QuickLogic(QUIK) - 2025 Q4 - Annual Results

Revenue Performance - Total revenue for Q4 2024 was $5.7 million, a decrease of 23.7% compared to Q4 2023, but an increase of 33.5% compared to Q3 2024[4] - New product revenue in Q4 2024 was approximately $4.7 million, down $2.2 million or 31.8% year-over-year, but up $1.1 million or 31.7% sequentially[5] - Mature product revenue was $1.0 million in Q4 2024, compared to $0.7 million in both Q4 2023 and Q3 2024[6] - Revenue from new products constituted 82% of total revenue in Q4 2024, down from 91% in Q4 2023, indicating a decline of 32% year-over-year[29] - Mature products revenue increased to 18% of total revenue in Q4 2024, up from 9% in Q4 2023, marking a growth of 61%[29] - Revenue from Asia Pacific increased to 9% in Q4 2024, up from 6% in Q4 2023, reflecting a growth of 28%[29] - North America revenue decreased to 86% in Q4 2024, down from 92% in Q4 2023, a decline of 29%[29] Profitability and Margins - Q4 2024 GAAP gross margin was 59.8%, down from 77.1% in Q4 2023 and up from 55.8% in Q3 2024[6] - Q4 2024 non-GAAP net income was $0.6 million, or $0.04 per share, compared to $2.6 million, or $0.19 per share, in Q4 2023[9] - Non-GAAP net income for Q4 2024 was $563 thousand, compared to $2,647 thousand in Q4 2023, reflecting a decrease of 78.7%[27] - US GAAP net income for Q4 2024 was a loss of $305 thousand, compared to a profit of $2,042 thousand in Q4 2023[27] - Gross margin percentage under US GAAP for Q4 2024 was 59.8%, down from 77.1% in Q4 2023[27] Financial Position - Total assets increased to $51,933 million as of December 29, 2024, up from $47,792 million as of December 31, 2023, representing an increase of 4.5%[25] - Current liabilities decreased to $25,397 million, down from $29,630 million, a reduction of 14.3%[25] - Total stockholders' equity rose to $24,887 million as of December 29, 2024, compared to $16,895 million as of December 31, 2023, an increase of 47.1%[25] Strategic Developments - Awarded a $1.1 million eFPGA Hard IP contract with a new defense industrial base customer[10] - Announced a $6.6 million fourth tranche of the Strategic Radiation Hardened FPGA Technology US Government contract[10] - The company is on track to complete the first eFPGA Hard IP core optimized for Intel 18A during Q1 2025[10] - Signed a distribution agreement with Magenta to expand the distribution network to Turkiye and UAE[10] Future Outlook - The company expects to achieve non-GAAP profitability and positive cash flow for the full year 2025[3]