QuickLogic Corp - QUIK STOCK NEWS

QuickLogic Corporation (NASDAQ: QUIK) has signed a distribution agreement with Taiwanese distributor MA Technology to expand its embedded FPGA (eFPGA) IP offerings in Taiwan. This partnership enhances SoC developers' design flexibility, allowing post-production changes to address evolving market needs and competitive challenges. MA Technology will incorporate QuickLogic's eFPGA technology into various applications, including storage, communications, and consumer electronics. The eFPGA IP is available for immediate integration, enabling faster and more efficient SoC development.

QuickLogic Corporation (NASDAQ: QUIK) announced the resignation of Dan Rabinovitsj from its Board of Directors, effective November 1, 2022. Rabinovitsj, who has served since 2014, will pursue a new opportunity in life sciences. Chairman Michael R. Farese acknowledged Rabinovitsj's contributions to QuickLogic’s technology and financial strategy during his tenure. QuickLogic will continue with a seven-member board and remains focused on its embedded FPGA technology. The company aims for profitable growth under CEO Brian Faith’s leadership in the evolving semiconductor industry.

QuickLogic Corporation (NASDAQ: QUIK) has scheduled a conference call for November 15, 2022, at 5:30 p.m. ET to discuss its third quarter fiscal year 2022 financial results. Investors can dial in toll-free at 1-877-407-0792 or internationally at 1-201-689-8263, with no passcode required. A replay will be available until November 22, 2022, and a webcast will be accessible on QuickLogic's Investor Relations site for 12 months. The company specializes in ultra-low power multi-core voice-enabled SoCs and AI solutions.

Everspin Technologies (NASDAQ:MRAM) has signed a contract with QuickLogic (NASDAQ:QUIK) to provide MRAM technology and manufacturing services, valued initially at $2.8M, with potential growth to $8.7M. This project aims to develop Strategic Radiation Hardened (SRH) FPGA technology for Department of Defense applications. Everspin's MRAM technology, noted for its radiation immunity, will be integrated into FPGA products, expanding its market reach. Everspin and QuickLogic express confidence in the collaboration's potential to innovate for harsh environments.

QuickLogic Corporation (NASDAQ: QUIK) has partnered with Hefei ChipMotion Microelectronics to provide turnkey eFPGA design support for SoC designs. This collaboration will enable ChipMotion to enhance its eFPGA distribution in China by integrating QuickLogic's Australis™ eFPGA IP technology. The partnership aims to give SoC developers greater design flexibility post-manufacturing, allowing for custom logic implementations and extended product lifecycles. QuickLogic's eFPGA technology supports multiple process nodes, enhancing profitability and adaptability in competitive markets.

QuickLogic Corporation (NASDAQ: QUIK) announced a registered direct offering of 487,279 shares, raising approximately $3.2 million at a price of $6.57 per share. The offering, supported by current institutional investors, represents about 3.9% of outstanding shares as of September 14, 2022. This funding enhances the Company's balance sheet and working capital, enabling it to continue growth, hire more engineers, and achieve profitability. QuickLogic aims to leverage its $100 million sales funnel as it builds on 30 years of expertise in FPGA technology.

QuickLogic Corporation (NASDAQ: QUIK) has secured a $6.9 million Base Contract from the US Government to develop Strategic Radiation Hardened FPGA technology. This project, sponsored by the DoD's Trusted and Assured Microelectronics Program, begins this month and could expand to $72 million through additional options over multiple years. The company will collaborate with SkyWater Technologies, Everspin Technologies, and others, focusing on high-reliability applications for defense systems.

QuickLogic Corporation (NASDAQ: QUIK) will participate virtually in the H.C. Wainwright 24th Annual Global Investment Conference from September 12-14, 2022. The company develops ultra-low power multi-core voice-enabled SoCs and AI solutions. A webcast of their presentation will begin on September 12 at 7:00 a.m. ET, with virtual meetings available on September 13 from 8:00 a.m. ET to 11:00 a.m. ET. Interested investors can contact QuickLogic Investor Relations for participation details. More information and resources are available on their website.

QuickLogic Corporation (NASDAQ: QUIK) announced a significant financial milestone with a new eFPGA contract valued at approximately $7 million, marking the largest contract in its history, potentially growing to tens of millions. For Q2 FY2022, total revenue reached $4.5 million, up 58% year-over-year. New product revenue was approximately $3.1 million, reflecting a 148% increase from the same period last year, though down 9.2% from Q1 2022. The company's GAAP net loss improved to $0.5 million from $1.2 million in Q1 2022. Gross margins were 56% GAAP and 58.6% non-GAAP.