QuickLogic Reports Fiscal 2019 Third Quarter Financial Results

SAN JOSE, Calif., Nov. 6, 2019 — (PRNewswire) — QuickLogic Corporation (NASDAQ: QUIK) ("QuickLogic" or the "Company"), a developer of ultra-low power multi-core voice-enabled SoCs, embedded FPGA IP, and Endpoint AI solutions, today announced its financial results for the fiscal third quarter of 2019, which ended September 29, 2019.

QuickLogic logo (PRNewsfoto/QuickLogic Corporation)

Recent Highlights 

Fiscal 2019 Third Quarter Financial Results
Total revenue for the third quarter of fiscal 2019 was $2.2 million, compared with revenue of $2.1 million in the second quarter of 2019, and $3.5 million in the third quarter 2018. The decrease from the third quarter of 2018 was primarily due to lower shipments of mature products and display bridge solutions.  

Sales of new products in the third quarter of 2019 were $1.0 million, compared with $0.7 million of the second quarter of 2019 and $1.5 million in the third quarter of 2018. The increase from the second quarter of 2019 was mainly due to an increase of connectivity product revenue. The decline from the same period a year ago was primarily due to a significant decrease in display bridge sales that were not offset by increased revenue from new product sales. Mature product revenue was $1.1 million in the third quarter of 2019, compared with $1.4 million in the second quarter of 2019, and $2.0 million in the third quarter of 2018.

Third quarter 2019 GAAP gross margin was 48.2%, compared with 49.0% in the second quarter of 2019, and 49.7% in the third quarter of 2018. 

Third quarter 2019 non-GAAP gross margin was 48.9%, compared with 49.8% in the second quarter of 2019 and 50.5% in the third quarter of 2018.

Third quarter 2019 GAAP operating expenses were $5.2 million, compared with $5.6 million in the second quarter of 2019, and $5.0 million in the third quarter of 2018.

Third quarter 2019 non-GAAP operating expenses were $4.5 million, compared with $4.8 million in the second quarter of 2019, and $4.5 million in the third quarter of 2018.

Third quarter 2019 GAAP net loss was $4.3 million, or $0.04 per share, compared with $4.6 million, or $0.05 per share, in the second quarter of 2019, and $3.3 million, or $0.03 per share, in the third quarter of 2018.

Third quarter 2019 non-GAAP net loss was $3.5 million, or $0.03 per share, compared with $3.8 million, or $0.04 per share, in the second quarter of 2019, and $2.7 million, or $0.03 per share, in the third quarter of 2018.

Please see the language included in the section below titled Non-GAAP Financial Measures for an explanation of the Company's non-GAAP financial measures.

Conference Call
QuickLogic will hold a conference call to discuss its financial results and outlook at 2:30 p.m. Pacific Standard Time / 5:30 p.m. Eastern Standard Time today, November 6, 2019. The conference call will be webcast at QuickLogic's IR Site Events Page.  To join the live conference, you may dial 1-888-204-4368 and international participants should dial 1-323-794-2551. A recording of the call will be available starting approximately one hour after completion of the call. To access the recording, please call (412) 317-6671 and reference the passcode 1297797. The call recording will be archived until Wednesday, November 13, 2019, and the webcast will be available for 12 months on the Company's website at https://ir.quicklogic.com/ir-calendar.

About QuickLogic
QuickLogic develops low power, multi-core semiconductor platforms and Intellectual Property (IP) for Artificial Intelligence (AI), voice and sensor processing.  The solutions include an embedded FPGA IP (eFPGA) for hardware acceleration and pre-processing, and heterogeneous multi-core SoCs that integrate eFPGA with other processors and peripherals.  The Analytics Toolkit from the company's wholly-owned subsidiary, SensiML Corporation, completes the end-to-end solution with accurate sensor algorithms using AI technology.  The full range of platforms, software tools and eFPGA IP enables the practical and efficient adoption of AI, voice and sensor processing across the multitude of mobile, wearable, hearable, consumer, industrial, edge and endpoint IoT applications.  For more information, visit www.quicklogic.com and https://www.quicklogic.com/blog/.

QuickLogic uses its website ( www.quicklogic.com), the company blog ( https://www.quicklogic.com/blog/), 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 U.S. 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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