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QuickLogic Reports First Quarter Fiscal 2022 Financial Results
SAN JOSE, Calif., May 17, 2022 /PRNewswire/ -- QuickLogic Corporation (NASDAQ: QUIK) ("QuickLogic" or the "Company"), a developer of ultra-low power
About this update from Quicklogic Corporation
[{"type":"text","content":"SAN JOSE, Calif., May 17, 2022 /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 fiscal quarter of fiscal 2022, ended April 3, 2022.\n\n \n \n \n \n \n \n\n \nRecent Highlights\nFirst Quarter Fiscal 2022 revenue increased 83% from the same quarter a year ago.Announced two new eFPGA contracts totaling approximately $2.5 million.Teamed with SkyWater Technology to make rad-hard eFPGA IP for SkyWater RH90 process for mission critical and/or applications used in environmentally demanding environments.Introduced the first customer-defined eFPGA block targeting the GlobalFoundries 22FDX® process, and delivered first customer-defined eFPGA block targeting TSMC's 22nm process, both generated via QuickLogic's Australis™ IP Generator tool.Appointed industry veteran Owen Bateman to Vice President of Worldwide Sales.SensiML has added support for Silicon Labs MG24 and BG24 Series 2 Bluetooth® Wireless SoCs to quickly create sophisticated, low power intelligent IoT endpoints, and now supports AI/ML development for a tiny form factor board, which features Bosch Sensortec sensors.Fiscal 2022 First Quarter Financial Results\nTotal revenue for the first quarter of 2022 was $4.1 million, an increase of 11% compared with the fourth quarter of 2021, and an increase of 83% compared with the first quarter of 2021. New product revenue was approximately $3.5 million in the first quarter of 2022 an increase of 29% compared with the fourth quarter of 2021, and an increase of 221% compared with the first quarter of 2021. The increases were primarily due to higher revenue from our eFPGA IP license and smart connectivity and display product revenue. Mature product revenue was $0.6 million in the first quarter of 2022, down 38% compared with the fourth quarter of 2021, and down 45% compared with the first quarter of 2021. COVID related softness in the served markets continues to limit mature product revenue performance.\nFirst quarter 2022 GAAP gross margin was 60.1%, compared with 56.1% in the fourth quarter of 2021, and 51.1% in the first quarter of 2021.\nFirst quarter 2022 non-GAAP gross margin was 61.5%, compared with 60.1% in the fourth quarter of 2021, and ...