QuickLogic(QUIK) - 2026 Q1 - Quarterly Results

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]