Recent Highlights
- Launched SensiML open source initiative to assert leadership for commercial AI adoption of smart sensing IoT applications
- Announced an Amazon-qualified reference design for hearables or battery-powered applications to communicate directly with Alexa
- Launched the SparkFun Thing Plus - QuickLogic EOS S3 Development Kit with SparkFun and Crowd Supply - ideal for adding voice or AI/ML processing to edge IoT devices
- Joined DARPA Toolbox Initiative to provide Mil/Aero/Defense Grade Programmable Logic
- Partnered with Silicon Labs to enable rapid development of TinyML applications
- Signed a global distribution agreement with Mouser Electronics
- Joined the newly formed Open Source FPGA Foundation as founding and premier member
Fiscal 2021 First Quarter Financial Results
Total revenue for the first quarter of fiscal 2021 was $2.2 million, a decrease of 10% compared with the fourth quarter of 2020, and an increase of 4% compared with the first quarter of 2020. New product revenue was approximately $1.1 million in the first quarter of 2021, an increase of 28% compared with the fourth quarter of 2020, and an increase of 121% compared with the first quarter of 2020. The increases were primarily due to higher revenue from our sensor processing and connectivity products. Mature product revenue was $1.2 million in the first quarter of 2021, down 30% compared with fourth quarter of 2020, and down 30% compared with the first quarter of 2020.
First quarter 2021 GAAP gross margin was 51.1%, compared with 48.2% in the fourth quarter of 2020, and 51.7% in the first quarter of 2020.
First quarter 2021 non-GAAP gross margin was 52.7%, compared with 51.5% in the fourth quarter of 2020, and 52.2% in the first quarter of 2020.
First quarter 2021 GAAP operating expenses were $3.8 million, compared with $4.1 million in fourth quarter of 2020, and $4.2 million in the first quarter of 2020.
First quarter 2021 non-GAAP operating expenses were $3.5 million, compared with $2.9 million in the fourth quarter of 2020, and $4.1 million in the first quarter of 2020.
First quarter 2021 GAAP net loss was $1.7 million, or $0.15 per share, compared with a net loss of $2.9 million, or $0.27 per share, in fourth quarter of 2020, and a net loss of $3.2 million, or $0.38 per share, in the first quarter of 2020.
First quarter 2021 non-GAAP net loss was $1.3 million, or $0.12 per share, compared with a net loss of $1.7 million, or $0.15 per share, in fourth quarter of 2020, and a net loss of $3.1 million, or $0.37 per share, in the first quarter of 2020.
Included in our results for the first quarter of fiscal 2021, within interest income and other income (expense) is a gain of $1.2 million from the forgiveness of the PPP loan.
Conference Call
QuickLogic will hold a conference call at 2:30 p.m. Pacific Time / 5:30 p.m. Eastern Time today, May 18, 2021, to discuss its current financial results. The conference call will be webcast at 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 2:15 p.m. Pacific Time. No Passcode is needed to join the conference call. A recording of the call will be available starting approximately one hour after completion. To access the recording, please call (412) 317-6671 and reference the passcode 13718790. The call recording, which can be accessed by phone, will be archived until Tuesday, May 25, 2021, and the webcast will be available for 12 months on the Company's website.
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 https://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
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, restructuring, the effect of the write-off of long-lived assets and the tax effect on other comprehensive income 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 similar to 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.
