Highlights
- Record GAAP net income of $2.0 million and record non-GAAP net income of $2.6 million for fiscal Q4 2023
- Revenue growth of 31% for fiscal 2023 over fiscal 2022
- Since launching our IP business model in 2020, total revenue has grown 146%, and when coupling the significant increase in gross profit with the modest decrease in operating expenses, non-GAAP operating leverage increased by 251%
- Announces new IP contract targeting 12nm fabrication node
- Sales funnel, which includes a diverse range of new IP customers and end markets, grew to a record $168 million
- Line of credit increased to $20 million with the maturity date extended to the end of 2025
"I am very proud of the record profitability and the 31% annual revenue growth we posted for fiscal year 2023," said Brian Faith, CEO of QuickLogic. "With the expansion of our customer base and end markets that we anticipate this year, we expect our growth trend and profitability to continue in 2024 and beyond."
Fiscal Fourth Quarter 2023 Financial Results
Total revenue for the fourth quarter of fiscal 2023 was $7.5 million, an increase of 12.2% compared with the third quarter of 2023, and an increase of 83.1% compared with the fourth quarter of 2022.
New product revenue was approximately $6.8 million in the fourth quarter of 2023, an increase of $0.7 million, or 12.0%, compared with the third quarter of 2023, and an increase of $4.0 million, or 140.2%, compared with the fourth quarter of 2022. The increase in new product revenue from the same period a year ago was primarily due to higher eFPGA IP license and professional services revenue due to the start of the next phase of the large eFPGA contract and higher smart connectivity and sensor product revenues.
Mature product revenue was $0.7 million in the fourth quarter of 2023, an increase of $0.1 million, or 14.6%, compared with the third quarter of 2023. Mature product revenue in the fourth quarter of 2023 decreased 47.5% compared to the fourth quarter of 2022.
Fourth quarter 2023 GAAP gross margin was 77.1% compared with 76.9% in the third quarter of 2023, and 51.9% in the fourth quarter of 2022.
Fourth quarter 2023 non-GAAP gross margin was 78.3% compared with 78.0% in the third quarter of 2023, and 53.2% in the fourth quarter of 2022.
Fourth quarter 2023 GAAP operating expenses were $3.7 million compared with $3.8 million in the third quarter of 2023, and $3.0 million in the fourth quarter of 2022.
Fourth quarter 2023 non-GAAP operating expenses were $3.1 million compared with $3.3 million in the third quarter of 2023, and $2.4 million in the fourth quarter of 2022.
Fourth quarter 2023 GAAP net income was $2.0 million, or $0.15 per basic share, or $ 0.14 per diluted 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 $1.2 million, or $0.09 per basic and diluted share, in the fourth quarter of 2022.
Fourth quarter 2023 non-GAAP net income was $2.6 million, or $0.19 per basic share, or $ 0.18 per diluted share, compared with net income of $1.8 million, or $0.13 per basic and diluted share, in the third quarter of 2023, and a net loss of $544 thousand, or $0.04 per basic and diluted share, in the fourth quarter of 2022.
Conference Call
QuickLogic will hold a conference call at 2:30 p.m. Pacific Time / 5:30 p.m. Eastern Time today, February 27, 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 13744470.
The call recording, which can be accessed by phone, will be archived through March 5, 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.
