SAN
JOSE, Calif., Nov. 11,
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 third quarter that
ended September 29, 2024.
Recent Highlights
- Third quarter results in line with recent guidance
- Continued to execute on third tranche of the Strategic
Radiation Hardened FPGA Technology US Government contract
- Delivered eFPGA IP for GlobalFoundries' 12LP process to large
defense industrial base customer
- Delivered eFPGA IP for TSMC's N12e 12nm process to a large
multi-national customer in a record time of three months
- Continued development of an eFPGA Hard IP core, believed to be
the first for Intel 18A process and on track for initial delivery
by year-end 2024
- SensiML partnered with eFabless to drive open-source Edge AI
innovation
- SensiML expanded platform support to include RISC-V
architecture
- Executed an agreement with Synopsys to include Synopsys
Synplify® FPGA Logic Synthesis in the Aurora FPGA User Tool
Suite
"We are on schedule to close 2024 with eFPGA Hard IP delivered
for a total of six fabrication processes," said Brian Faith, CEO of QuickLogic. "With these
completed, we are in a position to capitalize on the growing number
of inquiries we are seeing, and complete IP license deliverables
for these fabrication processes quickly and with notably lower
expenses thanks to our Australis eFPGA Hard IP Generator."
Fiscal Third Quarter 2024 Financial
Results
Total revenue for the third quarter
of fiscal 2024 was $4.3 million, a decrease of
35.9% compared with the third quarter of 2023 and an
increase of 3.5% compared with the second quarter of
2024.
New product revenue was approximately $3.5 million in the
third quarter of 2024, a decrease of ($2.6 million), or (42.0%), compared with the
third quarter of 2023 and an increase of $0.5 million, or 15.7%, compared with the second
quarter of 2024. The decrease in new product revenue from the same
period a year ago was primarily due to the timing of deliverables
for certain large eFPGA IP contracts.
Mature product revenue was $0.7 million in the third
quarter of 2024. This compares to $0.6 million in the
third quarter of 2023 and $1.1 million in the second quarter
of 2024.
Third quarter 2024 GAAP gross margin
was 55.8% compared with 76.9% in the third quarter
of 2023 and 51.0% in the second quarter of 2024.
Third quarter 2024 non-GAAP gross margin
was 60.0% compared with 78.0% in the third quarter
of 2023 and 53.1% in the second quarter of 2024.
Third quarter 2024 GAAP operating expenses were
$4.2 million compared
with $3.8 million in the third quarter of 2023 and
$3.6 million in the second
quarter of 2024.
Third quarter 2024 non-GAAP operating expenses were
$3.3 million compared
with $3.3 million in the third quarter of 2023 and
$2.9 million in the second
quarter of 2024.
Third quarter 2024 GAAP net loss was ($2.1 million), or ($0.14) per share, compared with net income of
$1.2 million, or $0.09 per basic share or $0.08 per diluted share, in the third quarter of
2023, and a net loss of ($1.6
million), or ($0.11) per
share, in the second quarter of 2024.
Third quarter 2024 non-GAAP net loss was
($0.9 million), or ($0.06) per share, compared with net income of
$1.8 million, or $0.13 per share, in the third quarter of
2023 and a net loss of ($0.7
million), or ($0.05) per
share, in the second 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, November 11, 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 13749709.
The call recording, which can be accessed by phone, will be
archived through November 18, 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 nine months ended September 29,
2024. In addition, please note that the date of this press
release is November 11, 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
|
|
|
Nine Months
Ended
|
|
|
|
September 29,
2024
|
|
|
October 1,
2023
|
|
|
June 30,
2024
|
|
|
September 29,
2024
|
|
|
October 1,
2023
|
|
|
Revenue
|
|
$
|
4,273
|
|
|
$
|
6,665
|
|
|
$
|
4,127
|
|
|
$
|
14,407
|
|
|
$
|
13,719
|
|
|
Cost of
revenue
|
|
|
1,888
|
|
|
|
1,537
|
|
|
|
2,022
|
|
|
|
5,934
|
|
|
|
4,998
|
|
|
Gross profit
|
|
|
2,385
|
|
|
|
5,128
|
|
|
|
2,105
|
|
|
|
8,473
|
|
|
|
8,721
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
1,954
|
|
|
|
1,933
|
|
|
|
1,527
|
|
|
|
4,940
|
|
|
|
5,067
|
|
|
Selling, general and
administrative
|
|
|
2,292
|
|
|
|
1,915
|
|
|
|
2,095
|
|
|
|
6,738
|
|
|
|
5,700
|
|
|
Total operating
expense
|
|
|
4,246
|
|
|
|
3,848
|
|
|
|
3,622
|
|
|
|
11,678
|
|
|
|
10,767
|
|
|
Operating income
(loss)
|
|
|
(1,861)
|
|
|
|
1,280
|
|
|
|
(1,517)
|
|
|
|
(3,205)
|
|
|
|
(2,046)
|
|
|
Interest
expense
|
|
|
(186)
|
|
|
|
(48)
|
|
|
|
(40)
|
|
|
|
(295)
|
|
|
|
(156)
|
|
|
Interest and other
(expense) income, net
|
|
|
(34)
|
|
|
|
(36)
|
|
|
|
1
|
|
|
|
(22)
|
|
|
|
(99)
|
|
|
Income (loss) before
income taxes
|
|
|
(2,081)
|
|
|
|
1,196
|
|
|
|
(1,556)
|
|
|
|
(3,522)
|
|
|
|
(2,301)
|
|
|
(Benefit from)
provision for income taxes
|
|
|
13
|
|
|
|
4
|
|
|
|
(6)
|
|
|
|
14
|
|
|
|
4
|
|
|
Net income
(loss)
|
|
$
|
(2,094)
|
|
|
$
|
1,192
|
|
|
$
|
(1,550)
|
|
|
$
|
(3,536)
|
|
|
$
|
(2,305)
|
|
|
Net income (loss) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.14)
|
|
|
$
|
0.09
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.25)
|
|
|
$
|
(0.17)
|
|
|
Diluted
|
|
$
|
(0.14)
|
|
|
$
|
0.08
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.25)
|
|
|
$
|
(0.17)
|
|
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
14,555
|
|
|
|
13,859
|
|
|
|
14,439
|
|
|
|
14,390
|
|
|
|
13,377
|
|
|
Diluted
|
|
|
14,555
|
|
|
|
14,131
|
|
|
|
14,439
|
|
|
|
14,390
|
|
|
|
13,377
|
|
|
|
Note: Net income (loss)
equals to comprehensive income (loss) for all periods
presented.
|
|
QUICKLOGIC
CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in
thousands)
(Unaudited)
|
|
|
|
September 29,
2024
|
|
|
December 31,
2023
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash
|
|
$
|
22,364
|
|
|
$
|
24,606
|
|
|
Accounts receivable,
net of allowance for doubtful accounts of $24 and $34, as of
September 29, 2024 and December 31, 2023, respectively
|
|
|
657
|
|
|
|
1,625
|
|
|
Contract
assets
|
|
|
2,331
|
|
|
|
3,609
|
|
|
Note receivable,
current
|
|
|
—
|
|
|
|
1,200
|
|
|
Inventories
|
|
|
1,780
|
|
|
|
2,029
|
|
|
Prepaid expenses and
other current assets
|
|
|
2,919
|
|
|
|
1,561
|
|
|
Total current
assets
|
|
|
30,051
|
|
|
|
34,630
|
|
|
Property and equipment,
net
|
|
|
14,137
|
|
|
|
8,948
|
|
|
Capitalized
internal-use software, net
|
|
|
2,352
|
|
|
|
2,069
|
|
|
Right of use assets,
net
|
|
|
828
|
|
|
|
981
|
|
|
Intangible assets,
net
|
|
|
457
|
|
|
|
537
|
|
|
Non-marketable equity
investment
|
|
|
300
|
|
|
|
300
|
|
|
Goodwill
|
|
|
185
|
|
|
|
185
|
|
|
Note receivable,
non-current
|
|
|
1,260
|
|
|
|
—
|
|
|
Other assets
|
|
|
143
|
|
|
|
142
|
|
|
TOTAL
ASSETS
|
|
$
|
49,713
|
|
|
$
|
47,792
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Revolving line of
credit
|
|
$
|
20,000
|
|
|
$
|
20,000
|
|
|
Trade
payables
|
|
|
2,877
|
|
|
|
4,657
|
|
|
Accrued
liabilities
|
|
|
1,457
|
|
|
|
2,673
|
|
|
Deferred
revenue
|
|
|
449
|
|
|
|
1,052
|
|
|
Notes payable,
current
|
|
|
1,798
|
|
|
|
946
|
|
|
Lease liabilities,
current
|
|
|
275
|
|
|
|
302
|
|
|
Total current
liabilities
|
|
|
26,856
|
|
|
|
29,630
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
|
Lease liabilities,
non-current
|
|
|
529
|
|
|
|
681
|
|
|
Notes payable,
non-current
|
|
|
1,314
|
|
|
|
461
|
|
|
Other long-term
liabilities
|
|
|
125
|
|
|
|
125
|
|
|
Total
liabilities
|
|
|
28,824
|
|
|
|
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; 14,697 and 14,118 shares issued and
outstanding as of September 29, 2024 and December 31, 2023,
respectively
|
|
|
15
|
|
|
|
14
|
|
|
Additional paid-in
capital
|
|
|
329,965
|
|
|
|
322,436
|
|
|
Accumulated
deficit
|
|
|
(309,091)
|
|
|
|
(305,555)
|
|
|
Total stockholders'
equity
|
|
|
20,889
|
|
|
|
16,895
|
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
49,713
|
|
|
$
|
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
|
|
|
Nine Months
Ended
|
|
|
|
September 29,
2024
|
|
|
October 1,
2023
|
|
|
June 30,
2024
|
|
|
September 29,
2024
|
|
|
October 1,
2023
|
|
|
US GAAP income
(loss) from operations
|
|
$
|
(1,861)
|
|
|
$
|
1,280
|
|
|
$
|
(1,517)
|
|
|
$
|
(3,205)
|
|
|
$
|
(2,046)
|
|
|
Adjustment for
stock-based compensation within:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
180
|
|
|
|
73
|
|
|
|
88
|
|
|
|
505
|
|
|
|
239
|
|
|
Research and
development
|
|
|
323
|
|
|
|
171
|
|
|
|
197
|
|
|
|
877
|
|
|
|
513
|
|
|
Selling, general and
administrative
|
|
|
645
|
|
|
|
372
|
|
|
|
517
|
|
|
|
2,131
|
|
|
|
1,165
|
|
|
Non-GAAP income
(loss) from operations
|
|
$
|
(713)
|
|
|
$
|
1,896
|
|
|
$
|
(715)
|
|
|
$
|
308
|
|
|
$
|
(129)
|
|
|
US GAAP net income
(loss)
|
|
$
|
(2,094)
|
|
|
$
|
1,192
|
|
|
$
|
(1,550)
|
|
|
$
|
(3,536)
|
|
|
$
|
(2,305)
|
|
|
Adjustment for
stock-based compensation within:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
180
|
|
|
|
73
|
|
|
|
88
|
|
|
|
505
|
|
|
|
239
|
|
|
Research and
development
|
|
|
323
|
|
|
|
171
|
|
|
|
197
|
|
|
|
877
|
|
|
|
513
|
|
|
Selling, general and
administrative
|
|
|
645
|
|
|
|
372
|
|
|
|
517
|
|
|
|
2,131
|
|
|
|
1,165
|
|
|
Non-GAAP net income
(loss)
|
|
$
|
(946)
|
|
|
$
|
1,808
|
|
|
$
|
(748)
|
|
|
$
|
(23)
|
|
|
$
|
(388)
|
|
|
US GAAP net income
(loss) per share, basic
|
|
$
|
(0.14)
|
|
|
$
|
0.09
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.25)
|
|
|
$
|
(0.17)
|
|
|
Adjustment for
stock-based compensation
|
|
|
0.08
|
|
|
|
0.04
|
|
|
|
0.06
|
|
|
|
0.25
|
|
|
|
0.14
|
|
|
Non-GAAP net income
(loss) per share, basic
|
|
$
|
(0.06)
|
|
|
$
|
0.13
|
|
|
$
|
(0.05)
|
|
|
$
|
—
|
|
|
$
|
(0.03)
|
|
|
US GAAP net income
(loss) per share, diluted
|
|
$
|
(0.14)
|
|
|
$
|
0.08
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.25)
|
|
|
$
|
(0.17)
|
|
|
Adjustment for
stock-based compensation
|
|
|
0.08
|
|
|
|
0.05
|
|
|
|
0.06
|
|
|
|
0.25
|
|
|
|
0.14
|
|
|
Non-GAAP net income
(loss) per share, diluted
|
|
$
|
(0.06)
|
|
|
$
|
0.13
|
|
|
$
|
(0.05)
|
|
|
$
|
—
|
|
|
$
|
(0.03)
|
|
|
US GAAP gross margin
percentage
|
|
|
55.8
|
%
|
|
|
76.9
|
%
|
|
|
51.0
|
%
|
|
|
58.8
|
%
|
|
|
63.6
|
%
|
|
Adjustment for
stock-based compensation included in cost of revenue
|
|
|
4.2
|
%
|
|
|
1.1
|
%
|
|
|
2.1
|
%
|
|
|
3.5
|
%
|
|
|
1.7
|
%
|
|
Non-GAAP gross
margin percentage
|
|
|
60.0
|
%
|
|
|
78.0
|
%
|
|
|
53.1
|
%
|
|
|
62.3
|
%
|
|
|
65.3
|
%
|
|
QUICKLOGIC
CORPORATION
SUPPLEMENTAL
DATA
(Unaudited)
|
|
|
|
Percentage of
Revenue
|
|
|
Change in
Revenue
|
|
|
|
Q3
2024
|
|
|
Q3
2023
|
|
|
Q2
2024
|
|
|
Q3 2024 to Q3
2023
|
|
|
Q3 2024 to Q2
2024
|
|
|
COMPOSITION OF
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by product:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
products
|
|
|
83
|
%
|
|
|
91
|
%
|
|
|
74
|
%
|
|
|
(42)
|
%
|
|
|
16
|
%
|
|
Mature
products
|
|
|
17
|
%
|
|
|
9
|
%
|
|
|
26
|
%
|
|
|
29
|
%
|
|
|
(31)
|
%
|
|
Revenue by
geography:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia
Pacific
|
|
|
12
|
%
|
|
|
6
|
%
|
|
|
10
|
%
|
|
|
40
|
%
|
|
|
26
|
%
|
|
North
America
|
|
|
86
|
%
|
|
|
91
|
%
|
|
|
87
|
%
|
|
|
(39)
|
%
|
|
|
1
|
%
|
|
Europe
|
|
|
2
|
%
|
|
|
3
|
%
|
|
|
3
|
%
|
|
|
(62)
|
%
|
|
|
(13)
|
%
|
|
____________________
|
|
(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