QuickLogic(QUIK) - 2026 Q2 - Quarterly Results

QuickLogic Fiscal Second Quarter 2025 Earnings Release Recent Highlights & Business Update QuickLogic accelerates Australis 2.0 deployment and secures new eFPGA licenses, enhancing its IP and chiplet solutions for advanced fabrication nodes - The company is accelerating the introduction of its Australis 2.0 IP Generation tool to Q4 in response to increasing customer interest in high-density designs for advanced fabrication nodes like 12nm and Intel 18A[3] - Key strategic and operational achievements during the quarter include: - Signing a new, revenue-generating eFPGA Hard IP License contract for a customer's Intel 18A test chip[10] - Launching the Aurora PRO FPGA User Tool, which integrates Synopsis Synplify® to deliver 50% better resource utilization and up to 35% faster frequency[10] - Joining the Intel Foundry Chiplet Alliance to target the Intel 18A process[10] Q2 2025 Financial Performance Summary QuickLogic's Q2 2025 financial performance saw a 10.0% year-over-year revenue decrease, significant gross margin contraction, and wider GAAP and non-GAAP net losses Q2 2025 Key Financial Metrics (Continuing Operations) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | Q1 2025 ($M) | YoY Change (%) | QoQ Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $3.7M | $4.1M | $4.3M | -10.0% | -14.8% | | GAAP Gross Margin | 25.9% | 54.7% | 43.4% | -28.8 p.p. | -17.5 p.p. | | Non-GAAP Gross Margin | 31.0% | 58.2% | 47.1% | -27.2 p.p. | -16.1 p.p. | | GAAP Net Loss | ($2.7M) | ($1.6M) | ($2.2M) | +68.8% | +22.7% | | GAAP EPS | ($0.17) | ($0.11) | ($0.14) | - | - | | Non-GAAP Net Loss | ($1.5M) | ($0.7M) | ($1.1M) | +114.3% | +36.4% | | Non-GAAP EPS | ($0.09) | ($0.05) | ($0.07) | - | - | Q2 2025 Revenue Breakdown (Continuing Operations) | Revenue Type | Q2 2025 ($M) | Q2 2024 ($M) | Q1 2025 ($M) | YoY Change (%) | QoQ Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | New Product Revenue | $2.9M | $3.0M | $3.7M | -3.6% | -22.1% | | Mature Product Revenue | $0.8M | $1.1M | $0.6M | -27.3% | +33.3% | Financial Statements Detailed financial statements show declining revenue and gross profit, leading to increased operating and net losses, while the balance sheet reflects reduced cash and liabilities Condensed Consolidated Statements of Operations Q2 2025 saw revenue decline to $3.7 million, gross profit fall to $0.95 million, and operating and net losses widen significantly year-over-year Statement of Operations Summary (in thousands) | Metric | Three Months Ended June 29, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | $3,687 | $4,096 | | Gross Profit | $954 | $2,242 | | Total Operating Expense | $3,476 | $3,442 | | Operating Loss | ($2,522) | ($1,200) | | Net Loss from Continuing Operations | ($2,661) | ($1,229) | | Net Loss per Share (Basic & Diluted) | ($0.17) | ($0.11) | Condensed Consolidated Balance Sheets As of June 29, 2025, total assets decreased to $50.2 million, cash was $19.2 million, total liabilities fell to $22.6 million, and stockholders' equity rose to $27.7 million Balance Sheet Summary (in thousands) | Account | June 29, 2025 | December 29, 2024 | | :--- | :--- | :--- | | Assets | | | | Cash, cash equivalents and restricted cash | $19,191 | $21,859 | | Total current assets | $27,389 | $29,604 | | TOTAL ASSETS | $50,214 | $51,933 | | Liabilities & Equity | | | | Revolving line of credit | $15,000 | $18,000 | | Total current liabilities | $21,525 | $25,397 | | Total liabilities | $22,557 | $27,046 | | Total stockholders' equity | $27,657 | $24,887 | Supplemental Information This section details GAAP to non-GAAP reconciliation, adjusting for non-cash items, and provides revenue breakdowns by product type and dominant geographical market Reconciliation of GAAP to Non-GAAP Measures Q2 2025 non-GAAP net loss was ($1.5 million) versus GAAP net loss of ($2.7 million), with adjustments primarily for stock-based compensation, impairment, and restructuring costs Q2 2025 GAAP to Non-GAAP Reconciliation (Continuing Operations, in thousands) | Description | Amount | | :--- | :--- | | US GAAP net loss from continuing operations | ($2,661) | | Adjustment for stock-based compensation | $843 | | Adjustment for impairment charges | $300 | | Adjustment for restructuring costs | $21 | | Non-GAAP net loss from continuing operations | ($1,497) | Supplemental Revenue Data Q2 2025 new product revenue decreased 4% year-over-year, comprising 79% of total, while North America remained dominant at 80% despite an 18% decline Revenue Composition by Product (Q2 2025) | Product Type | Percentage of Revenue (%) | YoY Change (%) | | :--- | :--- | :--- | | New products | 79% | -4% | | Mature products | 21% | -28% | Revenue Composition by Geography (Q2 2025) | Geography | Percentage of Revenue (%) | YoY Change (%) | | :--- | :--- | :--- | | North America | 80% | -18% | | Asia Pacific | 17% | +57% | | Europe | 3% | -6% | Company Information and Disclosures This section describes QuickLogic's fabless semiconductor business, explains the use of non-GAAP measures, and includes a forward-looking statements disclaimer - QuickLogic is a fabless semiconductor company that specializes in embedded FPGA (eFPGA) Hard IP, discrete FPGAs, and endpoint AI solutions for various markets including aerospace, defense, industrial, and consumer[12] - The company reports non-GAAP financial measures, excluding items like stock-based compensation and restructuring costs, to help investors evaluate its operating results in a manner similar to management's internal analysis[14][15] - The press release contains forward-looking statements that are based on management's current expectations and are subject to risks and uncertainties detailed in the company's SEC filings[17]