Core Insights - QuickLogic Corporation reported significant progress in its product development and anticipates new orders for its upcoming SRH FPGA Dev Kit and eFPGA Hard IP contracts [3][9] - The company experienced a substantial decline in total revenue for the third quarter of fiscal 2025, amounting to $2.0 million, which is a decrease of 51.8% year-over-year and 45.0% quarter-over-quarter [3][4] Financial Performance - Total revenue from continuing operations for Q3 2025 was $2.0 million, down from $4.2 million in Q3 2024 and $3.7 million in Q2 2025 [3][19] - New product revenue was approximately $1.0 million, reflecting a decrease of $2.5 million or 72.6% compared to Q3 2024 and a decrease of $1.9 million or 67.3% compared to Q2 2025 [4][19] - Mature product revenue increased to $1.1 million in Q3 2025, compared to $0.7 million in Q3 2024 and $0.8 million in Q2 2025 [4][19] Profitability Metrics - GAAP gross margin from continuing operations for Q3 2025 was (23.3%), a significant decline from 59.1% in Q3 2024 and 25.9% in Q2 2025 [5][25] - Non-GAAP gross margin was (11.9%) for Q3 2025, down from 64.7% in Q3 2024 and 31.0% in Q2 2025 [5][25] - The GAAP net loss for Q3 2025 was ($4.0 million) or ($0.24) per share, compared to a net loss of ($2.1 million) or ($0.14) per share in Q3 2024 [7][20] Operating Expenses - GAAP operating expenses for Q3 2025 were $3.5 million, consistent with Q2 2025 but down from $4.1 million in Q3 2024 [6][19] - Non-GAAP operating expenses were $2.9 million in Q3 2025, compared to $3.0 million in Q3 2024 and $2.5 million in Q2 2025 [6][19] Strategic Developments - QuickLogic secured a $1 million eFPGA Hard IP contract for a high-performance data-center ASIC, indicating growth in commercial markets [9] - The company is expanding its involvement with a Defense Industrial Base entity focused on cybersecurity for strategic and tactical weapons systems [9] - A rebound in the USG Strategic Radiation Hardened FPGA Program is expected to contribute to revenue growth in Q4 2025 [9]