SAN JOSE, Calif., May 17, 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 first fiscal quarter of fiscal
2022, ended April 3, 2022.
Recent Highlights
- First Quarter Fiscal 2022 revenue increased 83% from the same
quarter a year ago.
- Announced two new eFPGA contracts totaling approximately
$2.5 million.
- Teamed with SkyWater Technology to make rad-hard eFPGA IP for
SkyWater RH90 process for mission critical and/or applications used
in environmentally demanding environments.
- Introduced the first customer-defined eFPGA block targeting the
GlobalFoundries 22FDX® process, and delivered first
customer-defined eFPGA block targeting TSMC's 22nm process, both
generated via QuickLogic's Australis™ IP Generator tool.
- Appointed industry veteran Owen
Bateman to Vice President of Worldwide Sales.
- SensiML has added support for Silicon Labs MG24 and BG24 Series
2 Bluetooth® Wireless SoCs to quickly create
sophisticated, low power intelligent IoT endpoints, and now
supports AI/ML development for a tiny form factor board, which
features Bosch Sensortec sensors.
Fiscal 2022 First Quarter Financial Results
Total revenue for the first quarter of 2022
was $4.1 million, an increase of 11% compared
with the fourth quarter of 2021, and an increase of
83% compared with the first quarter of 2021. New product
revenue was approximately $3.5
million in the first quarter of 2022 an increase
of 29% compared with the fourth quarter
of 2021, and an increase of 221% compared with the
first quarter of 2021. The increases were primarily
due to higher revenue from our eFPGA IP license and
smart connectivity and display product revenue.
Mature product revenue was $0.6 million in the
first quarter of 2022, down 38% compared with the
fourth quarter of 2021, and down 45% compared
with the first quarter of 2021. COVID related
softness in the served markets continues to limit mature product
revenue performance.
First quarter 2022 GAAP gross margin was 60.1%,
compared with 56.1% in the fourth quarter
of 2021, and 51.1% in the first quarter
of 2021.
First quarter 2022 non-GAAP gross margin was 61.5%,
compared with 60.1% in the fourth quarter
of 2021, and 52.7% in the first quarter
of 2021.
First quarter 2022 GAAP operating expenses were
$3.5 million, compared with
$3.7 million in the fourth quarter of
2021, and $3.8 million in the first quarter of 2021.
First quarter 2022 non-GAAP operating expenses were
$3.1 million, compared with $2.7
million in the fourth quarter of 2021, and from $3.5 million
in the first quarter of 2021.
First quarter 2022 GAAP net loss was $1.2 million,
or $0.10 per share (basic and diluted), compared with a net
loss of $1.6 million, or $0.13 per share (basic and
diluted), in the fourth quarter of 2021, and a net loss
of $1.7 million, or $0.15 per share (basic and diluted),
in the first quarter of 2021.
First quarter 2022 non-GAAP net loss was $0.8
million, or $0.06 per share (basic and diluted), compared with
a net loss of $0.5 million, or $0.04 per share (basic and
diluted), in the fourth quarter of 2021 and a net loss
of $1.3 million, or $0.12 per share (basic and
diluted), in the first 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,
May 17, 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 2:20 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 13729362. The call
recording, which can be accessed by phone, will be archived
through May 24, 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 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 May 17, 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
|
|
|
|
April 3,
2022
|
|
|
April 4,
2021
|
|
|
January 2,
2022
|
|
Revenue
|
|
$
|
4,096
|
|
|
$
|
2,240
|
|
|
$
|
3,705
|
|
Cost of
revenue
|
|
|
1,635
|
|
|
|
1,096
|
|
|
|
1,628
|
|
Gross profit
|
|
|
2,461
|
|
|
|
1,144
|
|
|
|
2,077
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
1,333
|
|
|
|
1,887
|
|
|
|
1,581
|
|
Selling, general and
administrative
|
|
|
2,137
|
|
|
|
1,947
|
|
|
|
2,081
|
|
Total operating
expense
|
|
|
3,470
|
|
|
|
3,834
|
|
|
|
3,662
|
|
Loss from
operations
|
|
|
(1,009)
|
|
|
|
(2,690)
|
|
|
|
(1,585)
|
|
Interest
expense
|
|
|
(33)
|
|
|
|
(32)
|
|
|
|
(31)
|
|
Gain on forgiveness of
debt
|
|
|
—
|
|
|
|
1,192
|
|
|
|
—
|
|
Interest and other
income, net
|
|
|
(123)
|
|
|
|
(7)
|
|
|
|
16
|
|
Loss before income
taxes
|
|
|
(1,165)
|
|
|
|
(1,537)
|
|
|
|
(1,600)
|
|
(Benefit from)
provision for income taxes
|
|
|
(1)
|
|
|
|
152
|
|
|
|
(17)
|
|
Net loss
|
|
$
|
(1,164)
|
|
|
$
|
(1,689)
|
|
|
$
|
(1,583)
|
|
Net loss per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
$
|
(0.10)
|
|
|
$
|
(0.15)
|
|
|
$
|
(0.13)
|
|
Weighted average
shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
|
12,126
|
|
|
|
11,264
|
|
|
|
11,817
|
|
|
Note: Net loss equals
to comprehensive loss for all periods presented.
|
QUICKLOGIC
CORPORATION CONDENSED CONSOLIDATED BALANCE
SHEETS (in
thousands) (Unaudited)
|
|
|
|
April 3,
2022
|
|
|
January 2,
2022
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash
|
|
$
|
20,140
|
|
|
$
|
19,605
|
|
Accounts receivable,
net
|
|
|
1,581
|
|
|
|
1,294
|
|
Inventories
|
|
|
2,292
|
|
|
|
2,078
|
|
Other current
assets
|
|
|
1,119
|
|
|
|
1,181
|
|
Total
current assets
|
|
|
25,132
|
|
|
|
24,158
|
|
Property and equipment,
net
|
|
|
499
|
|
|
|
499
|
|
Capitalized
internal-use software, net
|
|
|
1,291
|
|
|
|
1,241
|
|
Right of use
assets
|
|
|
1,336
|
|
|
|
1,529
|
|
Intangible assets,
net
|
|
|
725
|
|
|
|
752
|
|
Investment In
Non-Affiliate
|
|
|
300
|
|
|
|
300
|
|
Goodwill
|
|
|
185
|
|
|
|
185
|
|
Other assets
|
|
|
306
|
|
|
|
309
|
|
TOTAL
ASSETS
|
|
$
|
29,774
|
|
|
$
|
28,973
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Revolving line of
credit
|
|
$
|
15,000
|
|
|
$
|
15,000
|
|
Trade
payables
|
|
|
1,332
|
|
|
|
934
|
|
Accrued
liabilities
|
|
|
1,963
|
|
|
|
1,665
|
|
Deferred
revenue
|
|
|
67
|
|
|
|
455
|
|
Lease liabilities,
current
|
|
|
762
|
|
|
|
819
|
|
Total
current liabilities
|
|
|
19,124
|
|
|
|
18,873
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
Lease liabilities,
non-current
|
|
|
615
|
|
|
|
744
|
|
Other long-term
liabilities
|
|
|
125
|
|
|
|
147
|
|
Total
liabilities
|
|
|
19,864
|
|
|
|
19,764
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Common stock, par
value
|
|
|
12
|
|
|
|
12
|
|
Additional paid-in
capital
|
|
|
312,087
|
|
|
|
310,222
|
|
Accumulated
deficit
|
|
|
(302,189)
|
|
|
|
(301,025)
|
|
Total
stockholders' equity
|
|
|
9,910
|
|
|
|
9,209
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
29,774
|
|
|
$
|
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
|
|
|
|
April 3,
2022
|
|
|
April 4,
2021
|
|
|
January 2,
2022
|
|
US GAAP loss from
operations
|
|
$
|
(1,009)
|
|
|
$
|
(2,690)
|
|
|
$
|
(1,585)
|
|
Adjustment for
stock-based compensation within:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of revenue
|
|
|
56
|
|
|
|
36
|
|
|
|
150
|
|
Research
and development
|
|
|
85
|
|
|
|
157
|
|
|
|
322
|
|
Selling,
general and administrative
|
|
|
242
|
|
|
|
175
|
|
|
|
599
|
|
Non-GAAP loss from
operations
|
|
$
|
(626)
|
|
|
$
|
(2,322)
|
|
|
$
|
(514)
|
|
US GAAP net
loss
|
|
$
|
(1,164)
|
|
|
$
|
(1,689)
|
|
|
$
|
(1,583)
|
|
Adjustment for
stock-based compensation within:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of revenue
|
|
|
56
|
|
|
|
36
|
|
|
|
150
|
|
Research
and development
|
|
|
85
|
|
|
|
157
|
|
|
|
322
|
|
Selling,
general and administrative
|
|
|
242
|
|
|
|
175
|
|
|
|
599
|
|
Non-GAAP net
loss
|
|
$
|
(781)
|
|
|
$
|
(1,321)
|
|
|
$
|
(512)
|
|
US GAAP net loss per
share, basic and diluted
|
|
$
|
(0.10)
|
|
|
$
|
(0.15)
|
|
|
$
|
(0.13)
|
|
Adjustment for
stock-based compensation
|
|
|
0.04
|
|
|
|
0.03
|
|
|
|
0.09
|
|
Non-GAAP net loss
per share, basic and diluted
|
|
$
|
(0.06)
|
|
|
$
|
(0.12)
|
|
|
$
|
(0.04)
|
|
US GAAP gross margin
percentage
|
|
|
60.1
|
%
|
|
|
51.1
|
%
|
|
|
56.1
|
%
|
Adjustment for
stock-based compensation included in cost of
revenue
|
|
|
1.4
|
%
|
|
|
1.6
|
%
|
|
|
4.0
|
%
|
Non-GAAP gross
margin percentage
|
|
|
61.5
|
%
|
|
|
52.7
|
%
|
|
|
60.1
|
%
|
QUICKLOGIC
CORPORATION SUPPLEMENTAL
DATA (Unaudited)
|
|
|
|
Percentage of
Revenue
|
|
|
Change in
Revenue
|
|
|
|
Q1
2022
|
|
|
Q1
2021
|
|
|
Q4
2021
|
|
|
Q1 2022 to Q1
2021
|
|
|
Q1 2022 to Q4
2021
|
|
COMPOSITION OF
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by product:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New products
|
|
|
84
|
%
|
|
|
48
|
%
|
|
|
72
|
%
|
|
|
221
|
%
|
|
|
29
|
%
|
Mature
products
|
|
|
16
|
%
|
|
|
52
|
%
|
|
|
28
|
%
|
|
|
(45)
|
%
|
|
|
(38)
|
%
|
Revenue by
geography:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
|
|
36
|
%
|
|
|
34
|
%
|
|
|
25
|
%
|
|
|
98
|
%
|
|
|
63
|
%
|
North
America
|
|
|
59
|
%
|
|
|
56
|
%
|
|
|
66
|
%
|
|
|
93
|
%
|
|
|
(1)
|
%
|
Europe
|
|
|
5
|
%
|
|
|
10
|
%
|
|
|
9
|
%
|
|
|
(25)
|
%
|
|
|
(49)
|
%
|
|
(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