QuickLogic(QUIK) - 2024 Q4 - Annual Results

Financial Performance - Record GAAP net income of $2.0 million and record non-GAAP net income of $2.6 million for fiscal Q4 2023[10] - US GAAP net income for Q4 2023 was $2,042 million, compared to a net loss of $1,232 million in Q4 2022, marking a significant turnaround[27] - Non-GAAP net income for Q4 2023 was $2,647 million, up from a loss of $544 million in Q4 2022[27] - The company reported a basic net income per share of $0.15 for Q4 2023, compared to a loss of $0.09 per share in Q4 2022[27] Revenue Growth - Total revenue for Q4 2023 was $7.5 million, an increase of 12.2% compared to Q3 2023, and an increase of 83.1% compared to Q4 2022[3] - Fiscal 2023 revenue growth was 31% compared to fiscal 2022[10] - New product revenue was approximately $6.8 million in Q4 2023, an increase of 12.0% compared to Q3 2023, and an increase of 140.2% compared to Q4 2022[4] - Revenue from new products constituted 91% of total revenue in Q4 2023, a substantial increase from 70% in Q4 2022, reflecting a 140% growth year-over-year[29] - Mature product revenue was $0.7 million in Q4 2023, an increase of 14.6% compared to Q3 2023, but a decrease of 47.5% compared to Q4 2022[5] - Mature products accounted for only 9% of revenue in Q4 2023, down from 30% in Q4 2022, indicating a decline of 48%[29] Profitability Metrics - Fourth quarter 2023 GAAP gross margin was 77.1%, compared to 76.9% in Q3 2023 and 51.9% in Q4 2022[5] - Fourth quarter 2023 non-GAAP gross margin was 78.3%, compared to 78.0% in Q3 2023 and 53.2% in Q4 2022[6] - Gross margin percentage under US GAAP improved to 77.1% in Q4 2023, compared to 51.9% in Q4 2022[27] - Non-GAAP operating leverage increased by 251% due to significant increase in gross profit and modest decrease in operating expenses[10] Assets and Liabilities - Total assets increased to $47,792 million as of December 31, 2023, up from $32,586 million on January 1, 2023, representing a growth of 46.5%[25] - Current assets rose to $34,630 million, a 24.0% increase from $27,940 million year-over-year[25] - Total current liabilities increased to $29,630 million, up from $20,022 million, reflecting a rise of 48.3%[25] - Stockholders' equity grew to $16,895 million as of December 31, 2023, compared to $11,895 million on January 1, 2023, an increase of 42.1%[25] Business Development - Sales funnel grew to a record $168 million, including a diverse range of new IP customers and end markets[10] - New IP contract targeting 12nm fabrication node announced[10]