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.
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