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QuickLogic Reports Fiscal First Quarter 2025 Financial Results

QuickLogic Corporation (NASDAQ: QUIK), known for developing embedded FPGA (eFPGA) technology, has shared its financial results for the first quarter of fiscal year 2025, ending March 30, 2025. The report indicates a significant shift in revenue performance compared to previous quarters, along with notable developments in technology and client partnerships.

Recent Developments

During this fiscal quarter, QuickLogic achieved several key milestones:

• - They successfully delivered design-specific eFPGA Hard IP tailored for a customer utilizing Intel's 18A test chip.
• - Their technology was integrated into Faraday Technology Corporation’s FlashKit™-22RRAM SO development platform.
• - The company received an additional $1.4 million in funding for their Strategic Radiation Hardened Program, which emphasizes their strength in defense applications.
• - QuickLogic also postponed the maturity date of a $20 million credit facility, enhancing their operational flexibility.

CEO Brian Faith remarked on these advancements, stating, “With these new partnerships and projects, particularly our groundbreaking work with Intel’s 18A technology, we are ideally positioned to tap into the growing interest from military and commercial clients for innovative designs.” This indicates a focus on sectors that demand high-performance and robust solutions, signalling a potential rebound in their business momentum.

Financial Performance Overview

Despite these advancements, QuickLogic reported decreased revenue for the first quarter of fiscal 2025. Total revenue from ongoing operations was $4.3 million, reflecting a steep 23.7% decrease from the same period in 2024, and a 23.8% drop from the preceding quarter. Key points from the financial report include:

• - New product revenue reached approximately $3.7 million, down by 17.4% compared to Q1 2024 and a 19.1% decrease against Q4 2024.
• - Mature product revenue fell to $0.6 million, down from $1.1 million in Q1 2024.
• - The GAAP gross margin was 43.4%, significantly lower than 67.1% in Q1 2024.
• - Operating expenses also increased to $3.9 million from $3.7 million a year prior.
• - The net loss for the first quarter stood at ($2.2 million), equating to a loss of ($0.14) per share.

These figures reveal the challenges QuickLogic faces, primarily driven by the timing of contracts related to their large eFPGA IP projects. This decline in revenue, particularly from new product offerings, signals the pressing need for strategic adjustments in their sales approach.

Conference Call and Future Outlook

On May 13, 2025, QuickLogic held a conference call to discuss these results in detail. This call enabled investors and interested parties to gain deeper insights into the company's operations and future projections. Leadership highlighted that they are committed to leveraging emerging opportunities within the U.S. military and commercial sectors, which could pave the way for more robust revenue streams.

Their commitment to innovation, particularly through their eFPGA offerings and partnerships, suggests potential for future growth despite the current financial setbacks. QuickLogic remains focused on delivering high-performance technology solutions, which are increasingly relevant in an era of sophisticated electronic designs across various sectors including defense, aerospace, and consumer electronics.

Conclusion

QuickLogic's financial results for the first quarter of fiscal 2025 present a complex picture of current challenges alongside promising developments in their operational strategies. The company's leadership expresses optimism about future prospects as they navigate a landscape demanding innovative and reliable technology solutions. As they continue to align efforts with emerging market opportunities, QuickLogic could potentially stabilize and enhance its market position moving forward.