"When our customer stated they needed eFPGA as a key IP in their ASIC, we decided to partner with QuickLogic because of more than 30 years of FPGA expertise and adoption throughout the aerospace and defense community," said Murilo Pessatti, CEO of Chipus. "They have been instrumental in working with us and our customer to right-size the eFPGA fabric, helping us deliver a competitive, reliable ASIC to market more quickly and with reduced risk." "We are excited to be partnering with Chipus on this ASIC which ...

Revenue Performance - In Q3 2025, the company generated total revenue from continuing operations of $2.0 million, a decrease of 45% compared to the prior quarter and a decrease of 52% year-over-year[129]. - New product revenue from continuing operations in Q3 2025 was $1.0 million, a decrease of 67% from the prior quarter and a decrease of 73% year-over-year[129]. - Mature product revenue from continuing operations was $1.1 million in Q3 2025, an increase of 40% compared to the prior quarter and an increase of 46% year-over-year[129]. - Total revenue for the three months ended September 28, 2025, decreased by $2.2 million, or 52%, compared to the same period in 2024, primarily due to declines in new product revenues[136]. - New product revenue for the three months ended September 28, 2025, was $953,000, a decrease of $2.52 million or 73% from $3.47 million in the same period in 2024[139]. - Total revenue for the nine months ended September 28, 2025, was $10.04 million, a decrease of $3.93 million or 28% from $13.97 million in the same period in 2024[148]. - New product revenue for the nine months ended September 28, 2025, was $7.62 million, down $3.42 million or 31% from $11.04 million in the same period in 2024[150]. - eFPGA IP revenue for the nine months ended September 28, 2025, was $6.89 million, a decrease of $3.12 million or 31% from $10.01 million in the same period in 2024[150]. Net Loss and Profitability - The company reported a net loss from continuing operations of $4.0 million in Q3 2025, compared to a net loss of $2.7 million in the prior quarter and a net loss of $1.8 million in Q3 2024[131]. - Gross profit for the three months ended September 28, 2025, was a loss of $472,000, reflecting a 119% decrease compared to a gross profit of $2.49 million in the same quarter of 2024[140]. - Gross profit for the nine months ended September 28, 2025, decreased by $6.2 million, or 72%, compared to the same period in 2024, reflecting a 28% decrease in revenues and a 41% increase in cost of revenue[151]. - The effective tax rate for the third quarter ended September 28, 2025, was (0.12)%, compared to (0.60)% for the same period in the prior year[147]. Operating Expenses - Research and development (R&D) expenses for the three months ended September 28, 2025, were $1.4 million, representing 69% of total revenues, a decrease of $400,000 or 22% from the prior year[142]. - Selling, general and administrative (SG&A) expenses for the three months ended September 28, 2025, were $2.06 million, accounting for 101% of total revenues, a decrease of $235,000 or 10% from the same period in 2024[142]. - Total operating expenses for the nine months ended September 28, 2025, were $10.789 million, a decrease of $415 thousand, or 4%, compared to $11.204 million in the same period in 2024[152]. - Research and development (R&D) expenses decreased by $607 thousand, or 14%, to $3.859 million for the nine months ended September 28, 2025, primarily due to increased labor allocations to cost of revenue[153]. - Selling, general and administrative (SG&A) expenses decreased by $183 thousand, or 3%, to $6.555 million for the nine months ended September 28, 2025, mainly due to reduced compensation and incentives[155]. Cash Flow and Liquidity - For the nine months ended September 28, 2025, net cash used in operating activities was $1.4 million, primarily due to a net loss of $8.9 million[182]. - Cash used in investing activities for the nine months ended September 28, 2025, was $4.5 million, mainly for capital expenditures related to licensed software and specialized semiconductor tooling[184]. - Cash provided by financing activities for the nine months ended September 28, 2025, was $1.4 million, primarily from net proceeds of $6.1 million from common stock issuance[186]. - The company believes that existing cash and cash equivalents, along with proceeds from recent financing, will be sufficient to fund operations and capital expenditures for the next twelve months[174]. - The company anticipates that sales from new product offerings and existing cash will be sufficient to satisfy operations and capital expenditures, but cannot assure the ability to raise additional capital if needed[177]. - The cash inflow from changes in operating assets and liabilities for the nine months ended September 28, 2025, was approximately $0.3 million[182]. Assets and Liabilities - Total assets decreased by approximately $5.8 million, primarily due to a $4.5 million reduction in cash and cash equivalents[162]. - Liabilities decreased by approximately $5.7 million, attributed to greater payments than borrowings on the revolving line of credit and payments on notes payable[163]. - Equity decreased by $0.2 million due to an $8.9 million net loss for the nine months ended September 28, 2025, partially offset by an $8.7 million increase in additional paid-in capital[164]. - As of September 28, 2025, the company had $15.0 million outstanding on the Revolving Facility with an interest rate of 7.75%[168]. - As of September 28, 2025, the company had $1.8 million in outstanding notes payable and $15.0 million under its Revolving Facility[178]. Strategic Initiatives - The company discontinued operations at its wholly-owned subsidiary, SensiML Corporation, and is exploring options for its sale[112]. - The company expects business growth to be driven mainly by eFPGA IP and silicon solutions, requiring strong revenue growth to sustain profitability[119]. - The company collaborates with multiple partners for co-marketing and co-selling initiatives, including Infineon Technologies and STMicroelectronics[115]. - The company has a total of four patent applications pending[114]. - The company has changed its manufacturing strategies to reduce costs and improve efficiency across its silicon solution platforms[118]. - The company does not maintain any off-balance sheet partnerships or arrangements[189].

Upgrades - JPMorgan upgraded Outfront Media (OUT) to Overweight from Neutral with a price target of $25, up from $19, citing the out-of-home channel as the most resilient traditional advertising market with improved momentum in Q3 [2] - Guggenheim upgraded Grail (GRAL) to Buy from Neutral with a price target of $100, noting that while Galleri is not a perfect test, it remains the leading commercially available MCED test with a significant data moat [3] - Piper Sandler upgraded Floor & Decor (FND) to Overweight from Neutral with a price target of $80, up from $75, highlighting potential for comparable sales improvement by Q1 of 2026 [4] - KeyBanc upgraded Progyny (PGNY) to Overweight from Sector Weight with a price target of $30, indicating limited share downside and several positive catalysts over the next 12 months [4] - KeyBanc upgraded AT&T (T) to Overweight from Sector Weight with a price target of $30, attributing the recent share pullback to overblown wireless competition concerns [5] Downgrades - Raymond James downgraded Bath & Body Works (BBWI) to Market Perform from Outperform, stating that the company's growth will be below its long-term potential due to slow improvements in digital capabilities and distribution [6] - Wolfe Research downgraded Intellia Therapeutics (NTLA) to Peer Perform from Outperform, citing safety issues with nexiguran ziclumeran as a hindrance to the bull thesis [6] - Raymond James double downgraded Brighthouse Financial (BHF) to Market Perform from Strong Buy, referencing the announcement of its acquisition deal for $70 per share [6] - Raymond James double downgraded Centerspace (CSR) to Market Perform from Strong Buy, noting that while the portfolio is attractive for potential buyers, the recent rally has closed the valuation gap with multifamily peers [6] - Northland downgraded QuickLogic (QUIK) to Market Perform from Outperform, maintaining a price target of $5.95, after the company reported revenue in line with guidance and uncertainty regarding a $3M contract [6]

Revenue Performance - Total revenue for Q3 2025 was $2.0 million, a decrease of 51.8% year-over-year and a decrease of 45.0% from Q2 2025[3] - New product revenue was approximately $1.0 million, down $2.5 million or 72.6% compared to Q3 2024, and down $1.9 million or 67.3% from Q2 2025[4] - Mature product revenue increased to $1.1 million from $0.7 million in Q3 2024 and $0.8 million in Q2 2025[4] - New products accounted for 47% of total revenue in Q3 2025, a significant decrease from 81% in Q3 2024, reflecting a 73% decline year-over-year[29] - Mature products represented 53% of total revenue in Q3 2025, up from 17% in Q3 2024, indicating a 46% increase year-over-year[29] - Revenue from the Asia Pacific region increased to 47% in Q3 2025, compared to 12% in Q3 2024, marking an 88% growth year-over-year[29] - North America contributed 51% to total revenue in Q3 2025, down from 85% in Q3 2024, reflecting a 71% decline year-over-year[29] Financial Metrics - GAAP gross margin was (23.3%) in Q3 2025, compared to 59.1% in Q3 2024 and 25.9% in Q2 2025[5] - Non-GAAP net loss was ($3.2 million) or ($0.19) per share, compared to a net loss of ($0.9 million) or ($0.07) per share in Q3 2024[8] - US GAAP operating loss for the three months ended September 28, 2025, was $3,927 million, compared to a loss of $1,602 million for the same period in 2024[26] - Non-GAAP net loss from continuing operations for the three months ended September 28, 2025, was $3,176 million, compared to a loss of $518 million in the prior year[26] - The company reported a net loss from continuing operations per share, basic, of $0.24 for the three months ended September 28, 2025, compared to a loss of $0.13 in the same period of 2024[26] - Non-GAAP net income per share was $(0.19) in Q3 2025, a decrease from $(0.07) in Q3 2024[27] - The company reported a diluted loss per share of $(0.01) for discontinued operations in Q3 2025, compared to $(0.03) in Q3 2024[27] Expenses and Liabilities - Operating expenses for Q3 2025 were $3.5 million, consistent with Q2 2025 and down from $4.1 million in Q3 2024[6] - Cash and cash equivalents decreased from $21,859 million to $17,343 million, a decline of approximately 21%[24] - Total assets decreased from $51,933 million as of December 29, 2024, to $46,118 million as of September 28, 2025, representing a decline of approximately 11%[24] - Current liabilities decreased from $25,397 million to $20,641 million, a reduction of about 19%[24] - Long-term liabilities decreased from $27,046 million to $21,388 million, a reduction of about 21%[24] - Total stockholders' equity slightly decreased from $24,887 million to $24,730 million, a reduction of about 1%[24] - The company’s total current assets decreased from $29,604 million to $24,301 million, a decline of approximately 18%[24] Contracts and Future Expectations - The company won a $1 million eFPGA Hard IP contract for a high-performance data-center ASIC, expanding its success in commercial markets[10] - A significant rebound in the USG Strategic Radiation Hardened FPGA Program is expected to contribute to revenue growth in Q4 2025[10] - The company anticipates receiving orders for the upcoming SRH FPGA Dev Kit and several new eFPGA Hard IP contracts in the coming weeks[3] Research and Development - Research and development expenses included stock-based compensation of $96 million for the three months ended September 28, 2025[26] Product Revenue Trends - Revenue from new products in discontinued operations was 0% in Q3 2025, down from 2% in Q3 2024, indicating a 100% decline[29] - Revenue from mature products in Q3 2025 was 53%, up from 21% in Q2 2025, showing a 40% increase quarter-over-quarter[29] - The gross margin percentage from continuing operations was 23.3% in Q3 2025, compared to 59.1% in Q3 2024[27] - The company’s adjusted gross margin for stock-based compensation was 11.4% in Q3 2025, compared to 5.6% in Q3 2024[27]

Core Insights - The article discusses the importance of enabling Javascript and cookies in browsers to prevent access issues [1] Group 1 - The article emphasizes that users may be blocked from proceeding if an ad-blocker is enabled [1]

Financial Data and Key Metrics Changes - Total third-quarter revenue was $2 million, down 52.5% from Q3 2024 and down 45% compared to Q2 2025 [22] - Non-GAAP gross margin in Q3 was a negative 11.9%, compared to 65.3% in Q3 2024 and 31% in Q2 2025 [23] - Non-GAAP net loss was $3.2 million or $0.19 per diluted share, compared to a loss of $0.9 million or $0.06 per diluted share in Q3 2024 [24] Business Line Data and Key Metrics Changes - New product revenue in Q3 was $1 million, down 73.1% from Q3 2024 and down 67.3% compared to Q2 2025 [22] - Mature product revenue was $1.1 million, up from $0.7 million in Q3 2024 and up from $0.8 million in Q2 2025 [22] Market Data and Key Metrics Changes - The company is targeting total revenue of $6 million for Q4, with a significant portion dependent on a nearly $3 million contract forecasted to be awarded late in the quarter [26][27] - If the contract is awarded late, total revenue for Q4 could be as low as $3.5 million [27] Company Strategy and Development Direction - The company is focusing on expanding its served available market to include very high-density eFPGA hard IP designs targeting advanced fabrication nodes [6] - The strategic initiative includes the development of an SRH FPGA test chip to secure design wins and accelerate storefront business [10][12] - The company anticipates that storefront revenue could represent about 10% of total revenue in 2026, driven by increased demand from defense industrial base (DIB) customers [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the rebound of U.S. government strategic radiation hard FPGA programs despite potential delays due to government shutdowns [38] - The company expects to see a significant increase in revenue recognition from government contracts in Q4 and 2026 [14][33] Other Important Information - Total cash at the close of Q3 was $17.3 million, down from $19.2 million at the close of Q2 2025 [25] - The company raised approximately $2 million using its existing ATM in October, preparing for potential delayed payments associated with U.S. government contracts [29] Q&A Session Summary Question: What impact is the government shutdown having on your business? - Management noted that while there are delays in some projects, existing contracts are not seeing delays, and they anticipate a rebound once funding resumes [38][39] Question: Can you size the range of storefront revenue expected in 2026? - Management indicated that storefront revenue could be significant, potentially around 10% of total revenue, with expectations for notable growth compared to 2025 [41] Question: How do the opportunities with GlobalFoundries 12LP compare to other foundries? - Management believes the 12LP opportunity is larger due to its strategic rad-hard FPGA and IP licensing potential, which could lead to hundreds of millions in revenue [52][56] Question: What is the expected share count for 2025? - The expected ending share count for 2025 is approximately 17 million shares [80] Question: What caused the significant revenue decline forecasted for 2025? - Management explained that the decline is due to the timing of large IP contracts, which if not recognized in the current fiscal year, significantly impacts revenue percentages [82]

Core Insights - QuickLogic reported a quarterly loss of $0.19 per share, which was better than the Zacks Consensus Estimate of a loss of $0.21, but worse than a loss of $0.06 per share a year ago [1] - The earnings surprise for the quarter was +9.52%, with the company having surpassed consensus EPS estimates three times over the last four quarters [2] Financial Performance - QuickLogic's revenues for the quarter ended September 2025 were $2.03 million, missing the Zacks Consensus Estimate by 3.38%, and down from $4.27 million year-over-year [3] - The company has topped consensus revenue estimates only once in the last four quarters [3] Stock Performance - QuickLogic shares have declined approximately 36% since the beginning of the year, contrasting with the S&P 500's gain of 16.2% [4] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [7] Future Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.01 on revenues of $5.6 million, and -$0.38 on revenues of $15.7 million for the current fiscal year [8] - The outlook for the Electronics - Semiconductors industry, where QuickLogic operates, is currently in the top 33% of Zacks industries, suggesting potential for better performance compared to lower-ranked industries [9]

Accessibility StatementSkip Navigation SAN JOSE, Calif., Nov. 11, 2025 /PRNewswire/ -- QuickLogic Corporation (NASDAQ: QUIK) ("QuickLogic" or the "Company"), a developer of embedded FPGA (eFPGA) IP, ruggedized FPGAs, and Endpoint AI solutions, today announced its financial results for the fiscal third quarter that ended September 28, 2025. Recent Highlights "We have logged significant progress during the last three months," said Brian Faith, CEO of QuickLogic. "Our investment to accelerate the fabrication o ...

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Core Insights - QuickLogic Corporation will showcase its customizable Hard IP solutions for aerospace and defense at Space Tech Expo Europe 2025, emphasizing the ability to design flexible, secure, and radiation-tolerant systems more efficiently and with reduced risk [1][2]. Company Overview - QuickLogic is a fabless semiconductor company that specializes in embedded FPGA (eFPGA) Hard IP, discrete FPGAs, and endpoint AI solutions, combining advanced technology with open-source tools to provide low-power, highly customizable solutions across various markets including aerospace and defense, industrial, consumer, and computing [4]. Product Features - The eFPGA IP from QuickLogic offers silicon-proven reliability and is export-compliant (EAR99), allowing engineers to integrate flexible logic directly into their SoCs, which extends mission lifetimes, reduces redesign costs, and ensures adaptability for evolving space programs [2]. - QuickLogic's proprietary Australis™ IP Generator enables the delivery of customer-specific eFPGA Hard IP within weeks for established fabrication nodes and in as little as four to six months for new nodes [2].