Business
QuickLogic Reports Fourth Quarter and Fiscal 2022 Results with Annual New Product Revenue Growth of 50% Driving Improvement in Non-GAAP Operating Performance
SAN JOSE, Calif., Feb. 27, 2023 /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., Feb. 27, 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 fourth quarter and year ended January 1, 2023.\n\n \n \n \n \n \n \n\n \nKey 2022 Achievements\nGrew New Product revenue by 50% from Fiscal 2021Increased Fiscal 2022 revenue by 28%Increased sales funnel to $118 millionDelivered the best non-GAAP operating performance of the last 10 years\"This was a pivotal year for QuickLogic,\" commented Brian Faith, CEO of QuickLogic. \"New wins on our eFPGA IP-based products, continued shipments of smart connectivity and display products, and licensing of our SensiML AI Software Platform drove revenue and contributed to our best non-GAAP operating performance in the last ten years. Our ability to offer a full spectrum of solutions ranging from eFPGA IP all the way to full chip designs has helped contribute to the continued growth in our sales funnel, currently over $118 million, positioning us to exceed organic sales growth of 30% in 2023 and report positive non-GAAP operating income for the full year.\"\nFiscal 2022 Fourth Quarter Financial Results\nTotal revenue for the fourth quarter of fiscal 2022 was $4.1 million, an increase of 18.1% compared with the third quarter of 2022, and an increase of 10.2% compared with the fourth quarter of 2021.\nNew product revenue was approximately $2.8 million in the fourth quarter of 2022, an increase of $0.6 million, or 26.2%, compared with the third quarter of 2022, and an increase of $0.2 million, or 6.6%, compared with the fourth quarter of 2021. The increase in new product revenue from the same period a year ago was primarily due to increased eFPGA professional services revenue partially offset by decreases in sensor, smart connectivity, and display product revenues. The previously announced $6.9 million government contract contributed to revenue growth in the quarter and will further contribute to revenue growth into 2023.\nMature product revenue was $1.2 million in both the fourth quarter and the third quarter of 2022. Mature product revenue in the fourth quarter of 2022 increased 19.5% compared...