QuickLogic(US:QUIK)2022-05-18 20:06Revenue Performance - Total revenue for Q1 2022 was $4.1 million, an increase of 11% from the prior quarter and 83% year-over-year[83]. - New product revenue in Q1 2022 was $3.5 million, up 29% from the prior quarter and 221% from Q1 2021[83]. - Mature product revenue was $0.6 million in Q1 2022, a decrease of 38% from the prior quarter and 45% year-over-year[83]. - Revenue growth is expected to be driven by new products, including EOS S3, SensiML AI SaaS, and eFPGA IP licensing in fiscal year 2022[81]. - Mature product revenue is expected to fluctuate over time due to market conditions[83]. Profitability and Expenses - The gross profit margin improved to 60% in Q1 2022, compared to 51% in Q1 2021[88]. - The net loss for Q1 2022 was $1.2 million, a decrease of 26% from the prior quarter and 31% year-over-year[84]. - Operating expenses for research and development were 33% of revenue in Q1 2022, down from 84% in Q1 2021[88]. - Operating expenses decreased by 9% to $3.47 million in Q1 2022, with R&D expenses down 29% to $1.33 million, while SG&A expenses increased by 10% to $2.14 million[94]. - Interest income and other income (expense), net, showed a significant decline, resulting in a total expense of $0.16 million in Q1 2022 compared to an income of $1.15 million in Q1 2021, reflecting a 114% decrease[97]. Cash Flow and Financial Position - The company had cash, cash equivalents, and restricted cash of $20.1 million as of April 3, 2022, along with a $15.0 million drawn from its revolving line of credit[101]. - Net cash used in operating activities was $0.7 million for Q1 2022, primarily due to a net loss of $1.2 million, adjusted for non-cash charges of $0.5 million[109]. - Cash used in investing activities was $0.15 million in Q1 2022, down from $0.28 million in Q1 2021, mainly for capitalized internal-use software and computer equipment[111]. - Cash provided by financing activities was $1.4 million in Q1 2022, primarily from the sale of common stock, compared to a cash outflow of $0.5 million in Q1 2021[112]. - The company intends to use net proceeds from a recent stock sale for working capital and the development of next-generation eFPGA-based products[102]. - The company anticipates that existing cash and financial resources will be sufficient to fund operations and capital expenditures for the next twelve months[103]. Innovation and Development - The company has five patent applications pending as of the end of Q1 2022, reflecting ongoing innovation efforts[75]. - The company anticipates that increased revenue from new products will help sustain profitability while continuing to invest in development and marketing[81].