SAN JOSE, Calif., Feb. 16, 2022 /PRNewswire/ -- QuickLogic
Corporation (NASDAQ: QUIK) ("QuickLogic" or the "Company"), a
developer of ultra-low power multi-core voice enabled SoCs,
embedded FPGA IP, and Endpoint AI solutions, today announced its
financial results for the fourth quarter of fiscal 2021, ended
January 2, 2022.
Recent Highlights
- Increased Fiscal 2021 revenue by 47% from Fiscal 2020
- Best quarterly cash flow from operating activities in more than
10 years
- Received ~$1 million
non-cancellable and non-refundable purchase order for ArcticLink®
III BX display bridge design win
- Appointed industry veteran Elias
Nader as Chief Financial Officer and SVP of
Finance
- Raised gross proceeds of $1.48 million through strategic
investment by current and new institutional investors
- Added technology executives Joyce
Kim and Radhika
Krishnan to the Board of Directors
- Collaborating with eTopus on eFPGA-enabled Chiplets using
Australis IP Generator
- SensiML teamed with Infineon Technologies to deliver a
complete AI/Machine Learning solution for intelligent IoT endpoint
applications
Fiscal 2021 Fourth Quarter Financial Results
Total revenue for the fourth quarter of 2021 was $3.7 million, a decrease of 4% compared with the
third quarter of 2021, and an increase of 48% compared with the
fourth quarter of 2020. New product revenue was approximately
$2.7 million in the fourth quarter of
2021, a decrease of 3% compared with the third quarter of 2021, and
an increase of 219% compared with the fourth quarter of 2020. The
increases were primarily due to higher revenue from our sensor
processing and eFPGA IP products. Mature product revenue
was $1.0 million in the fourth quarter of 2021, down 6%
compared with the third quarter of 2021, and down 38% compared
with the fourth quarter of 2020.
Fourth quarter 2021 GAAP gross margin was 56.1%,
compared with 70.8% in the third quarter of 2021,
and 48.2% in the fourth quarter of 2020.
Fourth quarter 2021 non-GAAP gross margin was 60.1%,
compared with 72.8% in the third quarter of 2021
and 51.5% in the fourth quarter of 2020.
Fourth quarter 2021 GAAP operating expenses were
$3.7 million, compared with
$4.0 million in the
third quarter of 2021, and $4.1 million in the fourth
quarter of 2020.
Fourth quarter 2021 non-GAAP operating expenses were
$2.7 million, compared with $3.2
million in the third quarter of 2021, and from $2.9
million in the fourth quarter of 2020.
Fourth quarter 2021 GAAP net loss was $1.6 million,
or $0.13 per share, compared with a net loss of $1.3
million, or $0.11 per share, in the third quarter of 2021, and
a net loss of $2.9 million, or $0.27 per share, in the
fourth quarter of 2020.
Fourth quarter 2021 non-GAAP net loss was $0.5
million, or $0.04 per share, compared with a net loss
of $0.4 million, or $0.03 per share, in the
third quarter of 2021, and a net loss of $1.7 million,
or $0.15 per share, in the fourth quarter of
2020.
Fiscal Year 2021 Results
Total revenue for fiscal year 2021 was $12.7 million,
compared with $8.6 million in fiscal year 2020. New product
revenue was $7.8 million, compared with $2.8 million in
the prior year. Mature product revenue was $4.9 million,
compared with $5.9 million in fiscal year 2020.
Fiscal year 2021 GAAP gross margin was 58.5%, compared
with 49.2% in fiscal year 2020. Non-GAAP gross margin for
fiscal year 2021 was 60.7%., compared with 51.1% in fiscal
year 2020.
GAAP operating expenses for fiscal year
2021 were $14.9 million, compared with $15.1 million
in fiscal year 2020. Non-GAAP operating expenses for fiscal
year 2021 were $12.7 million, down from $12.8
million in fiscal year 2020.
GAAP net loss for fiscal year 2021 was $6.6 million, or $0.57 per share. This compares with
$11.2 million, or $1.14 per share in fiscal year 2020. Non-GAAP net
loss for fiscal year 2021 was $4.1
million, or $0.35 per share,
compared with a net loss of $8.7
million or $0.88 per share for fiscal year 2020.
Please see the section below titled "Non-GAAP Financial
Measures" for an explanation of the Company's non-GAAP financial
measures.
Conference Call
QuickLogic will hold a conference call at 2:30 p.m.
Pacific Time / 5:30 p.m.
Eastern Time today, February 16,
2022, to discuss its current financial results. The
conference call will be webcast at 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 2:15 p.m.
Pacific Time. No Passcode is needed to join the conference
call. A recording of the call will be available starting
approximately one hour after completion. To access the recording,
please call (412) 317-6671 and reference the passcode
13726478. The call recording, which can be accessed by phone, will
be archived until Wednesday, February 23,
2022, and the webcast will be available for 12 months
on the Company's website.
About QuickLogic
QuickLogic is a fabless semiconductor company that develops low
power, multi-core semiconductor platforms and Intellectual Property
(IP) for Artificial Intelligence (AI), voice and sensor processing.
The solutions include an embedded FPGA IP (eFPGA) for hardware
acceleration and pre-processing, and heterogeneous multi-core SoCs
that integrate eFPGA with other processors and peripherals. The
Analytics Toolkit from the Company's wholly owned subsidiary,
SensiML Corporation, completes the end-to-end solution with
accurate sensor algorithms using AI technology. The full range of
platforms, software tools and eFPGA IP enables the practical and
efficient adoption of AI, voice and sensor processing across the
multitude of mobile, wearable, hearable, consumer, industrial, edge
and endpoint IoT applications. For more information, visit
www.quicklogic.com and https://www.quicklogic.com/blog/.
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, restructuring, the
effect of the write-off of long-lived assets and the tax effect on
other comprehensive income 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 similar to how the
Company analyzes its operating results and to provide consistency
and comparability with similar companies in the Company's
industry.
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 U.S. GAAP. A reconciliation of U.S. GAAP financial
measures to non-GAAP financial measures is included in the
financial statements portion of this press release. Investors are
encouraged to review the related U.S. GAAP financial measures and
the reconciliation of non-GAAP financial measures with their most
directly comparable U.S. GAAP financial measures.
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,
expectations regarding our future business, 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; our ability to
capitalize on synergies with our newly acquired subsidiary SensiML
Corporation; 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; the
unpredictable and ongoing impact of the COVID-19 pandemic; 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 Securities and Exchange
Commission (the "SEC"), including the risks discussed in the "Risk
Factors" section in the Company's Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q and in the Company's prior
press releases, which are available on the Company's Investor
Relations website at http://ir.quicklogic.com/, and on the SEC
website at www.sec.gov. In addition, please note that the date of
this press release is February 16,
2022, and any forward-looking statements contained herein
are based on assumptions that we believe to be reasonable as of
this date. We undertake no obligation to update these statements as
a result of new information or future events.
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
|
|
|
|
January 2,
2022
|
|
|
January 3,
2021
|
|
|
October 3,
2021
|
|
|
January 2,
2022
|
|
|
January 3,
2021
|
|
Revenue
|
|
$
|
3,705
|
|
|
$
|
2,500
|
|
|
$
|
3,858
|
|
|
$
|
12,685
|
|
|
$
|
8,634
|
|
Cost of
revenue
|
|
|
1,628
|
|
|
|
1,294
|
|
|
|
1,126
|
|
|
|
5,266
|
|
|
|
4,386
|
|
Gross profit
|
|
|
2,077
|
|
|
|
1,206
|
|
|
|
2,732
|
|
|
|
7,419
|
|
|
|
4,248
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
1,581
|
|
|
|
2,145
|
|
|
|
1,807
|
|
|
|
6,927
|
|
|
|
7,544
|
|
Selling, general and
administrative
|
|
|
2,081
|
|
|
|
1,798
|
|
|
|
2,186
|
|
|
|
8,008
|
|
|
|
6,820
|
|
Restructuring
expenses
|
|
|
—
|
|
|
|
129
|
|
|
|
—
|
|
|
|
—
|
|
|
|
753
|
|
Total operating
expense
|
|
|
3,662
|
|
|
|
4,072
|
|
|
|
3,993
|
|
|
|
14,935
|
|
|
|
15,117
|
|
Loss from
operations
|
|
|
(1,585)
|
|
|
|
(2,866)
|
|
|
|
(1,261)
|
|
|
|
(7,516)
|
|
|
|
(10,869)
|
|
Interest
expense
|
|
|
(31)
|
|
|
|
(29)
|
|
|
|
(35)
|
|
|
|
(130)
|
|
|
|
(328)
|
|
Gain on forgiveness of
debt
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,192
|
|
|
|
—
|
|
Interest and other
income, net
|
|
|
16
|
|
|
|
3
|
|
|
|
(7)
|
|
|
|
(43)
|
|
|
|
97
|
|
Loss before income
taxes
|
|
|
(1,600)
|
|
|
|
(2,892)
|
|
|
|
(1,303)
|
|
|
|
(6,497)
|
|
|
|
(11,100)
|
|
Provision for (benefit
from) income taxes
|
|
|
(17)
|
|
|
|
50
|
|
|
|
(21)
|
|
|
|
119
|
|
|
|
51
|
|
Net loss
|
|
$
|
(1,583)
|
|
|
$
|
(2,942)
|
|
|
$
|
(1,282)
|
|
|
$
|
(6,616)
|
|
|
$
|
(11,151)
|
|
Net loss per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
$
|
(0.13)
|
|
|
$
|
(0.27)
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.57)
|
|
|
$
|
(1.14)
|
|
Weighted average shares
(in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
|
11,817
|
|
|
|
11,081
|
|
|
|
11,573
|
|
|
|
11,535
|
|
|
|
9,781
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Net loss equals
to comprehensive loss for all periods presented.
|
QUICKLOGIC
CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in
thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
January 2,
2022
|
|
|
January 3,
2021
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash
|
|
$
|
19,605
|
|
|
$
|
22,748
|
|
Accounts receivable,
net
|
|
|
1,294
|
|
|
|
1,688
|
|
Inventories
|
|
|
2,078
|
|
|
|
2,688
|
|
Other current
assets
|
|
|
1,181
|
|
|
|
1,066
|
|
Total current
assets
|
|
|
24,158
|
|
|
|
28,190
|
|
Property and equipment,
net
|
|
|
499
|
|
|
|
548
|
|
Capitalized
internal-use software, net
|
|
|
1,241
|
|
|
|
986
|
|
Right of use
assets
|
|
|
1,529
|
|
|
|
1,839
|
|
Intangible assets,
net
|
|
|
752
|
|
|
|
860
|
|
Investment in
Non-Affiliate
|
|
|
300
|
|
|
|
—
|
|
Goodwill
|
|
|
185
|
|
|
|
185
|
|
Other assets
|
|
|
309
|
|
|
|
280
|
|
TOTAL
ASSETS
|
|
$
|
28,973
|
|
|
$
|
32,888
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Revolving line of
credit
|
|
$
|
15,000
|
|
|
$
|
15,000
|
|
Trade
payables
|
|
|
934
|
|
|
|
935
|
|
Accrued
liabilities
|
|
|
1,665
|
|
|
|
1,340
|
|
Deferred
revenue
|
|
|
455
|
|
|
|
52
|
|
Lease liabilities,
current
|
|
|
819
|
|
|
|
685
|
|
Total current
liabilities
|
|
|
18,873
|
|
|
|
18,012
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
Paycheck protection
program loan
|
|
|
—
|
|
|
|
1,192
|
|
Lease liabilities,
non-current
|
|
|
744
|
|
|
|
1,197
|
|
Other lease
liabilities, non-current
|
|
|
147
|
|
|
|
—
|
|
Total
liabilities
|
|
|
19,764
|
|
|
|
20,401
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Common stock, par
value
|
|
|
12
|
|
|
|
11
|
|
Additional paid-in
capital
|
|
|
310,222
|
|
|
|
306,885
|
|
Accumulated
deficit
|
|
|
(301,025)
|
|
|
|
(294,409)
|
|
Total stockholders'
equity
|
|
|
9,209
|
|
|
|
12,487
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
28,973
|
|
|
$
|
32,888
|
|
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
|
|
|
|
January 2,
2022
|
|
|
January 3,
2021
|
|
|
October 3,
2021
|
|
|
January 2,
2022
|
|
|
January 3,
2021
|
|
US GAAP loss from
operations
|
|
$
|
(1,585)
|
|
|
$
|
(2,866)
|
|
|
$
|
(1,261)
|
|
|
$
|
(7,516)
|
|
|
$
|
(10,869)
|
|
Adjustment for
stock-based compensation within:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
150
|
|
|
|
82
|
|
|
|
78
|
|
|
|
282
|
|
|
|
162
|
|
Research and
development
|
|
|
322
|
|
|
|
597
|
|
|
|
282
|
|
|
|
843
|
|
|
|
670
|
|
Selling, general and
administrative
|
|
|
599
|
|
|
|
459
|
|
|
|
525
|
|
|
|
1,401
|
|
|
|
907
|
|
Restructuring expenses
and asset write-offs (1)
|
|
|
—
|
|
|
|
129
|
|
|
|
—
|
|
|
|
—
|
|
|
|
762
|
|
Non-GAAP loss from
operations
|
|
$
|
(514)
|
|
|
$
|
(1,599)
|
|
|
$
|
(376)
|
|
|
$
|
(4,990)
|
|
|
$
|
(8,368)
|
|
US GAAP net
loss
|
|
$
|
(1,583)
|
|
|
$
|
(2,942)
|
|
|
$
|
(1,282)
|
|
|
$
|
(6,616)
|
|
|
$
|
(11,151)
|
|
Adjustment for
stock-based compensation within:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
150
|
|
|
|
82
|
|
|
|
78
|
|
|
|
282
|
|
|
|
162
|
|
Research and
development
|
|
|
322
|
|
|
|
597
|
|
|
|
282
|
|
|
|
843
|
|
|
|
670
|
|
Selling, general and
administrative
|
|
|
599
|
|
|
|
459
|
|
|
|
525
|
|
|
|
1,401
|
|
|
|
907
|
|
Restructuring expenses
and asset write-offs (1)
|
|
|
—
|
|
|
|
129
|
|
|
|
—
|
|
|
|
—
|
|
|
|
762
|
|
Non-GAAP net
loss
|
|
$
|
(512)
|
|
|
$
|
(1,675)
|
|
|
$
|
(397)
|
|
|
$
|
(4,090)
|
|
|
$
|
(8,650)
|
|
US GAAP net loss per
share, basic and diluted
|
|
$
|
(0.13)
|
|
|
$
|
(0.27)
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.57)
|
|
|
$
|
(1.14)
|
|
Adjustment for
stock-based compensation
|
|
|
0.09
|
|
|
|
0.11
|
|
|
|
0.08
|
|
|
|
0.22
|
|
|
|
0.18
|
|
Restructuring expenses
and asset write-offs (1)
|
|
|
0.00
|
|
|
|
0.01
|
|
|
|
0.00
|
|
|
|
0
|
|
|
|
0.08
|
|
Non-GAAP net loss
per share, basic and diluted
|
|
$
|
(0.04)
|
|
|
$
|
(0.15)
|
|
|
$
|
(0.03)
|
|
|
$
|
(0.35)
|
|
|
$
|
(0.88)
|
|
US GAAP gross margin
percentage
|
|
|
56.1
|
%
|
|
|
48.2
|
%
|
|
|
70.8
|
%
|
|
|
58.5
|
%
|
|
|
49.2
|
%
|
Adjustment for
stock-based compensation included in cost of revenue
|
|
|
4.0
|
%
|
|
|
3.3
|
%
|
|
|
2.0
|
%
|
|
|
2.2
|
%
|
|
|
1.9
|
%
|
Non-GAAP gross
margin percentage
|
|
|
60.1
|
%
|
|
|
51.5
|
%
|
|
|
72.8
|
%
|
|
|
60.7
|
%
|
|
|
51.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Include asset
write-offs of $9 in the twelve months ended
January 3, 2021.
|
QUICKLOGIC
CORPORATION
SUPPLEMENTAL
DATA
(Unaudited)
|
|
|
|
Percentage of
Revenue
|
|
Change in
Revenue
|
|
|
Q4
2021
|
|
Q3
2021
|
|
Fiscal
2021
|
|
Fiscal
2020
|
|
Q3 2021 to Q4
2021
|
|
2020 to
2021
|
COMPOSITION OF
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by product:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New products
|
|
|
72
|
%
|
|
|
71
|
%
|
|
|
61
|
%
|
|
|
32
|
%
|
|
|
(3)
|
%
|
|
|
219
|
%
|
Mature
products
|
|
|
28
|
%
|
|
|
29
|
%
|
|
|
39
|
%
|
|
|
68
|
%
|
|
|
(6)
|
%
|
|
|
(38)
|
%
|
Revenue by
geography:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
|
|
25
|
%
|
|
|
20
|
%
|
|
|
26
|
%
|
|
|
24
|
%
|
|
|
20
|
%
|
|
|
60
|
%
|
North
America
|
|
|
66
|
%
|
|
|
68
|
%
|
|
|
54
|
%
|
|
|
58
|
%
|
|
|
(6)
|
%
|
|
|
37
|
%
|
Europe
|
|
|
9
|
%
|
|
|
13
|
%
|
|
|
19
|
%
|
|
|
18
|
%
|
|
|
(31)
|
%
|
|
|
63
|
%
|
_____________________
(1)
|
New products include
all products manufactured on 180 nanometer or smaller semiconductor
processes, eFPGA IP license, professional services, QuickAI
and SensiML AI software as a service (SaaS) revenue. Mature
products include all products produced on semiconductor processes
larger than 180 nanometer.
|
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SOURCE QuickLogic Corporation