Secured new eFPGA contract worth approximately $7 million, the largest to date, with the
potential to increase to tens of millions of dollars
SAN
JOSE, Calif., Aug. 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 second
quarter of fiscal 2022, ended July 3,
2022.
Recent Highlights
- On August 8, 2022, the Company
signed an approximately $7 million
customer contract. The Company's deliverables will be due over the
course of twelve months. In addition, subject to completion of such
deliverables and at the option of the customer, the total contract
value could increase to tens of millions of dollars.
- Introduced the industry's first disaggregated eFPGA-enabled
chiplet template solution, based on QuickLogic's Australis™ eFPGA
IP Generator and chiplet interfaces from eTopus.
- SensiML deployed an endpoint AI-based vibration sensor to
detect anomalies for vacuum pumps and chilling machines used in its
manufacturing flow for a large multi-national manufacturer in
Asia.
- Second Quarter Fiscal 2022 revenue increased approximately 58%
from the same quarter a year ago.
- New product revenue up 148% from the same quarter a year
ago.
Fiscal 2022 Second Quarter Financial Results
Total revenue for the second quarter of fiscal 2022
was $4.5 million, an increase of 10.9% compared with the
first quarter of 2022, and an increase of 57.6% compared
with the second quarter of 2021.
New product revenue was approximately $3.1 million in
the second quarter of 2022, a decrease of $0.3
million, or 9.2%, compared with the first quarter of
2022, and an increase of $1.9 million,
or 148.1%, compared with the second quarter of 2021. The
increase in new product revenue from the same period a year ago was
primarily due to higher eFPGA IP-related revenue, as well
as an increase in smart connectivity product
revenue.
Mature product revenue was $1.4
million in the second quarter of 2022, an increase of 118.3%
compared with the first quarter of 2022, and a decrease of 13.0%
compared with the second quarter of 2021.
Second quarter 2022 GAAP gross margin was 56.0%
compared with 60.1% in the first quarter of
2022, and 50.9% in the second quarter
of 2021.
Second quarter 2022 non-GAAP gross margin
was 58.6% compared with 61.5% in the first
quarter of 2022, and 51.5% in the second quarter of
2021.
Second quarter 2022 GAAP operating expenses were $3.2
million, compared with $3.5 million in the first
quarter of 2022, and $3.4 million in the second
quarter of 2021.
Second quarter 2022 non-GAAP operating expenses
were $2.8 million, compared with $3.1 million in the
first quarter of 2022, and $3.3
million in the second quarter of 2021.
Second quarter 2022 GAAP net loss was $0.5 million,
or $0.04 per share, compared with a net loss of $1.2
million, or $0.10 per share, in the first quarter of
2022, and a net loss of $2.1 million,
or $0.18 per share, in the second quarter of 2021.
Second quarter 2022 non-GAAP net loss was $47
thousand, or $0.00 per share,
compared with a net loss of $0.8 million, or $0.06 per
share, in the first quarter of 2022, and a net loss
of $1.9 million, or $0.16 per share, in the
second quarter of 2021.
Conference Call
QuickLogic will hold a conference call at 2:30 p.m.
Pacific Time / 5:30 p.m. Eastern Time today,
August 16, 2022, 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 starting
approximately one hour after completion. To access the recording,
please call (412) 317-6671 and reference the passcode
13731882.
The call recording, which can be accessed by phone, will be
archived through August 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) loss from
operations, (ii) net loss, (iii) net 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 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 August 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
|
|
|
Six Months
Ended
|
|
|
|
July 3,
2022
|
|
|
July 4,
2021
|
|
|
April 3,
2022
|
|
|
July 3,
2022
|
|
|
July 4,
2021
|
|
Revenue
|
|
$
|
4,541
|
|
|
$
|
2,882
|
|
|
$
|
4,096
|
|
|
$
|
8,637
|
|
|
$
|
5,122
|
|
Cost of
revenue
|
|
|
1,997
|
|
|
|
1,416
|
|
|
|
1,635
|
|
|
|
3,632
|
|
|
|
2,512
|
|
Gross profit
|
|
|
2,544
|
|
|
|
1,466
|
|
|
|
2,461
|
|
|
|
5,005
|
|
|
|
2,610
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
1,190
|
|
|
|
1,652
|
|
|
|
1,333
|
|
|
|
2,523
|
|
|
|
3,539
|
|
Selling, general and
administrative
|
|
|
1,981
|
|
|
|
1,794
|
|
|
|
2,137
|
|
|
|
4,118
|
|
|
|
3,741
|
|
Total operating
expense
|
|
|
3,171
|
|
|
|
3,446
|
|
|
|
3,470
|
|
|
|
6,641
|
|
|
|
7,280
|
|
Loss from
operations
|
|
|
(627)
|
|
|
|
(1,980)
|
|
|
|
(1,009)
|
|
|
|
(1,636)
|
|
|
|
(4,670)
|
|
Interest
expense
|
|
|
(22)
|
|
|
|
(32)
|
|
|
|
(33)
|
|
|
|
(55)
|
|
|
|
(64)
|
|
Gain on forgiveness of
debt
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,192
|
|
Interest and other
income (expense), net
|
|
|
142
|
|
|
|
(45)
|
|
|
|
(123)
|
|
|
|
19
|
|
|
|
(52)
|
|
Loss before income
taxes
|
|
|
(507)
|
|
|
|
(2,057)
|
|
|
|
(1,165)
|
|
|
|
(1,672)
|
|
|
|
(3,594)
|
|
Provision for (benefit
from) income taxes
|
|
|
17
|
|
|
|
5
|
|
|
|
(1)
|
|
|
|
16
|
|
|
|
157
|
|
Net loss
|
|
$
|
(524)
|
|
|
$
|
(2,062)
|
|
|
$
|
(1,164)
|
|
|
$
|
(1,688)
|
|
|
$
|
(3,751)
|
|
Net loss per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
$
|
(0.04)
|
|
|
$
|
(0.18)
|
|
|
$
|
(0.10)
|
|
|
$
|
(0.14)
|
|
|
$
|
(0.33)
|
|
Weighted average
shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
|
12,412
|
|
|
|
11,485
|
|
|
|
12,126
|
|
|
|
12,269
|
|
|
|
11,374
|
|
|
Note: Net loss equals
to comprehensive loss for all periods presented.
|
QUICKLOGIC
CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in
thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
July 3,
2022
|
|
|
January 2,
2022
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash
|
|
$
|
18,546
|
|
|
$
|
19,605
|
|
Accounts receivable,
net
|
|
|
3,560
|
|
|
|
1,294
|
|
Inventories
|
|
|
2,212
|
|
|
|
2,078
|
|
Other current
assets
|
|
|
1,201
|
|
|
|
1,181
|
|
Total current
assets
|
|
|
25,519
|
|
|
|
24,158
|
|
Property and equipment,
net
|
|
|
607
|
|
|
|
499
|
|
Capitalized
internal-use software, net
|
|
|
1,343
|
|
|
|
1,241
|
|
Right of use
assets
|
|
|
1,141
|
|
|
|
1,529
|
|
Intangible assets,
net
|
|
|
699
|
|
|
|
752
|
|
Investment In
Non-Affiliate
|
|
|
300
|
|
|
|
300
|
|
Goodwill
|
|
|
185
|
|
|
|
185
|
|
Other assets
|
|
|
195
|
|
|
|
309
|
|
TOTAL
ASSETS
|
|
$
|
29,989
|
|
|
$
|
28,973
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Revolving line of
credit
|
|
$
|
15,000
|
|
|
$
|
15,000
|
|
Trade
payables
|
|
|
1,898
|
|
|
|
934
|
|
Accrued
liabilities
|
|
|
1,652
|
|
|
|
1,665
|
|
Deferred
revenue
|
|
|
142
|
|
|
|
455
|
|
Lease liabilities,
current
|
|
|
705
|
|
|
|
819
|
|
Total current
liabilities
|
|
|
19,397
|
|
|
|
18,873
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
Lease liabilities,
non-current
|
|
|
482
|
|
|
|
744
|
|
Other long-term
liabilities
|
|
|
125
|
|
|
|
147
|
|
Total
liabilities
|
|
|
20,004
|
|
|
|
19,764
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Common stock, par
value
|
|
|
12
|
|
|
|
12
|
|
Additional paid-in
capital
|
|
|
312,686
|
|
|
|
310,222
|
|
Accumulated
deficit
|
|
|
(302,713)
|
|
|
|
(301,025)
|
|
Total stockholders'
equity
|
|
|
9,985
|
|
|
|
9,209
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
29,989
|
|
|
$
|
28,973
|
|
QUICKLOGIC
CORPORATION
SUPPLEMENTAL
RECONCILIATIONS OF US GAAP AND NON-GAAP FINANCIAL
MEASURES
(in thousands,
except per share amounts and percentages)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
July 3,
2022
|
|
|
July 4,
2021
|
|
|
April 3,
2022
|
|
|
July 3,
2022
|
|
|
July 4,
2021
|
|
US GAAP loss from
operations
|
|
$
|
(627)
|
|
|
$
|
(1,980)
|
|
|
$
|
(1,009)
|
|
|
$
|
(1,636)
|
|
|
$
|
(4,670)
|
|
Adjustment for
stock-based compensation
within:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
117
|
|
|
|
18
|
|
|
|
56
|
|
|
|
173
|
|
|
|
54
|
|
Research and
development
|
|
|
91
|
|
|
|
82
|
|
|
|
85
|
|
|
|
176
|
|
|
|
239
|
|
Selling, general and
administrative
|
|
|
269
|
|
|
|
102
|
|
|
|
242
|
|
|
|
511
|
|
|
|
277
|
|
Non-GAAP loss from
operations
|
|
$
|
(150)
|
|
|
$
|
(1,778)
|
|
|
$
|
(626)
|
|
|
$
|
(776)
|
|
|
$
|
(4,100)
|
|
US GAAP net
loss
|
|
$
|
(524)
|
|
|
$
|
(2,062)
|
|
|
$
|
(1,164)
|
|
|
$
|
(1,688)
|
|
|
$
|
(3,751)
|
|
Adjustment for
stock-based compensation within:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
117
|
|
|
|
18
|
|
|
|
56
|
|
|
|
173
|
|
|
|
54
|
|
Research and
development
|
|
|
91
|
|
|
|
82
|
|
|
|
85
|
|
|
|
176
|
|
|
|
239
|
|
Selling, general and
administrative
|
|
|
269
|
|
|
|
102
|
|
|
|
242
|
|
|
|
511
|
|
|
|
277
|
|
Non-GAAP net
loss
|
|
$
|
(47)
|
|
|
$
|
(1,860)
|
|
|
$
|
(781)
|
|
|
$
|
(828)
|
|
|
$
|
(3,181)
|
|
US GAAP net loss per
share, basic and diluted
|
|
$
|
(0.04)
|
|
|
$
|
(0.18)
|
|
|
$
|
(0.10)
|
|
|
$
|
(0.14)
|
|
|
$
|
(0.33)
|
|
Adjustment for
stock-based compensation
|
|
|
0.04
|
|
|
|
0.02
|
|
|
|
0.04
|
|
|
|
0.07
|
|
|
|
0.05
|
|
Non-GAAP net loss per
share, basic and diluted
|
|
$
|
—
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.06)
|
|
|
$
|
(0.07)
|
|
|
$
|
(0.28)
|
|
US GAAP gross margin
percentage
|
|
|
56.0
|
%
|
|
|
50.9
|
%
|
|
|
60.1
|
%
|
|
|
57.9
|
%
|
|
|
51.0
|
%
|
Adjustment for
stock-based compensation
included in cost of revenue
|
|
|
2.6
|
%
|
|
|
0.6
|
%
|
|
|
1.4
|
%
|
|
|
2.0
|
%
|
|
|
1.0
|
%
|
Non-GAAP gross
margin percentage
|
|
|
58.6
|
%
|
|
|
51.5
|
%
|
|
|
61.5
|
%
|
|
|
59.9
|
%
|
|
|
52.0
|
%
|
QUICKLOGIC
CORPORATION
SUPPLEMENTAL
DATA
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Percentage of
Revenue
|
|
|
Change in
Revenue
|
|
|
|
Q2
2022
|
|
|
Q2
2021
|
|
|
Q1
2022
|
|
|
Q2 2022 to Q2
2021
|
|
|
Q2 2022 to Q1
2022
|
|
COMPOSITION OF
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by product:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
products
|
|
|
69
|
%
|
|
|
44
|
%
|
|
|
84
|
%
|
|
|
148
|
%
|
|
|
(9)
|
%
|
Mature
products
|
|
|
31
|
%
|
|
|
56
|
%
|
|
|
16
|
%
|
|
|
(13)
|
%
|
|
|
118
|
%
|
Revenue by
geography:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia
Pacific
|
|
|
18
|
%
|
|
|
37
|
%
|
|
|
36
|
%
|
|
|
(22)
|
%
|
|
|
(44)
|
%
|
North
America
|
|
|
68
|
%
|
|
|
20
|
%
|
|
|
59
|
%
|
|
|
445
|
%
|
|
|
27
|
%
|
Europe
|
|
|
14
|
%
|
|
|
43
|
%
|
|
|
5
|
%
|
|
|
(50)
|
%
|
|
|
260
|
%
|
_____________________
|
(1)
|
New products
include all products manufactured on 180 nanometer or smaller
semiconductor processes, eFPGA 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.
|
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multimedia:https://www.prnewswire.com/news-releases/quicklogic-reports-fiscal-2022-second-quarter-results-301606969.html
SOURCE QuickLogic Corporation