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QuickLogic Reports Financial Results for its Fiscal Third Quarter 2024

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QuickLogic (NASDAQ: QUIK) reported its fiscal Q3 2024 financial results with total revenue of $4.3 million, showing a 35.9% decrease year-over-year but a 3.5% increase quarter-over-quarter. New product revenue was $3.5 million, down 42% from Q3 2023. The company reported a GAAP net loss of ($2.1 million), or ($0.14) per share, compared to net income of $1.2 million in Q3 2023. Notable achievements include delivering eFPGA IP for GlobalFoundries' 12LP process and TSMC's N12e process, while continuing development of eFPGA Hard IP core for Intel 18A process.

QuickLogic (NASDAQ: QUIK) ha riportato i risultati finanziari per il terzo trimestre fiscale del 2024, con ricavi totali di $4,3 milioni, evidenziando una diminuzione del 35,9% rispetto all'anno precedente, ma un aumento del 3,5% rispetto al trimestre precedente. I ricavi da nuovi prodotti sono stati di $3,5 milioni, in calo del 42% rispetto al terzo trimestre del 2023. L'azienda ha registrato una perdita netta secondo GAAP di (-$2,1 milioni), ovvero ($0,14) per azione, rispetto a un utile netto di $1,2 milioni nel terzo trimestre del 2023. Tra i risultati significativi ci sono la consegna di IP eFPGA per il processo 12LP di GlobalFoundries e il processo N12e di TSMC, continuando lo sviluppo del core IP Hard eFPGA per il processo 18A di Intel.

QuickLogic (NASDAQ: QUIK) informó sus resultados financieros para el tercer trimestre fiscal de 2024, con ingresos totales de $4.3 millones, lo que representa una disminución del 35.9% en comparación con el año anterior, pero un aumento del 3.5% en comparación con el trimestre anterior. Los ingresos por nuevos productos fueron de $3.5 millones, lo que supone una caída del 42% respecto al tercer trimestre de 2023. La compañía reportó una pérdida neta GAAP de (-$2.1 millones), o ($0.14) por acción, en comparación con una ganancia neta de $1.2 millones en el tercer trimestre de 2023. Entre los logros notables se incluye la entrega de IP eFPGA para el proceso 12LP de GlobalFoundries y el proceso N12e de TSMC, mientras se continúa el desarrollo del núcleo IP Hard eFPGA para el proceso 18A de Intel.

QuickLogic (NASDAQ: QUIK)는 2024 회계 연도 3분기 재무 결과를 보고했습니다. 총 수익은 $4.3 백만으로, 전년 대비 35.9% 감소했지만, 전 분기 대비 3.5% 증가했습니다. 신제품 수익은 $3.5 백만으로, 2023년도 3분기와 비교하여 42% 감소했습니다. 회사는 GAAP 기준으로 (-$2.1 백만), 즉 주당 ($0.14)의 순손실을 보고했으며, 2023년도 3분기 순이익은 $1.2 백만이었습니다. 주목할 만한 성과로는 GlobalFoundries의 12LP 프로세스와 TSMC의 N12e 프로세스를 위한 eFPGA IP의 제공이 있으며, Intel 18A 프로세스를 위한 eFPGA Hard IP 코어의 개발을 계속하고 있습니다.

QuickLogic (NASDAQ: QUIK) a annoncé ses résultats financiers pour le troisième trimestre fiscal 2024, avec un chiffre d'affaires total de $4,3 millions, ce qui représente une baisse de 35,9 % par rapport à l'année précédente, mais une augmentation de 3,5 % par rapport au trimestre précédent. Les revenus des nouveaux produits se sont élevés à $3,5 millions, en baisse de 42 % par rapport au troisième trimestre 2023. La société a enregistré une perte nette GAAP de (-$2,1 millions), soit ($0,14) par action, contre un bénéfice net de $1,2 millions au troisième trimestre 2023. Parmi les réalisations notables, on peut citer la livraison d'IP eFPGA pour le processus 12LP de GlobalFoundries et le processus N12e de TSMC, tout en continuant le développement du cœur IP Hard eFPGA pour le processus 18A d'Intel.

QuickLogic (NASDAQ: QUIK) berichtete über die finanziellen Ergebnisse des dritten Fiskalquartals 2024 mit einem Gesamtumsatz von $4,3 Millionen, was einem Rückgang von 35,9% im Jahresvergleich, aber einem Anstieg von 3,5% im Quartalsvergleich entspricht. Der Umsatz aus neuen Produkten betrug $3,5 Millionen, was einem Rückgang von 42% im Vergleich zum dritten Quartal 2023 entspricht. Das Unternehmen berichtete von einem GAAP-Nettoverlust von (-$2,1 Millionen), bzw. ($0,14) pro Aktie, verglichen mit einem Nettogewinn von $1,2 Millionen im dritten Quartal 2023. Zu den bemerkenswerten Erfolgen gehören die Lieferung von eFPGA-IP für den 12LP-Prozess von GlobalFoundries und den N12e-Prozess von TSMC sowie die fortgesetzte Entwicklung des eFPGA Hard IP-Kerns für den 18A-Prozess von Intel.

Positive
  • Quarter-over-quarter revenue growth of 3.5%
  • New product revenue increased 15.7% from previous quarter
  • Gross margin improved to 55.8% from 51.0% in Q2 2024
  • Successfully delivered eFPGA IP to multiple major customers
Negative
  • 35.9% year-over-year revenue decline to $4.3 million
  • 42% decrease in new product revenue compared to Q3 2023
  • GAAP net loss of $2.1 million versus $1.2 million profit in Q3 2023
  • Operating expenses increased to $4.2 million from $3.8 million YoY

Insights

QuickLogic's Q3 2024 results show concerning trends with revenue declining 35.9% year-over-year to $4.3 million. The significant drop in new product revenue (42% YoY) signals challenges in the timing of eFPGA IP contract deliverables. While gross margins remain healthy at 55.8%, the shift from a profit of $1.2 million last year to a loss of $2.1 million this quarter is noteworthy.

The increased operating expenses and wider losses, despite stable non-GAAP operating costs, suggest growing pressure on profitability. However, the company's strategic focus on expanding eFPGA IP across multiple fabrication processes, including Intel 18A, could create future growth opportunities. The sequential revenue growth of 3.5% and improved gross margins from Q2 provide some optimism, but sustained execution will be important for recovery.

The expansion of QuickLogic's eFPGA IP portfolio across six fabrication processes, including cutting-edge nodes like Intel 18A and TSMC N12e, positions the company strategically in the semiconductor IP market. The rapid three-month delivery for the TSMC N12e process demonstrates improving operational efficiency through their Australis eFPGA Hard IP Generator.

The partnership with Synopsys for FPGA Logic Synthesis integration and SensiML's expansion into RISC-V architecture shows commitment to ecosystem development. These technical achievements could translate into commercial opportunities, particularly in the growing defense and edge AI markets, though current financial results suggest a lag between technical progress and revenue realization.

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

FAQ

What was QuickLogic's (QUIK) revenue in Q3 2024?

QuickLogic reported total revenue of $4.3 million in Q3 2024, representing a 35.9% decrease from Q3 2023 but a 3.5% increase from Q2 2024.

What was QuickLogic's (QUIK) earnings per share in Q3 2024?

QuickLogic reported a GAAP net loss of ($0.14) per share in Q3 2024, compared to earnings of $0.09 per basic share in Q3 2023.

How did QuickLogic's (QUIK) new product revenue perform in Q3 2024?

New product revenue was $3.5 million, showing a 42% decrease year-over-year but a 15.7% increase quarter-over-quarter.

QuickLogic Corp

NASDAQ:QUIK

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