Recent Highlights
- Expanded
U.S. Strategic Radiation Hardened (SRH) FPGA government program, increasing total contract ceiling to approximately$89 million and successfully taped out a test chip on GlobalFoundries 12LP process - Announced
$13 million contract tranche for theU.S. SRH FPGA government program - Received initial orders for SRH FPGA Development Kits (Dev Kits) for Test Chip evaluation
- Incorporated architectural enhancements developed under 1M LUT Feasibility Study Contract that enable
QuickLogic to address lucrative markets for very high-density discrete and embedded FPGAs - Secured multiple, new commercial eFPGA Hard IP design wins, including a high-performance data center production ASIC on a 12nm process node
- Entered the hardware cybersecurity market through a partnership with Idaho Scientific, enabling crypto-agile secure ASIC and SoC designs using
QuickLogic eFPGA Hard IP - Advanced presence in space and high-reliability computing as
University of Saskatchewan selected eFPGA IP for a radiation-tolerant RISC-V StarRISC microcontroller platform - Published customer case study showing 50% power savings when Epson moved from Software to eFPGA for programmable algorithm processing
"We are extremely proud the
Fiscal Fourth Quarter 2025 Financial Results
Total revenue from continuing operations for the fourth quarter of fiscal 2025 was
New product revenue from continuing operations was approximately
Mature product revenue from continuing operations was
Fourth quarter 2025 GAAP gross margin from continuing operations was 18.1% compared with 62.7% in the fourth quarter of 2024 and (23.3%) in the third quarter of 2025.
Fourth quarter 2025 non-GAAP gross margin from continuing operations was 20.8% compared with 65.8% in the fourth quarter of 2024 and (11.9%) in the third quarter of 2025.
Fourth quarter 2025 GAAP operating expenses from continuing operations were
Fourth quarter 2025 non-GAAP operating expenses from continuing operations were
Fourth quarter 2025 GAAP net loss was (
Fourth quarter 2025 non-GAAP net loss was (
Conference Call
The call recording, which can be accessed by phone, will be archived through
About
Non-GAAP Financial Measures
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
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, statements regarding our future profitability and cash flows, expectations regarding our future business and expected revenue growth, and statements regarding the timing, milestones, and payments related to our government contracts 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; 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; 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 U.S. Securities and Exchange Commission (the "
CODE: QUIK-E
–Tables Follow –
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Three Months Ended | Year Ended | |||||||||||||||||||
December | December | September | December | December | ||||||||||||||||
Revenue | $ | 3,733 | $ | 5,677 | $ | 2,029 | $ | 13,774 | $ | 19,651 | ||||||||||
Cost of revenue | 3,058 | 2,118 | 2,501 | 10,740 | 7,558 | |||||||||||||||
Gross profit (loss) | 675 | 3,559 | (472) | 3,034 | 12,093 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Research and development | 1,436 | 1,380 | 1,398 | 5,295 | 5,846 | |||||||||||||||
Selling, general and administrative | 2,728 | 2,029 | 2,057 | 9,283 | 8,767 | |||||||||||||||
Impairment charges | — | — | — | 300 | — | |||||||||||||||
Restructuring costs | — | — | — | 75 | — | |||||||||||||||
Total operating expense | 4,164 | 3,409 | 3,455 | 14,953 | 14,613 | |||||||||||||||
Operating income (loss) | (3,489) | 150 | (3,927) | (11,919) | (2,520) | |||||||||||||||
Interest expense | (79) | (111) | (87) | (371) | (406) | |||||||||||||||
Interest and other (expense) income, net | — | 29 | 9 | (28) | 24 | |||||||||||||||
Income (loss) before income taxes | (3,568) | 68 | (4,005) | (12,318) | (2,902) | |||||||||||||||
(Benefit from) provision for income taxes | 30 | (11) | (1) | 35 | 3 | |||||||||||||||
Net income (loss) from continuing operations | (3,598) | 79 | (4,004) | (12,353) | (2,905) | |||||||||||||||
Net income (loss) from discontinued operations, net | (2,368) | (384) | (3) | (2,481) | (936) | |||||||||||||||
Net income (loss) | $ | (5,966) | $ | (305) | $ | (4,007) | $ | (14,834) | $ | (3,841) | ||||||||||
Net income (loss) from continuing operations per | ||||||||||||||||||||
Basic | $ | (0.21) | $ | 0.01 | $ | (0.24) | $ | (0.76) | $ | (0.20) | ||||||||||
Diluted | $ | (0.21) | $ | 0.01 | $ | (0.24) | $ | (0.76) | $ | (0.20) | ||||||||||
Net income (loss) per share: | ||||||||||||||||||||
Basic | $ | (0.35) | $ | (0.02) | $ | (0.24) | $ | (0.91) | $ | (0.26) | ||||||||||
Diluted | $ | (0.35) | $ | (0.02) | $ | (0.24) | $ | (0.91) | $ | (0.26) | ||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||
Basic | 17,103 | 14,869 | 16,516 | 16,243 | 14,510 | |||||||||||||||
Diluted | 17,103 | 14,869 | 16,516 | 16,243 | 14,510 | |||||||||||||||
Note: Net income (loss) equals total comprehensive income (loss) for all periods presented. Additionally, the Company notes that income taxes related to discontinued operations were immaterial in nature for the periods presented and as such, only net income (loss) from discontinued operations was reported herein. |
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ASSETS | ||||||||
Current assets: | ||||||||
Cash, cash equivalents and restricted cash | $ | 18,840 | $ | 21,859 | ||||
Accounts receivable, net of allowance for credit losses of | 2,809 | 2,426 | ||||||
Contract assets | 217 | 2,682 | ||||||
Inventories | 956 | 940 | ||||||
Prepaid expenses and other current assets | 1,382 | 1,666 | ||||||
Assets of business held for disposal, net | 2 | 31 | ||||||
Total current assets | 24,206 | 29,604 | ||||||
Property and equipment, net | 18,234 | 15,699 | ||||||
Capitalized internal-use software, net | 1,116 | 711 | ||||||
Right of use assets, net | 464 | 758 | ||||||
Intangible assets, net | 339 | 378 | ||||||
Non-marketable equity investment | — | 300 | ||||||
Inventories, non-current | 187 | 718 | ||||||
Note receivable, non-current | — | 1,292 | ||||||
Other assets | 240 | 117 | ||||||
Assets of business held for disposal, net | — | 2,356 | ||||||
TOTAL ASSETS | $ | 44,786 | $ | 51,933 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Revolving line of credit | $ | 15,000 | $ | 18,000 | ||||
Trade payables | 2,251 | 3,097 | ||||||
Accrued liabilities | 1,779 | 1,587 | ||||||
Deferred revenue | 64 | 444 | ||||||
Notes payable, current | 1,870 | 1,928 | ||||||
Lease liabilities, current | 321 | 284 | ||||||
Liabilities of business held for disposal | — | 57 | ||||||
Total current liabilities | 21,285 | 25,397 | ||||||
Long-term liabilities: | ||||||||
Lease liabilities, non-current | 126 | 447 | ||||||
Notes payable, non-current | 926 | 1,202 | ||||||
Total liabilities | 22,337 | 27,046 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity: | ||||||||
Preferred stock, | — | — | ||||||
Common stock, | 17 | 15 | ||||||
Additional paid-in capital | 346,662 | 334,268 | ||||||
Accumulated deficit | (324,230) | (309,396) | ||||||
Total stockholders' equity | 22,449 | 24,887 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 44,786 | $ | 51,933 | ||||
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Three Months Ended | Year Ended | |||||||||||||||||||
December | December | September | December | December | ||||||||||||||||
US GAAP operating income (loss) | $ | (3,489) | $ | 150 | $ | (3,927) | $ | (11,919) | $ | (2,520) | ||||||||||
Adjustment for stock-based compensation within: | ||||||||||||||||||||
Cost of revenue | 100 | 177 | 231 | 678 | 852 | |||||||||||||||
Research and development | 194 | 249 | 96 | 637 | 978 | |||||||||||||||
Selling, general and administrative | 450 | 538 | 501 | 2,036 | 2,669 | |||||||||||||||
Adjustment for impairment charges | — | — | — | 300 | — | |||||||||||||||
Adjustment for restructuring costs | — | — | — | 75 | — | |||||||||||||||
Non-GAAP operating income (loss) | $ | (2,745) | $ | 1,114 | $ | (3,099) | $ | (8,193) | $ | 1,979 | ||||||||||
US GAAP net income (loss) from continuing | $ | (3,598) | $ | 79 | $ | (4,004) | $ | (12,353) | $ | (2,905) | ||||||||||
Adjustment for stock-based compensation within: | ||||||||||||||||||||
Cost of revenue | 100 | 177 | 231 | 678 | 852 | |||||||||||||||
Research and development | 194 | 249 | 96 | 637 | 978 | |||||||||||||||
Selling, general and administrative | 450 | 538 | 501 | 2,036 | 2,669 | |||||||||||||||
Adjustment for impairment charges | — | — | — | 300 | — | |||||||||||||||
Adjustment for restructuring costs | — | — | — | 75 | — | |||||||||||||||
Non-GAAP net income (loss) from continuing | $ | (2,854) | $ | 1,043 | $ | (3,176) | $ | (8,627) | $ | 1,594 | ||||||||||
US GAAP net income (loss) from discontinued | $ | (2,368) | $ | (384) | $ | (3) | $ | (2,481) | $ | (936) | ||||||||||
Adjustment for stock-based compensation within: | ||||||||||||||||||||
Research and development | — | (40) | — | (32) | 107 | |||||||||||||||
Adjustment for impairment charges | 2,355 | — | — | 2,355 | — | |||||||||||||||
Adjustment for restructuring costs | — | — | — | 87 | — | |||||||||||||||
Non-GAAP net income (loss) from discontinued | $ | (13) | $ | (424) | $ | (3) | $ | (71) | $ | (829) | ||||||||||
Non-GAAP net income (loss) | $ | (2,867) | $ | 619 | $ | (3,179) | $ | (8,698) | $ | 765 | ||||||||||
US GAAP net income (loss) from continuing | $ | (0.21) | $ | 0.01 | $ | (0.24) | $ | (0.76) | $ | (0.20) | ||||||||||
Adjustment for stock-based compensation | 0.04 | 0.06 | 0.05 | 0.21 | 0.31 | |||||||||||||||
Adjustment for impairment charges | — | — | — | 0.02 | — | |||||||||||||||
Adjustment for restructuring costs | — | — | — | — | — | |||||||||||||||
Non-GAAP net income (loss) from continuing | $ | (0.17) | $ | 0.07 | $ | (0.19) | $ | (0.53) | $ | 0.11 | ||||||||||
US GAAP net income (loss) from discontinued | $ | (0.14) | $ | (0.03) | $ | — | $ | (0.15) | $ | (0.06) | ||||||||||
Adjustment for stock-based compensation | — | — | — | — | — | |||||||||||||||
Adjustment for impairment charges | 0.14 | — | — | 0.14 | — | |||||||||||||||
Adjustment for restructuring costs | — | — | — | 0.01 | — | |||||||||||||||
Non-GAAP net income (loss) from discontinued | $ | — | $ | (0.03) | $ | — | $ | — | $ | (0.06) | ||||||||||
Non-GAAP net income (loss) per share, basic | $ | (0.17) | $ | 0.04 | $ | (0.19) | $ | (0.53) | $ | 0.05 | ||||||||||
US GAAP net income (loss) from continuing | $ | (0.21) | $ | 0.01 | $ | (0.24) | $ | (0.76) | $ | (0.20) | ||||||||||
Adjustment for stock-based compensation | 0.04 | 0.06 | 0.05 | 0.21 | 0.31 | |||||||||||||||
Adjustment for impairment charges | — | — | — | 0.02 | — | |||||||||||||||
Adjustment for restructuring costs | — | — | — | — | — | |||||||||||||||
Non-GAAP net income (loss) from continuing | $ | (0.17) | $ | 0.07 | $ | (0.19) | $ | (0.53) | $ | 0.11 | ||||||||||
US GAAP net income (loss) from discontinued | $ | (0.14) | $ | (0.03) | — | $ | (0.15) | $ | (0.06) | |||||||||||
Adjustment for stock-based compensation | — | — | — | — | — | |||||||||||||||
Adjustment for impairment charges | 0.14 | — | — | 0.14 | — | |||||||||||||||
Adjustment for restructuring costs | — | — | — | 0.01 | — | |||||||||||||||
Non-GAAP net income (loss) from discontinued | $ | — | $ | (0.03) | $ | — | $ | — | $ | (0.06) | ||||||||||
Non-GAAP net income (loss) per share, diluted | $ | (0.17) | $ | 0.04 | $ | (0.19) | $ | (0.53) | $ | 0.05 | ||||||||||
US GAAP gross margin percentage from | 18.1 | % | 62.7 | % | (23.3) | % | 22.0 | % | 61.5 | % | ||||||||||
Adjustment for stock-based compensation included | 2.7 | % | 3.1 | % | 11.4 | % | 4.9 | % | 4.4 | % | ||||||||||
Non-GAAP gross margin percentage from | 20.8 | % | 65.8 | % | (11.9) | % | 26.9 | % | 65.9 | % | ||||||||||
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Percentage of Revenue | Change in Revenue | |||||||||||||||||||
Q4 2025 | Q4 2024 | Q3 2025 | Q4 2025 to | Q4 2025 to | ||||||||||||||||
COMPOSITION OF REVENUE | ||||||||||||||||||||
Revenue by product: (1) | ||||||||||||||||||||
New products | 76 | % | 81 | % | 47 | % | (39) | % | 199 | % | ||||||||||
Mature products | 24 | % | 18 | % | 53 | % | (15) | % | (18) | % | ||||||||||
Discontinued Operations: | ||||||||||||||||||||
New products | — | % | 1 | % | — | % | (100) | % | — | % | ||||||||||
Revenue by geography: | ||||||||||||||||||||
10 | % | 10 | % | 47 | % | (32) | % | (62) | % | |||||||||||
81 | % | 85 | % | 51 | % | (38) | % | 191 | % | |||||||||||
9 | % | 5 | % | 2 | % | 23 | % | 869 | % | |||||||||||
Discontinued Operations: | ||||||||||||||||||||
— | % | — | % | — | % | (100) | % | — | % | |||||||||||
— | % | — | % | — | % | (100) | % | — | % | |||||||||||
— | % | — | % | — | % | — | % | — | % | |||||||||||
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(1) | New products include all products manufactured on 180 nanometer or smaller semiconductor processes, eFPGA IP intellectual property, professional services, and 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. | |
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