QuickLogic Corporation Releases Fiscal Third Quarter 2024 Financial Results
Intellectia.AI
QuickLogic Corporation Releases Fiscal Third Quarter 2024 Financial Results
QuickLogic Corporation (NASDAQ: QUIK), a developer of embedded FPGA (eFPGA) IP, reported its financial results for the fiscal third quarter ending September 29, 2024.
Key Financial Metrics:
Financial Metric | Q3 2024 | Q2 2024 | Q3 2023 | YoY Change | QoQ Change | Consensus Estimate | Actual vs. Estimate |
---|---|---|---|---|---|---|---|
Total Revenue | $4.3M | $4.15M | $6.7M | -35.9% | +3.5% | $4.2M | Beat |
GAAP Net Loss (EPS) | ($2.1M) ($0.14) | ($1.6M) ($0.11) | $1.2M ($0.08) | N/A | N/A | -$0.05 | Missed |
Non-GAAP Net Loss (EPS) | ($0.9M) ($0.06) | ($0.7M) ($0.05) | $1.8M ($0.13) | N/A | N/A | N/A | N/A |
In the third quarter, QuickLogic's revenue was $4.3 million, surpassing consensus estimates slightly, but the GAAP net loss per share was greater than expected. The revenue decrease from a year ago was primarily attributed to timing differences for eFPGA IP contracts. Though facing challenges on a year-over-year basis, the company showed resilience with quarter-over-quarter revenue growth of 3.5%.
Segment Revenue Performance:
Segment | Q3 2024 | Q2 2024 | Q3 2023 | YoY Change | QoQ Change |
---|---|---|---|---|---|
New Product Revenue | $3.5M | $3.0M | $6.1M | -42.0% | +15.7% |
Mature Product Revenue | $0.7M | $1.1M | $0.6M | +16.7% | -36.4% |
The segment analysis reveals a mixed performance, with new product revenue experiencing a significant year-over-year decline due to contract timelines but increasing quarter-over-quarter. Mature products made slight year-over-year gains but saw a decrease from the previous quarter.
Key Developments and Operational Highlights:
- Delivered eFPGA IP for GlobalFoundries' 12LP and TSMC's N12e processes.
- Advancing development of eFPGA Hard IP Core for Intel 18A process, on track for delivery by year-end 2024.
- SensiML expanded platform support to RISC-V.
- Executed agreements with Synopsys to enhance the Aurora FPGA User Tool Suite.
Comments from Management:
CEO Brian Faith expressed confidence in the company's trajectory, highlighting the strategic positioning once the eFPGA Hard IP deliveries are completed across six fabrication processes. He noted the potential for a streamlined delivery of IP licenses, enhancing QuickLogic's competitive advantage.
Stock Price Movement:
Following the earnings release, QuickLogic's stock price saw a modest increase of approximately 1.50% in after-hours trading, reflecting market reactions to the financial results and future prospects.
For more in-depth analysis and insights, stay tuned with our platform to stay ahead of the market.
Share
Want more financial insights delivered directly to your inbox?
Subscribe now and receive handpicked financial news, insights, and trending topics.