QuickLogic Reports Fiscal Fourth Quarter and Full Year 2024 Financial Results
Rhea-AI Summary
QuickLogic (NASDAQ: QUIK) reported its Q4 and full-year 2024 financial results. Q4 revenue was $5.7 million, down 23.7% year-over-year but up 33.5% quarter-over-quarter. The company secured a $1.1 million eFPGA Hard IP contract with a new defense customer and received a $6.6 million fourth tranche from the US Government's Strategic Radiation Hardened FPGA Technology contract.
Q4 2024 financial highlights include:
- New product revenue: $4.7 million, down 31.8% YoY
- GAAP gross margin: 59.8%
- GAAP net loss: ($0.3 million) or ($0.02) per share
- Non-GAAP net income: $0.6 million or $0.04 per share
The company expects to achieve non-GAAP profitability and positive cash flow for full-year 2025, supported by its eFPGA Hard IP portfolio across six fabrication processes.
Positive
- Secured $1.1M defense contract
- Received $6.6M government contract tranche
- 33.5% QoQ revenue growth
- Non-GAAP net income of $0.6M in Q4
- Operating expenses decreased YoY
Negative
- 23.7% YoY revenue decline
- 31.8% YoY decline in new product revenue
- GAAP gross margin declined to 59.8% from 77.1% YoY
- GAAP net loss of $0.3M vs $2.0M profit year ago
News Market Reaction 1 Alert
On the day this news was published, QUIK gained 10.93%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
SAN JOSE, Calif. , Feb. 25, 2025 /PRNewswire/ -- QuickLogic Corporation (NASDAQ: QUIK) ("QuickLogic" or the "Company"), a developer of embedded FPGA (eFPGA) IP, ruggedized FPGAs and Endpoint AI solutions, today announced its financial results for the fiscal fourth quarter and fiscal year that ended December 29, 2024.
Recent Highlights
- Awarded
$1.1 million - Announced
$6.6 million - On track to complete the first eFPGA Hard IP core optimized for Intel 18A during Q1
- Announced the integration of the Synopsys Synplify® synthesis tool into Aurora 2.9 Pro FPGA User Tools
- Strengthened sales team with the appointment of former FlexLogix VP Andy Jaros to VP of IP Sales
- Signed distribution agreement with Magenta to expand distribution network to Turkiye and
UAE - Announced strategic process for SensiML
"With the continued execution on the Strategic Radiation Hardened FPGA contract with the US government, an influx of opportunities after a key competitor exited the market and being the first, and at this time, only company to offer eFPGA Hard IP for Intel 18A, we believe we are well positioned to return to sound revenue growth in 2025," said Brian Faith, CEO of QuickLogic. "We believe this growth, combined with our ability to leverage the eFPGA Hard IP we have established for six unique fabrication processes and the Hard IP Cores in our library that are being reused; we believe we are very well positioned to achieve non-GAAP profitability and positive cash flow for full-year 2025."
Fiscal Fourth Quarter 2024 Financial Results
Total revenue for the fourth quarter of fiscal 2024 was
New product revenue was approximately
Mature product revenue was
Fourth quarter 2024 GAAP gross margin was
Fourth quarter 2024 non-GAAP gross margin was
Fourth quarter 2024 GAAP operating expenses were
Fourth quarter 2024 non-GAAP operating expenses were
Fourth quarter 2024 GAAP net loss was (
Fourth quarter 2024 non-GAAP net income was
Conference Call
QuickLogic will hold a conference call at 2:30 p.m. Pacific Time / 5:30 p.m. Eastern Time today, February 25, 2025, 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 13751688.
The call recording, which can be accessed by phone, will be archived through March 4, 2025, 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
Management uses the non-GAAP measures, which exclude gains, losses, and other charges that are considered by management to be outside of the Company's core operating results, internally to evaluate its operating performance against results in prior periods and its operating plans and forecasts. In addition, the non-GAAP measures are used to plan for the Company's future periods and serve as a basis for the allocation of the Company's resources, management of operations and the measurement of profit-dependent cash, and equity compensation paid to employees and executive officers.
Investors should note, however, that the non-GAAP financial measures used by QuickLogic may not be the same non-GAAP financial measures and may not be calculated in the same manner as that of other companies. QuickLogic does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures alone or as a substitute for financial information prepared in accordance with
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding our future profitability and cash flows, expectations regarding our future business and statements regarding the timing, milestones, and payments related to our government contracts, and statements regarding our ability to successfully exit SensiML, and actual results may differ due to a variety of factors including: delays in the market acceptance of the Company's new products; the ability to convert design opportunities into customer revenue; our ability to replace revenue from end-of-life products; the level and timing of customer design activity; the market acceptance of our customers' products; the risk that new orders may not result in future revenue; our ability to introduce and produce new products based on advanced wafer technology on a timely basis; our ability to adequately market the low power, competitive pricing and short time-to-market of our new products; intense competition by competitors; our ability to hire and retain qualified personnel; changes in product demand or supply; general economic conditions; political events, international trade disputes, natural disasters and other business interruptions that could disrupt supply or delivery of, or demand for, the Company's products; and changes in tax rates and exposure to additional tax liabilities. These and other potential factors and uncertainties that could cause actual results to differ materially from the results contemplated or implied are described in more detail in the Company's public reports filed with the
QuickLogic and logo are registered trademarks of QuickLogic. All other trademarks are the property of their respective holders and should be treated as such.
CODE: QUIK-E
–Tables Follow –
QUICKLOGIC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited) | ||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
December 29, 2024 | December 31, 2023 | September 29, 2024 | December 29, 2024 | December 31, 2023 | ||||||||||||||||
Revenue | $ | 5,705 | $ | 7,479 | $ | 4,273 | $ | 20,112 | $ | 21,198 | ||||||||||
Cost of revenue | 2,292 | 1,713 | 1,888 | $ | 8,226 | 6,711 | ||||||||||||||
Gross profit | 3,413 | 5,766 | 2,385 | $ | 11,886 | 14,487 | ||||||||||||||
Operating expenses: | ||||||||||||||||||||
Research and development | 1,604 | 1,381 | 1,954 | $ | 6,544 | 6,448 | ||||||||||||||
Selling, general and administrative | 2,035 | 2,269 | 2,292 | $ | 8,773 | 7,969 | ||||||||||||||
Total operating expense | 3,639 | 3,650 | 4,246 | $ | 15,317 | 14,417 | ||||||||||||||
Operating income (loss) | (226) | 2,116 | (1,861) | $ | (3,431) | 70 | ||||||||||||||
Interest expense | (111) | (59) | (186) | $ | (406) | (215) | ||||||||||||||
Interest and other (expense) income, net | 21 | (17) | (34) | $ | (1) | (116) | ||||||||||||||
Income (loss) before income taxes | (316) | 2,040 | (2,081) | $ | (3,838) | (261) | ||||||||||||||
(Benefit from) provision for income taxes | (11) | (2) | 13 | $ | 3 | 2 | ||||||||||||||
Net income (loss) | $ | (305) | $ | 2,042 | $ | (2,094) | $ | (3,841) | $ | (263) | ||||||||||
Net income (loss) per share: | ||||||||||||||||||||
Basic | $ | (0.02) | $ | 0.15 | $ | (0.14) | $ | (0.26) | $ | (0.02) | ||||||||||
Diluted | $ | (0.02) | $ | 0.14 | $ | (0.14) | $ | (0.26) | $ | (0.02) | ||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||
Basic | 14,869 | 13,989 | 14,555 | 14,510 | 13,453 | |||||||||||||||
Diluted | 14,869 | 14,349 | 14,555 | 14,510 | 13,453 | |||||||||||||||
Note: Net income (loss) equals to comprehensive income (loss) for all periods presented. |
QUICKLOGIC CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited) | ||||||||
December 29, 2024 | December 31, 2023 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash, cash equivalents and restricted cash | $ | 21,880 | $ | 24,606 | ||||
Accounts receivable, net of allowance for doubtful accounts of | 2,436 | 1,625 | ||||||
Contract assets | 2,682 | 3,609 | ||||||
Note receivable, current | — | 1,200 | ||||||
Inventories | 940 | 2,029 | ||||||
Prepaid expenses and other current assets | 1,666 | 1,561 | ||||||
Total current assets | 29,604 | 34,630 | ||||||
Property and equipment, net | 16,077 | 8,948 | ||||||
Capitalized internal-use software, net | 2,451 | 2,069 | ||||||
Right of use assets, net | 758 | 981 | ||||||
Intangible assets, net | 430 | 537 | ||||||
Non-marketable equity investment | 300 | 300 | ||||||
Goodwill | 185 | 185 | ||||||
Inventories, non-current | 718 | — | ||||||
Note receivable, non-current | 1,292 | — | ||||||
Other assets | 118 | 142 | ||||||
TOTAL ASSETS | $ | 51,933 | $ | 47,792 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Revolving line of credit | $ | 18,000 | $ | 20,000 | ||||
Trade payables | 3,120 | 4,657 | ||||||
Accrued liabilities | 1,611 | 2,673 | ||||||
Deferred revenue | 454 | 1,052 | ||||||
Notes payable, current | 1,928 | 946 | ||||||
Lease liabilities, current | 284 | 302 | ||||||
Total current liabilities | 25,397 | 29,630 | ||||||
Long-term liabilities: | ||||||||
Lease liabilities, non-current | 447 | 681 | ||||||
Notes payable, non-current | 1,202 | 461 | ||||||
Other long-term liabilities | — | 125 | ||||||
Total liabilities | 27,046 | 30,897 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity: | ||||||||
Preferred stock, | — | — | ||||||
Common stock, | 15 | 14 | ||||||
Additional paid-in capital | 334,268 | 322,436 | ||||||
Accumulated deficit | (309,396) | (305,555) | ||||||
Total stockholders' equity | 24,887 | 16,895 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 51,933 | $ | 47,792 | ||||
QUICKLOGIC CORPORATION SUPPLEMENTAL RECONCILIATIONS OF US GAAP AND NON-GAAP FINANCIAL MEASURES (in thousands, except per share amounts and percentages) (Unaudited) | ||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
December 29, 2024 | December 31, 2023 | September 29, 2024 | December 29, 2024 | December 31, 2023 | ||||||||||||||||
US GAAP income (loss) from operations | $ | (226) | $ | 2,116 | $ | (1,861) | $ | (3,431) | $ | 70 | ||||||||||
Adjustment for stock-based compensation within: | ||||||||||||||||||||
Cost of revenue | 122 | 89 | 180 | 627 | 328 | |||||||||||||||
Research and development | 171 | 82 | 323 | 1,048 | 595 | |||||||||||||||
Selling, general and administrative | 575 | 434 | 645 | 2,706 | 1,599 | |||||||||||||||
Non-GAAP income (loss) from operations | $ | 642 | $ | 2,721 | $ | (713) | $ | 950 | $ | 2,592 | ||||||||||
US GAAP net income (loss) | $ | (305) | $ | 2,042 | $ | (2,094) | $ | (3,841) | $ | (263) | ||||||||||
Adjustment for stock-based compensation within: | ||||||||||||||||||||
Cost of revenue | 122 | 89 | 180 | 627 | 328 | |||||||||||||||
Research and development | 171 | 82 | 323 | 1,048 | 595 | |||||||||||||||
Selling, general and administrative | 575 | 434 | 645 | 2,706 | 1,599 | |||||||||||||||
Non-GAAP net income (loss) | $ | 563 | $ | 2,647 | $ | (946) | $ | 540 | $ | 2,259 | ||||||||||
US GAAP net income (loss) per share, basic | $ | (0.02) | $ | 0.15 | $ | (0.14) | $ | (0.26) | $ | (0.02) | ||||||||||
Adjustment for stock-based compensation | 0.06 | 0.04 | 0.08 | 0.30 | 0.19 | |||||||||||||||
Non-GAAP net income (loss) per share, basic | $ | 0.04 | $ | 0.19 | $ | (0.06) | $ | 0.04 | $ | 0.17 | ||||||||||
US GAAP net income (loss) per share, diluted | $ | (0.02) | $ | 0.14 | $ | (0.14) | $ | (0.26) | $ | (0.02) | ||||||||||
Adjustment for stock-based compensation | 0.06 | 0.04 | 0.08 | 0.30 | 0.19 | |||||||||||||||
Non-GAAP net income (loss) per share, diluted | $ | 0.04 | $ | 0.18 | $ | (0.06) | $ | 0.04 | $ | 0.17 | ||||||||||
US GAAP gross margin percentage | 59.8 | % | 77.1 | % | 55.8 | % | 59.1 | % | 68.3 | % | ||||||||||
Adjustment for stock-based compensation included in cost of revenue | 2.2 | % | 1.2 | % | 4.2 | % | 3.1 | % | 1.6 | % | ||||||||||
Non-GAAP gross margin percentage | 62.0 | % | 78.3 | % | 60.0 | % | 62.2 | % | 69.9 | % | ||||||||||
QUICKLOGIC CORPORATION SUPPLEMENTAL DATA (Unaudited) | ||||||||||||||||||||
Percentage of Revenue | Change in Revenue | |||||||||||||||||||
Q4 2024 | Q4 2023 | Q3 2024 | Q4 2024 to Q4 2023 | Q4 2024 to Q3 2024 | ||||||||||||||||
COMPOSITION OF REVENUE | ||||||||||||||||||||
Revenue by product: (1) | ||||||||||||||||||||
New products | 82 | % | 91 | % | 83 | % | (32) | % | 32 | % | ||||||||||
Mature products | 18 | % | 9 | % | 17 | % | 61 | % | 42 | % | ||||||||||
Revenue by geography: | ||||||||||||||||||||
9 | % | 6 | % | 12 | % | 28 | % | 5 | % | |||||||||||
86 | % | 92 | % | 86 | % | (29) | % | 33 | % | |||||||||||
5 | % | 2 | % | 2 | % | 90 | % | 208 | % | |||||||||||
_____________________ | ||
(1) | New products include all products manufactured on 180 nanometer or smaller semiconductor processes, eFPGA IP intellectual property, professional services, and QuickAI and SensiML AI software as a service (SaaS) revenue. Mature products include all products produced on semiconductor processes larger than 180 nanometer and includes related royalty revenue. | |
View original content to download multimedia:https://www.prnewswire.com/news-releases/quicklogic-reports-fiscal-fourth-quarter-and-full-year-2024-financial-results-302385240.html
SOURCE QuickLogic Corporation
FAQ
What was QuickLogic's (QUIK) Q4 2024 revenue and how did it compare to previous periods?
How much was the new defense contract awarded to QuickLogic (QUIK) in Q4 2024?
What are QuickLogic's (QUIK) profitability expectations for 2025?
What was QuickLogic's (QUIK) Q4 2024 earnings per share?
How much was the US Government contract tranche received by QuickLogic (QUIK)?
