Quicklogic Corporation (NASDAQ:QUIK) Q1 2024 Earnings Conference Call May 13, 2024 5:30 PM ET Company Participants Alison Ziegler - IR, Darrow Associates Elias Nader - CFO & SVP, Finance Brian Faith - President, CEO & Director Conference Call Participants Richard Shannon - Craig-Hallum Rick Neaton - Rivershore Investment Research Operator Ladies and gentlemen, good afternoon. At this time, I would like to welcome everyone to QuickLogic Corporation's First Quarter Fiscal 2024 Earnings Results Conference Call ...

QuickLogic (QUIK) came out with quarterly earnings of $0.11 per share, beating the Zacks Consensus Estimate of $0.06 per share. This compares to loss of $0.04 per share a year ago. These figures are adjusted for non- recurring items. This quarterly report represents an earnings surprise of 83.33%. A quarter ago, it was expected that this maker of chips for mobile and portable electronics manufacturers would post earnings of $0.14 per share when it actually produced earnings of $0.18, delivering a surprise o ...

QuickLogic Reports First Quarter Fiscal 2024 Results, On Track for Revenue Growth of 30% and Positive Cash Flow in 2024 Exhibit 99.1 SAN JOSE, Calif. – May 13, 2024 - 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 first quarter that ended March 31, 2024. Recent Highlights "We are very pleased with our continued progress and believe we are well-posi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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 (State or other jurisdiction ...

Financial Data and Key Metrics Changes - Q4 revenue increased 83% year-over-year to $7.5 million, driven by record high IP revenue [5][36] - Full-year revenue increased 31% to $21.2 million, with new products representing 86% of total revenue [11][41] - Non-GAAP gross margin in Q4 was 78.3%, compared to 53.2% in Q4 2022 [38] - Non-GAAP net income reached a record $2.6 million in Q4, compared to a net loss of $544,000 in Q4 2022 [40][44] Business Line Data and Key Metrics Changes - New product revenue in Q4 was approximately $6.8 million, up 12% from the previous quarter and up 140% from Q4 2022 [37] - Mature product revenue was approximately $0.7 million, an increase of 15% from the previous quarter but down from $1.2 million in Q4 2022 [37][41] - Non-GAAP operating expenses in Q4 were approximately $3.1 million, lower than the previous quarter due to timing of payments [39] Market Data and Key Metrics Changes - The company anticipates a return to the funding rate of a government contract, which has a total potential of $72 million [14] - The Chiplet market is projected to grow from a few billion dollars in 2023 to $107 billion in 2033, representing a 10-year CAGR of over 42% [30] Company Strategy and Development Direction - The company is focused on expanding its IP business across new customers and market sectors, with a record $168 million opportunity funnel [12][55] - A strategic shift is being made to allocate a higher percentage of contract revenue to IP versus engineering services [47] - The company aims to leverage its core capabilities as a silicon supplier to provide turnkey solutions for IP customers [54] Management's Comments on Operating Environment and Future Outlook - Management is confident in achieving greater than 30% revenue growth in 2024, supported by a strong opportunity funnel [12][48] - The timing and cadence of large IP contracts may push revenue recognition into the second half of 2024, but cash flow from IP contracts will remain unaffected [15][47] - The company expects to maintain profitability and positive cash flow for the full year 2024 [51][53] Other Important Information - Total cash at the end of 2023 was $24.6 million, an increase from $19.2 million at the end of 2022 [45] - Non-GAAP operating expenses are expected to be approximately $3.5 million in Q1 2024, reflecting a modest increase to support new programs [49][93] Q&A Session Summary Question: What percentage of revenue should be expected in the second half of the year? - Management indicated that greater than 50% of revenue will be recognized in the second half of the year, but not as high as 70% or 80% [64] Question: Is the new contract expected to produce tens of millions of dollars in revenue? - Management clarified that the new contract is with a different customer than the one previously referenced [66] Question: What is the trend regarding larger IP contracts? - Management confirmed that the average size of IP contracts is trending upwards, reflecting an appreciation of the value proposition [82] Question: Will storefront and royalty revenues contribute significantly this year? - Management expects storefront revenue to start contributing in 2025, but not to be a major contributor in 2024 [90] Question: How will operating expenses be managed throughout the year? - Management plans to keep operating expenses around $3.5 million, with some increases to support new hires and growth opportunities [93][96]

Financial Performance - Record GAAP net income of $2.0 million and record non-GAAP net income of $2.6 million for fiscal Q4 2023[10] - US GAAP net income for Q4 2023 was $2,042 million, compared to a net loss of $1,232 million in Q4 2022, marking a significant turnaround[27] - Non-GAAP net income for Q4 2023 was $2,647 million, up from a loss of $544 million in Q4 2022[27] - The company reported a basic net income per share of $0.15 for Q4 2023, compared to a loss of $0.09 per share in Q4 2022[27] Revenue Growth - Total revenue for Q4 2023 was $7.5 million, an increase of 12.2% compared to Q3 2023, and an increase of 83.1% compared to Q4 2022[3] - Fiscal 2023 revenue growth was 31% compared to fiscal 2022[10] - New product revenue was approximately $6.8 million in Q4 2023, an increase of 12.0% compared to Q3 2023, and an increase of 140.2% compared to Q4 2022[4] - Revenue from new products constituted 91% of total revenue in Q4 2023, a substantial increase from 70% in Q4 2022, reflecting a 140% growth year-over-year[29] - Mature product revenue was $0.7 million in Q4 2023, an increase of 14.6% compared to Q3 2023, but a decrease of 47.5% compared to Q4 2022[5] - Mature products accounted for only 9% of revenue in Q4 2023, down from 30% in Q4 2022, indicating a decline of 48%[29] Profitability Metrics - Fourth quarter 2023 GAAP gross margin was 77.1%, compared to 76.9% in Q3 2023 and 51.9% in Q4 2022[5] - Fourth quarter 2023 non-GAAP gross margin was 78.3%, compared to 78.0% in Q3 2023 and 53.2% in Q4 2022[6] - Gross margin percentage under US GAAP improved to 77.1% in Q4 2023, compared to 51.9% in Q4 2022[27] - Non-GAAP operating leverage increased by 251% due to significant increase in gross profit and modest decrease in operating expenses[10] Assets and Liabilities - Total assets increased to $47,792 million as of December 31, 2023, up from $32,586 million on January 1, 2023, representing a growth of 46.5%[25] - Current assets rose to $34,630 million, a 24.0% increase from $27,940 million year-over-year[25] - Total current liabilities increased to $29,630 million, up from $20,022 million, reflecting a rise of 48.3%[25] - Stockholders' equity grew to $16,895 million as of December 31, 2023, compared to $11,895 million on January 1, 2023, an increase of 42.1%[25] Business Development - Sales funnel grew to a record $168 million, including a diverse range of new IP customers and end markets[10] - New IP contract targeting 12nm fabrication node announced[10]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended October 1, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 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 (Sta ...

QuickLogic Corporation (NASDAQ:QUIK) Q3 2023 Earnings Conference Call November 14, 2023 5:30 PM ET Company Participants Alison Ziegler - Managing Director-Darrow Associates Brian Faith - President & Chief Executive Officer Elias Nader - Senior Vice President & Chief Financial Officer Conference Call Participants Richard Shannon - Craig-Hallum Capital Group Rick Neaton - Rivershore Investment Research Operator Ladies and gentlemen, good afternoon. At this time, I'd like to welcome everyone to QuickLogic Corp ...

Part I - Financial Information [Item 1. Unaudited Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Q2 2023 unaudited financials reflect decreased revenue, increased net loss, and improved operating cash flow [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to $34.4M, liabilities to $22.2M, and equity to $12.2M as of July 2, 2023 Balance Sheet Items (in thousands) | Balance Sheet Items (in thousands) | July 2, 2023 | January 1, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash, cash equivalents and restricted cash | $20,565 | $19,201 | | Accounts receivable, net | $937 | $2,689 | | Total current assets | $28,015 | $27,940 | | Total Assets | $34,376 | $32,586 | | **Liabilities & Equity** | | | | Revolving line of credit | $15,000 | $15,000 | | Total current liabilities | $21,579 | $20,022 | | Total Liabilities | $22,201 | $20,691 | | Total stockholders' equity | $12,175 | $11,895 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2023 revenue decreased 35.7% to $2.9M, with net loss widening to $2.3M Statement of Operations (in thousands, except per share) | Statement of Operations (in thousands, except per share) | Q2 2023 | Q2 2022 | Six Months 2023 | Six Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $2,921 | $4,541 | $7,054 | $8,637 | | Gross Profit | $1,203 | $2,544 | $3,593 | $5,005 | | Loss from operations | $(2,226) | $(627) | $(3,326) | $(1,636) | | Net loss | $(2,269) | $(524) | $(3,497) | $(1,688) | | Net loss per share (Basic and diluted) | $(0.17) | $(0.04) | $(0.26) | $(0.14) | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations improved to $0.2M, with financing providing $2.1M from stock issuance Cash Flows (in thousands) | Cash Flows (in thousands) | Six Months Ended July 2, 2023 | Six Months Ended July 3, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(232) | $(2,063) | | Net cash used in investing activities | $(530) | $(402) | | Net cash provided by financing activities | $2,126 | $1,406 | | Net increase (decrease) in cash | $1,364 | $(1,059) | [Notes to Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes cover semiconductor/eFPGA IP, a non-material cyber incident, $2.3M stock offering, and a $15M contract extension - The company's business focuses on **ultra-low power customer programmable System on Chip (SoC) semiconductor solutions**, embedded software, and **eFPGA intellectual property (IP)** for markets including IoT, Military, Aerospace, and Defense[19](index=19&type=chunk) - A ransomware infection was detected on January 20, 2023, but the company believes it has not had and will not have a **material impact** on business operations or financial results[22](index=22&type=chunk)[23](index=23&type=chunk) - On March 21, 2023, the company raised approximately **$2.3 million** in net cash proceeds from a registered direct offering of **450,000 shares of common stock**[27](index=27&type=chunk)[56](index=56&type=chunk) - For the three months ended July 2, 2023, revenue was highly concentrated, with Customer 'A' accounting for **47%**, Customer 'B' for **12%**, and Customer 'C' for **11%** of total revenue[74](index=74&type=chunk) - Subsequent to the quarter end, on August 11, 2023, the company signed an extension to an existing eFPGA IP and Design Services contract for approximately **$15 million**, with work extending into 2024[82](index=82&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2023 revenue decrease of 36% to $2.9M and a $2.3M net loss, with sufficient liquidity [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q2 2023 revenue decreased 36% to $2.9M, gross margin contracted to 41%, and operating expenses increased 8% Revenue Breakdown (in thousands) | Revenue Breakdown (in thousands) | Q2 2023 | Q2 2022 | % Change | | :--- | :--- | :--- | :--- | | New products | $2,233 | $3,131 | (29)% | | Mature products | $688 | $1,410 | (51)% | | **Total revenue** | **$2,921** | **$4,541** | **(36)%** | New Product Revenue Detail (in thousands) | New Product Revenue Detail (in thousands) | Q2 2023 | Q2 2022 | % Change | | :--- | :--- | :--- | :--- | | Hardware products | $366 | $1,464 | (75)% | | eFPGA IP and professional services | $1,857 | $1,617 | 15% | | SaaS & Other | $10 | $50 | (80)% | - Gross profit in Q2 2023 decreased **53%** to **$1.2 million (41% margin)** from **$2.5 million (56% margin)** in Q2 2022, reflecting lower revenues and higher tooling/software costs on eFPGA projects[109](index=109&type=chunk) - R&D expenses increased by **26%** year-over-year to **$1.5 million** in Q2 2023, while SG&A expenses decreased by **3%** to **$1.9 million**[111](index=111&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity includes $20.6M cash and $2.3M from stock sale, deemed sufficient for the next twelve months - The company's primary liquidity sources as of July 2, 2023, included **$20.6 million** in cash, cash equivalents, and restricted cash, which incorporates a **$15.0 million** advance from its Revolving Facility[131](index=131&type=chunk) - The company was in compliance with all loan covenants for its Revolving Facility, which had **$15.0 million** outstanding at an interest rate of **8.75%** as of July 2, 2023[134](index=134&type=chunk) - Management believes that existing cash, revenues from operations, and the Revolving Facility will be **sufficient to fund operations and capital expenditures for the next twelve months**[135](index=135&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable for the current reporting period - Not Applicable[151](index=151&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were effective as of July 2, 2023, with no material changes in internal control - Management, including the CEO and CFO, concluded that disclosure controls and procedures were **effective at a reasonable assurance level** as of July 2, 2023[152](index=152&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have **materially affected**, or are reasonably likely to materially affect, the company's internal controls[154](index=154&type=chunk) Part II - Other Information [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings during the period - None[157](index=157&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors previously disclosed in the 2022 Annual Report on Form 10-K - There have been **no material changes** to the risk factors set forth in the 2022 Annual Report on Form 10-K[158](index=158&type=chunk) [Item 3. Defaults Upon Senior Securities](index=37&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[159](index=159&type=chunk) [Item 6. Exhibits](index=37&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed, including CEO and CFO certifications per Sarbanes-Oxley Act - The report includes **certifications from the Chief Executive Officer and Chief Financial Officer** pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[160](index=160&type=chunk)

QuickLogic Corporation (NASDAQ:QUIK) Q2 2023 Earnings Conference Call August 14, 2023 5:30 PM ET Company Participants Alison Ziegler - Managing Director-Darrow Associates Brian Faith - President and Chief Executive Officer Elias Nader - Senior Vice President and Chief Financial Officer Conference Call Participants Martin Yang - Oppenheimer Rick Neaton - Rivershore Investment Research Richard Shannon - Craig-Hallum Capital Group Operator Ladies and gentlemen, good afternoon. At this time, I would like to we ...