Recent Highlights
- Won a key EOS S3 SoC design at Kyocera for their Torque G04 smartphone
- Joined STMicroelectronics Partner Program so that developers using the STM32 can implement intelligent IoT edge sensing using SensiML's complete end-to-end AI workflow
- Delivered FLEXino Sensor Fusion Development Kit, a complete solution for IoT endpoint applications, with Flex and Infineon Technologies AG
- Announced Renode support (an open source tool for embedded and IoT development) for EOS S3 SoC with Antmicro
- Announced restructuring plan to reduce operating expenses in order to achieve profitability goal in fiscal year 2020
Fourth Quarter and Fiscal Year 2019 Financial Results
Total revenue for the fourth quarter of 2019 was $2.9 million, compared with $3.2 million in the fourth quarter of 2018. New product revenue was $0.7 million in the fourth quarter of 2019, 47% lower than the $1.3 million in the fourth quarter of 2018. Mature product revenue was $2.2 million in the fourth quarter of 2019, compared with $1.9 million in the fourth quarter of 2018.
Fourth quarter 2019 GAAP gross margin was 64.9%, compared with 51.7% in the fourth quarter of 2018. Fourth quarter 2019 Non-GAAP gross margin was 65.6%, compared with 52.6% in the fourth quarter of 2018. The increase in gross margin from the same quarter a year ago was mostly due to the higher mix of mature product revenue and additional SaaS business.
Fourth quarter 2019 GAAP operating expenses were $4.8 million, compared with $4.7 million in the fourth quarter of 2018. Fourth quarter 2019 Non-GAAP operating expenses were $4.2 million, compared with $4.3 million in the fourth quarter of 2018.
Fourth quarter 2019 GAAP net loss was $3.1 million, or $0.37 per share. This compares with $3.1 million, or $0.45 per share, in the fourth quarter of 2018. Fourth quarter 2019 non-GAAP net loss was $2.4 million, or $0.29 per share, compared with $2.6 million, or $0.38 per share, in the fourth quarter of 2018. Share and per share data have been adjusted to reflect the 1-for-14 reverse stock split that was completed on December 24, 2019.
Please see below for an explanation of the Company's non-GAAP financial measures.
Fiscal Year 2019 Results
For fiscal year 2019, total revenue was $10.3 million, compared with $12.6 million in fiscal year 2018. New product revenue for fiscal year 2019 was $3.1 million, compared with $5.7 million in fiscal year 2018. Mature product revenue was $7.2 million, compared with $6.9 million in fiscal year 2018.
Fiscal year 2019 GAAP gross margin was 57.3%, compared with 50.2% in fiscal year 2018. Non-GAAP gross margin for fiscal year 2019 was 58.0%, compared with 51.2% in fiscal year 2018.
GAAP operating expenses for fiscal year 2019 were $21.3 million, compared with $19.9 million in fiscal year 2018. The increase was primarily due to the SensiML acquisition that was completed in January 2019. Non-GAAP operating expenses of $18.2 million for fiscal year 2019 were flat with fiscal year 2018.
GAAP net loss for fiscal year 2019 was $15.4 million, or $2.02 per share. This compares with $13.8 million, or $2.16 per share in fiscal year 2018. Non-GAAP net loss was $12.3 million, or $1.60 per share, for fiscal year 2019. This compares with $11.9 million, or $1.87 per share, for fiscal year 2018.
Conference Call
QuickLogic will hold a conference call to discuss its financial results and outlook at 2:30 p.m. Pacific Standard Time / 5:30 p.m. Eastern Standard Time today, February 12, 2020. The conference call will be webcast at QuickLogic's IR Site Events Page. To join the live conference, you may dial 1-888-394-8218 and international participants should dial 1-323-794-2588. A recording of the call will be available starting approximately one hour after completion of the call. To access the recording, please call (412) 317-6671 and reference the passcode 5294729. The call recording will be archived until Wednesday, February 19, 2020, and the webcast will be available for 12 months on the Company's website at https://ir.quicklogic.com/ir-calendar.
About QuickLogic
QuickLogic is a fabless semiconductor company that 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 Corporation, completes the 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/.
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
