SAN JOSE, Calif. ,
May 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 first quarter that
ended March 31, 2024.
Recent Highlights
- Achieved greater than 40% year-over-year revenue growth in Q1
2024 that was driven by a nearly 60% increase in new product
sales
- Signed two new IP contracts targeting 12nm fabrication nodes at
two separate foundries that will drive revenue growth in the second
half of the year
- Completed our work funded by the second tranche of the
Strategic Radiation Hardened FPGA Technology government contract
and anticipate the award of the third tranche later this
quarter
- Announced a strategic partnership with Zero-Error Systems
America to create radiation-tolerant eFPGA IP for commercial space
applications
- Released Aurora 2.6 eFPGA User Tool Suite that expands OS
compatibility and increases speed by up to 15%
- SensiML secured a six-figure license agreement with a major
microcontroller company
- Grew the sales funnel, which includes a diverse range of new IP
customers and end markets, to a record $179
million
"We are very pleased with our continued progress and believe we
are well-positioned to achieve our 30%+ revenue growth target for
2024," said Brian Faith, CEO of
QuickLogic. "I am looking forward to discussing our continued
progress during our upcoming conference call where we will also
announce the expansion of SensiML's business model to include
open-source licensing."
Fiscal First Quarter 2024 Financial
Results
Total revenue for the first quarter
of fiscal 2024 was $6.0 million, an increase of
45.3% compared with the first quarter of 2023 and a
decrease of 19.7% compared with the fourth quarter of
2023.
New product revenue was approximately $4.9 million in the
first quarter of 2024, an increase of $1.8 million,
or 59.6%, compared with the first quarter of 2023 and a
decrease of $1.9 million, or
28.6%, compared with the fourth quarter of 2023. 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
revenues.
Mature product revenue was $1.1 million in the first
quarter of 2024. This compares to $1.1 million in the
first quarter of 2023 and $0.7 million in the fourth quarter
of 2023.
First quarter 2024 GAAP gross margin was 66.3%
compared with 57.8% in the first quarter of 2023 and
77.1% in the fourth quarter of 2023.
First quarter 2024 non-GAAP gross margin was 70.3%
compared with 59.7% in the first quarter of 2023 and
78.3% in the fourth quarter of 2023.
First quarter 2024 GAAP operating expenses were
$3.8 million compared
with $3.5 million in the first quarter of 2023 and
$3.7 million in the fourth
quarter of 2023.
First quarter 2024 non-GAAP operating expenses were
$2.5 million compared
with $2.9 million in the first quarter of 2023 and
$3.1 million in the fourth
quarter of 2023.
First quarter 2024 GAAP net income was $0.1 million, or $0.01 per basic and diluted share, compared
with a net loss of ($1.2
million), or ($0.09) per basic
and diluted share, in the first quarter of 2023, and net income of
$2.0 million, or $0.15 per basic and diluted share, in the
fourth quarter of 2023.
First quarter 2024 non-GAAP net income was
$1.7 million, or $0.12 per basic share and diluted share,
compared with a net loss of ($0.5
million), or ($0.04) per basic
and diluted share, in the first quarter of 2023 and net income of
$2.6 million, or $0.19 per
basic share, or $0.18 per diluted
share, in the fourth quarter of 2023.
Conference Call
QuickLogic will hold a conference call at 2:30 p.m. Pacific Time / 5:30 p.m. Eastern Time today, May 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) 407-0792 and international
participants should dial (201) 689-8263 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 13746241.
The call recording, which can be accessed by phone, will be
archived through May 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,
expectations regarding our future business, 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/. In addition, please note that the date of
this press release is May 13, 2024,
and any forward-looking statements contained herein are based on
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
|
|
|
|
March 31,
2024
|
|
|
April 2,
2023
|
|
|
December 31,
2023
|
|
Revenue
|
|
$
|
6,007
|
|
|
$
|
4,133
|
|
|
$
|
7,479
|
|
Cost of
revenue
|
|
|
2,024
|
|
|
|
1,743
|
|
|
|
1,713
|
|
Gross profit
|
|
|
3,983
|
|
|
|
2,390
|
|
|
|
5,766
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
1,459
|
|
|
|
1,629
|
|
|
|
1,381
|
|
Selling, general and
administrative
|
|
|
2,351
|
|
|
|
1,861
|
|
|
|
2,269
|
|
Total operating
expense
|
|
|
3,810
|
|
|
|
3,490
|
|
|
|
3,650
|
|
Operating income
(loss)
|
|
|
173
|
|
|
|
(1,100)
|
|
|
|
2,116
|
|
Interest
expense
|
|
|
(69)
|
|
|
|
(58)
|
|
|
|
(59)
|
|
Interest and other
(expense) income, net
|
|
|
11
|
|
|
|
(63)
|
|
|
|
(17)
|
|
Income (loss) before
income taxes
|
|
|
115
|
|
|
|
(1,221)
|
|
|
|
2,040
|
|
(Benefit from)
provision for income taxes
|
|
|
7
|
|
|
|
7
|
|
|
|
(2)
|
|
Net income
(loss)
|
|
$
|
108
|
|
|
$
|
(1,228)
|
|
|
$
|
2,042
|
|
Net income (loss) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.01
|
|
|
$
|
(0.09)
|
|
|
$
|
0.15
|
|
Diluted
|
|
$
|
0.01
|
|
|
$
|
(0.09)
|
|
|
$
|
0.14
|
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
14,177
|
|
|
|
13,215
|
|
|
|
13,989
|
|
Diluted
|
|
|
14,545
|
|
|
|
13,215
|
|
|
|
14,349
|
|
|
Note: Net income (loss)
equals to comprehensive income (loss) for all periods
presented.
|
QUICKLOGIC
CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in
thousands)
(Unaudited)
|
|
|
|
|
March 31,
2024
|
|
|
December 31,
2023
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash
|
|
$
|
27,399
|
|
|
$
|
24,606
|
|
Accounts receivable,
net of allowance for doubtful accounts of $24 and $34, as of March
31, 2024 and December 31, 2023, respectively
|
|
|
1,560
|
|
|
|
1,625
|
|
Contract
assets
|
|
|
1,085
|
|
|
|
3,609
|
|
Note
receivable
|
|
|
1,214
|
|
|
|
1,200
|
|
Inventories
|
|
|
1,923
|
|
|
|
2,029
|
|
Prepaid expenses and
other current assets
|
|
|
2,128
|
|
|
|
1,561
|
|
Total current
assets
|
|
|
35,309
|
|
|
|
34,630
|
|
Property and equipment,
net
|
|
|
12,420
|
|
|
|
8,948
|
|
Capitalized
internal-use software, net
|
|
|
2,147
|
|
|
|
2,069
|
|
Right of use assets,
net
|
|
|
916
|
|
|
|
981
|
|
Intangible assets,
net
|
|
|
510
|
|
|
|
537
|
|
Non-marketable equity
investment
|
|
|
300
|
|
|
|
300
|
|
Goodwill
|
|
|
185
|
|
|
|
185
|
|
Other assets
|
|
|
142
|
|
|
|
142
|
|
TOTAL
ASSETS
|
|
$
|
51,929
|
|
|
$
|
47,792
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Revolving line of
credit
|
|
$
|
20,000
|
|
|
$
|
20,000
|
|
Trade
payables
|
|
|
4,892
|
|
|
|
4,657
|
|
Accrued
liabilities
|
|
|
1,545
|
|
|
|
2,673
|
|
Deferred
revenue
|
|
|
778
|
|
|
|
1,052
|
|
Notes payable,
current
|
|
|
993
|
|
|
|
946
|
|
Lease liabilities,
current
|
|
|
263
|
|
|
|
302
|
|
Total current
liabilities
|
|
|
28,471
|
|
|
|
29,630
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
Notes payable,
non-current
|
|
|
450
|
|
|
|
461
|
|
Lease liabilities,
non-current
|
|
|
636
|
|
|
|
681
|
|
Other long-term
liabilities
|
|
|
125
|
|
|
|
125
|
|
Total
liabilities
|
|
|
29,682
|
|
|
|
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; 14,377 and 14,118 shares issued and
outstanding as of March 31, 2024 and December 31, 2023,
respectively
|
|
|
14
|
|
|
|
14
|
|
Additional paid-in
capital
|
|
|
327,680
|
|
|
|
322,436
|
|
Accumulated
deficit
|
|
|
(305,447)
|
|
|
|
(305,555)
|
|
Total stockholders'
equity
|
|
|
22,247
|
|
|
|
16,895
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
51,929
|
|
|
$
|
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
|
|
|
|
March 31,
2024
|
|
|
April 2,
2023
|
|
|
December 31,
2023
|
|
US GAAP income
(loss) from operations
|
|
$
|
173
|
|
|
$
|
(1,100)
|
|
|
$
|
2,116
|
|
Adjustment for
stock-based compensation within:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
237
|
|
|
|
78
|
|
|
|
89
|
|
Research and
development
|
|
|
357
|
|
|
|
184
|
|
|
|
82
|
|
Selling, general and
administrative
|
|
|
969
|
|
|
|
453
|
|
|
|
434
|
|
Non-GAAP income
(loss) from operations
|
|
$
|
1,736
|
|
|
$
|
(385)
|
|
|
$
|
2,721
|
|
US GAAP net income
(loss)
|
|
$
|
108
|
|
|
$
|
(1,228)
|
|
|
$
|
2,042
|
|
Adjustment for
stock-based compensation within:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
237
|
|
|
|
78
|
|
|
|
89
|
|
Research and
development
|
|
|
357
|
|
|
|
184
|
|
|
|
82
|
|
Selling, general and
administrative
|
|
|
969
|
|
|
|
453
|
|
|
|
434
|
|
Non-GAAP net income
(loss)
|
|
$
|
1,671
|
|
|
$
|
(513)
|
|
|
$
|
2,647
|
|
US GAAP net income
(loss) per share, basic
|
|
$
|
0.01
|
|
|
$
|
(0.09)
|
|
|
$
|
0.15
|
|
Adjustment for
stock-based compensation
|
|
|
0.11
|
|
|
|
0.05
|
|
|
|
0.04
|
|
Non-GAAP net income
(loss) per share, basic
|
|
$
|
0.12
|
|
|
$
|
(0.04)
|
|
|
$
|
0.19
|
|
US GAAP net income
(loss) per share, diluted
|
|
$
|
0.01
|
|
|
$
|
(0.09)
|
|
|
$
|
0.14
|
|
Adjustment for
stock-based compensation
|
|
|
0.10
|
|
|
|
0.05
|
|
|
|
0.04
|
|
Non-GAAP net income
(loss) per share, diluted
|
|
$
|
0.11
|
|
|
$
|
(0.04)
|
|
|
$
|
0.18
|
|
US GAAP gross margin
percentage
|
|
|
66.3
|
%
|
|
|
57.8
|
%
|
|
|
77.1
|
%
|
Adjustment for
stock-based compensation included in cost of revenue
|
|
|
4.0
|
%
|
|
|
1.9
|
%
|
|
|
1.2
|
%
|
Non-GAAP gross
margin percentage
|
|
|
70.3
|
%
|
|
|
59.7
|
%
|
|
|
78.3
|
%
|
QUICKLOGIC
CORPORATION
SUPPLEMENTAL
DATA
(Unaudited)
|
|
|
|
Percentage of
Revenue
|
|
|
Change in
Revenue
|
|
|
|
Q1
2024
|
|
|
Q1
2023
|
|
|
Q4
2023
|
|
|
Q1 2024 to Q1
2023
|
|
|
Q1 2024 to Q4
2023
|
|
COMPOSITION OF
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by
product: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
products
|
|
|
81
|
%
|
|
|
74
|
%
|
|
|
91
|
%
|
|
|
60
|
%
|
|
|
(29)
|
%
|
Mature
products
|
|
|
19
|
%
|
|
|
26
|
%
|
|
|
9
|
%
|
|
|
5
|
%
|
|
|
74
|
%
|
Revenue by
geography:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia
Pacific
|
|
|
12
|
%
|
|
|
17
|
%
|
|
|
6
|
%
|
|
|
2
|
%
|
|
|
71
|
%
|
North
America
|
|
|
84
|
%
|
|
|
80
|
%
|
|
|
92
|
%
|
|
|
52
|
%
|
|
|
(27)
|
%
|
Europe
|
|
|
4
|
%
|
|
|
3
|
%
|
|
|
2
|
%
|
|
|
131
|
%
|
|
|
58
|
%
|
_____________________
|
|
(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.
|
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SOURCE QuickLogic Corporation