QuickLogic ( (QUIK) ) has released its Q3 earnings. Here is a breakdown of the information QuickLogic presented to its investors.
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QuickLogic Corporation is a fabless semiconductor company specializing in embedded FPGA (eFPGA) IP, discrete FPGAs, and FPGA SoCs, catering to various sectors including industrial, aerospace and defense, and consumer applications. The firm, headquartered in San Jose, California, has a subsidiary, SensiML Corporation, which focuses on AI/ML software for edge and endpoint applications.
In its fiscal third quarter of 2024, QuickLogic reported financial results that were aligned with their recent guidance. The company highlighted ongoing execution on several strategic initiatives, including the delivery of eFPGA IP for GlobalFoundries and TSMC processes and a partnership with eFabless aimed at boosting open-source Edge AI innovation.
The company’s total revenue for the third quarter was $4.3 million, reflecting a 35.9% decrease compared to the same period last year, but a 3.5% increase from the previous quarter. New product revenue saw a significant decline of 42% year-over-year, primarily due to the timing of deliverables for major eFPGA IP contracts. However, mature product revenue showed a modest increase compared to the previous year. The GAAP gross margin for the quarter was 55.8%, down from 76.9% the previous year, while non-GAAP gross margin was 60%.
Despite the revenue challenges, QuickLogic continued to invest in strategic developments such as the eFPGA Hard IP core for Intel’s 18A process and enhancing its Aurora FPGA User Tool Suite through an agreement with Synopsys. These initiatives are aimed at positioning the company to capitalize on emerging market opportunities and reduce expenses using its Australis eFPGA Hard IP Generator.
Looking ahead, QuickLogic’s management remains optimistic about completing the eFPGA Hard IP delivery across multiple fabrication processes by the end of 2024. This progress, coupled with growing inquiries and a strategic focus on innovation, positions the company to enhance its market presence and financial performance in the coming quarters.
