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QuickLogic Reports Fiscal 2019 Second Quarter Results
SAN JOSE, Calif., Aug. 7, 2019 /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., Aug. 7, 2019 /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 fiscal second quarter ended June 30, 2019.\n\n \nRecent Highlights\nCompleted fully subscribed public offering of common stock, raising approximately $8.3 million in net proceeds QuickLogic EOS S3 voice and sensor processing platform to power Infineon \"IAS\" security IoT reference design SensiML and Neurosense announced a strategic partnership for highly integrated Intelligent Edge technology platform SensiML Analytics Toolkit upgraded for Industrial IoT predictive maintenance applications Appointed Donald Alexander as Vice President of Worldwide SalesFiscal 2019 Second Quarter Financial ResultsTotal revenue for the second quarter of fiscal 2019 was $2.1 million, which was within the revised guidance range of $2.0 to $2.4 million provided in the Company's filing with the Securities and Exchange Commission on June 18, 2019. Second quarter 2019 revenue compares with revenue of $3.2 million in the first quarter of 2019, and $3.1 million in the second quarter 2018. \nSales of new products in the second quarter of 2019 were $0.7 million, compared with $0.7 million of the first quarter of 2019 and $1.6 million in the second quarter of 2018. The decline from the same period a year ago was primarily due to a significant decrease in connectivity and display bridge sales that were not offset by increased revenue from strategic new product sales. Mature product revenue was $1.4 million in the second quarter of 2019, compared with $2.5 million in the first quarter of 2019, and $1.5 million in the second quarter of 2018. \nSecond quarter 2019 GAAP gross margin was 49.0%, compared with 62.0% in the first quarter of 2019, and 49.0% in the second quarter of 2018. \nSecond quarter 2019 non-GAAP gross margin was 49.8%, compared with 62.8% in the first quarter of 2019 and 50.1% in the second quarter of 2018. The decrease in gross margin from the prior quarter was primarily due to the lower shipment of mature product revenue and lower absorption of our manufacturing fixed costs.\nSecond quarter 2019 GAAP operating expenses were $5.6 million, compared with $5.7 million in the fi...