QuickLogic Reports Fiscal 2018 Second Quarter Results

Investors should note, however, that the non-GAAP financial measures used by QuickLogic may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies. QuickLogic does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures alone or as a substitute for financial information prepared in accordance with GAAP. A reconciliation of US GAAP financial measures to non-GAAP financial measures is included in the financial statements portion of this press release. Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures with their most directly comparable US GAAP financial measures.

Forward Looking Statements

This press release contains forward-looking statements regarding our future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: delays in the market acceptance of the Company's new products; the ability to convert design opportunities into customer revenue; our ability to replace revenue from end-of-life products; the level and timing of customer design activity; the market acceptance of our customers' products; the risk that new orders may not result in future revenue; our ability to introduce and produce new products based on advanced wafer technology on a timely basis; our ability to adequately market the low power, competitive pricing and short time-to-market of our new products; intense competition, including the introduction of new products by competitors; our ability to hire and retain qualified personnel; changes in product demand or supply; capacity constraints; and general economic conditions. These and other potential factors and uncertainties that could cause actual results to differ from the results predicted are described in more detail in the Company's public reports filed with the Securities and Exchange Commission (the "SEC"), including the risks discussed in the "Risk Factors" section in the Company's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and in the Company's prior press releases, which are available on the Company's Investor Relations website at http://ir.quicklogic.com/and on the SEC website at www.sec.gov. In addition, please note that the date of this press release is August 8, 2018, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

ArcticLink, QuickLogic and the QuickLogic logo are registered trademarks and EOS and ArcticPro are trademarks of QuickLogic Corporation. All other brands or trademarks are the property of their respective holders and should be treated as such.

CODE: QUIK-E

– Tables Follow –

QUICKLOGIC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(Unaudited)






Three Months Ended


Six Months Ended


July 1, 2018



July 2, 2017



April 1, 2018


July 1, 2018



July 2, 2017

Revenue

$

3,122



$

3,026



$

2,764


$

5,886



$

6,196

Cost of revenue


1,592




1,646




1,375



2,967




3,443

Gross profit


1,530




1,380




1,389



2,919




2,753

Operating expenses:


















Research and development


2,366




2,319




2,699



5,065




4,746

Selling, general and administrative


2,610




2,614




2,561



5,171




5,028

Total operating expense


4,976




4,933




5,260



10,236




9,774

Loss from operations


(3,446)




(3,553)




(3,871)



(7,317)




(7,021)

Interest expense


(32)




(21)




(24)



(56)




(82)

Interest income and other (expense), net


23




1




(14)



9




1

Loss before income taxes


(3,455)




(3,573)




(3,909)



(7,364)




(7,102)

Provision for income taxes


29




34




61



90




70

Net loss

$

(3,484)



$

(3,607)



$

(3,970)


$

(7,454)



$

(7,172)

Net loss per share:


















Basic

$

(0.04)



$

(0.05)



$

(0.05)


$

(0.09)



$

(0.10)

Diluted

$

(0.04)



$

(0.05)



$

(0.05)


$

(0.09)



$

(0.10)

Weighted average shares:


















Basic


85,753




79,799




80,571



83,176




74,327

Diluted


85,753




79,799




80,571



83,176




74,327


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