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QuickLogic (NASDAQ: QUIK), a developer of embedded FPGA IP, announced its inclusion in the Russell 3000® Index, effective July 1, 2024. This move follows the release of the preliminary additions list on May 24, 2024.
The Russell 3000® Index encompasses the largest 4,000 US stocks, ranked by market capitalization as of April 30, 2024. Membership guarantees inclusion in the Russell 2000® Index and relevant growth and value style indexes for one year.
This recognition highlights QuickLogic's growth and strategic transformation since launching its eFPGA IP business model in 2020. The Russell indexes, used by institutional investors to benchmark around $10.5 trillion in assets, are essential for accurate market reflection and investment strategies.
QuickLogic announced it has received the 'Partner 2 Win' Supplier of the Year award from BAE Systems in the 'FAST LabsTM Technology Innovation Partner Of The Year' category. This recognition highlights QuickLogic's commitment to delivering advanced embedded FPGA Hard IP technology for BAE Systems' Electronic Systems sector in 2023. The award is part of BAE Systems' initiative to promote operational excellence and high-quality standards in its supply chain by collaborating closely with its suppliers.
SensiML, a subsidiary of QuickLogic (NASDAQ: QUIK), has launched the first complete open-source AutoML solution for developing edge AI/ML applications. This new release, part of SensiML's Analytics Studio, supports various edge processors and silicon vendors, aiming to enhance innovation and transparency in the IoT device developer community. The solution promises faster model creation, flexibility, and support for numerous time-series sensors. This initiative could significantly impact the projected market growth of AI-enabled edge devices, estimated to reach 3.5 billion units by 2027.
The solution offers platform-agnostic model generation, rapid innovation through community collaboration, and extensive model development capabilities. Users can choose between the open-source version and a fully managed SaaS cloud service. SensiML seeks to leverage the success of QuickLogic's previous open-source projects to democratize edge AI/ML development further.
QuickLogic (NASDAQ: QUIK) announced its financial results for Q1 fiscal 2024, with notable revenue growth. The company reported a 45.3% increase in total revenue year-over-year, amounting to $6.0 million. New product revenue increased by 59.6% to $4.9 million. GAAP gross margin was 66.3%, and GAAP net income was $0.1 million, marking an improvement from a net loss in Q1 2023. Non-GAAP net income was $1.7 million. The company signed two new IP contracts and announced a strategic partnership to develop radiation-tolerant eFPGA IP. QuickLogic is on track for 30%+ revenue growth in 2024 and positive cash flow.
QuickLogic is showcasing its latest RadHard eFPGA IP and FPGAs at the SEE/MAPLD 2024 event. The company's products are developed using proprietary technology and open-source components, emphasizing customization and transparency. QuickLogic offers radiation-hardened eFPGA IP and FPGA devices for mission-critical applications.
QuickLogic (NASDAQ: QUIK) will report its first quarter fiscal 2024 financial results on May 13, 2024. They will also participate in upcoming investor conferences, such as the Annual Craig-Hallum Institutional Investor Conference on May 29th and the Stifel 2024 Cross Sector Insight Conference on June 5th.
QuickLogic (NASDAQ: QUIK) released Aurora 2.6, offering expanded operating system support to Windows 11 and Windows 10, boosting timing performance up to 15%. The update brings architectural enhancements, an interactive path analysis feature, and a streamlined Linux installation process, showcasing QuickLogic's commitment to innovation and efficiency.
