QuickLogic Reports 41% Year-over-Year Revenue Growth for Second Quarter Fiscal 2024

Non-GAAP Financial Measures

QuickLogic reports financial information in accordance with United States Generally Accepted Accounting Principles, or U.S. GAAP, but believes that non-GAAP financial measures are helpful in evaluating its operating results and comparing its performance to comparable companies. Accordingly, the Company excludes certain charges related to stock-based compensation, in calculating non-GAAP (i) income (loss) from operations, (ii) net income (loss), (iii) net income (loss) per share, and (iv) gross margin percentage. The Company provides this non-GAAP information to enable investors to evaluate its operating results in a manner like how the Company analyzes its operating results and to provide consistency and comparability with similar companies in the Company's industry.

Management uses the non-GAAP measures, which exclude gains, losses, and other charges that are considered by management to be outside of the Company's core operating results, internally to evaluate its operating performance against results in prior periods and its operating plans and forecasts. In addition, the non-GAAP measures are used to plan for the Company's future periods and serve as a basis for the allocation of the Company's resources, management of operations and the measurement of profit-dependent cash, and equity compensation paid to employees and executive officers.

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 U.S. GAAP. A reconciliation of U.S. 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 U.S. GAAP financial measures and the reconciliation of non-GAAP financial measures with their most directly comparable U.S. GAAP financial measures.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding our future profitability and cash flows, expectations regarding our future business and statements regarding the timing, milestones, and payments related to our government contracts, and actual results may differ 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 by competitors; our ability to hire and retain qualified personnel; changes in product demand or supply; general economic conditions; political events, international trade disputes, natural disasters and other business interruptions that could disrupt supply or delivery of, or demand for, the Company's products; and changes in tax rates and exposure to additional tax liabilities. These and other potential factors and uncertainties that could cause actual results to differ materially from the results contemplated or implied 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/. Additional information will be set forth in the Company's Quarterly Report on Form 10-Q for the three and six months ended June 30, 2024. In addition, please note that the date of this press release is August 13, 2024, and any forward-looking statements contained herein are based on management's current expectations and assumptions that we believe to be reasonable as of this date. We are not obliged to update these statements due to latest information or future events.

QuickLogic and logo are registered trademarks of QuickLogic. All other 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




June 30,
2024



July 2, 2023



March 31,
2024



June 30,
2024



July 2, 2023


Revenue


$

4,127



$

2,921



$

6,007



$

10,134



$

7,054


Cost of revenue



2,022




1,718




2,024



$

4,046




3,461


Gross profit



2,105




1,203




3,983



$

6,088




3,593


Operating expenses:





















Research and development



1,527




1,505




1,459



$

2,986




3,134


Selling, general and administrative



2,095




1,924




2,351



$

4,446




3,785


Total operating expense



3,622




3,429




3,810



$

7,432




6,919


Operating income (loss)



(1,517)




(2,226)




173



$

(1,344)




(3,326)


Interest expense



(40)




(50)




(69)



$

(109)




(108)


Interest and other (expense) income, net



1







11



$

12




(63)


Income (loss) before income taxes



(1,556)




(2,276)




115



$

(1,441)




(3,497)


(Benefit from) provision for income taxes



(6)




(7)




7



$

1





Net income (loss)


$

(1,550)



$

(2,269)



$

108



$

(1,442)



$

(3,497)


Net income (loss) per share:





















Basic


$

(0.11)



$

(0.17)



$

0.01



$

(0.10)



$

(0.26)


Diluted


$

(0.11)



$

(0.17)



$

0.01



$

(0.10)



$

(0.26)


Weighted average shares outstanding:





















Basic



14,439




13,709




14,177




14,308




13,297


Diluted



14,439




13,709




14,545




14,308




13,297



Note: Net income (loss) equals to comprehensive income (loss) for all periods presented.


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