QuickLogic Reports Record Fourth Quarter Net Income and Full Year 2023 Non-GAAP Profitability

 

 

QUICKLOGIC CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(Unaudited)




December 31,
2023



January 1, 2023


ASSETS









Current assets:









Cash, cash equivalents and restricted cash


$

24,606



$

19,201


Accounts receivable, net of allowance for doubtful accounts of $34 and $18, as of
December 31, 2023 and January 1, 2023, respectively



1,625




2,689


Contract assets



3,609




1,987


Note receivable



1,200





Inventories



2,029




2,493


Prepaid expenses and other current assets



1,561




1,570


Total current assets



34,630




27,940


Property and equipment, net



9,079




1,398


Capitalized internal-use software, net



1,938




1,514


Right of use assets, net



981




464


Intangible assets, net



537




645


Non-marketable equity investment



300




300


Goodwill



185




185


Other assets



142




140


TOTAL ASSETS


$

47,792



$

32,586


LIABILITIES AND STOCKHOLDERS' EQUITY









Current liabilities:









Revolving line of credit


$

20,000



$

15,000


Trade payables



4,657




2,391


Accrued liabilities



2,673




1,509


Deferred revenue



1,052




272


Note payable, current



946




448


Lease liabilities, current



302




402


Total current liabilities



29,630




20,022


Long-term liabilities:









Note payable, non-current



461




439


Lease liabilities, non-current



681




105


Other long-term liabilities



125




125


Total liabilities



30,897




20,691


Commitments and contingencies









Stockholders' equity:









Preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued and
outstanding







Common stock, $0.001 par value; 200,000 authorized; 14,118 and 13,202 shares issued
and outstanding as of December 31, 2023 and January 1, 2023, respectively



14




13


Additional paid-in capital



322,436




317,174


Accumulated deficit



(305,555)




(305,292)


Total stockholders' equity



16,895




11,895


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$

47,792



$

32,586



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