SAN
JOSE, Calif., Aug. 13,
2024 /PRNewswire/ -- QuickLogic Corporation (NASDAQ:
QUIK) ("QuickLogic" or the "Company"), a developer of embedded FPGA
(eFPGA) IP, ruggedized FPGAs and Endpoint AI solutions, today
announced its financial results for the fiscal second quarter that
ended June 30, 2024.
Recent Highlights
- Awarded $5.26 million third
tranche of the Strategic Radiation Hardened FPGA Technology US
Government Contract
- Joined Intel Foundry Accelerator IP and USMAG Alliance Programs
to deliver customer-definable eFPGA Hard IP cores optimized for the
Intel 18A process node
- Received a BAE Systems 'Partner 2 Win' Supplier of the Year
award in the category of "FAST Labs™ Technology Innovation Partner
of the Year"
- Grew the sales funnel to $189
million
- Announced new distribution agreement with Spur Microwave Inc.
to strengthen presence across the growing India market
- Announced new distribution agreement with Astute Electronics to
expand global reach, supporting customers across Europe, as well as in Australia, Israel, Turkey, and New
Zealand
- Entered into a strategic partnership with CTG to enhance our
aerospace and defense supply chain capabilities and to deliver
custom solutions, cost savings, and efficiency for Aerospace and
Defense
- SensiML launched its open-source initiative Piccolo AI™, the
first open-source AutoML solution for IoT edge AI
- SensiML released a new Generative AI feature to enhance Data
Studio, enabling embedded device developers to utilize
text-to-speech ("TTS") and AI voice generation
"QuickLogic's inclusion in Intel Foundry Accelerator IP and
USMAG Alliances marked a significant milestone in the Company's
strategic growth plan, and we believe this will position QuickLogic
as a leading source for eFPGA Hard IP available for Intel 18A
technology," said Brian Faith, CEO
of QuickLogic. "In addition to this, we are on schedule to deliver
customer-specific eFPGA Hard IP for multiple 12nm designs by the
close of 2024 that will be fabricated by two different foundries
and execute on the Strategic Radiation Hardened FPGA program for
the U.S. Department of Defense."
Fiscal Second Quarter 2024 Financial
Results
Total revenue for the second quarter of fiscal 2024 was
$4.1 million, an increase of 41.3%
compared with the second quarter of 2023 and a decrease of 31.3%
compared with the first quarter of 2024.
New product revenue was approximately $3.1 million in the
second quarter of 2024, an increase of $0.8 million,
or 36.9%, compared with the second quarter of 2023 and a
decrease of $1.8 million, or
37.3%, compared with the first quarter of 2024. The increase in new
product revenue from the same period a year ago was primarily due
to higher eFPGA IP license and professional services revenue due to
the next phase of the large eFPGA contract and higher device and
royalty revenues.
Mature product revenue was $1.1
million in the second quarter of 2024. This compares to
$0.7 million in the second quarter of
2023 and $1.1 million in the first
quarter of 2024.
Second quarter 2024 GAAP gross margin was 51.0% compared with
41.2% in the second quarter of 2023 and 66.3% in the first quarter
of 2024.
Second quarter 2024 non-GAAP gross margin was 53.1% compared
with 44.2% in the second quarter of 2023 and 70.3% in the first
quarter of 2024.
Second quarter 2024 GAAP operating expenses were $3.6 million compared with $3.4 million in the second quarter of 2023 and
$3.8 million in the first quarter of
2024.
Second quarter 2024 non-GAAP operating expenses were
$2.9 million compared with
$2.9 million in the second quarter of
2023 and $2.5 million in the first
quarter of 2024.
Second quarter 2024 GAAP net loss was ($1.6 million), or ($0.11) per share, compared with a net loss of
($2.3 million), or ($0.17) per share, in the second quarter of 2023,
and net income of $0.1 million, or
$0.01 per basic and fully diluted
share, in the first quarter of 2024.
Second quarter 2024 non-GAAP net loss was ($0.7 million), or ($0.05) per share, compared with a net loss of
($1.7 million), or ($0.12) per share, in the second quarter of 2023
and net income of $1.7 million, or
$0.12 per basic share, or
$0.11 per diluted share, in the first
quarter of 2024.
Conference Call
QuickLogic will hold a conference call at 2:30 p.m. Pacific Time / 5:30 p.m. Eastern Time today, August 13, 2024, to discuss its current financial
results. The conference call will be webcast on QuickLogic's IR
Site Events Page at https://ir.quicklogic.com/ir-calendar. To join
the live conference, you may dial (877) 300-8521 and international
participants should dial (412) 317-6026 by 2:20 p.m. Pacific Time. No Passcode is needed to
join the conference call. A recording of the call will be available
approximately one hour after completion. To access the recording,
please call (844) 512-2921 and reference the passcode 10191341.
The call recording, which can be accessed by phone, will be
archived through August 20, 2024, and
the webcast will be available for 12 months on the Company's
website.
About QuickLogic
QuickLogic is a fabless semiconductor company that develops
innovative embedded FPGA (eFPGA) IP, discrete FPGAs, and FPGA SoCs
for a variety of industrial, aerospace and defense, edge and
endpoint AI, consumer, and computing applications. Our wholly owned
subsidiary, SensiML Corporation, completes the end-to-end solution
portfolio with AI / ML software that accelerates AI at the
edge/endpoint. For more information,
visit www.quicklogic.com.
QuickLogic uses its website (www.quicklogic.com), the company
blog (https://www.quicklogic.com/blog/), corporate Twitter account
(@QuickLogic_Corp), Facebook page
(https://www.facebook.com/QuickLogic), and LinkedIn page
(https://www.linkedin.com/company/13512/) as channels of
distribution of information about its products, its planned
financial and other announcements, its attendance at upcoming
investor and industry conferences, and other matters. Such
information may be deemed material information, and QuickLogic may
use these channels to comply with its disclosure obligations under
Regulation FD. Therefore, investors should monitor the Company's
website and its social media accounts in addition to following the
Company's press releases, SEC filings, public conference calls, and
webcasts.
Non-GAAP Financial Measures
QuickLogic reports financial information in accordance with
United States Generally Accepted Accounting Principles, or U.S.
GAAP, but believes that non-GAAP financial measures are helpful in
evaluating its operating results and comparing its performance to
comparable companies. Accordingly, the Company excludes certain
charges related to stock-based compensation, in calculating
non-GAAP (i) income (loss) from operations, (ii) net income (loss),
(iii) net income (loss) per share, and (iv) gross margin
percentage. The Company provides this non-GAAP information to
enable investors to evaluate its operating results in a manner like
how the Company analyzes its operating results and to provide
consistency and comparability with similar companies in the
Company's industry.
Management uses the non-GAAP measures, which exclude gains,
losses, and other charges that are considered by management to be
outside of the Company's core operating results, internally to
evaluate its operating performance against results in prior periods
and its operating plans and forecasts. In addition, the non-GAAP
measures are used to plan for the Company's future periods and
serve as a basis for the allocation of the Company's resources,
management of operations and the measurement of profit-dependent
cash, and equity compensation paid to employees and executive
officers.
Investors should note, however, that the non-GAAP financial
measures used by QuickLogic may not be the same non-GAAP financial
measures and may not be calculated in the same manner as that of
other companies. QuickLogic does not itself, nor does it suggest
that investors should, consider such non-GAAP financial measures
alone or as a substitute for financial information prepared in
accordance with U.S. GAAP. A reconciliation of U.S. GAAP financial
measures to non-GAAP financial measures is included in the
financial statements portion of this press release. Investors are
encouraged to review the related U.S. GAAP financial measures and
the reconciliation of non-GAAP financial measures with their most
directly comparable U.S. GAAP financial measures.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements include, without limitation,
statements regarding our future profitability and cash flows,
expectations regarding our future business and statements regarding
the timing, milestones, and payments related to our government
contracts, and actual results may differ due to a variety of
factors including: delays in the market acceptance of the Company's
new products; the ability to convert design opportunities into
customer revenue; our ability to replace revenue from end-of-life
products; the level and timing of customer design activity; the
market acceptance of our customers' products; the risk that new
orders may not result in future revenue; our ability to introduce
and produce new products based on advanced wafer technology on a
timely basis; our ability to adequately market the low power,
competitive pricing and short time-to-market of our new products;
intense competition by competitors; our ability to hire and retain
qualified personnel; changes in product demand or supply; general
economic conditions; political events, international trade
disputes, natural disasters and other business interruptions that
could disrupt supply or delivery of, or demand for, the Company's
products; and changes in tax rates and exposure to additional tax
liabilities. These and other potential factors and uncertainties
that could cause actual results to differ materially from the
results contemplated or implied are described in more detail in the
Company's public reports filed with the Securities and Exchange
Commission (the "SEC"), including the risks discussed in the "Risk
Factors" section in the Company's Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q and in the Company's prior
press releases, which are available on the Company's Investor
Relations website at http://ir.quicklogic.com/, and on the SEC
website at www.sec.gov/. Additional information will be set
forth in the Company's Quarterly Report on Form 10-Q for the three
and six months ended June 30, 2024.
In addition, please note that the date of this press release is
August 13, 2024, and any
forward-looking statements contained herein are based on
management's current expectations and assumptions that we believe
to be reasonable as of this date. We are not obliged to update
these statements due to latest information or future events.
QuickLogic and logo are registered trademarks of QuickLogic.
All other trademarks are the property of their respective holders
and should be treated as such.
CODE: QUIK-E
–Tables Follow –
|
QUICKLOGIC
CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except per share
amounts)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
June 30,
2024
|
|
|
July 2,
2023
|
|
|
March 31,
2024
|
|
|
June 30,
2024
|
|
|
July 2,
2023
|
|
|
Revenue
|
|
$
|
4,127
|
|
|
$
|
2,921
|
|
|
$
|
6,007
|
|
|
$
|
10,134
|
|
|
$
|
7,054
|
|
|
Cost of
revenue
|
|
|
2,022
|
|
|
|
1,718
|
|
|
|
2,024
|
|
|
$
|
4,046
|
|
|
|
3,461
|
|
|
Gross profit
|
|
|
2,105
|
|
|
|
1,203
|
|
|
|
3,983
|
|
|
$
|
6,088
|
|
|
|
3,593
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
1,527
|
|
|
|
1,505
|
|
|
|
1,459
|
|
|
$
|
2,986
|
|
|
|
3,134
|
|
|
Selling, general and
administrative
|
|
|
2,095
|
|
|
|
1,924
|
|
|
|
2,351
|
|
|
$
|
4,446
|
|
|
|
3,785
|
|
|
Total operating
expense
|
|
|
3,622
|
|
|
|
3,429
|
|
|
|
3,810
|
|
|
$
|
7,432
|
|
|
|
6,919
|
|
|
Operating income
(loss)
|
|
|
(1,517)
|
|
|
|
(2,226)
|
|
|
|
173
|
|
|
$
|
(1,344)
|
|
|
|
(3,326)
|
|
|
Interest
expense
|
|
|
(40)
|
|
|
|
(50)
|
|
|
|
(69)
|
|
|
$
|
(109)
|
|
|
|
(108)
|
|
|
Interest and other
(expense) income, net
|
|
|
1
|
|
|
|
—
|
|
|
|
11
|
|
|
$
|
12
|
|
|
|
(63)
|
|
|
Income (loss) before
income taxes
|
|
|
(1,556)
|
|
|
|
(2,276)
|
|
|
|
115
|
|
|
$
|
(1,441)
|
|
|
|
(3,497)
|
|
|
(Benefit from)
provision for income taxes
|
|
|
(6)
|
|
|
|
(7)
|
|
|
|
7
|
|
|
$
|
1
|
|
|
|
—
|
|
|
Net income
(loss)
|
|
$
|
(1,550)
|
|
|
$
|
(2,269)
|
|
|
$
|
108
|
|
|
$
|
(1,442)
|
|
|
$
|
(3,497)
|
|
|
Net income (loss) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.11)
|
|
|
$
|
(0.17)
|
|
|
$
|
0.01
|
|
|
$
|
(0.10)
|
|
|
$
|
(0.26)
|
|
|
Diluted
|
|
$
|
(0.11)
|
|
|
$
|
(0.17)
|
|
|
$
|
0.01
|
|
|
$
|
(0.10)
|
|
|
$
|
(0.26)
|
|
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
14,439
|
|
|
|
13,709
|
|
|
|
14,177
|
|
|
|
14,308
|
|
|
|
13,297
|
|
|
Diluted
|
|
|
14,439
|
|
|
|
13,709
|
|
|
|
14,545
|
|
|
|
14,308
|
|
|
|
13,297
|
|
|
|
Note: Net income (loss)
equals to comprehensive income (loss) for all periods
presented.
|
|
QUICKLOGIC
CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in
thousands)
(Unaudited)
|
|
|
|
June 30,
2024
|
|
|
December 31,
2023
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash
|
|
$
|
23,266
|
|
|
$
|
24,606
|
|
|
Accounts receivable,
net of allowance for doubtful accounts of $24 and $34, as of
June
30, 2024 and December 31, 2023, respectively
|
|
|
928
|
|
|
|
1,625
|
|
|
Contract
assets
|
|
|
2,254
|
|
|
|
3,609
|
|
|
Inventories
|
|
|
1,751
|
|
|
|
2,029
|
|
|
Prepaid expenses and
other current assets
|
|
|
1,686
|
|
|
|
1,561
|
|
|
Total current
assets
|
|
|
29,885
|
|
|
|
33,430
|
|
|
Property and equipment,
net
|
|
|
12,043
|
|
|
|
8,948
|
|
|
Capitalized
internal-use software, net
|
|
|
2,287
|
|
|
|
2,069
|
|
|
Right of use assets,
net
|
|
|
896
|
|
|
|
981
|
|
|
Intangible assets,
net
|
|
|
484
|
|
|
|
537
|
|
|
Non-marketable equity
investment
|
|
|
300
|
|
|
|
300
|
|
|
Goodwill
|
|
|
185
|
|
|
|
185
|
|
|
Note
receivable
|
|
|
1,229
|
|
|
|
1,200
|
|
|
Other assets
|
|
|
142
|
|
|
|
142
|
|
|
TOTAL
ASSETS
|
|
$
|
47,451
|
|
|
$
|
47,792
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Revolving line of
credit
|
|
$
|
20,000
|
|
|
$
|
20,000
|
|
|
Trade
payables
|
|
|
1,449
|
|
|
|
4,657
|
|
|
Accrued
liabilities
|
|
|
1,277
|
|
|
|
2,673
|
|
|
Deferred
revenue
|
|
|
756
|
|
|
|
1,052
|
|
|
Notes payable,
current
|
|
|
890
|
|
|
|
946
|
|
|
Lease liabilities,
current
|
|
|
266
|
|
|
|
302
|
|
|
Total current
liabilities
|
|
|
24,638
|
|
|
|
29,630
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
|
Lease liabilities,
non-current
|
|
|
609
|
|
|
|
681
|
|
|
Notes payable,
non-current
|
|
|
274
|
|
|
|
461
|
|
|
Other long-term
liabilities
|
|
|
125
|
|
|
|
125
|
|
|
Total
liabilities
|
|
|
25,646
|
|
|
|
30,897
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
Preferred stock,
$0.001 par value; 10,000 shares authorized; no shares issued
and
outstanding
|
|
|
—
|
|
|
|
—
|
|
|
Common stock, $0.001
par value; 200,000 authorized; 14,458 and 14,118 shares issued
and outstanding as of June 30, 2024 and December 31, 2023,
respectively
|
|
|
14
|
|
|
|
14
|
|
|
Additional paid-in
capital
|
|
|
328,788
|
|
|
|
322,436
|
|
|
Accumulated
deficit
|
|
|
(306,997)
|
|
|
|
(305,555)
|
|
|
Total stockholders'
equity
|
|
|
21,805
|
|
|
|
16,895
|
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
47,451
|
|
|
$
|
47,792
|
|
|
QUICKLOGIC
CORPORATION
SUPPLEMENTAL RECONCILIATIONS OF US GAAP AND
NON-GAAP FINANCIAL MEASURES
(in thousands, except per
share amounts and percentages)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
June 30,
2024
|
|
|
July 2,
2023
|
|
|
March 31,
2024
|
|
|
June 30,
2024
|
|
|
July 2,
2023
|
|
|
US GAAP income
(loss) from operations
|
|
$
|
(1,517)
|
|
|
$
|
(2,226)
|
|
|
$
|
173
|
|
|
$
|
(1,344)
|
|
|
$
|
(3,326)
|
|
|
Adjustment for
stock-based compensation within:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
88
|
|
|
|
88
|
|
|
|
237
|
|
|
|
325
|
|
|
|
166
|
|
|
Research and
development
|
|
|
197
|
|
|
|
158
|
|
|
|
357
|
|
|
|
554
|
|
|
|
342
|
|
|
Selling, general and
administrative
|
|
|
517
|
|
|
|
340
|
|
|
|
969
|
|
|
|
1,486
|
|
|
|
793
|
|
|
Non-GAAP income
(loss) from operations
|
|
$
|
(715)
|
|
|
$
|
(1,640)
|
|
|
$
|
1,736
|
|
|
$
|
1,021
|
|
|
$
|
(2,025)
|
|
|
US GAAP net income
(loss)
|
|
$
|
(1,550)
|
|
|
$
|
(2,269)
|
|
|
$
|
108
|
|
|
$
|
(1,442)
|
|
|
$
|
(3,497)
|
|
|
Adjustment for
stock-based compensation within:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
88
|
|
|
|
88
|
|
|
|
237
|
|
|
|
325
|
|
|
|
166
|
|
|
Research and
development
|
|
|
197
|
|
|
|
158
|
|
|
|
357
|
|
|
|
554
|
|
|
|
342
|
|
|
Selling, general and
administrative
|
|
|
517
|
|
|
|
340
|
|
|
|
969
|
|
|
|
1,486
|
|
|
|
793
|
|
|
Non-GAAP net income
(loss)
|
|
$
|
(748)
|
|
|
$
|
(1,683)
|
|
|
$
|
1,671
|
|
|
$
|
923
|
|
|
$
|
(2,196)
|
|
|
US GAAP net income
(loss) per share, basic
|
|
$
|
(0.11)
|
|
|
$
|
(0.17)
|
|
|
$
|
0.01
|
|
|
$
|
(0.10)
|
|
|
$
|
(0.26)
|
|
|
Adjustment for
stock-based compensation
|
|
|
0.06
|
|
|
|
0.05
|
|
|
|
0.11
|
|
|
|
0.16
|
|
|
|
0.09
|
|
|
Non-GAAP net income
(loss) per share, basic
|
|
$
|
(0.05)
|
|
|
$
|
(0.12)
|
|
|
$
|
0.12
|
|
|
$
|
0.06
|
|
|
$
|
(0.17)
|
|
|
US GAAP net income
(loss) per share, diluted
|
|
$
|
(0.11)
|
|
|
$
|
(0.17)
|
|
|
$
|
0.01
|
|
|
$
|
(0.10)
|
|
|
$
|
(0.26)
|
|
|
Adjustment for
stock-based compensation
|
|
|
0.06
|
|
|
|
0.05
|
|
|
|
0.10
|
|
|
|
0.16
|
|
|
|
0.09
|
|
|
Non-GAAP net income
(loss) per share, diluted
|
|
$
|
(0.05)
|
|
|
$
|
(0.12)
|
|
|
$
|
0.11
|
|
|
$
|
0.06
|
|
|
$
|
(0.17)
|
|
|
US GAAP gross margin
percentage
|
|
|
51.0
|
%
|
|
|
41.2
|
%
|
|
|
66.3
|
%
|
|
|
60.1
|
%
|
|
|
50.9
|
%
|
|
Adjustment for
stock-based compensation included
in cost of revenue
|
|
|
2.1
|
%
|
|
|
3.0
|
%
|
|
|
4.0
|
%
|
|
|
3.2
|
%
|
|
|
2.4
|
%
|
|
Non-GAAP gross
margin percentage
|
|
|
53.1
|
%
|
|
|
44.2
|
%
|
|
|
70.3
|
%
|
|
|
63.3
|
%
|
|
|
53.3
|
%
|
|
QUICKLOGIC
CORPORATION
SUPPLEMENTAL
DATA
(Unaudited)
|
|
|
|
Percentage of
Revenue
|
|
|
Change in
Revenue
|
|
|
|
Q2
2024
|
|
|
Q2
2023
|
|
|
Q1
2024
|
|
|
Q2 2024 to
Q2 2023
|
|
|
Q2 2024 to
Q1 2024
|
|
|
COMPOSITION OF
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by product:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
products
|
|
|
74
|
%
|
|
|
76
|
%
|
|
|
81
|
%
|
|
|
37
|
%
|
|
|
(37)
|
%
|
|
Mature
products
|
|
|
26
|
%
|
|
|
24
|
%
|
|
|
19
|
%
|
|
|
56
|
%
|
|
|
(5)
|
%
|
|
Revenue by
geography:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia
Pacific
|
|
|
10
|
%
|
|
|
16
|
%
|
|
|
12
|
%
|
|
|
(10)
|
%
|
|
|
(44)
|
%
|
|
North
America
|
|
|
87
|
%
|
|
|
81
|
%
|
|
|
84
|
%
|
|
|
52
|
%
|
|
|
(28)
|
%
|
|
Europe
|
|
|
3
|
%
|
|
|
3
|
%
|
|
|
4
|
%
|
|
|
12
|
%
|
|
|
(55)
|
%
|
|
_________________
|
|
(1)
|
New products include
all products manufactured on 180 nanometer or smaller semiconductor
processes, eFPGA IP intellectual property, professional services,
and QuickAI and SensiML AI software as a service (SaaS) revenue.
Mature products include all products produced on semiconductor
processes larger than 180 nanometer and includes related royalty
revenue.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/quicklogic-reports-41-year-over-year-revenue-growth-for-second-quarter-fiscal-2024-302221555.html
SOURCE QuickLogic Corporation