☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) For the Transition Period From To COMMISSION FILE NUMBER: 000-22671 QUICKLOGIC CORPORATION (Exact name of registrant as specified in its charter) Delaware 77-0188504 (Stat ...

Group 1 - QuickLogic Corporation held its Fiscal First Quarter 2025 Earnings Conference Call on May 13, 2025, with key participants including the President & CEO Brian Faith and SVP & CFO Elias Nader [1][3] - The call was recorded for replay purposes until May 20, 2025, indicating the company's commitment to transparency and communication with stakeholders [1] - Forward-looking statements were made regarding future profitability, cash flows, and business expectations, highlighting the company's strategic outlook [4][5] Group 2 - The company discussed potential risks and uncertainties that could affect actual results, including market acceptance of new products and the ability to convert design opportunities into revenue [4][5] - There is a focus on the importance of customer design activity and the market acceptance of customers' products, which are critical for revenue generation [5] - The company emphasized the need for timely introduction and production of new products based on advanced wafer technology to remain competitive [5]

QuickLogic (QUIK) came out with a quarterly loss of $0.07 per share versus the Zacks Consensus Estimate of a loss of $0.08. This compares to earnings of $0.11 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 12.50%. A quarter ago, it was expected that this maker of chips for mobile and portable electronics manufacturers would post earnings of $0.03 per share when it actually produced earnings of $0.04, delivering a surprise of ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $4.3 million, down 28% from Q1 2024 and down 24% from Q4 2024 [31] - New product revenue in Q1 was $3.8 million, down 23% from Q1 2024 and down 19% from Q4 2024 [31] - Non-GAAP gross margin in Q1 was 45.7%, significantly lower than 71.3% in Q1 2024 and 62.9% in Q4 2024 [32] - Non-GAAP net loss was $1.1 million or $0.07 per diluted share, compared to a net income of $1.7 million or $0.12 per diluted share in Q1 2024 [33] Business Line Data and Key Metrics Changes - Mature product revenue was $600,000, down from $1.1 million in Q1 2024 and $1 million in Q4 2024 [31] - Non-GAAP operating expenses in Q1 were approximately $3 million, compared to $2.5 million in Q1 2024 and $2.9 million in Q4 2024 [32] Market Data and Key Metrics Changes - The discrete FPGA market for U.S. military applications is approximately $1.5 billion, with significant interest in integrating eFPGA technology into ASICs and SoCs [14][44] - The defense industrial base is increasingly interested in using eFPGA technology to reduce costs and improve integration [70][71] Company Strategy and Development Direction - The company aims to capitalize on its unique position as the first available source for eFPGA hard IP for Intel 18A technology, focusing on integration to drive growth [10][14] - The partnership with Faraday is expected to accelerate expansion into new end markets and generate future revenue through storefront services [15][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving solid revenue growth, non-GAAP profitability, and positive cash flow for the full year 2025 despite a slower start [46][41] - The company anticipates a revenue rebound beginning in Q3 2025, driven by new IP contracts and existing mature product sales [39][60] Other Important Information - The company raised approximately $1.5 million from institutional investors and $1.2 million net from an ATM offering [37] - The strategic RadHard FPGA government contract is expected to contribute significantly to future revenue, with ongoing engagement with the defense industrial base [19][86] Q&A Session Summary Question: Can you walk us through the ramp of Intel 18A and its revenue stream? - Management discussed the progress of Intel 18A and its importance in accelerating customer engagement, particularly in defense applications, with revenue expected from licensing and royalties [50][54] Question: What are the key drivers for revenue ramp in the second half of the year? - Key drivers include ongoing Anafuse FPGA business, the strategic RadHard contract, and new IP contracts, particularly in advanced process technologies [58][60] Question: Can you provide insights on storefront opportunities? - Management highlighted several storefront opportunities, including contracts with defense customers and participation in chiplet ecosystems, indicating a growing trend towards storefront services [64][66] Question: How does the company plan to address the $1.5 billion FPGA market? - The company aims to reduce verification costs and improve integration, which is critical for defense applications, thereby enhancing its market position [68][71] Question: Are there opportunities with Faraday beyond the current node? - Management expressed interest in exploring smaller nodes with Faraday as they gain confidence in the integration of eFPGA technology [74][76]

Financial Performance - Total revenue for Q1 2025 was $4.3 million, a decrease of 23.7% year-over-year and 23.8% sequentially[4] - New product revenue was approximately $3.7 million, down $0.8 million or 17.4% compared to Q1 2024, and down $0.9 million or 19.1% from Q4 2024[5] - Mature product revenue was $0.6 million, compared to $1.1 million in Q1 2024 and $1.0 million in Q4 2024[6] - GAAP net loss for Q1 2025 was ($2.2 million), or ($0.14) per share, compared to net income of $0.1 million, or $0.01 per share, in Q1 2024[8] - Non-GAAP operating loss for Q1 2025 was $991 thousand, compared to a profit of $1,598 thousand in Q1 2024, representing a significant decline[26] - US GAAP net loss from continuing operations for Q1 2025 was $2,090 thousand, compared to a profit of $73 thousand in Q1 2024, reflecting a substantial downturn[26] - Non-GAAP net income (loss) from continuing operations per share, basic, was $(0.07) in Q1 2025, down from $0.11 in Q1 2024[26] - The company reported a non-GAAP net income (loss) of $(1,146) thousand for Q1 2025, compared to $1,732 thousand in Q1 2024, indicating a significant drop in performance[26] Margins and Profitability - GAAP gross margin for Q1 2025 was 43.4%, down from 67.1% in Q1 2024 and 62.7% in Q4 2024[6] - Non-GAAP gross margin for Q1 2025 was 45.6%, compared to 72.4% in Q1 2024 and 65.8% in Q4 2024[7] - Gross margin percentage under US GAAP dropped to 43.4% in Q1 2025 from 67.1% in Q1 2024, indicating a decline in profitability[26] Asset and Liability Changes - Total current assets decreased from $29,604 million as of December 29, 2024, to $25,337 million as of March 30, 2025, a decline of approximately 15.3%[24] - Total liabilities decreased from $27,046 million as of December 29, 2024, to $22,760 million as of March 30, 2025, a reduction of approximately 15.9%[24] - Cash and cash equivalents decreased from $21,859 million as of December 29, 2024, to $17,546 million as of March 30, 2025, a decline of approximately 19.5%[24] Product Revenue Trends - Revenue from new products constituted 87% of total revenue in Q1 2025, up from 75% in Q1 2024, indicating a shift towards newer offerings[28] - Revenue from mature products fell by 49% year-over-year in Q1 2025, highlighting challenges in older product lines[28] Strategic Developments - The company delivered design-specific eFPGA Hard IP for Intel 18A customer Test Chip and announced eFPGA integration into Faraday Technology's FlashKit™-22RRAM SoC Development Platform[10] - The company was awarded $1.4 million in Incremental Funding Modification for its Strategic Radiation Hardened Program[10] - The maturity date of a $20 million credit facility was extended from December 31, 2025, to December 31, 2026, for enhanced operational flexibility[10] - The company expects to capitalize on increasing interest from US Military, Aerospace, and Government sectors with its new offerings[3]

Company Performance - QuickLogic's stock closed at $5.57, reflecting a +0.91% change from the previous day, outperforming the S&P 500 which fell by 0.77% [1] - Over the past month, QuickLogic's stock has increased by 15.97%, slightly below the Computer and Technology sector's gain of 16.73% and above the S&P 500's gain of 11.54% [1] Upcoming Earnings - QuickLogic is set to release its earnings report on May 13, 2025, with analysts expecting a loss of -$0.08 per share, indicating a year-over-year decline of 172.73% [2] - The consensus estimate for revenue is $4 million, representing a 33.44% decrease from the same quarter last year [2] Fiscal Year Projections - For the entire fiscal year, earnings are projected at $0.16 per share and revenue at $24.37 million, showing increases of +300% and +21.15% respectively from the prior year [3] Analyst Estimates - Recent changes in analyst estimates for QuickLogic reflect evolving short-term business trends, with upward revisions indicating positive sentiment towards the company's operations and profit generation capabilities [4] Zacks Rank and Valuation - QuickLogic currently holds a Zacks Rank of 3 (Hold), with the consensus EPS projection remaining unchanged over the past 30 days [6] - The company is trading at a Forward P/E ratio of 35.61, which is a premium compared to the industry average of 22.7 [7] Industry Context - The Electronics - Semiconductors industry, part of the Computer and Technology sector, holds a Zacks Industry Rank of 86, placing it in the top 35% of over 250 industries [7][8]

Group 1: Stock Performance - QuickLogic's stock closed at $5.67, reflecting a +1.8% increase from the previous day, outperforming the S&P 500's gain of 0.58% [1] - Over the last month, QuickLogic's shares have risen by 9%, significantly exceeding the Computer and Technology sector's gain of 0.6% and the S&P 500's loss of 0.84% [1] Group 2: Earnings Expectations - QuickLogic is expected to report an EPS of -$0.08, representing a 172.73% decline compared to the same quarter last year [2] - The consensus estimate for revenue is projected at $4 million, indicating a 33.44% decrease from the same quarter of the previous year [2] Group 3: Fiscal Year Projections - For the entire fiscal year, earnings are projected at $0.16 per share and revenue at $24.37 million, reflecting increases of +300% and +21.15% respectively from the prior year [3] Group 4: Analyst Estimates - Recent changes to analyst estimates for QuickLogic suggest a positive outlook on the company's business operations and profit generation capabilities [4] - The Zacks Rank system, which evaluates these estimate changes, currently ranks QuickLogic at 2 (Buy) [6] Group 5: Valuation Metrics - QuickLogic is trading at a Forward P/E ratio of 35.94, which is a premium compared to the industry average Forward P/E of 21.85 [7] - The Electronics - Semiconductors industry, to which QuickLogic belongs, has a Zacks Industry Rank of 43, placing it in the top 18% of over 250 industries [7]

SAN JOSE, Calif., April 29, 2025 /PRNewswire/ -- QuickLogic Corporation (NASDAQ: QUIK), a developer of embedded FPGA (eFPGA) IP and ruggedized FPGAs and Endpoint AI solutions, today announced that it has scheduled a conference call to discuss its first quarter fiscal 2025 financial results on Tuesday, May 13, 2025. Date: Tuesday, May 13, 2025 Time: 5:30 p.m. ET/2:30 p.m. PT Dial-in: Toll Free: 1-877-407-0792; International: 1-201-689-8263 Passcode: No passcode needed Replay: (844) 512-2921; Passcode: 137532 ...

QuickLogic eFPGA Hard IP for Intel 18A is available now. It can be quickly tailored with varying resources of LUTs, Block RAM, and DSP Blocks to meet the application specific requirements for commercial and Defense Industrial Base (DIB) designs. For more information on QuickLogic's eFPGA Hard IP licensing and related solutions, please visit www.quicklogic.com. About QuickLogic QuickLogic Corporation is a fabless semiconductor company specializing in eFPGA Hard IP, discrete FPGAs, and endpoint AI solutions. ...

Core Insights - QuickLogic Corporation has integrated its eFPGA IP into Faraday Technology Corporation's FlashKit™-22RRAM SoC Development Platform, enhancing flexibility for IoT applications [1][3] - The FlashKit-22RRAM platform is built on UMC's 22ULP process technology and supports both Arm Cortex-M7 and VeeR EH1 RISC-V processors, making it suitable for AIoT, consumer, and industrial applications [2][4] - The integration allows for post-silicon hardware adaptability, reducing time-to-market and extending product lifecycles through field upgradability [3][5] Company Overview - Faraday Technology Corporation focuses on sustainable IC solutions and offers a wide range of ASIC solutions and silicon IP, including various memory and interface technologies [6] - QuickLogic Corporation specializes in eFPGA Hard IP and endpoint AI solutions, providing customizable and low-power silicon solutions for various markets [7]