QuickLogic Reports Fiscal 2018 Second Quarter Results

SUNNYVALE, Calif., Aug. 8, 2018 — (PRNewswire) —  QuickLogic Corporation (NASDAQ: QUIK), a developer of ultra-low power multi-core voice enabled SoCs, embedded FPGA (eFPGA) IP, display bridge and programmable logic solutions, announced its financial results for the fiscal second quarter ended July 1, 2018.

QuickLogic Logo (PRNewsfoto/QuickLogic Corporation)

Recent Accomplishments

  • BBK Educational Electronics Corporation Ltd. selected QuickLogic's EOS™ S3 SoC to enable always-on / always listening voice features for its new S3 Pro flagship and H20 entry level educational tablets.
  • C-Sky Microsystems Co., Ltd. signed a Master Technology License Agreement for ArcticPro™ embedded FPGA (eFPGA) IP.
  • Qualcomm Incorporated added QuickLogic's EOS S3 voice and sensor processing platform to its eXtension program to support designers targeting always-on / always listening voice enabled applications with its CSR8670 and CSR8675 Bluetooth® Audio solutions.
  • QuickLogic raised $13.9 million in net proceeds from a public equity offering in May.
  • QuickLogic demonstrated an early proof-of-concept QuickAI™ solution with its partner, SensiML at the Design Automation Conference (DAC) and Sensors Expo Conference.

Fiscal 2018 Second Quarter Financial Results

Second quarter total revenue was $3.1 million, up 13% compared to the first quarter of 2018, and up 3% compared to the second quarter of 2017. New product revenue was $1.6 million, up 22% compared to the first quarter of 2018 and up 6% compared to the second quarter of 2017. Mature product revenue was $1.5 million, up 5% compared to the first quarter of 2018 and flat compared to the second quarter of 2017. New product revenue accounted for 51% of the total revenue, compared to 47% in the first quarter of 2018 and 49% in the second quarter of 2017.

Second quarter GAAP gross margin was 49.0%, down from 50.3% in the first quarter of 2018 and up from 45.6% in the second quarter of 2017. Non-GAAP gross margin was 50.1%, down from 51.5% in the first quarter of 2018 and up from 46.3% in the second quarter of 2017.

Second quarter GAAP operating expenses were $5.0 million, down from $5.3 million in the first quarter of 2018 and up slightly from $4.9 million in the second quarter of 2017. Non-GAAP operating expenses were $4.5 million, down from $4.9 million in the first quarter of 2018 and from $4.6 million in the second quarter of 2017.

Second quarter GAAP net loss decreased to $3.5 million, or $0.04 per share, from $4.0 million, or $0.05 per share, in the first quarter of 2018 and from $3.6 million, or $0.05 per share, in the second quarter of 2017. Non-GAAP net loss decreased to $3.0 million or $0.04 per share, from $3.5 million or $0.04 per share in the first quarter of 2018 and from $3.3 million or $0.04 per share in the second quarter of 2017. (See below for an explanation of non-GAAP financial measures.)

Conference Call

QuickLogic Corporation (NASDAQ: QUIK) will hold a conference call at 2:30 p.m. Pacific Daylight Saving Time/ 5:30 p.m. Eastern Daylight Saving Time today, August 8, 2018, to discuss its current financial results. The conference call will be webcasted at QuickLogic's IR Site Events Page. To join the live conference, you may dial (877) 377-7094 and international participants should dial (253) 237-1177 by 2:20 p.m. Pacific Daylight Saving Time. The Conference ID is 6648678. A recording of the call will be available starting one hour after completion of the call. To access the recording, please call (855) 859-2056 or (404) 537-3406 and reference the passcode: 6648678. The call recording, which can be accessed by phone, will be archived until Wednesday, August 15, 2018, and the webcast will be available for 12 months on the Company's website.

About QuickLogic

QuickLogic Corporation (NASDAQ: QUIK) enables OEMs to maximize battery life for highly differentiated, immersive user experiences with Smartphone, Wearable, Hearable and IoT devices. QuickLogic delivers these benefits through industry leading ultra-low power customer programmable SoC semiconductor solutions, embedded software, and algorithm solutions for always-on voice and sensor processing. The company's embedded FPGA initiative also enables SoC designers to easily implement post production changes, and increase revenue by providing hardware programmability to their end customers. For more information about QuickLogic, please visit www.quicklogic.com.

QuickLogic uses its website ( www.quicklogic.com), the company blog QuickLogic HotSpot ( http://blog.quicklogic.com), 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 US 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 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.

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