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QuickLogic Reports Fiscal 2021 First Quarter Results


SAN JOSE, Calif., May 18, 2021 /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 first quarter of fiscal 2021, ended April 4, 2021.

Recent Highlights

Fiscal 2021 First Quarter Financial Results

Total revenue for the first quarter of fiscal 2021 was $2.2 million, a decrease of 10% compared with the fourth quarter of 2020, and an increase of 4% compared with the first quarter of 2020. New product revenue was approximately $1.1 million in the first quarter of 2021, an increase of 28% compared with the fourth quarter of 2020, and an increase of 121% compared with the first quarter of 2020. The increases were primarily due to higher revenue from our sensor processing and connectivity products. Mature product revenue was $1.2 million in the first quarter of 2021, down 30% compared with fourth quarter of 2020, and down 30% compared with the first quarter of 2020.

First quarter 2021 GAAP gross margin was 51.1%, compared with 48.2% in the fourth quarter of 2020, and 51.7% in the first quarter of 2020.

First quarter 2021 non-GAAP gross margin was 52.7%, compared with 51.5% in the fourth quarter of 2020, and 52.2% in the first quarter of 2020.

First quarter 2021 GAAP operating expenses were $3.8 million, compared with $4.1 million in fourth quarter of 2020, and $4.2 million in the first quarter of 2020.

First quarter 2021 non-GAAP operating expenses were $3.5 million, compared with $2.9 million in the fourth quarter of 2020, and $4.1 million in the first quarter of 2020.

First quarter 2021 GAAP net loss was $1.7 million, or $0.15 per share, compared with a net loss of $2.9 million, or $0.27 per share, in fourth quarter of 2020, and a net loss of $3.2 million, or $0.38 per share, in the first quarter of 2020.

First quarter 2021 non-GAAP net loss was $1.3 million, or $0.12 per share, compared with a net loss of $1.7 million, or $0.15 per share, in fourth quarter of 2020, and a net loss of $3.1 million, or $0.37 per share, in the first quarter of 2020.

Included in our results for the first quarter of fiscal 2021, within interest income and other income (expense) is a gain of $1.2 million from the forgiveness of the PPP loan. 

Conference Call

QuickLogic will hold a conference call at 2:30 p.m. Pacific Time / 5:30 p.m. Eastern Time today, May 18, 2021, to discuss its current financial results. The conference call will be webcast at QuickLogic’s IR Site Events Page at https://ir.quicklogic.com/ir-calendar. To join the live conference, you may dial (877) 407-0792 and international participants should dial (201) 689-8263 by 2:15 p.m. Pacific Time. No Passcode is needed to join the conference call. A recording of the call will be available starting approximately one hour after completion. To access the recording, please call (412) 317-6671 and reference the passcode 13718790. The call recording, which can be accessed by phone, will be archived until Tuesday, May 25, 2021, and the webcast will be available for 12 months on the Company’s website.

About QuickLogic

QuickLogic is a fabless semiconductor company that 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 https://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 certain 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.

Management uses the non-GAAP measures, which exclude gains, losses and other charges that are considered by management to be outside of the Company’s core operating results, internally to evaluate its operating performance against results in prior periods and its operating plans and forecasts. In addition, the non-GAAP measures are used to plan for the Company’s future periods, and serve as a basis for the allocation of the Company’s resources, management of operations and the measurement of profit-dependent cash and equity compensation paid to employees and executive officers.

Investors should note, however, that the non-GAAP financial measures used by QuickLogic may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies. QuickLogic does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures alone or as a substitute for financial information prepared in accordance with U.S. GAAP. A reconciliation of U.S. GAAP financial measures to non-GAAP financial measures is included in the financial statements portion of this press release. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of non-GAAP financial measures with their most directly comparable U.S. GAAP financial measures.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, expectations regarding our future business, and actual results may differ due to a variety of factors including: delays in the market acceptance of the Company’s new products; the ability to convert design opportunities into customer revenue; our ability to replace revenue from end-of-life products; the level and timing of customer design activity; the market acceptance of our customers’ products; the risk that new orders may not result in future revenue; our ability to introduce and produce new products based on advanced wafer technology on a timely basis; our ability to adequately market the low power, competitive pricing and short time-to-market of our new products; intense competition by competitors; our ability to hire and retain qualified personnel; our ability to capitalize on synergies with our newly acquired subsidiary SensiML Corporation; changes in product demand or supply; general economic conditions; political events, international trade disputes, natural disasters and other business interruptions that could disrupt supply or delivery of, or demand for, the Company’s products; the unpredictable and ongoing impact of the COVID-19 pandemic; and changes in tax rates and exposure to additional tax liabilities. These and other potential factors and uncertainties that could cause actual results to differ materially from the results contemplated or implied are described in more detail in the Company’s public reports filed with the Securities and Exchange Commission (the “SEC”), including the risks discussed in the “Risk Factors” section in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and in the Company’s prior press releases, which are available on the Company’s Investor Relations website at http://ir.quicklogic.com/, and on the SEC website at www.sec.gov. In addition, please note that the date of this press release is May 18, 2021, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

QuickLogic and logo are registered trademarks of QuickLogic. All other trademarks are the property of their respective holders and should be treated as such.

CODE: QUIK-E

-Tables Follow –

QUICKLOGIC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited) 




Three Months Ended




April 4, 2021



March 29, 2020



January 3, 2021


Revenue


$

2,240



$

2,158



$

2,500


Cost of revenue



1,096




1,043




1,294


Gross profit



1,144




1,115




1,206


Operating expenses:













Research and development



1,887




1,819




2,145


Selling, general and administrative



1,947




1,879




1,798


Restructuring expenses






479




129


Total operating expense



3,834




4,177




4,072


Loss from operations



(2,690)




(3,062)




(2,866)


Interest expense



(32)




(80)




(29)


Interest income and other income (expense), net



1,185




(5)




3


Loss before income taxes



(1,537)




(3,147)




(2,892)


Provision for income taxes



152




18




50


Net loss


$

(1,689)



$

(3,165)



$

(2,942)


Net loss per share:













Basic and Diluted


$

(0.15)



$

(0.38)



$

(0.27)


Weighted average shares:













Basic and Diluted



11,264




8,362




11,081



Note: Net loss equals to comprehensive loss for all periods presented.

QUICKLOGIC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)




April 4, 2021



January 3, 2021


ASSETS









Current assets:









Cash, cash equivalents and restricted cash


$

20,935



$

22,748


Accounts receivable, net



1,302




1,688


Inventories



2,490




2,688


Other current assets



1,367




1,066


Total current assets



26,094




28,190


Property and equipment, net



631




548


Capitalized internal-use software, net



1,066




986


Right of use assets



1,661




1,839


Intangible assets, net



833




860


Goodwill



185




185


Other assets



283




280


TOTAL ASSETS


$

30,753



$

32,888


LIABILITIES AND STOCKHOLDERS’ EQUITY









Current liabilities:









Revolving line of credit


$

15,000



$

15,000


Trade payables



1,375




935


Accrued liabilities



1,546




1,340


Deferred revenue



166




52


Lease liabilities, current



711




685


Total current liabilities



18,798




18,012


Long-term liabilities:









Notes payable – non-current






1,192


Lease liabilities, non-current



1,043




1,197


Other long-term liabilities



230





Total liabilities



20,071




20,401


Stockholders’ equity:









Common stock, par value



11




11


Additional paid-in capital



306,769




306,885


Accumulated deficit



(296,098)




(294,409)


Total stockholders’ equity



10,682




12,487


TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY


$

30,753



$

32,888


QUICKLOGIC CORPORATION
SUPPLEMENTAL RECONCILIATIONS OF US GAAP AND NON-GAAP FINANCIAL MEASURES
(in thousands, except per share amounts and percentages)
(Unaudited)




Three Months Ended




April 4, 2021



March 29, 2020



January 3, 2021


US GAAP loss from operations


$

(2,690)



$

(3,062)



$

(2,866)


Adjustment for stock-based compensation within:













Cost of revenue



36




12




82


Research and development



157




(464)




597


Selling, general and administrative



175




54




459


Restructuring expenses and asset write-offs (1)






479




129


Non-GAAP loss from operations


$

(2,322)



$

(2,981)



$

(1,599)


US GAAP net loss


$

(1,689)



$

(3,165)



$

(2,942)


Adjustment for stock-based compensation within:













Cost of revenue



36




12




82


Research and development



157




(464)




597


Selling, general and administrative



175




54




459


Restructuring expenses and asset write-offs






479




129


Non-GAAP net loss


$

(1,321)



$

(3,084)



$

(1,675)


US GAAP net loss per share, basic and diluted


$

(0.15)



$

(0.38)



$

(0.27)


Adjustment for stock-based compensation



0.03




(0.05)




0.11


Restructuring expenses and asset write-offs



0




0.06




0.01


Non-GAAP net loss per share, basic and diluted


$

(0.12)



$

(0.37)



$

(0.15)


US GAAP gross margin percentage



51.1

%



51.7

%



48.2

%

Adjustment for stock-based compensation included in cost of
revenue



1.6

%



0.5

%



3.3

%

Non-GAAP gross margin percentage



52.7

%



52.2

%



51.5

%

QUICKLOGIC CORPORATION
SUPPLEMENTAL DATA
(Unaudited)




Percentage of Revenue



Change in Revenue




Q1 2021



Q1 2020



Q4 2020



Q1 2020 to

Q1 2021



Q4 2020 to

Q1 2021


COMPOSITION OF REVENUE





















Revenue by product: (1)





















New products



48

%



23

%



33

%



121

%



28

%

Mature products



52

%



77

%



67

%



(30)

%



(30)

%

Revenue by geography:





















Asia Pacific



34

%



19

%



24

%



85

%



27

%

North America



56

%



44

%



68

%



32

%



(27)

%

Europe



10

%



37

%



8

%



(72)

%



18

%

_____________________


(1)

New products include all products manufactured on 180 nanometer or smaller semiconductor processes, eFPGA IP license, QuickAI and SensiML AI software as a service (SaaS) revenue. Mature products include all products produced on semiconductor processes larger than 180 nanometer and includes related royalty revenue.

SOURCE QuickLogic Corporation

Related Links

http://www.quicklogic.com



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