QuickLogic Reports Fiscal 2018 First Quarter Results

SUNNYVALE, Calif., May 9, 2018 — (PRNewswire) —  QuickLogic Corporation (NASDAQ: QUIK), a developer of ultra-low power multi-core voice enabled SoCs, embedded FPGA (eFPGA) IP, display bridge and programmable logic solutions, announced its financial results for the fiscal first quarter ended April 1, 2018.

QuickLogic logo (PRNewsfoto/QuickLogic Corporation)

Recent Accomplishments

  • Announced the formation of an ecosystem partnership with Artificial Intelligence pioneers, General Vision, nepes corporation, and SensiML, and released the QuickAI development platform that expands the market for QuickLogic's eFPGA IP and EOS S3 SoC.
  • Murata selected EOS S3 SoC to pair with its Wi-Fi module in a new solution targeting IoT applications that enables always listening and trigger word recognition.
  • Partnered with Shenzhen Horn Audio Co., Ltd. to deliver a Bluetooth®-enabled headset reference design that supports Amazon Alexa Voice Services (AVS) for both Apple and Android devices.
  • Introduced dual microphone support for EOS S3 that is coupled with advanced noise cancellation and beam forming technology.
  • Released EOS S3 LV, a new low-voltage version of the company's EOS S3 platform that enables always-on / always-listening with a 33% reduction in power consumption relative to the standard, ultra-low power consumption EOS S3.
  • Announced a partnership with Aldec, Inc. for eFPGA Simulation Flow.
  • Joined the RISC-V Foundation, an open, free, Instruction Set Architecture (ISA) that enables a new era of processor innovation through open standard collaboration.
  • Presented at the Design and Reuse IP-SoC Days conference.
  • Participated in a panel at the annual SOI Silicon Valley Symposium sponsored by GLOBALFOUNDRIES.

Fiscal 2018 First Quarter Financial Results
First quarter total revenue was $2.8 million, down 7% compared to the fourth quarter of 2017, and 13% compared to the first quarter of 2017. New product revenue was $1.3 million, up 34% compared to the fourth quarter of 2017 and down 32% compared to the first quarter of 2017. Mature product revenue was $1.5 million, down 27% compared to the fourth quarter of 2017 and up 16% compared to the first quarter of 2017. New product revenue accounted for 47% of the total revenue, compared to 33% in the fourth quarter of 2017 and 60% in the first quarter of 2017.

First quarter GAAP gross margin was 50.3%, flat compared to the fourth quarter of 2017 and improved from 43.3% in the first quarter of 2017. Non-GAAP gross margin was 51.5%, flat compared to the fourth quarter of 2017 and improved from 44.4% in the first quarter of 2017.

First quarter GAAP operating expenses increased slightly to $5.3 million, from $5.0 million in the fourth quarter of 2017 and $4.8 million in the first quarter of 2017. Non-GAAP operating expenses were $4.9 million, slightly increased from $4.6 million in the fourth quarter of 2017 and $4.6 million in the first quarter of 2017.

First quarter GAAP net loss increased to $4.0 million, or $0.05 per share, from $3.4 million, or $0.04 per share, in the fourth quarter of 2017 and $3.6 million, or $0.05 per share, in the first quarter of 2017. Non-GAAP net loss was $3.5 million, or $0.04 per share, compared to $3.0 million, or $0.04 per share in the fourth quarter of 2017, and $3.2 million, or $0.05 per share in the first quarter of 2017. (See below for an explanation of non-GAAP financial measures.)

Conference Call
QuickLogic Corporation (NASDAQ: QUIK) will hold a conference call at 2:30 p.m. Pacific Daylight Saving Time/ 5:30 p.m. Eastern Daylight Saving Time today, May 9, 2018, to discuss its current financial results. The conference call will be webcasted and can be accessed via the Company's website at http://ir.quicklogic.com/events.cfm. To join the live conference, you may dial (877) 377-7094 and international participants should dial (253) 237-1177 by 2:20 p.m. Pacific Daylight Saving Time. The Conference ID is 5192808. A recording of the call will be available starting one hour after completion of the call. To access the recording, please call (855) 859-2056 or (404) 537-3406 and reference the passcode: 5192808. The call recording will be archived until Thursday, May 17, 2018, and the webcast will be available for 12 months on the Company's website.

About QuickLogic
QuickLogic Corporation (NASDAQ: QUIK) enables OEMs to maximize battery life for highly differentiated, immersive user experiences with Smartphone, Wearable, Hearable and IoT devices. QuickLogic delivers these benefits through industry leading ultra-low power customer programmable SoC semiconductor solutions, embedded software, and algorithm solutions for always-on voice and sensor processing. The company's embedded FPGA initiative also enables SoC designers to easily implement post production changes, and increase revenue by providing hardware programmability to their end customers. For more information about QuickLogic, please visit www.quicklogic.com.

QuickLogic uses its website ( www.quicklogic.com), the company blog QuickLogic HotSpot ( http://blog.quicklogic.com), corporate Twitter account (@QuickLogic_Corp), Facebook page ( https://www.facebook.com/QuickLogic), and LinkedIn page ( https://www.linkedin.com/company/13512/) as channels of distribution of information about its products, its planned financial and other announcements, its attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and QuickLogic may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor the company's website and its social media accounts in addition to following the company's press releases, SEC filings, public conference calls, and webcasts.

Non-GAAP Financial Measures
QuickLogic reports financial information in accordance with United States Generally Accepted Accounting Principles, or US 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 charges related to stock-based compensation, restructuring, the effect of the write-off of long-lived assets and the tax effect on other comprehensive income 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 similar to how the Company analyzes its operating results and to provide consistency and comparability with similar companies in the Company's industry.

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