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01/10 18:21
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call reveals significant challenges: a 28% revenue decline, reduced gross margins, and increased operating expenses. The Q&A section highlights uncertainties in key revenue streams and vague management responses, particularly regarding the Rad-Hard program. Despite some potential in new contracts and product development, the lack of a share repurchase program and substantial risks like market acceptance delays and competition further contribute to a negative outlook. The guidance for a net loss and absence of positive catalysts suggest a likely negative stock price reaction over the next two weeks.
Total Revenue $4.3 million, down 28% from Q1 2024; decrease attributed to the timing of certain large eFPGA IP contracts.
New Product Revenue $3.8 million, down 23% from Q1 2024; decrease attributed to the timing of certain large eFPGA IP contracts.
Mature Product Revenue $0.6 million, down from $1.1 million in Q1 2024; decrease attributed to the timing of certain large eFPGA IP contracts.
Non-GAAP Gross Margin 45.7%, down from 71.3% in Q1 2024; decrease due to $300,000 of R&D costs allocated to COGS instead of OpEx.
Non-GAAP Operating Expenses Approximately $3 million, up from $2.5 million in Q1 2024; increase attributed to the allocation of costs mentioned above.
Non-GAAP Net Loss $1.1 million, compared to non-GAAP net income of $1.7 million in Q1 2024; change attributed to lower revenue.
Total Cash $17.6 million, down from $21.9 million at the close of Q4 2024; decrease primarily due to timing of payments to subcontractors.
Stock-Based Compensation $0.9 million, down from $1.6 million in Q1 2024; decrease attributed to changes in stock-based compensation expenses.
eFPGA Hard IP for Intel 18A: QuickLogic delivered design-specific eFPGA Hard IP for Intel 18A test chip, enhancing customer confidence and accelerating engagements.
Faraday FlashKit 22RRAM SoC development platform: QuickLogic's eFPGA Hard IP included in Faraday's new SoC platform, expected to generate production revenue in H2 2025.
Market for discrete FPGA devices: The total market for discrete FPGA devices is approximately $1.5 billion, with significant interest from the defense industrial base.
COTS chiplet market: QuickLogic is in discussions for digital proof of concept to mitigate risks for customers in the upcoming COTS chiplet market.
Strategic Radiation Hardened FPGA contract: Awarded a government contract valued at approximately $6.6 million, with additional funding modification of $1.4 million.
Integration of Simplify into AuroraPro: Completed integration of Simplify into AuroraPro, enhancing development of Intel 18A Hard IP.
Direct-to-storefront contracts: QuickLogic booked its first direct-to-storefront contract and anticipates more storefront opportunities.
Intel Foundry partnerships: QuickLogic has joined Intel Foundry Accelerator IP and Chiplet Alliance, enhancing its market positioning.
Market Acceptance Delays: Delays in market acceptance of new products could hinder revenue generation.
Design Opportunities: Challenges in converting design opportunities into customer revenue may impact financial performance.
End-of-Life Products: The risk of not being able to replace revenue from end-of-life products could affect overall revenue.
Customer Design Activity: Variability in the level and timing of customer design activity poses a risk to revenue forecasts.
New Orders: The risk that new orders may not translate into future revenue is a concern.
Product Development: Challenges in introducing and producing new products based on advanced wafer technology on time could impact competitiveness.
Competitive Pressures: Intense competition from other companies in the semiconductor industry could affect market share and pricing.
Talent Acquisition: The ability to hire and retain qualified personnel is critical and poses a risk if not managed effectively.
Economic Conditions: General economic conditions and political events could disrupt demand for the company's products.
Supply Chain Disruptions: Natural disasters and other business interruptions could disrupt supply or delivery of products.
Tax Liabilities: Changes in tax rates and exposure to additional tax liabilities could impact financial results.
eFPGA Hard IP Contracts: QuickLogic has been awarded the first of two eFPGA Hard IP contracts for Intel 18A designs, with a combined value forecasted to be mid-seven figures. Revenue from the first contract is expected to be recognized in Q2 2025.
Faraday FlashKit Development Platform: QuickLogic's eFPGA Hard IP is included in Faraday's new SoC development platform, which is expected to generate production license revenue beginning in the second half of 2025.
Strategic Radiation Hardened FPGA Contract: QuickLogic announced a government contract valued at approximately $6.6 million, with an additional $1.4 million funding modification. This contract addresses strategic and space applications.
Direct-to-Storefront Contracts: QuickLogic has booked its first direct-to-storefront contract and anticipates several more contracts that will likely end up being storefront.
Q2 2025 Revenue Guidance: Revenue guidance for Q2 2025 is approximately $4 million, with expectations of $3.4 million from new products and $0.6 million from mature products.
Full-Year 2025 Outlook: QuickLogic anticipates solid revenue growth, non-GAAP profitability, and positive cash flow for the full year 2025.
Q2 2025 Non-GAAP Gross Margin: Expected to be approximately 50% plus or minus 5 percentage points, with a full-year non-GAAP gross profit margin projected in the low 60% range.
Q2 2025 Non-GAAP Net Loss: Forecasted to be approximately $1.1 million to $1.2 million, or $0.07 to $0.08 per share.
Share Repurchase Program: None
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.
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.
The earnings call presents mixed signals. While the EPS beat expectations, indicating a positive surprise, there are several risks such as market acceptance delays and intense competition. The exit from SensiML is strategic but lacks immediate financial impact. The Q&A reveals potential revenue drivers and opportunities but also highlights management's vague responses, which may cause investor caution. Overall, the neutral sentiment reflects the balance of positive earnings surprise against potential risks and uncertainties in execution and market conditions.
The earnings call reveals significant challenges: a 28% revenue decline, reduced gross margins, and increased operating expenses. The Q&A section highlights uncertainties in key revenue streams and vague management responses, particularly regarding the Rad-Hard program. Despite some potential in new contracts and product development, the lack of a share repurchase program and substantial risks like market acceptance delays and competition further contribute to a negative outlook. The guidance for a net loss and absence of positive catalysts suggest a likely negative stock price reaction over the next two weeks.
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