QuickLogic Corporation (QUIK) Q1 2026 Earnings Call Transcript
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The earnings report shows strong growth in new product revenue and a significant improvement in gross margins from the previous quarter. The company is on track to meet its ambitious revenue growth target of 50%-100%, supported by government contracts and new product introductions. Despite a slight increase in net loss, the positive outlook on revenue growth, improved financial health, and strategic partnerships suggest a positive market reaction. The Q&A further confirms progress on key projects and an optimistic revenue growth profile, reinforcing a positive sentiment.
Key Financial Performance
Total first quarter revenue $5.1 million, up 16.5% from Q1 2025 and up 35.3% from Q4 2025. The increase was attributed to growth in new product revenue and mature product revenue, despite a $450,000 shortfall due to a delayed contract award.
New product revenue $4.3 million, up 14.2% from Q1 2025 and up 50.7% compared to Q4 2025. Growth was driven by increased demand for new products.
Mature product revenue $0.8 million, up 31.7% compared to Q1 2025 but down 14.2% from Q4 2025. The year-over-year increase was due to higher demand for mature products.
Non-GAAP gross margin 39.6%, down from 45.7% in Q1 2025 but up from 20.8% in Q4 2025. The decline year-over-year was due to inventory reserves of approximately $298,000.
Non-GAAP operating expenses $3.3 million, up from $3 million in Q1 2025 but down from $3.5 million in Q4 2025. The increase year-over-year was attributed to investments supporting anticipated revenue growth.
Non-GAAP net loss $1.3 million or $0.08 per share, compared to a net loss of $1.1 million or $0.07 per share in Q1 2025 and $2.8 million or $0.17 per share in Q4 2025. The year-over-year increase in loss was due to higher operating expenses.
Stock-based compensation expenses $858,000, down from $904,000 in Q1 2025 but up from $744,000 in Q4 2025. The year-over-year decrease reflects lower stock-based compensation costs.
Restructuring costs $11,000, down from $141,000 in Q1 2025 and $0 in Q4 2025. The year-over-year decrease reflects reduced restructuring activities.
Net cash $6 million at the close of Q1, up from $3.8 million at the close of Q4 2025. The increase of $2.2 million was inclusive of $3.2 million raised with the ATM during Q1 2026.
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Operating Highlights
RADPro FPGA: Introduced and demonstrated at the HEART Conference. It is a radiation-hardened FPGA developed on GlobalFoundries' 12LP Process. Multiple RADPro dev kits have been shipped, contributing low six-figure revenue in Q2 2026. An MOU has been signed with a DIB for potential RadPro chiplet applications.
Intel 18A eFPGA hard IP: Four contracts have been secured, totaling nearly $2 million. A fifth contract worth mid-6-figures is anticipated in the second half of 2026. These contracts include test chips and architectural enhancements for high-density eFPGA cores.
Idaho Scientific eFPGA hard IP: Selected for cryptographic solutions in mobile IoT and defense systems. Integration with General Dynamics Mission Systems may lead to new opportunities.
Chiplet Market: QuickLogic is building traction in the chiplet market, leveraging its eFPGA hard IP and partnerships. Presented at the Chiplet Summit and GOMACTech Conference, focusing on interoperability solutions.
Revenue Growth: Achieved 16.5% year-over-year revenue growth in Q1 2026. New product revenue increased by 14.2% compared to Q1 2025.
Gross Margin: Non-GAAP gross margin for Q1 2026 was 39.6%, below the outlook due to inventory reserves.
Cash Position: Net cash increased to $6 million at the end of Q1 2026, supported by $3.2 million raised through ATM.
Strategic Investments: Investments in eFPGA hard IP for Intel 18A and RADPro FPGA have positioned QuickLogic uniquely in the market.
Multi-Project Wafer (MPW) Tape-Outs: Three MPW tape-outs planned for 2026, with costs for two covered by customer contracts.
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Risk or Challenges
Market Acceptance Delays: Delays in the market acceptance of the company's new products could adversely impact revenue and growth.
Revenue Conversion Challenges: Challenges in converting design opportunities into customer revenue could hinder financial performance.
End-of-Life Product Revenue Replacement: Difficulty in replacing revenue from end-of-life products poses a risk to financial stability.
Customer Design Activity: The level and timing of customer design activity could impact revenue and operational planning.
Customer Product Market Acceptance: Market acceptance of customers' products is uncertain and could affect QuickLogic's revenue.
Order Realization Risk: New orders may not result in future revenue, creating financial uncertainty.
Product Development Timeliness: Delays in introducing and producing new products based on advanced wafer technology could impact competitiveness.
Marketing and Pricing Challenges: Inadequate marketing, pricing, and time-to-market strategies for new products could hinder market penetration.
Intense Competition: Intense competition from other companies could impact market share and profitability.
Talent Retention: Challenges in hiring and retaining qualified personnel could disrupt operations and innovation.
Demand and Supply Variability: Changes in product demand or supply could disrupt operations and financial performance.
Economic and Political Risks: General economic conditions, political events, and international trade disputes could adversely affect operations.
Natural Disasters and Business Interruptions: Natural disasters and other interruptions could disrupt supply, delivery, or demand for products.
Tax Liabilities: Changes in tax rates and exposure to additional tax liabilities could impact financial outcomes.
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Guidance & Outlook
Revenue Growth: The company expects 50% to 100% year-over-year revenue growth in 2026, driven by contributions from the storefront and the new RadPro FPGA.
Profitability: Non-GAAP profitability is anticipated for the second half of 2026.
Revenue Guidance for Q2 2026: Total revenue is projected to be $6 million, plus or minus 10%, with $5.2 million from new product revenue and $0.8 million from mature product revenue.
Gross Margin: Non-GAAP gross margin for Q2 2026 is expected to be approximately 42%, plus or minus 5%. For the full year, the gross profit margin is modeled at approximately 57%.
Operating Expenses: Non-GAAP operating expenses for Q2 2026 are expected to be approximately $3.3 million, plus or minus 5%. Full-year non-GAAP operating expenses are forecasted at approximately $13.5 million, reflecting a 14% growth over 2025.
Cash Flow: Positive cash flow is anticipated during the second half of 2026.
Capital Expenditures: Three multi-project-wafer (MPW) tape-outs are planned for 2026, with costs for two fully covered by customer contracts and partial coverage expected for the third.
RadPro FPGA: The company expects RadPro FPGA evaluations by DIBs to be completed by the end of 2026, with dev kits contributing a low six-figure amount to Q2 revenue.
Intel 18A Technology: The company anticipates a fifth mid-6-figure contract in the second half of 2026, with test chips for an ASIC design targeted for tape-out during the second half of 2026.
Commercial Contracts: A large commercial customer contract based on Intel 18A, valued at several million dollars, is now expected to be awarded in Q3 2026.
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Shareholder Return Plan
The selected topic was not discussed during the call.
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Key Q&A
Q:Are the RADPro dev kits on track to meet key program timelines?
A:Yes, the RADPro dev kits are on track to meet key program timelines. The company has modeled key programs and ensured that the chips are available within the evaluation window. There has been significant uptake in orders and requests for pricing and lead times.
Q:What are the next steps and milestones for customers using the RADPro dev kits?
A:Customers will conduct functional evaluations, radiation testing, and provide feedback by the end of the year. The company expects to align architecture completion with the need for new silicon by 2027.
Q:What is the breadth of opportunities for Intel 18A, and are there plans for expansion?
A:The company is tracking multiple opportunities with different customers, including both defense and commercial sectors. They aim to secure a commercial win for their IP on the Intel 18A node this year.
Q:What is the revenue growth profile for the year, and is the company on track to meet its 50%-100% growth target?
A:The company is on track to meet its 50%-100% revenue growth target. Q1 and Q2 combined represent 80% of last year's revenue, and progress is being made across IP, RADPro FPGA dev kits, and new proposals.
Q:What are the dynamics driving gross margins from 40% to 57% for the year?
A:Gross margins are expected to improve due to a higher gross margin mix in the second half of the year, driven by increased IP and product sales compared to professional services.
Q:Are there updates on additional funding for the U.S. government Strategic Radiation Hardened program?
A:The company expects to fully recognize the $13 million tranche this year and anticipates another contract by year-end to continue developments into 2027.
Q:Is the final chip design for the Strategic Radiation Hardened program on track?
A:The company is comfortable with its execution but cannot share specific programmatic details.
Q:How diverse are the customers for the RADPro Development Kits?
A:The RADPro Development Kits have been shipped to multiple customers, with increasing interest from government, defense, and radiation-oriented sectors.
Q:What are the biggest potential drivers for revenue growth from the low end to the high end of the 50%-100% range?
A:Key drivers include continued execution on government contracts, shipping RADPro FPGA dev kits, securing 18A IP contracts, and achieving a commercial customer win for Intel 18A embedded FPGA IP.
Q:What is the financial profile of the storefront business as it scales?
A:The storefront business is expected to have higher gross margins (mid- to high 60%) and more predictable revenue recognition, as it involves shipping finished products with minimal R&D costs.
Q:What is the role of Quantum Leap Solutions in accelerating customer acquisition?
A:Quantum Leap Solutions helps the company reach more customers by leveraging their established relationships with ASIC design groups. They focus on both defense and commercial sectors, aligning financial incentives with the company's goals.
Q:Review of Unclear Management Responses
A:Management avoided providing specific programmatic details about the final chip design for the Strategic Radiation Hardened program, citing restrictions on sharing such information.
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
ASIC
ATM outlook
Chiplet Summit
DIBs RADPro
Feasibility Study
GOMACTech Conference
GlobalFoundries
HEART Conference
IP
Idaho Scientific
Intel
RADPro FPGA
application
award
chiplet
compensation
core
density
enhancement
evaluation
information
kit
loss share
margin
page
press release
process
solution
storefront
system
test chip
QUIK Transcript
QuickLogic Corporation (QUIK) Q1 2026 Earnings Call Transcript
Positive5-13
The earnings report shows strong growth in new product revenue and a significant improvement in gross margins from the previous quarter. The company is on track to meet its ambitious revenue growth target of 50%-100%, supported by government contracts and new product introductions. Despite a slight increase in net loss, the positive outlook on revenue growth, improved financial health, and strategic partnerships suggest a positive market reaction. The Q&A further confirms progress on key projects and an optimistic revenue growth profile, reinforcing a positive sentiment.
QuickLogic Corporation (QUIK) Q4 2025 Earnings Call Transcript
Unknown3-3
The earnings call summary presents mixed signals. While there is a 15% revenue increase and improved gross margins, challenges in market acceptance and revenue conversion pose risks. The Q&A section didn't provide clarity on management's responses to these concerns, maintaining uncertainty. The absence of shareholder return discussions and dependency on uncertain government contracts further contribute to a neutral sentiment.
QuickLogic Corporation (QUIK) Q3 2025 Earnings Call Transcript
Unknown11-12
Despite a promising Q4 revenue outlook and potential future contracts, Q3 shows concerning financial metrics: a sharp decline in gross margin, increased net losses, and reduced cash reserves. The Q&A highlights further risks, including government shutdown impacts and delayed IP contracts. Management's lack of clarity on key metrics adds uncertainty. While Q4 guidance is optimistic, the current negative financial performance and uncertainties suggest a negative stock price movement in the short term.
QuickLogic Corporation (QUIK) Q2 2025 Earnings Call Transcript
Unknown8-12
The earnings call presents a mixed picture: strategic partnerships and government contracts suggest potential growth, but financial performance shows increased losses and less favorable cost absorption. The Q&A section highlights positive sentiment towards defense market opportunities but also reveals management's reluctance to provide specific future guidance, indicating uncertainty. With no market cap data, the net result is a neutral stock price outlook over the next two weeks.
QUIK Report
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