Company Overview - QuickLogic (QUIK) shares increased by 5.9% to $6.32 in the last trading session, with a notable trading volume, and have gained 15.7% over the past four weeks [1] - QuickLogic is positioned as the first available source for eFPGA Hard IP for Intel 18A technology, which is driving growth in both defense and commercial markets [1] Financial Performance - QuickLogic is expected to report a quarterly loss of $0.07 per share, reflecting a year-over-year decline of 40%, with revenues projected at $4 million, down 3.2% from the previous year [2] - The consensus EPS estimate for QuickLogic has remained unchanged over the last 30 days, indicating stability in earnings expectations [4] Industry Context - QuickLogic is part of the Zacks Electronics - Semiconductors industry, where GCT Semiconductor Holding, Inc. (GCTS) experienced a 4.1% decline to $1.42, despite a 39.6% return over the past month [4] - GCT Semiconductor Holding's consensus EPS estimate has also remained unchanged at -$0.14, representing a significant year-over-year change of -600% [5]

Company Overview - QuickLogic's stock closed at $6.00, reflecting a +1.69% change from the previous day's closing price, outperforming the S&P 500 which lost 0.03% [1] - Over the last month, QuickLogic's shares increased by 6.5%, surpassing the Computer and Technology sector's gain of 3.02% and the S&P 500's gain of 0.6% [1] Upcoming Earnings - The upcoming earnings release is projected to show an EPS of -$0.07, indicating a 40.00% decline compared to the same quarter last year [2] - Revenue is estimated at $4 million, down 3.15% from the prior-year quarter [2] Fiscal Year Estimates - For the entire fiscal year, earnings are expected to be -$0.02 per share, reflecting a -150% change from the previous year, while revenue is projected at $22.75 million, indicating a +13.12% increase [3] - Recent changes in analyst estimates are crucial as they reflect short-term business trends, with positive revisions indicating analyst optimism [3] Zacks Rank and Performance - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has shown that 1 ranked stocks have yielded an average annual return of +25% since 1988 [5] - QuickLogic currently holds a Zacks Rank of 3 (Hold), with a 50% decrease in the Zacks Consensus EPS estimate over the last 30 days [5] Industry Context - The Electronics - Semiconductors industry, part of the Computer and Technology sector, has a Zacks Industry Rank of 76, placing it in the top 31% of over 250 industries [6] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [6]

Core Insights - QuickLogic Corporation will exhibit at the 2025 Chips to Systems Conference (DAC) in San Francisco, showcasing its advanced eFPGA Hard IP and chiplet solutions [1][2]. Company Overview - QuickLogic is a fabless semiconductor company specializing in eFPGA Hard IP, discrete FPGAs, and endpoint AI solutions, targeting markets such as aerospace, defense, industrial, consumer, and edge computing [4]. Event Details - The DAC 2025 event will take place from June 23–25, 2025, at Booth 2222, Moscone West, 2nd Floor [3]. - Attendees can explore how QuickLogic's solutions can enhance design goals with flexibility and efficiency [3]. Product Offerings - QuickLogic's eFPGA Hard IP enables post-manufacturing flexibility, helping designers reduce time-to-market and costs while achieving performance, power, and area (PPA) goals [2]. - The company's chiplet solutions feature validated, interoperable blocks supported by Universal PHY™, facilitating faster and more efficient heterogeneous integration [2].

Core Insights - QuickLogic Corporation has joined the Intel Foundry Chiplet Alliance, enhancing its strategy to deliver secure, interoperable eFPGA-based chiplets for defense and commercial markets [1][3] Group 1: Collaboration and Membership - Membership in the Intel Foundry Chiplet Alliance allows QuickLogic to access Intel Foundry's advanced process and packaging roadmaps, which will expedite the market introduction of its customizable eFPGA chiplets [1][3] - The Chiplet Alliance aims to create a secure, standards-based ecosystem that supports both U.S. Military, Aerospace & Government (USMAG) and high-volume commercial customers [1][2] Group 2: Technical Advantages - QuickLogic's participation in the Chiplet Alliance extends its collaboration to the package level, enabling seamless interoperability of its reconfigurable logic blocks with other members' dies in a multi-chip package [2] - The alliance provides early visibility and technical access to Intel Foundry's advanced processes, packaging technologies, and training, which will help reduce prototype cycles and costs [4] Group 3: Strategic Importance - The CEO of QuickLogic emphasized that joining the Chiplet Alliance is a logical step that will benefit customers needing secure and flexible solutions for aerospace, defense, and commercial applications [3]

Part I [Unaudited Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Unaudited Q1 2025 financials reveal decreased assets, a $2.2 million net loss, negative operating cash flow, and SensiML as discontinued operations [Unaudited Condensed Consolidated Balance Sheets](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $49.1 million by March 30, 2025, primarily due to reduced cash, while liabilities also fell and equity rose Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | March 30, 2025 | December 29, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash, cash equivalents and restricted cash | $17,546 | $21,859 | | Accounts receivable, net | $1,586 | $2,426 | | Total current assets | $25,337 | $29,604 | | TOTAL ASSETS | $49,077 | $51,933 | | **Liabilities & Equity** | | | | Revolving line of credit | $15,000 | $18,000 | | Total current liabilities | $21,482 | $25,397 | | Total liabilities | $22,760 | $27,046 | | Total stockholders' equity | $26,317 | $24,887 | | TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $49,077 | $51,933 | [Unaudited Condensed Consolidated Statements of Operations](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 saw a 24% revenue decline to $4.3 million, leading to a $2.1 million net loss from continuing operations and a diluted loss per share of $0.14 Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended Mar 30, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Revenue | $4,325 | $5,669 | | Gross Profit | $1,877 | $3,804 | | Operating Income (Loss) | $(1,981) | $132 | | Net Income (Loss) from Continuing Operations | $(2,090) | $73 | | Net Income (Loss) | $(2,191) | $108 | | Diluted EPS (Continuing Operations) | $(0.14) | $0.01 | [Unaudited Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 experienced a $4.3 million net decrease in cash, driven by $2.1 million used in operations and $1.5 million in investing activities Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Three Months Ended Mar 30, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $(2,126) | $147 | | Net cash provided by (used in) investing activities | $(1,492) | $(651) | | Net cash provided by (used in) financing activities | $(708) | $3,297 | | Net increase (decrease) in cash | $(4,326) | $2,793 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail SensiML's discontinuation, liquidity sources including $17.5 million cash and $2.7 million from equity, and high revenue concentration from a single customer - The company has discontinued operations at its wholly-owned subsidiary, SensiML Corporation, and is actively exploring its sale to focus resources on its core eFPGA Hard IP and ruggedized FPGA business[19](index=19&type=chunk)[50](index=50&type=chunk) - In Q1 2025, the company raised approximately **$2.7 million** in net proceeds through a registered direct offering (**$1.5 million**) and an At Market Issuance (ATM) offering (**$1.2 million**)[24](index=24&type=chunk)[25](index=25&type=chunk)[78](index=78&type=chunk) - As of March 30, 2025, the company had **$15.0 million** outstanding on its revolving line of credit with Heritage Bank at an interest rate of **8.00%**. The loan maturity was extended to December 31, 2026[23](index=23&type=chunk)[71](index=71&type=chunk) Revenue from Continuing Operations by Product Family (in thousands) | Product Family | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | New products | $3,747 | $4,538 | | Mature products | $578 | $1,131 | | **Total revenue** | **$4,325** | **$5,669** | - Revenue concentration remains high, with 'Customer A' accounting for **78%** of revenue from continuing operations in Q1 2025, up from **66%** in Q1 2024[101](index=101&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 24% revenue decline, 51% gross profit drop, increased operating expenses, and the strategic focus on core eFPGA business after SensiML's discontinuation [Overview](index=31&type=section&id=Overview) QuickLogic, a fabless semiconductor company, is refocusing on its core eFPGA and ruggedized FPGA business after discontinuing SensiML operations - The company is focusing on its core business of eFPGA IP, SoCs, and discrete FPGAs after discontinuing operations at its SensiML subsidiary[109](index=109&type=chunk)[110](index=110&type=chunk) - Business growth is expected to be driven mainly by eFPGA IP and silicon solutions[117](index=117&type=chunk) - Total revenue from continuing operations in Q1 2025 was **$4.3 million**, a **24%** decrease YoY. New product revenue was **$3.7 million**, a **17%** decrease YoY[127](index=127&type=chunk) [Results of Operations - Continuing Operations](index=35&type=section&id=Results%20of%20Operations%20-%20Continuing%20Operations) Continuing operations revenue declined 24% to $4.3 million in Q1 2025, with gross profit falling 51% to $1.9 million and operating expenses increasing 5% Revenue Comparison (Continuing Operations, in thousands) | Product Category | Q1 2025 | Q1 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | New products | $3,747 | $4,538 | $(791) | (17)% | | Mature products | $578 | $1,131 | $(553) | (49)% | | **Total revenue** | **$4,325** | **$5,669** | **$(1,344)** | **(24)%** | Gross Profit Comparison (Continuing Operations, in thousands) | Metric | Q1 2025 | Q1 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Gross Profit | $1,877 | $3,804 | $(1,927) | (51)% | | Gross Margin | 43% | 67% | - | - | - The decrease in gross profit was caused by a **24%** revenue decline and a **31%** increase in cost of revenue, primarily from higher depreciation, amortization, and labor costs[137](index=137&type=chunk) - Total operating expenses increased by **5%** YoY, driven by an **$0.2 million** increase in SG&A from higher compensation and consulting services[139](index=139&type=chunk)[141](index=141&type=chunk) [Results of Operations - Discontinued Operations](index=38&type=section&id=Results%20of%20Operations%20-%20Discontinued%20Operations) Discontinued SensiML operations generated minimal revenue of $11 thousand in Q1 2025, a 97% decrease, with $109 thousand in operating expenses including restructuring costs Financials for Discontinued Operations (in thousands) | Metric | Q1 2025 | Q1 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $11 | $338 | $(327) | (97)% | | Gross Profit | $8 | $179 | $(171) | (96)% | | Total Operating Expenses | $109 | $138 | $(29) | (21)% | - Operating expenses for discontinued operations in Q1 2025 included **$87 thousand** in restructuring costs and **$13 thousand** in SG&A[148](index=148&type=chunk)[151](index=151&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity as of March 30, 2025, includes $17.5 million cash, a $15.0 million drawn credit facility, and $2.7 million from stock sales, deemed sufficient for the next twelve months - Principal sources of liquidity as of March 30, 2025, include **$17.5 million** in cash, a **$15.0 million** drawn-down from its revolving credit facility, and **$2.7 million** in net proceeds from recent stock sales[156](index=156&type=chunk) - The company's revolving credit facility with Heritage Bank was amended to extend the maturity date to December 31, 2026[161](index=161&type=chunk) Consolidated Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash from operating activities | $(2,126) | $147 | | Net cash from investing activities | $(1,492) | $(651) | | Net cash from financing activities | $(708) | $3,297 | - Management believes existing cash, revenues, and available financing will be sufficient to fund operations and capital expenditures for the next twelve months[162](index=162&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable for the current reporting period - Not Applicable[177](index=177&type=chunk) [Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of March 30, 2025, with no material changes to internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures were effective as of March 30, 2025[178](index=178&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, internal controls[181](index=181&type=chunk) Part II [Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) No legal proceedings were reported for the period - None[184](index=184&type=chunk) [Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported from the 2024 Annual Report on Form 10-K - No material changes to the risk factors set forth in the 2024 Annual Report on Form 10-K[185](index=185&type=chunk) [Other Information](index=46&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2025 - During the first quarter of 2025, none of the company's directors or officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements[187](index=187&type=chunk) [Exhibits](index=46&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with or incorporated by reference into the Form 10-Q, including agreements and certifications

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]

Core Viewpoint - QuickLogic reported a quarterly loss of $0.07 per share, slightly better than the Zacks Consensus Estimate of a loss of $0.08, and a decline from earnings of $0.11 per share a year ago [1] Financial Performance - The company achieved an earnings surprise of 12.50% for the quarter, having previously exceeded expectations by 33.33% in the prior quarter [2] - QuickLogic's revenues for the quarter were $4.33 million, surpassing the Zacks Consensus Estimate by 8.13%, but down from $6.01 million year-over-year [3] - Over the last four quarters, QuickLogic has exceeded consensus revenue estimates two times [3] Stock Performance - QuickLogic shares have declined approximately 43.5% since the beginning of the year, contrasting with the S&P 500's decline of only 0.6% [4] - The current Zacks Rank for QuickLogic is 3 (Hold), indicating expected performance in line with the market in the near future [7] Future Outlook - The consensus EPS estimate for the upcoming quarter is $0.06 on revenues of $6.35 million, and for the current fiscal year, it is $0.16 on revenues of $24.37 million [8] - The Electronics - Semiconductors industry, to which QuickLogic belongs, is currently ranked in the top 39% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [9]

Financial Data and Key Metrics Changes - Total first quarter revenue was $4.3 million, approximately $300,000 above the midpoint of guidance, but down 28% from Q1 2024 and down 24% compared to Q4 2024 [30] - New product revenue in Q1 was $3.8 million, down 23% from Q1 2024 and down 19% compared to Q4 2024 [30] - Non-GAAP gross margin in Q1 was 45.7%, significantly lower than 71.3% in Q1 2024 and 62.9% in Q4 2024 [31] - 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 [32] 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 [30] - The decrease in total revenue and new product revenue was primarily due to the timing of large eFPGA IP contracts [31] Market Data and Key Metrics Changes - The defense industrial base is increasingly interested in using Intel ETNA for new designs, indicating strong market demand for eFPGA hard IP [14] - The total market for discrete FPGA devices is approximately $1.5 billion, with significant interest from the defense sector [14] 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 generate production eFPGA Hard IP license revenue beginning in the second half of 2025 [16] - The company is exploring storefront opportunities and has engaged in discussions regarding potential sales of SensiML [28] 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 [45] - The company anticipates a revenue rebound beginning in Q3, with a full-year non-GAAP gross profit margin expected to be in the low 60% range [37] Other Important Information - The company raised approximately $1.5 million from institutional investors and $1.2 million net from an ATM offering [35] - The strategic RadHard FPGA government contract is valued at approximately $6.6 million, with additional funding modifications expected [18] Q&A Session Summary Question: Can you walk us through the ramp of Intel 18A and its revenue stream? - Management indicated that the revenue stream will include both licensing and royalties, with significant interest from both defense and commercial markets [48][54] Question: What are the key drivers of revenue ramp through the year? - Key drivers include ongoing Anafuse FPGA business, the strategic RadHard contract, and new IP contracts, particularly in the second half of the year [58][60] Question: Can you provide insights on storefront opportunities? - Management highlighted several opportunities in the funnel, including government RFPs and interest from the Intel chiplet ecosystem [66] Question: How does the company plan to address the $1.5 billion FPGA market? - The company aims to reduce verification costs and integrate eFPGA into ASICs, which could lower overall costs for defense applications [70][72] Question: Are opportunities with Faraday limited to the announced node? - Management expressed interest in exploring smaller nodes, indicating potential for future collaborations beyond the current 22nm node [75]

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]