QuickLogic(US:QUIK)2025-11-12 12:00Revenue Performance - Total revenue for Q3 2025 was $2.0 million, a decrease of 51.8% year-over-year and a decrease of 45.0% from Q2 2025[3] - New product revenue was approximately $1.0 million, down $2.5 million or 72.6% compared to Q3 2024, and down $1.9 million or 67.3% from Q2 2025[4] - Mature product revenue increased to $1.1 million from $0.7 million in Q3 2024 and $0.8 million in Q2 2025[4] - New products accounted for 47% of total revenue in Q3 2025, a significant decrease from 81% in Q3 2024, reflecting a 73% decline year-over-year[29] - Mature products represented 53% of total revenue in Q3 2025, up from 17% in Q3 2024, indicating a 46% increase year-over-year[29] - Revenue from the Asia Pacific region increased to 47% in Q3 2025, compared to 12% in Q3 2024, marking an 88% growth year-over-year[29] - North America contributed 51% to total revenue in Q3 2025, down from 85% in Q3 2024, reflecting a 71% decline year-over-year[29] Financial Metrics - GAAP gross margin was (23.3%) in Q3 2025, compared to 59.1% in Q3 2024 and 25.9% in Q2 2025[5] - Non-GAAP net loss was ($3.2 million) or ($0.19) per share, compared to a net loss of ($0.9 million) or ($0.07) per share in Q3 2024[8] - US GAAP operating loss for the three months ended September 28, 2025, was $3,927 million, compared to a loss of $1,602 million for the same period in 2024[26] - Non-GAAP net loss from continuing operations for the three months ended September 28, 2025, was $3,176 million, compared to a loss of $518 million in the prior year[26] - The company reported a net loss from continuing operations per share, basic, of $0.24 for the three months ended September 28, 2025, compared to a loss of $0.13 in the same period of 2024[26] - Non-GAAP net income per share was $(0.19) in Q3 2025, a decrease from $(0.07) in Q3 2024[27] - The company reported a diluted loss per share of $(0.01) for discontinued operations in Q3 2025, compared to $(0.03) in Q3 2024[27] Expenses and Liabilities - Operating expenses for Q3 2025 were $3.5 million, consistent with Q2 2025 and down from $4.1 million in Q3 2024[6] - Cash and cash equivalents decreased from $21,859 million to $17,343 million, a decline of approximately 21%[24] - Total assets decreased from $51,933 million as of December 29, 2024, to $46,118 million as of September 28, 2025, representing a decline of approximately 11%[24] - Current liabilities decreased from $25,397 million to $20,641 million, a reduction of about 19%[24] - Long-term liabilities decreased from $27,046 million to $21,388 million, a reduction of about 21%[24] - Total stockholders' equity slightly decreased from $24,887 million to $24,730 million, a reduction of about 1%[24] - The company’s total current assets decreased from $29,604 million to $24,301 million, a decline of approximately 18%[24] Contracts and Future Expectations - The company won a $1 million eFPGA Hard IP contract for a high-performance data-center ASIC, expanding its success in commercial markets[10] - A significant rebound in the USG Strategic Radiation Hardened FPGA Program is expected to contribute to revenue growth in Q4 2025[10] - The company anticipates receiving orders for the upcoming SRH FPGA Dev Kit and several new eFPGA Hard IP contracts in the coming weeks[3] Research and Development - Research and development expenses included stock-based compensation of $96 million for the three months ended September 28, 2025[26] Product Revenue Trends - Revenue from new products in discontinued operations was 0% in Q3 2025, down from 2% in Q3 2024, indicating a 100% decline[29] - Revenue from mature products in Q3 2025 was 53%, up from 21% in Q2 2025, showing a 40% increase quarter-over-quarter[29] - The gross margin percentage from continuing operations was 23.3% in Q3 2025, compared to 59.1% in Q3 2024[27] - The company’s adjusted gross margin for stock-based compensation was 11.4% in Q3 2025, compared to 5.6% in Q3 2024[27]