Recent Highlights
- Third quarter results in line with recent guidance
- Continued to execute on third tranche of the Strategic Radiation Hardened FPGA Technology US Government contract
- Delivered eFPGA IP for GlobalFoundries' 12LP process to large defense industrial base customer
- Delivered eFPGA IP for TSMC's N12e 12nm process to a large multi-national customer in a record time of three months
- Continued development of an eFPGA Hard IP core, believed to be the first for Intel 18A process and on track for initial delivery by year-end 2024
- SensiML partnered with eFabless to drive open-source Edge AI innovation
- SensiML expanded platform support to include RISC-V architecture
- Executed an agreement with Synopsys to include Synopsys Synplify® FPGA Logic Synthesis in the Aurora FPGA User Tool Suite
"We are on schedule to close 2024 with eFPGA Hard IP delivered for a total of six fabrication processes," said Brian Faith, CEO of QuickLogic. "With these completed, we are in a position to capitalize on the growing number of inquiries we are seeing, and complete IP license deliverables for these fabrication processes quickly and with notably lower expenses thanks to our Australis eFPGA Hard IP Generator."
Fiscal Third Quarter 2024 Financial Results
Total revenue for the third quarter of fiscal 2024 was $4.3 million, a decrease of 35.9% compared with the third quarter of 2023 and an increase of 3.5% compared with the second quarter of 2024.
New product revenue was approximately $3.5 million in the third quarter of 2024, a decrease of ($2.6 million), or (42.0%), compared with the third quarter of 2023 and an increase of $0.5 million, or 15.7%, compared with the second quarter of 2024. The decrease in new product revenue from the same period a year ago was primarily due to the timing of deliverables for certain large eFPGA IP contracts.
Mature product revenue was $0.7 million in the third quarter of 2024. This compares to $0.6 million in the third quarter of 2023 and $1.1 million in the second quarter of 2024.
Third quarter 2024 GAAP gross margin was 55.8% compared with 76.9% in the third quarter of 2023 and 51.0% in the second quarter of 2024.
Third quarter 2024 non-GAAP gross margin was 60.0% compared with 78.0% in the third quarter of 2023 and 53.1% in the second quarter of 2024.
Third quarter 2024 GAAP operating expenses were $4.2 million compared with $3.8 million in the third quarter of 2023 and $3.6 million in the second quarter of 2024.
Third quarter 2024 non-GAAP operating expenses were $3.3 million compared with $3.3 million in the third quarter of 2023 and $2.9 million in the second quarter of 2024.
Third quarter 2024 GAAP net loss was ($2.1 million), or ($0.14) per 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 ($1.6 million), or ($0.11) per share, in the second quarter of 2024.
Third quarter 2024 non-GAAP net loss was ($0.9 million), or ($0.06) per share, compared with net income of $1.8 million, or $0.13 per share, in the third quarter of 2023 and a net loss of ($0.7 million), or ($0.05) per share, in the second quarter of 2024.
Conference Call
QuickLogic will hold a conference call at 2:30 p.m. Pacific Time / 5:30 p.m. Eastern Time today, November 11, 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 13749709.
The call recording, which can be accessed by phone, will be archived through November 18, 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.
