Executive Summary

Q1 2019 delivered no revenue as the company focused on ramping Conductus magnet wire production; net loss was $2.34M (−$0.70/share) versus a $2.18M loss (−$1.98/share) in Q1 2018, with cash at $3.59M at quarter-end .
Management reiterated operational milestones: begin delivering against magnet wire orders in Q2 2019 and target “tens of kilometers” of shipments later in 2019; added a new fusion-related order from India’s Institute for Plasma Research (IPR) .
Liquidity remains the central risk; the company disclosed cash runway “into the third quarter of 2019,” underscoring urgency to convert orders and/or secure financing .
No Wall Street consensus from S&P Global was available for Q1 2019; the trading catalyst path hinges on proof points around Q2 shipment commencement, customer order flow, and further financing visibility .

What Went Well and What Went Wrong

What Went Well
- Operational progress toward commercialization: “We still expect to start delivering against orders for our Conductus high performance magnet wire in the second quarter, with a focus on shipments of 10’s of kilometers later this year.” — Jeff Quiram, CEO .
- New customer validation in fusion: announced a Conductus magnet wire order from India’s Institute for Plasma Research (IPR), supporting next‑gen Tokamak fusion development and expanding geographic footprint via distribution partner TING Corporation .
- Consistent customer demand signals: superconducting magnet customers are “forecasted the need for 1000’s of kilometers of wire starting in the next few years,” reinforcing the long-term demand narrative .
What Went Wrong
- Zero revenue in the quarter as the DOE project’s next budget period had not yet started; Q1 2019 net revenues were $0 vs. $246K in Q1 2018 (DOE revenue) .
- Losses and cash burn persisted: Q1 net loss was $2.34M (−$0.70/share); operating cash outflow was $2.03M in Q1 2019; cash decreased to $3.59M from $5.62M at YE18 .
- Liquidity runway flagged: company disclosed cash reserves expected to be sufficient only “into the third quarter of 2019,” elevating financing risk if revenue ramp is delayed .

Financial Results

Headline P&L vs. prior quarters

Metric	Q3 2018	Q4 2018	Q1 2019
Total Revenue ($USD)	$517,000	$307,000	$0
Loss from Operations ($USD)	$(2,188,000)	$(2,296,000)	$(2,362,000)
Net Loss ($USD)	$(2,169,000)	$(2,262,000)	$(2,335,000)
Diluted EPS ($)	$(0.88)	$(0.70)	$(0.70)

Operating expense and cost detail

Metric	Q3 2018	Q4 2018	Q1 2019
Cost of Commercial Product Revenues ($USD)	$604,000	$634,000	$870,000
Cost of Government Contract Revenues ($USD)	$395,000	$81,000	$6,000
Research & Development ($USD)	$665,000	$697,000	$625,000
SG&A ($USD)	$1,041,000	$884,000	$861,000

Liquidity

Metric	Q3 2018 (end)	Q4 2018 (end)	Q1 2019 (end)
Cash & Cash Equivalents ($USD)	$7,586,000	$5,616,000	$3,589,000
Net Cash Used in Operating Activities ($USD)	n/a	n/a	$(2,027,000)

Notes:

No segment reporting applicable; revenue was primarily government contract-related in prior periods and zero in Q1 2019 .
Margins not meaningful in Q1 2019 due to zero revenue .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Start of magnet wire deliveries	Q2 2019	“Anticipate starting deliveries of kilometers in the second quarter” (Q4 2018)	“Still expect to start delivering against orders in the second quarter” (Q1 2019)	Maintained
Shipment scale	2H 2019	“Kilometers in near term; 10’s of kilometers later this year” (Q4 2018)	“Focus on shipments of 10’s of kilometers later this year” (Q1 2019)	Maintained/clarified timing
Liquidity runway	2019	Cash sufficient into Q3 2019 (Q4 2018 safe harbor)	Cash sufficient into Q3 2019 (Q1 2019 safe harbor)	Maintained

Earnings Call Themes & Trends

Note: The company hosted a call on May 9, 2019; however, a transcript was not available via our sources. Themes below reflect management’s stated priorities in recent press releases.

Topic	Previous Mentions (Q3 2018, Q4 2018)	Current Period (Q1 2019)	Trend
Conductus magnet wire production ramp	Ramping in Q4 to meet volume; customers moving from samples to 1,000s of meters; securing initial orders/supply agreements . Q4 reiterated ramp and anticipated kilometer deliveries in Q2 2019 .	Still expect to begin deliveries in Q2; focus on “tens of kilometers” later in 2019 .	Progressing toward shipments
DOE NGEM project	Completed first budget period; ~$2M recognized through 9/30/18 .	Second budget period not yet started .	Slower DOE revenue cadence
Customer demand outlook	Industry demand far exceeds capacity; customers seeking to lock supply for funded 2019 projects .	Magnet customers forecasting 1,000s of kilometers in coming years .	Demand narrative intact/strengthening
New applications/regions	—	IPR (India) Tokamak fusion order; distribution via TING in India .	Broadening use cases/geography
Liquidity	—	Cash runway into Q3 2019 highlighted (risk) .	Financing risk persists

Management Commentary

“We still expect to start delivering against orders for our Conductus high performance magnet wire in the second quarter, with a focus on shipments of 10’s of kilometers later this year.” — Jeff Quiram, President & CEO .
“Our superconducting magnet customers have forecasted the need for 1000’s of kilometers of wire starting in the next few years.” .
“This Conductus wire order from the prestigious IPR is another step forward as we continue to see growing interest in high performance superconducting wire optimized for high magnetic field/low temperature applications.” .
Q4 reiteration of ramp and timing: “We anticipate starting deliveries of kilometers in the second quarter. We believe that we remain well positioned to capitalize on significant demand from several customers.” .

Q&A Highlights

No earnings call transcript was available via our sources; the company did host a call on May 9, 2019 (11:00 a.m. ET) per the press release . As such, we cannot provide a verified summary of analyst questions or management’s Q&A responses.

Estimates Context

S&P Global (Capital IQ) consensus was unavailable for CLRD/SCON for Q1 2019 due to missing company mapping in our estimates system. Therefore, we cannot quantify beats/misses versus consensus for revenue or EPS at this time [SpgiEstimatesError].

Metric	Period	S&P Global Consensus	Actual	Surprise
Revenue ($USD)	Q1 2019	N/A (unavailable)	$0	N/A
Diluted EPS ($)	Q1 2019	N/A (unavailable)	$(0.70)	N/A

Key Takeaways for Investors

Commercialization timing unchanged: execution on Q2 delivery start and scaling to “tens of kilometers” in 2H19 remain the near-term proof points that can re-rate sentiment if achieved .
Demand signals are robust: customer forecasts for “thousands of kilometers” over the next few years support a large potential TAM if STI scales production reliably .
Revenue cadence risk: absence of DOE revenue in Q1 (and second budget period not yet started) plus zero commercial revenue amplify reliance on timely shipment commencement .
Cost absorption ahead of revenue: elevated “cost of commercial product revenues” with no sales highlights the ramp profile and near-term margin pressure until volumes materialize .
Liquidity is the swing factor: cash of $3.59M and disclosed runway into Q3 2019 necessitate either prompt revenue conversion or additional financing to sustain the ramp .
Catalyst path: confirmed Q2 shipments, follow-on orders (including incremental fusion projects), and DOE budget period progress are the most actionable milestones for the stock .
Risk/reward: execution risk (manufacturing readiness, customer acceptance) and financing risk are elevated; successful early shipments can meaningfully de-risk the story, while delays could pressure the equity further .

Appendix: Prior-period context and additional facts

Q4 2018 revenue was $0 with net loss of $2.26M (−$0.70/share); 2018 cash at year-end was $5.62M .
Q3 2018 revenue was $517K (DOE); net loss was $2.17M (−$0.88/share) with quarter-end cash of $7.59M .

Clearday, Inc. (CLRD)·Q1 2019 Earnings Summary