Intermolecular, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total revenues of $10,548,000 compared with $10,477,000 for the same period a year ago. Loss from operations was $63,000 compared with $3,105,000 for the same period a year ago. Income before provision for income taxes was $116,000 compared with loss of $2,992,000 for the same period a year ago. Net income was $116,000 or $0.00 per basic and diluted share compared with loss of $2,992,000 or $0.06 per basic and diluted share for the same period a year ago. Non-GAAP operating income was $188,000 compared with loss of $2,414,000 for the same period a year ago. Non-GAAP net income was $367,000 or $0.01 per basic and diluted share compared with loss of $2,301,000 or $0.05 per basic and diluted share for the same period a year ago. Adjusted EBITDA was $2,107,000 compared with LBITDA of $528,000 for the same period a year ago.

For the year, the company reported total revenues of $37,203,000 compared with $47,298,000 for the same period a year ago. Loss from operations was $11,005,000 compared with $15,868,000 for the same period a year ago. Loss before provision for income taxes was $10,402,000 compared with $15,430,000 for the same period a year ago. Net loss was $10,403,000 or $0.21 per basic and diluted share compared with $15,437,000 or $0.31 per basic and diluted share for the same period a year ago. Non-GAAP operating loss was $9,533,000 compared with $12,241,000 for the same period a year ago. Non-GAAP net loss was $8,931,000 or $0.18 per basic and diluted share compared with $11,810,000 or $0.24 per basic and diluted share for the same period a year ago. Net cash used in operating activities was $873,000 compared to $5,404,000 for the same period a year ago. Purchase of property and equipment was $777,000 compared with $2,381,000 for the same period a year ago. Adjusted LBITDA was $651,000 compared with $1,325,000 for the same period a year ago. The decrease in revenue was primarily due to the strategic transition of the company's business model in 2017 from a royalty and services model to a services-based program model.

For the first quarter of 2018, revenue is projected to be in the range of $9.6 million to $9.9 million; net loss is projected to be between $1.0 million and $1.3 million, or between $0.02 to $0.03 per share, based on approximately 49.6 million shares expected to be outstanding; Non-GAAP net loss, excluding stock-based compensation expense, is projected to be between $0.7 million and $1.0 million, or between $0.01 to $0.02 per share based on 49.6 million shares expected to be outstanding; and, Adjusted EBITDA is projected to be between $0.4 million and $0.7 million.