Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $5.7 million, down 24% from Q4 2023 but up 34% compared to Q3 2024 [38] - New product revenue in Q4 was $4.7 million, down 32% from Q4 2023 and up 32% compared to Q3 2024 [38] - Non-GAAP gross margin in Q4 was 62%, compared to 78.3% in Q4 2023 and 60% in Q3 2024 [39] - Non-GAAP net income was $0.6 million, or $0.04 per diluted share, compared to $2.6 million, or $0.18 per diluted share, in Q4 2023 [40] - Total cash at the end of Q4 was $21.9 million, down from $22.4 million at the end of Q3 [42] Business Line Data and Key Metrics Changes - Mature product revenue was $1.0 million, up from $0.7 million in both Q4 2023 and Q3 2024 [38] - The company anticipates significant revenue growth and non-GAAP profitability beginning in Q2 2025 due to new contracts [10][45] Market Data and Key Metrics Changes - The company has established eFPGA Hard IP for six unique fabrication process technologies and expects to expand this to nine or ten during 2025 [55] - The acquisition of FlexLogix by Analog Devices has created a market opportunity for QuickLogic to fill the void left by FlexLogix's eFPGA IP [18] Company Strategy and Development Direction - The company is focusing on diversifying its end markets beyond the defense industrial base, including industrial and consumer sectors [90] - Investments made in 2024 are expected to yield solid returns as the company is positioned as the only supplier of eFPGA Hard IP optimized for Intel 18A [54][55] - The company plans to leverage existing contracts and new customer engagements to drive revenue growth [59] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a significant rebound in revenue and profitability starting in Q2 2025, driven by new contract awards [10][45] - The company is confident in achieving cash flow positivity in Q2 and for the full year 2025 [51] Other Important Information - The company is exploring options for SensiML, including a potential sale, with a conclusion expected before the next earnings call [36] - The company plans to implement an At-The-Market (ATM) offering to provide flexibility for managing cash flow and investments [52] Q&A Session Summary Question: What are the expectations for Q2 revenue? - Management expects Q2 revenue to exceed $6 million, driven by significant IP design contracts [66] Question: How is the funnel for new opportunities progressing? - The funnel has grown, primarily due to new eFPGA opportunities, although specific quantitative metrics were not provided [71][72] Question: What is the outlook for Intel 18A opportunities? - Management believes there is strong demand for Intel 18A, particularly from the U.S. government and defense sectors, regardless of Intel's corporate structure [78][80] Question: What is the expected timeframe for converting FlexLogix customers? - Management anticipates a shorter timeframe for converting FlexLogix customers into revenue, aided by the new VP of IP Sales [84] Question: How does the company plan to diversify its end markets? - The company is actively pursuing opportunities outside aerospace and defense, including industrial and consumer markets, leveraging the expertise of the new VP of IP Sales [90][92]