QuickLogic Reports Fiscal 2022 Second Quarter Results

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 -- 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.

Financial tables

To read financial tables, click here

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/.