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QuickLogic(QUIK) - 2026 Q1 - Quarterly Results
QUIKQuickLogic(QUIK)2025-05-13 20:09

Financial Performance - Total revenue for Q1 2025 was 4.3million,adecreaseof23.74.3 million, a decrease of 23.7% year-over-year and 23.8% sequentially[4] - New product revenue was approximately 3.7 million, down 0.8millionor17.40.8 million or 17.4% compared to Q1 2024, and down 0.9 million or 19.1% from Q4 2024[5] - Mature product revenue was 0.6million,comparedto0.6 million, compared to 1.1 million in Q1 2024 and 1.0millioninQ42024[6]−GAAPnetlossforQ12025was(1.0 million in Q4 2024[6] - GAAP net loss for Q1 2025 was (2.2 million), or (0.14)pershare,comparedtonetincomeof0.14) per share, compared to net income of 0.1 million, or 0.01pershare,inQ12024[8]−Non−GAAPoperatinglossforQ12025was0.01 per share, in Q1 2024[8] - Non-GAAP operating loss for Q1 2025 was 991 thousand, compared to a profit of 1,598thousandinQ12024,representingasignificantdecline[26]−USGAAPnetlossfromcontinuingoperationsforQ12025was1,598 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 73thousandinQ12024,reflectingasubstantialdownturn[26]−Non−GAAPnetincome(loss)fromcontinuingoperationspershare,basic,was73 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 0.11inQ12024[26]−Thecompanyreportedanon−GAAPnetincome(loss)of0.11 in Q1 2024[26] - The company reported a non-GAAP net income (loss) of (1,146) thousand for Q1 2025, compared to 1,732thousandinQ12024,indicatingasignificantdropinperformance[26]MarginsandProfitability−GAAPgrossmarginforQ12025was43.41,732 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 25,337millionasofMarch30,2025,adeclineofapproximately15.325,337 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 22,760millionasofMarch30,2025,areductionofapproximately15.922,760 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 17,546millionasofMarch30,2025,adeclineofapproximately19.517,546 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]