QuickLogic Reports 41% Year-over-Year Revenue Growth for Second Quarter Fiscal 2024
QuickLogic (NASDAQ: QUIK) reported a 41% year-over-year revenue growth for Q2 fiscal 2024. Total revenue reached $4.1 million, with new product revenue at $3.1 million, up 36.9% from Q2 2023. The company's GAAP gross margin improved to 51.0% from 41.2% in Q2 2023. QuickLogic reported a GAAP net loss of $1.6 million, or ($0.11) per share, compared to a net loss of $2.3 million in Q2 2023. Notable achievements include joining Intel Foundry Accelerator IP and USMAG Alliance Programs, receiving a $5.26 million contract tranche, and expanding global distribution partnerships. The company also highlighted growth in its sales funnel to $189 million.
QuickLogic (NASDAQ: QUIK) ha registrato una crescita dei ricavi del 41% anno su anno per il secondo trimestre dell'anno fiscale 2024. I ricavi totali hanno raggiunto $4.1 milioni, con i ricavi da nuovi prodotti che ammontano a $3.1 milioni, in aumento del 36.9% rispetto al Q2 2023. Il margine lordo GAAP della società è migliorato al 51.0% rispetto al 41.2% del Q2 2023. QuickLogic ha riportato una perdita netta GAAP di $1.6 milioni, ovvero ($0.11) per azione, rispetto a una perdita netta di $2.3 milioni nel Q2 2023. Tra i traguardi significativi ci sono l'adesione ai programmi Intel Foundry Accelerator IP e USMAG Alliance, l'ottenimento di una tranche di contratto di $5.26 milioni e l'espansione delle partnership di distribuzione globali. L'azienda ha anche evidenziato una crescita nel proprio funnel di vendite, arrivando a $189 milioni.
QuickLogic (NASDAQ: QUIK) reportó un crecimiento de ingresos del 41% interanual para el segundo trimestre del año fiscal 2024. Los ingresos totales alcanzaron $4.1 millones, con ingresos por nuevos productos de $3.1 millones, lo que representa un aumento del 36.9% en comparación con el Q2 2023. El margen bruto GAAP de la compañía mejoró al 51.0% desde el 41.2% en el Q2 2023. QuickLogic reportó una pérdida neta GAAP de $1.6 millones, o ($0.11) por acción, en comparación con una pérdida neta de $2.3 millones en el Q2 2023. Los logros notables incluyen la incorporación a los programas Intel Foundry Accelerator IP y USMAG Alliance, la obtención de una tranche de contrato de $5.26 millones y la expansión de asociaciones de distribución globales. La compañía también destacó un crecimiento en su embudo de ventas, que alcanzó los $189 millones.
QuickLogic (NASDAQ: QUIK)는 2024 회계 연도 2분기 실적에서 전년 대비 41%의 매출 성장률을 보고했습니다. 총 매출은 $4.1 백만에 달하며, 신제품 매출은 $3.1 백만으로 2023년 2분기 대비 36.9% 증가했습니다. 회사의 GAAP 총 매출 이익률은 41.2%에서 51.0%로 개선되었습니다. QuickLogic은 $1.6 백만, 또는 주당 ($0.11)의 GAAP 순손실을 보고했으며, 이는 2023년 2분기의 $2.3 백만 순손실과 비교됩니다. 주목할 만한 성과로는 Intel Foundry Accelerator IP 및 USMAG Alliance 프로그램에 참여, $5.26 백만 계약 분할 수주, 글로벌 유통 파트너십 확대가 있습니다. 또한 회사는 판매 깔때기에서 $189 백만으로의 성장을 강조했습니다.
QuickLogic (NASDAQ: QUIK) a annoncé une croissance des revenus de 41 % d'une année sur l'autre pour le deuxième trimestre de l'exercice 2024. Le chiffre d'affaires total a atteint 4,1 millions de dollars, avec des revenus issus de nouveaux produits s'élevant à 3,1 millions de dollars, en hausse de 36,9 % par rapport au Q2 2023. La marge brute GAAP de l'entreprise s'est améliorée à 51,0 % contre 41,2 % au Q2 2023. QuickLogic a déclaré une perte nette GAAP de 1,6 million de dollars, soit ($0,11) par action, contre une perte nette de 2,3 millions de dollars au Q2 2023. Parmi les réalisations notables figurent l'adhésion aux programmes Intel Foundry Accelerator IP et USMAG Alliance, l'obtention d'une tranche de contrat de 5,26 millions de dollars et l'expansion des partenariats de distribution mondiale. L'entreprise a également souligné une croissance de son pipeline de ventes à 189 millions de dollars.
QuickLogic (NASDAQ: QUIK) meldete ein Umsatzwachstum von 41% gegenüber dem Vorjahr für das zweite Quartal des Geschäftsjahres 2024. Der Gesamtumsatz erreichte 4,1 Millionen Dollar, wobei der Umsatz mit neuen Produkten bei 3,1 Millionen Dollar lag, was einem Anstieg von 36,9% im Vergleich zum Q2 2023 entspricht. Die GAAP-Bruttomarge des Unternehmens verbesserte sich auf 51,0% von 41,2% im Q2 2023. QuickLogic meldete einen GAAP-Nettoverlust von 1,6 Millionen Dollar, was ($0,11) pro Aktie entspricht, verglichen mit einem Nettoverlust von 2,3 Millionen Dollar im Q2 2023. Zu den bemerkenswerten Errungenschaften gehören der Beitritt zum Intel Foundry Accelerator IP und USMAG Alliance Programmen, der Erhalt eines Vertragstranchen von 5,26 Millionen Dollar und die Erweiterung globaler Vertriebspartnerschaften. Das Unternehmen hob auch das Wachstum seines Vertriebstrichters auf 189 Millionen Dollar hervor.
- 41% year-over-year revenue growth in Q2 fiscal 2024
- New product revenue increased by 36.9% compared to Q2 2023
- GAAP gross margin improved to 51.0% from 41.2% in Q2 2023
- Sales funnel grew to $189 million
- Awarded $5.26 million third tranche of Strategic Radiation Hardened FPGA Technology US Government Contract
- 31.3% decrease in total revenue compared to Q1 2024
- GAAP net loss of $1.6 million in Q2 2024
- 37.3% decrease in new product revenue compared to Q1 2024
Insights
QuickLogic's Q2 2024 results show mixed signals. While the 41.3% year-over-year revenue growth to
QuickLogic's strategic moves in the eFPGA space are promising. The company's inclusion in Intel Foundry Accelerator IP and USMAG Alliance Programs for the advanced 18A process node is a significant technological leap. This positions QuickLogic at the forefront of eFPGA Hard IP development. The progress on multiple 12nm designs and the Strategic Radiation Hardened FPGA program for the U.S. DoD showcases their technical capabilities. SensiML's launch of Piccolo AI™, an open-source AutoML solution and the new Generative AI feature for Data Studio demonstrate innovation in edge AI. These advancements could potentially lead to new revenue streams and market opportunities.
QuickLogic's market positioning is strengthening. The new distribution agreements with Spur Microwave Inc. in India and Astute Electronics globally expand their geographical reach. The strategic partnership with CTG for aerospace and defense supply chain capabilities opens up opportunities in a high-value sector. Receiving the BAE Systems 'Partner 2 Win' Supplier of the Year award enhances their credibility in the defense industry. The $5.26 million third tranche from the U.S. Government contract signals ongoing trust and potential for future contracts. However, the volatility in quarterly results suggests challenges in maintaining consistent growth, which could impact investor confidence in the short term.
Recent Highlights
- Awarded
$5.26 million - 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 inAustralia ,Israel ,Turkey , andNew 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
Fiscal Second Quarter 2024 Financial Results
Total revenue for the second quarter of fiscal 2024 was
New product revenue was approximately
Mature product revenue was
Second quarter 2024 GAAP gross margin was
Second quarter 2024 non-GAAP gross margin was
Second quarter 2024 GAAP operating expenses were
Second quarter 2024 non-GAAP operating expenses were
Second quarter 2024 GAAP net loss was (
Second quarter 2024 non-GAAP net loss was (
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
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
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 | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | July 2, 2023 | March 31, | June 30, | 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 | ||||||||
June 30, 2024 | December 31, | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash, cash equivalents and restricted cash | $ | 23,266 | $ | 24,606 | ||||
Accounts receivable, net of allowance for doubtful accounts of | 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, | — | — | ||||||
Common stock, | 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 | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | July 2, 2023 | March 31, | June 30, | 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 | 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 | ||||||||||||||||||||
Percentage of Revenue | Change in Revenue | |||||||||||||||||||
Q2 2024 | Q2 2023 | Q1 2024 | Q2 2024 to | Q2 2024 to | ||||||||||||||||
COMPOSITION OF REVENUE | ||||||||||||||||||||
Revenue by product: (1) | ||||||||||||||||||||
New products | 74 | % | 76 | % | 81 | % | 37 | % | (37) | % | ||||||||||
Mature products | 26 | % | 24 | % | 19 | % | 56 | % | (5) | % | ||||||||||
Revenue by geography: | ||||||||||||||||||||
10 | % | 16 | % | 12 | % | (10) | % | (44) | % | |||||||||||
87 | % | 81 | % | 84 | % | 52 | % | (28) | % | |||||||||||
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. |
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SOURCE QuickLogic Corporation
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