QuickLogic Reports Fourth Quarter and Fiscal 2022 Results with Annual New Product Revenue Growth of 50% Driving Improvement in Non-GAAP Operating Performance

SAN JOSE, Calif., Feb. 27, 2023 — (PRNewswire) — QuickLogic Corporation (NASDAQ: QUIK) ("QuickLogic" or the "Company"), a developer of ultra-low power multi-core voice enabled SoCs (system on chips), embedded FPGA (Field Programmable Gate Array) IP, and Endpoint AI (Artificial Intelligence) solutions, today announced its financial results for the fiscal fourth quarter and year ended January 1, 2023.

Key 2022 Achievements

  • Grew New Product revenue by 50% from Fiscal 2021
  • Increased Fiscal 2022 revenue by 28%
  • Increased sales funnel to $118 million
  • Delivered the best non-GAAP operating performance of the last 10 years

"This was a pivotal year for QuickLogic," commented Brian Faith, CEO of QuickLogic. "New wins on our eFPGA IP-based products, continued shipments of smart connectivity and display products, and licensing of our SensiML AI Software Platform drove revenue and contributed to our best non-GAAP operating performance in the last ten years. Our ability to offer a full spectrum of solutions ranging from eFPGA IP all the way to full chip designs has helped contribute to the continued growth in our sales funnel, currently over $118 million, positioning us to exceed organic sales growth of 30% in 2023 and report positive non-GAAP operating income for the full year."

Fiscal 2022 Fourth Quarter Financial Results

Total revenue for the fourth quarter of fiscal 2022 was $4.1 million, an increase of 18.1% compared with the third quarter of 2022, and an increase of 10.2% compared with the fourth quarter of 2021.

New product revenue was approximately $2.8 million in the fourth quarter of 2022, an increase of $0.6 million, or 26.2%, compared with the third quarter of 2022, and an increase of $0.2 million, or 6.6%, compared with the fourth quarter of 2021. The increase in new product revenue from the same period a year ago was primarily due to increased eFPGA professional services revenue partially offset by decreases in sensor, smart connectivity, and display product revenues. The previously announced $6.9 million government contract contributed to revenue growth in the quarter and will further contribute to revenue growth into 2023.

Mature product revenue was $1.2 million in both the fourth quarter and the third quarter of 2022. Mature product revenue in the fourth quarter of 2022 increased 19.5% compared with the fourth quarter of 2021.

Fourth quarter 2022 GAAP gross margin was 51.9% compared with 48.5% in the third quarter of 2022, and 56.1% in the fourth quarter of 2021.

Fourth quarter 2022 non-GAAP gross margin was 53.2% compared with 49.8% in the third quarter of 2022, and 60.1% in the fourth quarter of 2021.

Fourth quarter 2022 GAAP operating expenses were $3.0 million compared with $2.9 million in the third quarter of 2022, and $3.7 million in the fourth quarter of 2021.

Fourth quarter 2022 non-GAAP operating expenses were $2.4 million, compared with $2.5 million in the third quarter of 2022, and $2.7 million in the fourth quarter of 2021.

Fourth quarter 2022 GAAP net loss was $1.2 million, or $0.09 per share, compared with a net loss of $1.3 million, or $0.11 per share, in the third quarter of 2022, and a net loss of $1.6 million, or $0.13 per share, in the fourth quarter of 2021.

Fourth quarter 2022 non-GAAP net loss was $0.5 million, or $0.04 per share, compared with a net loss of $0.9 million, or $0.07 per share, in the third quarter of 2022, and a net loss of $0.5 million, or $0.04 per share, in the fourth quarter of 2021.

Fiscal Year 2022 Results

Total revenue for fiscal year 2022 was $16.2 million, compared with $12.7 million in fiscal year 2021, representing an approximately 28% increase. New product revenue was $11.7 million, increasing 50% from $7.8 million in the prior year. Mature product revenue was $4.5 million, decreasing from $4.9 million in fiscal year 2021.

Fiscal year 2022 GAAP gross margin was 54.4%, compared with 58.5% in fiscal year 2021. Non-GAAP gross margin for fiscal year 2022 was 56.1%, compared with 60.7% in fiscal year 2021.

GAAP operating expenses for fiscal year 2022 were $12.6 million, compared with $14.9 million in fiscal year 2021.  Non-GAAP operating expenses for fiscal year 2022 were $10.8 million, down from $12.7 million in fiscal year 2021. 

GAAP net loss for fiscal year 2022 was $4.3 million, or $0.34 per share.  This compares with $6.6 million, or $0.57 per share, in fiscal year 2021. Non-GAAP net loss for fiscal year 2022 was $2.2 million, or $0.18 per share, compared with a net loss of $4.1 million, or $0.35 per share, for fiscal year 2021.

Please see the section below titled "Non-GAAP Financial Measures" for an explanation of the Company's non-GAAP financial measures.

Conference Call

QuickLogic will hold a conference call at 2:30 p.m. Pacific Time / 5:30 p.m. Eastern Time today, February 27, 2023, 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 (412) 317-6671 and reference the passcode 13736129.

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