| QUICKLOGIC CORPORATION | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (in thousands) | ||||||||
| (Unaudited) | ||||||||
| July 2, 2017 | January 1, 2017 (1) | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 22,234 | $ | 14,870 | ||||
| Accounts receivable, net | 1,051 | 839 | ||||||
| Inventories | 3,322 | 2,017 | ||||||
| Other current assets | 868 | 1,123 | ||||||
| Total current assets | 27,475 | 18,849 | ||||||
| Property and equipment, net | 2,529 | 2,765 | ||||||
| Other assets | 236 | 230 | ||||||
| TOTAL ASSETS | $ | 30,240 | $ | 21,844 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Revolving line of credit | $ | 6,000 | $ | 6,000 | ||||
| Trade payables | 1,227 | 2,018 | ||||||
| Accrued liabilities | 1,648 | 1,580 | ||||||
| Deferred Revenue | 79 | — | ||||||
| Current portion of capital lease obligations | 167 | 209 | ||||||
| Total current liabilities | 9,121 | 9,807 | ||||||
| Long-term liabilities: | ||||||||
| Capital lease obligations, less current portion | 129 | — | ||||||
| Other long-term liabilities | 35 | 49 | ||||||
| Total liabilities | 9,285 | 9,856 | ||||||
| Stockholders’ equity: | ||||||||
| Common stock, par value | 80 | 68 | ||||||
| Additional paid-in capital | 267,951 | 251,824 | ||||||
| Accumulated deficit | (247,076 | ) | (239,904 | ) | ||||
| Total stockholders’ equity | 20,955 | 11,988 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 30,240 | $ | 21,844 | ||||
________________________
(1) Derived from the January 1, 2017 audited balance sheet included in the 2016 Annual Report on Form 10-K of QuickLogic Corporation.
| QUICKLOGIC CORPORATION | ||||||||||||||||||||
| SUPPLEMENTAL RECONCILIATIONS OF US GAAP AND NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||
| (in thousands, except per share amounts and percentages) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| July 2, 2017 | July 3, 2016 | April 2, 2017 | July 2, 2017 | July 3, 2016 | ||||||||||||||||
| US GAAP loss from operations | $ | (3,553 | ) | $ | (5,498 | ) | $ | (3,468 | ) | $ | (7,021 | ) | $ | (10,482 | ) | |||||
| Adjustment for stock-based compensation within: | ||||||||||||||||||||
| Cost of revenue | 20 | 47 | 33 | 53 | 85 | |||||||||||||||
| Research and development | 134 | 175 | 139 | 273 | 466 | |||||||||||||||
| Selling, general and administrative | 193 | 217 | 146 | 339 | 450 | |||||||||||||||
| Adjustment for the write-off of equipment within: | ||||||||||||||||||||
| Research and development | — | 312 | — | — | 312 | |||||||||||||||
| Non-GAAP loss from operations | $ | (3,206 | ) | $ | (4,747 | ) | $ | (3,150 | ) | $ | (6,356 | ) | $ | (9,169 | ) | |||||
| US GAAP net loss | $ | (3,607 | ) | $ | (5,574 | ) | $ | (3,565 | ) | $ | (7,172 | ) | $ | (10,667 | ) | |||||
| Adjustment for stock-based compensation within: | ||||||||||||||||||||
| Cost of revenue | 20 | 47 | 33 | 53 | 85 | |||||||||||||||
| Research and development | 134 | 175 | 139 | 273 | 466 | |||||||||||||||
| Selling, general and administrative | 193 | 217 | 146 | 339 | 450 | |||||||||||||||
| Adjustment for the write-off of equipment within: | ||||||||||||||||||||
| Research and development | — | 312 | — | — | 312 | |||||||||||||||
| Non-GAAP net loss | $ | (3,260 | ) | $ | (4,823 | ) | $ | (3,247 | ) | $ | (6,507 | ) | $ | (9,354 | ) | |||||
| US GAAP net loss per share | $ | (0.05 | ) | $ | (0.08 | ) | $ | (0.05 | ) | $ | (0.10 | ) | $ | (0.17 | ) | |||||
| Adjustment for stock-based compensation | 0.01 | 0.01 | * | 0.01 | 0.02 | |||||||||||||||
| Adjustment for the write-off of equipment | — | — | — | — | * | |||||||||||||||
| Adjustment for restructuring costs | — | — | — | — | * | |||||||||||||||
| Adjustment for tax effect on other comprehensive income | — | — | — | * | — | |||||||||||||||
| Non-GAAP net loss per share | $ | (0.04 | ) | $ | (0.07 | ) | $ | (0.05 | ) | $ | (0.09 | ) | $ | (0.15 | ) | |||||
| US GAAP gross margin percentage | 45.6 | % | 28.6 | % | 43.3 | % | 44.4 | % | 34.1 | % | ||||||||||
| Adjustment for stock-based compensation | 0.7 | % | 1.7 | % | 1.1 | % | 0.9 | % | 1.5 | % | ||||||||||
| Adjustment for the write-off of equipment | — | % | * | — | % | — | % | * | ||||||||||||
| Adjustment for restructuring costs | — | % | — | % | — | % | — | % | * | |||||||||||
| Non-GAAP gross margin percentage | 46.3 | % | 30.3 | % | 44.4 | % | 45.3 | % | 35.6 | % | ||||||||||
* Figures were not considered for reconciliation due to the insignificant amount.
