Business
QuickLogic Reports First Quarter Fiscal 2024 Results, On Track for Revenue Growth of 30% and Positive Cash Flow in 2024
SAN JOSE, Calif. , May 13, 2024 /PRNewswire/ -- QuickLogic Corporation (NASDAQ: QUIK) ("QuickLogic" or the "Company"), a developer of embedded FPGA (eFPGA)
About this update from Quicklogic Corporation
[{"type":"text","content":"SAN JOSE, Calif. , May 13, 2024 /PRNewswire/ -- QuickLogic Corporation (NASDAQ: QUIK) (\"QuickLogic\" or the \"Company\"), a developer of embedded FPGA (eFPGA) IP, ruggedized FPGAs and Endpoint AI solutions, today announced its financial results for the fiscal first quarter that ended March 31, 2024.\n\n \n \n \n \n \n \n\n \nRecent Highlights\nAchieved greater than 40% year-over-year revenue growth in Q1 2024 that was driven by a nearly 60% increase in new product salesSigned two new IP contracts targeting 12nm fabrication nodes at two separate foundries that will drive revenue growth in the second half of the yearCompleted our work funded by the second tranche of the Strategic Radiation Hardened FPGA Technology government contract and anticipate the award of the third tranche later this quarterAnnounced a strategic partnership with Zero-Error Systems America to create radiation-tolerant eFPGA IP for commercial space applicationsReleased Aurora 2.6 eFPGA User Tool Suite that expands OS compatibility and increases speed by up to 15%SensiML secured a six-figure license agreement with a major microcontroller companyGrew the sales funnel, which includes a diverse range of new IP customers and end markets, to a record $179 million\"We are very pleased with our continued progress and believe we are well-positioned to achieve our 30%+ revenue growth target for 2024,\" said Brian Faith, CEO of QuickLogic. \"I am looking forward to discussing our continued progress during our upcoming conference call where we will also announce the expansion of SensiML's business model to include open-source licensing.\"\nFiscal First Quarter 2024 Financial Results\nTotal revenue for the first quarter of fiscal 2024 was $6.0 million, an increase of 45.3% compared with the first quarter of 2023 and a decrease of 19.7% compared with the fourth quarter of 2023.\nNew product revenue was approximately $4.9 million in the first quarter of 2024, an increase of $1.8 million, or 59.6%, compared with the first quarter of 2023 and a decrease of $1.9 million, or 28.6%, compared with the fourth quarter of 2023. The increase in new product revenue from the same period a year ago was primarily due to higher eFPGA IP license and professional services revenue due to the next phase of the large eFPGA contract and higher device revenues.\nMature product revenue was $1.1 m...