Recent Accomplishments
- QuickLogic announced its new EOS S3AI Platform, a single chip hardware and software solution for AI in edge and endpoint applications.
- QuickLogic acquired SensiML Corporation, a software company whose SensiML Analytics Toolkit enables the practical application of local AI in edge and endpoint devices and applications.
- mtes Neural Networks (mtesNN) of Japan selected the QuickAI™ Platform for a new generation of AI-enabled endpoint devices.
- QuickLogic received first material revenue from QuickAI in the fourth quarter of 2018.
- JD.com released its new Pilot U-LIFE N1 smart headset designed with EOS S3 enabled always on / always listening capabilities.
- SF Technology Company, Ltd. initiated deployment of its Xiaofeng Smart Bluetooth® Headset using the EOS S3 Voice and Sensor Processing Platform.
- ArcticPro™ eFPGA technology now available on the popular TSMC 40nm process node.
- CTO Tim Saxe presented "AI at the Edge Using PULP + eFPGA" at the RISC-V Summit.
- Increased the Company's revolving line of credit to $15 million.
Fourth Quarter and Fiscal Year 2018 Financial Results
Total revenue for the fourth quarter of 2018 was $3.2 million, up 8% compared to the fourth quarter of 2017. New product revenue was $1.3 million in the fourth quarter of 2018, 37% higher than fourth quarter of 2017. Mature product revenue was $1.9 million in the fourth quarter of 2018, down 5% compared to the fourth quarter of 2017. New product revenue accounted for 41% of the total revenue in the fourth quarter of 2018, compared to 33% in the fourth quarter of 2017.
Fourth quarter 2018 GAAP gross margin was 51.7%, up from 50.4% in the fourth quarter of 2017. Fourth quarter 2018 Non-GAAP gross margin was 52.6%, up from 51.6% in the fourth quarter of 2017.
Fourth quarter 2018 GAAP operating expenses decreased to $4.7 million, from $5.0 million in the fourth quarter of 2017. Fourth quarter 2018 Non-GAAP operating expenses decreased to $4.3 million, from $4.6 million in the fourth quarter of 2017.
Fourth quarter 2018 GAAP net loss was $3.1 million, or $0.03 per share, compared to $3.4 million, or $0.04 per share, in the fourth quarter of 2017. Fourth quarter 2018 Non-GAAP net loss was $2.6 million, or $0.03 per share, compared to $3.0 million, or $0.04 per share, in the fourth quarter of 2017. Please see below for an explanation of the Company's non-GAAP financial measures.
Fiscal 2018 Results
For the fiscal year 2018, total revenue was $12.6 million, up 4% compared with $12.1 million in fiscal year 2017. New product revenue for fiscal year 2018 was $5.7 million, down 2% compared with $5.8 million in fiscal year 2017. Mature product revenue was $6.9 million, up 9% compared with $6.3 million in fiscal year 2017.
Fiscal year 2018 GAAP gross margin was 50.2%, up from 45.5% in fiscal year 2017. Non-GAAP gross margin for fiscal year 2018 was also up 51.2%, from 46.4% in fiscal year 2017.
GAAP operating expenses for fiscal year 2018 were $19.9 million, slightly up 2% compared with $19.5 million in fiscal year 2017. Non-GAAP operating expenses for fiscal year 2018 were flat at $18.2 million, compared with fiscal year 2017.
GAAP net loss for fiscal year 2018 was $13.8 million, or $0.15 per share, compared to $14.1 million, or $0.18 per share in fiscal year 2017. Non-GAAP net loss was lower at $11.9 million, or $0.14 per share for fiscal year 2018, compared with $12.7 million, or $0.17 per share, for fiscal year 2017.
Conference Call
QuickLogic will hold a conference call at 2:30 p.m. Pacific Standard Time / 5:30 p.m. Eastern Standard Time today, February 13, 2019, to discuss its current financial results. The conference call will be webcasted at QuickLogic's IR Site Events Page. To join the live conference, you may dial (877) 377-7094 and international participants should dial (253) 237-1177 by 2:20 p.m. Pacific Standard Time. The Conference ID is 6347109. A recording of the call will be available starting one hour after completion of the call. To access the recording, please call (855) 859-2056 or (404) 537-3406 and reference the passcode 6347109. The call recording, which can be accessed by phone, will be archived until Wednesday, February 20, 2019, and the webcast will be available for 12 months on the Company's website.
About QuickLogic
QuickLogic develops low power, multi-core semiconductor platforms and Intellectual Property (IP) for Artificial Intelligence (AI), voice and sensor processing. The solutions include an embedded FPGA IP (eFPGA) for hardware acceleration and pre-processing, and heterogeneous multi-core SoCs that integrate eFPGA with other processors and peripherals. The Analytics Toolkit from the Company's wholly-owned subsidiary, SensiML, completes the "full stack" end-to-end solution with accurate sensor algorithms using AI technology. The full range of platforms, software tools and eFPGA IP enables the practical and efficient adoption of AI, voice and sensor processing across the multitude of mobile, wearable, hearable, consumer, industrial, edge and endpoint IoT applications. For more information, visit
www.quicklogic.com and
https://www.quicklogic.com/blog/ .
