SAN JOSE, Calif., Feb. 17, 2021 /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 2020, ended
January 3, 2021.
Recent Highlights
- Accelerated progress transforming the business from primarily a
product company to a platform company
- Passed Amazon AVS Certification for Hearable Reference Design
so that ODMs/OEMs can evaluate smart hearable products quickly and
easily
- Collaborated with Antmicro on open source FPGA tools and Renode
support for OpenHW Group's CORE-V MCU
- Introduced a new, zero-cost version of the SensiML Analytics
Toolkit called "Community Edition" for the rapid creation of
prototypes
- Launched Hackster.io Climate Change Contest encouraging
innovators to use the QuickFeather Dev Kit and SensiML Analytics
Toolkit to create technology solutions to address climate
change
- Amended Credit Facility, extending the maturity date and
decreasing the interest rate
- Introduced Qomu, an open source hardware dev kit that fits in a
USB Type-A slot, enabling portability and development anywhere
Fiscal 2020 Fourth Quarter Financial
Results
Total revenue for the fourth quarter of 2020
was $2.5 million, an increase of 40% compared with
the third quarter of 2020, and a decrease of 13% compared with the
fourth quarter of 2019. New product revenue was approximately
$0.8 million in the fourth quarter
of 2020, an increase of 31% compared with the third
quarter of 2020, and 18% compared with the fourth quarter of
2019. The increases were primarily due to higher revenue
from our sensor processing and eFPGA IP products. Mature product
revenue was $1.7 million in the fourth quarter of 2020, up 46%
compared with the third quarter of 2020, and down 23% compared
with the fourth quarter of 2019.
Fourth quarter 2020 GAAP gross margin was 48.2%,
compared with 51.9% in the third quarter of 2020,
and 64.9% in the fourth quarter of 2019.
Fourth quarter 2020 non-GAAP gross margin was 51.5%,
compared with 53.9% in the third quarter of 2020
and 65.6% in the fourth quarter of 2019.
Fourth quarter 2020 GAAP operating expenses were
$4.1 million, compared with
$3.0 million in the
third quarter of 2020, and $4.8 million in the fourth
quarter of 2019.
Fourth quarter 2020 non-GAAP operating expenses were
$2.9 million, compared with $2.6
million in the third quarter of 2020, and from $4.2
million in the fourth quarter of 2019.
Fourth quarter 2020 GAAP net loss was $2.9 million,
or $0.27 per share, compared with a net loss of $2.1
million, or $0.19 per share, in the third quarter of 2020, and
a net loss of $3.1 million, or $0.37 per share, in the
fourth quarter of 2019.
Fourth quarter 2020 non-GAAP net loss was $1.7
million, or $0.15 per share, compared with a net loss
of $1.7 million, or $0.15 per share, in the
third quarter of 2020, and a net loss of $2.4 million,
or $0.29 per share, in the fourth quarter of
2019.
Fiscal Year 2020 Results
Total revenue for fiscal year 2020 was $8.6
million, compared with $10.3
million in fiscal year 2019. New product revenue was
$2.8 million, compared with
$3.1 million in the prior year.
Mature product revenue was $5.9
million, compared with $7.2
million in fiscal year 2019.
Fiscal year 2020 GAAP gross margin was 49.2%, compared with
57.3% in fiscal year 2019. Non-GAAP gross margin for fiscal year
2020 was 51.1%, compared with 58.0% in fiscal year 2019.
GAAP operating expenses for fiscal year 2020 were $15.1 million, compared with $21.3 million in fiscal year 2019. Non-GAAP
operating expenses for fiscal year 2020 were $12.8 million, down from $18.2 million in fiscal year 2019.
GAAP net loss for fiscal year 2020 was $11.2 million, or $1.14 per share. This compares with
$15.4 million, or $2.02 per share per share in fiscal year 2019.
Non-GAAP net loss for fiscal year 2020 was $8.7 million, or $0.88 per share, compared with $12.3 million or $1.60 per share for fiscal year 2019.
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 17, 2021, 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 13715557. The call
recording, which can be accessed by phone, will be archived until
Wednesday, February 24, 2021, 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 http://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 17, 2021, 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 3,
2021
|
|
|
December
29, 2019
|
|
|
September
27, 2020
|
|
|
January 3,
2021
|
|
|
December
29, 2019
|
|
Revenue
|
|
$
|
2,500
|
|
|
$
|
2,871
|
|
|
$
|
1,780
|
|
|
$
|
8,634
|
|
|
$
|
10,310
|
|
Cost of
revenue
|
|
|
1,294
|
|
|
|
1,008
|
|
|
|
857
|
|
|
|
4,386
|
|
|
|
4,405
|
|
Gross
profit
|
|
|
1,206
|
|
|
|
1,863
|
|
|
|
923
|
|
|
|
4,248
|
|
|
|
5,905
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
2,145
|
|
|
|
2,754
|
|
|
|
1,380
|
|
|
|
7,544
|
|
|
|
12,350
|
|
Selling, general and
administrative
|
|
|
1,798
|
|
|
|
2,037
|
|
|
|
1,478
|
|
|
|
6,820
|
|
|
|
8,918
|
|
Restructuring
expenses
|
|
|
129
|
|
|
|
—
|
|
|
|
111
|
|
|
|
753
|
|
|
|
—
|
|
Total operating
expense
|
|
|
4,072
|
|
|
|
4,791
|
|
|
|
2,969
|
|
|
|
15,117
|
|
|
|
21,268
|
|
Loss from
operations
|
|
|
(2,866)
|
|
|
|
(2,928)
|
|
|
|
(2,046)
|
|
|
|
(10,869)
|
|
|
|
(15,363)
|
|
Interest
expense
|
|
|
(29)
|
|
|
|
(80)
|
|
|
|
(36)
|
|
|
|
(328)
|
|
|
|
(350)
|
|
Interest and other
income, net
|
|
|
3
|
|
|
|
36
|
|
|
|
27
|
|
|
|
97
|
|
|
|
189
|
|
Loss before income
taxes
|
|
|
(2,892)
|
|
|
|
(2,972)
|
|
|
|
(2,055)
|
|
|
|
(11,100)
|
|
|
|
(15,524)
|
|
Provision for
(benefit from) income taxes
|
|
|
50
|
|
|
|
91
|
|
|
|
10
|
|
|
|
51
|
|
|
|
(80)
|
|
Net loss
|
|
$
|
(2,942)
|
|
|
$
|
(3,063)
|
|
|
$
|
(2,065)
|
|
|
$
|
(11,151)
|
|
|
$
|
(15,444)
|
|
Net loss per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
$
|
(0.27)
|
|
|
$
|
(0.37)
|
|
|
$
|
(0.19)
|
|
|
$
|
(1.14)
|
|
|
$
|
(2.02)
|
|
Weighted average
shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
|
11,081
|
|
|
|
8,328
|
|
|
|
11,023
|
|
|
|
9,781
|
|
|
|
7,663
|
|
Note: Net loss
equals to comprehensive loss for all periods presented.
|
QUICKLOGIC
CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in
thousands)
(Unaudited)
|
|
|
|
January 3,
2021
|
|
|
December 29,
2019
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash
|
|
$
|
22,748
|
|
|
$
|
21,548
|
|
Accounts receivable,
net
|
|
|
1,688
|
|
|
|
1,991
|
|
Inventories
|
|
|
2,688
|
|
|
|
3,260
|
|
Other current
assets
|
|
|
1,066
|
|
|
|
1,565
|
|
Total current
assets
|
|
|
28,190
|
|
|
|
28,364
|
|
Property and
equipment, net
|
|
|
548
|
|
|
|
830
|
|
Capitalized
internal-use software, net
|
|
|
986
|
|
|
|
333
|
|
Right of use
assets
|
|
|
1,839
|
|
|
|
2,370
|
|
Intangible assets,
net
|
|
|
860
|
|
|
|
1,008
|
|
Goodwill
|
|
|
185
|
|
|
|
185
|
|
Other
assets
|
|
|
280
|
|
|
|
314
|
|
TOTAL
ASSETS
|
|
$
|
32,888
|
|
|
$
|
33,404
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Revolving line of
credit
|
|
$
|
15,000
|
|
|
$
|
15,000
|
|
Trade
payables
|
|
|
935
|
|
|
|
1,003
|
|
Accrued
liabilities
|
|
|
1,340
|
|
|
|
1,133
|
|
Deferred
revenue
|
|
|
52
|
|
|
|
158
|
|
Lease liabilities,
current
|
|
|
685
|
|
|
|
704
|
|
Total current
liabilities
|
|
|
18,012
|
|
|
|
17,998
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
Paycheck protection
program loan
|
|
|
1,192
|
|
|
|
—
|
|
Lease liabilities,
non-current
|
|
|
1,197
|
|
|
|
1,583
|
|
Total
liabilities
|
|
|
20,401
|
|
|
|
19,581
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Common stock, par
value
|
|
|
11
|
|
|
|
8
|
|
Additional paid-in
capital
|
|
|
306,885
|
|
|
|
297,073
|
|
Accumulated
deficit
|
|
|
(294,409)
|
|
|
|
(283,258)
|
|
Total stockholders'
equity
|
|
|
12,487
|
|
|
|
13,823
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
32,888
|
|
|
$
|
33,404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 3,
2021
|
|
|
December
29, 2019
|
|
|
September 27,
2020
|
|
|
January 3,
2021
|
|
|
December
29, 2019
|
|
US GAAP loss from
operations
|
|
$
|
(2,866)
|
|
|
$
|
(2,928)
|
|
|
$
|
(2,046)
|
|
|
$
|
(10,869)
|
|
|
$
|
(15,363)
|
|
Adjustment for
stock-based compensation within:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
82
|
|
|
|
19
|
|
|
|
37
|
|
|
|
162
|
|
|
|
78
|
|
Research and
development
|
|
|
597
|
|
|
|
534
|
|
|
|
51
|
|
|
|
670
|
|
|
|
2,242
|
|
Selling, general and
administrative
|
|
|
459
|
|
|
|
101
|
|
|
|
170
|
|
|
|
907
|
|
|
|
824
|
|
Restructuring expenses
and asset write-
offs (1)
|
|
|
129
|
|
|
|
2
|
|
|
|
120
|
|
|
|
762
|
|
|
|
4
|
|
Non-GAAP loss from
operations
|
|
$
|
(1,599)
|
|
|
$
|
(2,272)
|
|
|
$
|
(1,668)
|
|
|
$
|
(8,368)
|
|
|
$
|
(12,215)
|
|
US GAAP net
loss
|
|
$
|
(2,942)
|
|
|
$
|
(3,063)
|
|
|
$
|
(2,065)
|
|
|
$
|
(11,151)
|
|
|
$
|
(15,444)
|
|
Adjustment for
stock-based
compensation within:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
82
|
|
|
|
19
|
|
|
|
37
|
|
|
|
162
|
|
|
|
78
|
|
Research and
development
|
|
|
597
|
|
|
|
534
|
|
|
|
51
|
|
|
|
670
|
|
|
|
2,242
|
|
Selling, general and
administrative
|
|
|
459
|
|
|
|
101
|
|
|
|
170
|
|
|
|
907
|
|
|
|
824
|
|
Restructuring expenses
and asset write-
offs (1)
|
|
|
129
|
|
|
|
2
|
|
|
|
120
|
|
|
|
762
|
|
|
|
4
|
|
Non-GAAP net
loss
|
|
$
|
(1,675)
|
|
|
$
|
(2,407)
|
|
|
$
|
(1,687)
|
|
|
$
|
(8,650)
|
|
|
$
|
(12,296)
|
|
US GAAP net loss
per share, basic and
diluted
|
|
$
|
(0.27)
|
|
|
$
|
(0.37)
|
|
|
$
|
(0.19)
|
|
|
$
|
(1.14)
|
|
|
$
|
(2.02)
|
|
Adjustment for
stock-based
compensation
|
|
|
0.11
|
|
|
|
0.08
|
|
|
|
0.03
|
|
|
|
0.18
|
|
|
|
0.42
|
|
Restructuring expenses
and asset write-
offs (1)
|
|
|
0.01
|
|
|
|
*
|
|
|
|
0.01
|
|
|
|
0.08
|
|
|
|
*
|
|
Non-GAAP net loss
per share, basic and diluted
|
|
$
|
(0.15)
|
|
|
$
|
(0.29)
|
|
|
$
|
(0.15)
|
|
|
$
|
(0.88)
|
|
|
$
|
(1.60)
|
|
US GAAP gross
margin percentage
|
|
|
48.2
|
%
|
|
|
64.9
|
%
|
|
|
51.9
|
%
|
|
|
49.2
|
%
|
|
|
57.3
|
%
|
Adjustment for
stock-based
compensation included in cost of revenue
|
|
|
3.3
|
%
|
|
|
0.7
|
%
|
|
|
2.0
|
%
|
|
|
1.9
|
%
|
|
|
0.7
|
%
|
Non-GAAP gross
margin percentage
|
|
|
51.5
|
%
|
|
|
65.6
|
%
|
|
|
53.9
|
%
|
|
|
51.1
|
%
|
|
|
58.0
|
%
|
* Figures were not
considered for reconciliation due to the insignificant
amount.
|
(1)
|
Include asset
write-offs of $9,000 in the twelve months ended
January 3, 2021 and $4,000 for the twelve months ended December 29,
2019.
|
QUICKLOGIC
CORPORATION
SUPPLEMENTAL
DATA
(Unaudited)
|
|
|
|
Percentage of
Revenue
|
|
|
|
|
|
|
Change in
Revenue
|
|
|
|
Q4
2020
|
|
|
Q3
2020
|
|
|
Fiscal
2020
|
|
|
Fiscal
2019
|
|
|
Q3 2020 to Q4
2020
|
|
|
2019 to
2020
|
|
COMPOSITION OF
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by product:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
products
|
|
|
33
|
%
|
|
|
36
|
%
|
|
|
32
|
%
|
|
|
30
|
%
|
|
|
31
|
%
|
|
|
(11)
|
%
|
Mature
products
|
|
|
67
|
%
|
|
|
64
|
%
|
|
|
68
|
%
|
|
|
70
|
%
|
|
|
46
|
%
|
|
|
(19)
|
%
|
Revenue by
geography:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia
Pacific
|
|
|
24
|
%
|
|
|
18
|
%
|
|
|
24
|
%
|
|
|
30
|
%
|
|
|
82
|
%
|
|
|
(31)
|
%
|
North
America
|
|
|
68
|
%
|
|
|
61
|
%
|
|
|
58
|
%
|
|
|
47
|
%
|
|
|
58
|
%
|
|
|
5
|
%
|
Europe
|
|
|
8
|
%
|
|
|
21
|
%
|
|
|
18
|
%
|
|
|
23
|
%
|
|
|
(48)
|
%
|
|
|
(39)
|
%
|
_____________________
|
(1)
|
New products include
all products manufactured on 180 nanometer or smaller semiconductor
processes, eFPGA IP license, QuickAI and SensiML AI software as a
service (SaaS) revenue. Mature products include all products
produced on semiconductor processes larger than 180
nanometer.
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/quicklogic-reports-fiscal-2020-fourth-quarter-results-301230256.html
SOURCE QuickLogic Corporation