRONICS, INC.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(not certified)

Three months ended March 31st

2022

2021

(in thousands, excluding data for sharing)

Revenue, net

$

1.991

$

1,568

Cost of revenue

750

694

Gross profit

1.241

874

Operating expenses:

Engineering, research and development

263

217

Sale, general and administrative

960

717

Total operating costs

1,223

934

Income (losses) from operations

18

(60)

Other income (expenses):

Other income (expenses), net

155

10

Income (loss) before income taxes

173

(50)

Income taxes (benefit)

31

(7)

Net profit (loss)

$

142

$

(43)

Net profit (loss) applicable to ordinary shareholders

$

42

$

(43)

Earnings (losses) per ordinary share – basic and diluted

$

0.01

$

(0.01)

Weighted average ordinary shares outstanding – basic
and diluted

6,602

6,601

Cision

Cision

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SOURCE Interlink Electronics

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