QuickLogic Reports Fiscal Fourth Quarter and Full Year 2024 Financial Results

Core Insights - QuickLogic Corporation reported its financial results for the fiscal fourth quarter and fiscal year ending December 29, 2024, highlighting a strategic focus on revenue growth and profitability in 2025 [1][3]. Financial Performance - Total revenue for Q4 2024 was $5.7 million, a decrease of 23.7$4.7 million, down by $2.2 million or 31.8$1.1 million or 31.7% from Q3 2024 [5]. - Mature product revenue reached $1.0 million, compared to$0.7 million in both Q4 2023 and Q3 2024 [6]. - GAAP gross margin for Q4 2024 was 59.8%, down from 77.1% in Q4 2023 and up from 55.8% in Q3 2024 [6]. - Non-GAAP gross margin for Q4 2024 was 62.0%, compared to 78.3% in Q4 2023 and 60.0% in Q3 2024 [6]. Operating Expenses and Net Income - GAAP operating expenses for Q4 2024 were $3.6 million, slightly down from$3.7 million in Q4 2023 and $4.2 million in Q3 2024 [7]. - Non-GAAP operating expenses were$2.9 million, down from $3.1 million in Q4 2023 and$3.3 million in Q3 2024 [7]. - GAAP net loss for Q4 2024 was ($0.3 million), or ($0.02) per share, compared to net income of $2.0 million, or$0.15 per share, in Q4 2023 [8]. - Non-GAAP net income for Q4 2024 was $0.6 million, or$0.04 per share, compared to net income of $2.6 million, or$0.19 per share, in Q4 2023 [9]. Strategic Developments - The company is executing a Strategic Radiation Hardened FPGA contract with the US government and has seen opportunities arise following a competitor's exit from the market [3]. - QuickLogic is the first and currently the only company to offer eFPGA Hard IP for Intel 18A, positioning itself for revenue growth in 2025 [3]. - Recent contracts include a $1.1 million eFPGA Hard IP contract with a new defense customer and a$6.6 million tranche of the Strategic Radiation Hardened FPGA Technology contract [11]. Revenue Composition - In Q4 2024, new products accounted for 82% of revenue, down from 91% in Q4 2023, while mature products accounted for 18%, up from 9% [26]. - Geographically, North America represented 86% of revenue, down from 92% in Q4 2023, while Europe saw a significant increase of 90% year-over-year [26].