QuickLogic Announces $5.26 Million Contract Award
QuickLogic (NASDAQ: QUIK) announced a $5.26 million contract award from the Department of Defense (DoD).
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Rhea-AI Summary
QuickLogic (NASDAQ: QUIK) announced a $5.26 million contract award from the Department of Defense (DoD). This marks the third tranche of the Strategic Radiation Hardened (SRH) Contract initiated in August 2022. QuickLogic will act as the Prime Contractor, partnering with Honeywell Aerospace and Everspin Technologies. The project focuses on developing and demonstrating SRH high-reliability Field Programmable Gate Array (FPGA) technology for strategic and space system requirements. CEO Brian Faith highlighted the company's 30+ years of experience in delivering FPGA technology to aerospace and defense sectors.
Positive
- $5.26 million contract award adds to revenue.
- Continued partnership with DoD underscores trust and reliability.
- Collaboration with reputable subcontractors like Honeywell Aerospace and Everspin Technologies.
- Enhances QuickLogic's profile in the Aerospace and Defense Industrial Base (DIB).
Negative
- No immediate revenue impact reported.
- Potential risks associated with meeting stringent SRH design objectives.
Details
News Market Reaction – QUIK
The recorded move for QUIK in the trading session of this news was +4.77%.
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- This award is the third tranche of the Strategic Radiation Hardened Contract that was initiated in August of 2022
- QuickLogic will continue as the Prime Contractor collaborating with subcontractors including Honeywell Aerospace and Everspin Technologies
"QuickLogic is honored to have been chosen by the US Government to continue as the Prime Contractor for this highly specialized and mission critical program," said Brian Faith president and CEO of QuickLogic. "This project builds on the company's 30+ year heritage of delivering FPGA technology to Aerospace companies and Defense Industrial Base (DIB) and will extend our capabilities to support SRH design objectives."
About QuickLogic
QuickLogic Corporation (NASDAQ: QUIK) is a fabless semiconductor company that develops innovative embedded FPGA (eFPGA) Hard 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 quicklogic.com.
QuickLogic and logo are registered trademarks of QuickLogic. All other trademarks are the property of their respective holders and should be treated as such.
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SOURCE QuickLogic Corporation
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