MoSys, Inc. Reports Third Quarter 2013 Financial Results

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 third quarter ended September 30, 2013.

Third Quarter and Recent Highlights
  • Secured an additional Bandwidth Engine® 2 design win with existing Tier 1 customer;
  • Successfully completed functional and performance-level characterization of Bandwidth Engine 2;
  • Demonstrated high-performance capabilities and interoperability of LineSpeed™ products with leading industry players at ECOC 2013; and
  • Ended the quarter with cash and investments of $53.3 million.

Management Commentary

“We continued to demonstrate solid operational execution during the quarter, as we further expanded our sales activities and product development efforts,” commented Len Perham, MoSys’ President and Chief Executive Officer. “The opportunities for securing additional designs with existing customers are growing. While some companies may resist new approaches like Bandwidth Engine, we have experienced firsthand that once a customer has expended the initial effort to implement a high-speed serial interface and reap the benefits of its performance, size, power and economics; then there is a high likelihood the customer will repurpose the design and find new applications. To underscore this point, during the quarter, we secured an additional design win with our existing Tier 1 customer and have multiple new opportunities in-process with other existing customers.

“On the operational side, we have advanced Bandwidth Engine 2 toward complete carrier-grade qualification and are on schedule for full production release by year end. Although we do not control our customers’ full production releases, we are starting to see shipments ramp to our initial Bandwidth Engine customers and expect a meaningful increase in unit shipments in the fourth quarter. In addition to the Bandwidth Engine activities, we are seeing significant interest for our LineSpeed PHY ICs; these products represent a growing percentage of the activity in our sales funnel.

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