QuickLogic Reports Fiscal 2020 Third Quarter Results

SAN JOSE, Calif., Nov. 4, 2020 — (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 third quarter of fiscal 2020, ended September 27, 2020.

Recent Highlights

Fiscal 2020 Third Quarter Financial Results

Total revenue for the third quarter of 2020 was $1.8 million, a decrease of 19% compared with the second quarter of 2020, and 18% compared with the third quarter of 2019. New product revenue was $0.7 million in the third quarter of 2020, a decrease of 22% compared with the second quarter of 2020, and 37% compared with the third quarter of 2019. The decreases were primarily due to lower sales of display bridge and connectivity product revenue. Mature product revenue was $1.1 million in the third quarter of 2020, down 17% compared with the second quarter of 2020, and flat compared with the third quarter of 2019. 

Third quarter 2020 GAAP gross margin was 51.9%, compared with 45.7% in the second quarter of 2020, and 48.2% in the third quarter of 2019.

Third quarter 2020 non-GAAP gross margin was 53.9%, compared with 47.1% in the second quarter of 2020 and 48.9% in the third quarter of 2019.

Third quarter 2020 GAAP operating expenses of $3.0 million improved from $3.9 million in the second quarter of 2020, and $5.2 million in the third quarter of 2019.

Third quarter 2020 non-GAAP operating expenses of $2.6 million improved from $3.2 million in the second quarter of 2020, and from $4.5 million in the third quarter of 2019, due to updates to estimated restructuring charges.

Third quarter 2020 GAAP net loss was $2.1 million, or $0.19 per share, compared with a net loss of $3.0 million, or $0.35 per share, in the second quarter of 2020, and a net loss of $4.3 million, or $0.51 per share, in the third quarter of 2019.

Third quarter 2020 non-GAAP net loss was $1.7 million, or $0.15 per share, compared with a net loss of $2.2 million, or $0.26 per share, in the second quarter of 2020, and a net loss of $3.5 million, or $0.42 per share, in the third quarter of 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, November 4, 2020, 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 13711703. The call recording, which can be accessed by phone, will be archived until Wednesday, November 11, 2020, 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 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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