Interlink Electronics Reports First Quarter 2022 Results

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Revenue increased 27% year over year and 23% sequentially from the prior quarter

IRVINE, Calif., May 5, 2022 /PRNewswire/ — Interlink Electronics, Inc. (NASDAQ: LINK), a leading trusted advisor and technology partner in the evolving world of human-machine interface (HMI) and force-sensing technologies, today announced its financial results for the three months ended March 31, 2022. Revenue for the quarter was $2.0 millionup 27% from the prior year period driven by increased shipments of our sensor products and solutions, and up 23% sequentially from the three months ended December 31, 2021. Margin gross increased to 62% due to efficiencies related to increased sales volume.

Consolidated Financial Highlights

(Amounts in thousands except per share data and percentages)


















Three months ended March 31


Consolidated financial results



2022


2021



$∆


%∆


















Revenue



$

1991


$

1,568



$

423


27.0

%

Gross profit



$

1,241


$

874



$

367


42.0

%

Gross margin




62.3

%


55.7

%






















Operating income (loss)



$

18


$

(60)



$

78


130.0

%
















Net profit (loss)



$

142


$

(43)



$

185


430.2

%

Earnings (loss) per common share – diluted



$

0.01


$

(0.01)



$

0.02


200.0

%

  • First quarter 2022 revenue increased 27% to $20.0 million $10.6 million in the same period of the previous year, mainly due to increased demand for our personalized products in the medical market and our standard products, offset by lower shipments of our personalized products in the market General public. Demand in the medical market continues to recover from the restrictive effects of the pandemic which had previously affected our customers’ ability to install devices in hospitals, while lower deliveries to our consumer market customers were primarily due to a design change by one of our largest consumer product customers.
  • Gross margin increased to 62.3% in the current quarter from 55.7% in the prior year quarter. Gross margin is influenced by our sales volume, product and customer mix, and production efficiency.
  • Operating profit/loss was an operating profit of $18,000 for the first quarter of 2022, compared to an operating loss of $60,000 during the same period in 2021. operating loss was impacted by higher operating expenses in the quarter due to increased engineering and administrative staff and increased professional fees, and due to the fact that the prior year had included the benefit of $186,000 from the cancellation of the PPP loan.
  • In the first quarter of 2022, net income after tax was net income of $142,000, or $0.01 per diluted share, compared to a net loss of $43,000, or $0.01 per diluted share, at the same period of the previous year.
  • Interlink ended the quarter with $80.1 million in cash and cash equivalents, and $2.3 million negotiable securities.

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

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

About Interlink Electronics, Inc.

Interlink Electronics is one of the world’s leading providers 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 in-house system solutions for custom applications. For 35 years, Interlink has led the printed electronics industry in the commercialization of its patented Force Sensing Resistor® technology and has provided some of the world’s largest electronics manufacturers with intuitive sensor and control technologies. interface like the VersaPad and the new VersaPad Plus, which has the largest active area of ​​any resistive touchpad. It also has a proven track record of providing technology solutions for mission-critical applications in a wide range of markets – including medical, automotive, consumer electronics, telecommunications and industrial control – providing standard sensors and customized that give engineers the flexibility and functionality they seek in today’s sophisticated electronic devices. Interlink serves international customers from its headquarters in Irvine, Californiaand a world-class materials science laboratory and R&D center in Camarillo, California. They are supported by strategic global locations covering manufacturing, distribution and sales support. For more information, please visit InterlinkElectronics.com.

Forward-looking statements

This press release 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 expressions such as “believes”, “anticipates”, “believes”, “estimates”, ” expects, “intends,” “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 differ materially from the forward-looking statement. Such statements are based on, among other things, assumptions made by management and information currently available to it, including management’s knowledge and assessment of the business industry. , R&D initiatives, competition and capital requirements. Other factors and uncertainties that could affect the company’s forward-looking statements include, among others, the the following: our success in predicting new markets and acceptance of our new products; effective management of our infrastructure; the pace of technological developments and changing industry standards and their effect on our product choices and target markets; the effect of outsourcing technology development; changes in the ordering habits of our customers; a decrease in the quality and/or reliability of our products; protecting our proprietary intellectual property; competition from sophisticated alternative products as well as generic products; the continued availability of raw materials for our products at competitive prices; disruptions at our manufacturing facilities; risks of international sales and transactions, including exchange rate fluctuations; compliance with regulatory requirements applicable to our manufacturing operations; and customer concentrations. Other factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are set forth under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. in our most recent Annual Report (Form 10-K) or Quarterly Report (Form 10-Q) filed with the Securities and Exchange Commission. Forward-looking statements are made 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.
[email protected]
Steven N. BronsonCEO
805-623-4184

INTERLINK ELECTRONICS, INC.

CONENSE CONSOLIDATED BALANCE SHEET

(unaudited)











March, 31st,


The 31st of December,




2022


2021




(in thousands)


ASSETS








Current assets








Cash and cash equivalents


$

8,130


$

10,777


Restricted cash



5



5


Marketable securities



2,335




Accounts receivable, net



1,300



1,080


Inventories



799



814


Prepaid expenses and other current assets



388



391


Total current assets



12,957



13,067


Property, plant and equipment, net



290



338


Intangible assets, net



116



131


Right-of-use assets



119



163


Deferred tax assets



8



8


other assets



42



72


Total assets


$

13,532


$

13,779










LIABILITIES AND EQUITY








Current liabilities








Accounts payable


$

333


$

338


Fees to pay



251



507


Rental debts, current



114



138


Income tax payable



66



54


Total current liabilities



764



1,037










Long-term liabilities








Lease obligations, long term



14



37


Total long-term liabilities



14



37


Total responsibilities



778



1,074










Equity








Favorite stock



2



2


Ordinary actions



7



7


Premium



62,552



62,552


Accumulated other comprehensive income



103



96


Accumulated deficit



(49,910)



(49,952)


Full shareholder equity



12,754



12,705


Total Liabilities and Equity


$

13,532


$

13,779


INTERLINK ELECTRONICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)



















Three months ended March 31








2022


2021






(in thousands, except per share data)


Net sales








$

1991


$

1,568


Revenue cost









750



694


Gross profit









1,241



874


Operating costs :














Engineering, research and development









263



217


Selling, general and administrative expenses









960



717


Total operating expenses









1,223



934


Operating income (loss)









18



(60)


Other income (expenses):














Other income (expenses), net









155



ten


Profit (loss) before income taxes









173



(50)


Income tax expense (benefit)









31



(7)


Net profit (loss)








$

142


$

(43)
















Net income (loss) applicable to common shareholders








$

42


$

(43)


Earnings (loss) per common share – basic and diluted








$

0.01


$

(0.01)


Weighted average common shares outstanding – basic
and diluted









6,602



6,601


SOURCE interconnect electronics

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