QuickLogic(QUIK) - 2026 Q4 - Annual Results

Financial Performance - Total revenue for Q4 2025 was $3.7 million, a decrease of 34.2% year-over-year and an increase of 84.0% quarter-over-quarter[3]. - New product revenue in Q4 2025 was approximately $2.8 million, down $1.8 million or 38.5% year-over-year, but up $1.8 million or 198.6% quarter-over-quarter[4]. - GAAP gross margin for Q4 2025 was 18.1%, down from 62.7% in Q4 2024 and improved from (23.3%) in Q3 2025[5]. - Non-GAAP net loss for Q4 2025 was ($2.9 million), or ($0.17) per share, compared to a net income of $0.6 million, or $0.04 per share, in Q4 2024[8]. - Operating expenses for Q4 2025 were $4.2 million, compared to $3.4 million in Q4 2024 and $3.5 million in Q3 2025[6]. - For Q4 2025, new products accounted for 76% of total revenue, a decrease of 39% compared to Q4 2024, but an increase of 199% compared to Q3 2025[29]. - Mature products represented 24% of total revenue in Q4 2025, showing a decline of 15% from Q4 2024 and an 18% decrease from Q3 2025[29]. - The gross margin percentage for continuing operations was 18.1% in Q4 2025, compared to 23.3% in Q4 2024[27]. - Non-GAAP net income per share for continuing operations was $(0.14) in Q4 2025, compared to $(0.03) in Q4 2024[27]. - The adjusted net income per share for continuing operations was $(0.15) in Q4 2025, compared to $(0.06) in Q4 2024[27]. - The company reported a gross margin percentage of 20.8% for continuing operations, down from 26.9% in Q4 2024[27]. Assets and Liabilities - Total assets decreased from $51,933 million in December 29, 2024, to $44,786 million in December 28, 2025, representing a decline of approximately 13.2%[24]. - Current liabilities decreased from $25,397 million in December 29, 2024, to $21,285 million in December 28, 2025, a reduction of about 16.5%[24]. - The company’s long-term liabilities decreased from $1,202 million in December 29, 2024, to $926 million in December 28, 2025, a reduction of approximately 22.9%[24]. - The company’s total liabilities decreased from $27,046 million in December 29, 2024, to $22,337 million in December 28, 2025, a decline of about 17.4%[24]. - Cash and cash equivalents decreased from $21,859 million in December 29, 2024, to $18,840 million in December 28, 2025, a decline of approximately 13.8%[24]. - Total stockholders' equity decreased from $24,887 million in December 29, 2024, to $22,449 million in December 28, 2025, a decrease of about 9.8%[24]. Operational Highlights - The U.S. Government awarded QuickLogic a $13 million tranche as part of an expanded contract, increasing the total contract ceiling to approximately $89 million[3]. - QuickLogic secured multiple new commercial eFPGA Hard IP design wins, including a high-performance data center production ASIC on a 12nm process node[9]. - The company entered the hardware cybersecurity market through a partnership with Idaho Scientific, enabling secure ASIC and SoC designs using QuickLogic eFPGA Hard IP[9]. - QuickLogic published a customer case study showing a 50% power savings when Epson transitioned from software to eFPGA for programmable algorithm processing[9]. - The company anticipates significant revenue growth beginning in 2026, supported by recent contract expansions and new product developments[3]. Revenue by Region - Revenue from Asia Pacific was 10% in Q4 2025, unchanged from Q4 2024, with a significant decline of 32% compared to Q3 2025[29]. - North America contributed 81% to total revenue in Q4 2025, down 38% from Q4 2024, but up 191% from Q3 2025[29]. - Europe saw a revenue increase to 9% in Q4 2025, up 23% from Q4 2024 and a remarkable 869% increase from Q3 2025[29]. Year-End Financial Summary - US GAAP operating loss for the year ended December 28, 2025, was $11,919 million, compared to a loss of $2,520 million for the year ended December 29, 2024[26]. - Non-GAAP net income from continuing operations for the year ended December 28, 2025, was a loss of $8,627 million, while the previous year reported a gain of $1,594 million[26]. - The company reported a non-GAAP operating loss of $8,193 million for the year ended December 28, 2025, compared to a gain of $1,979 million for the year ended December 29, 2024[26]. - The company’s inventories increased slightly from $940 million in December 29, 2024, to $956 million in December 28, 2025, an increase of about 1.7%[24]. - The revenue from new products in discontinued operations was 0% in Q4 2025, reflecting a 100% decline from Q4 2024[29].