Business
QuickLogic Reports First Quarter Fiscal 2023 Results
Positioning the Company Towards 2023 Expected Revenue Growth of Greater than 30% SAN JOSE, Calif., May 16, 2023 /PRNewswire/ -- QuickLogic Corporation
About this update from Quicklogic Corporation
[{"type":"text","content":"Positioning the Company Towards 2023 Expected Revenue Growth of Greater than 30%\nSAN JOSE, Calif., May 16, 2023 /PRNewswire/ -- QuickLogic Corporation (NASDAQ: QUIK) (\"QuickLogic\" or the \"Company\"), a developer of ultra-low power multi-core voice enabled SoCs (System on Chips), embedded FPGA (Field Programmable Gate Array) IP, and Endpoint AI (Artificial Intelligence) solutions, today announced its financial results for the fiscal first quarter ended April 2, 2023.\n\n \n \n \n \n \n \n\n \nHighlights\nContinued new product revenue growth year over yearIncreased sales funnel to $125 millionGrowth in eFPGA-related business and sequential improvements in gross margins driven by eFPGA revenue and cost management position the Company for expected 2023 non-GAAP operating profit\"We continued to make progress this quarter towards reaching our goal of positive non-GAAP operating income,\" commented Brian Faith, CEO of QuickLogic. \"Conversion of opportunities in our sales funnel, now at $125 million, should start to accelerate in the third and fourth quarters, providing upside to our sales growth estimate of 30%. This continued growth would put us on track to report positive non-GAAP operating income in both the third and fourth quarters and for the full year.\"\nFiscal First Quarter 2023 Financial Results\nTotal revenue for the first quarter of fiscal 2023 was $4.1 million, an increase of 1.2% compared with the fourth quarter of 2022, and an increase of 0.9% compared with the first quarter of 2022.\nNew product revenue was approximately $3.1 million in the first quarter of 2023, an increase of $0.2 million, or 7.5%, compared with the fourth quarter of 2022, and a decrease of $0.4 million, or 11.4%, compared with the first quarter of 2022. Increased eFPGA revenue year over year was offset by decreased display, smart connectivity, and sensor product revenues.\nMature product revenue was $1.1 million in the first quarter of 2023, a decrease of $0.2 million, or 13.2%, compared with the fourth quarter of 2022. Mature product revenue in the first quarter of 2023, increased 66.9% compared to the first quarter of 2022.\nFirst quarter 2023 GAAP gross margin was 57.8% compared with 51.9% in the fourth quarter of 2022, and 60.1% in the first quarter of 2022.\nFirst quarter 2023 non-GAAP gross margin was 59.7% compared with 53.2% in the four...