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QuickLogic Reports Second Quarter Fiscal 2023 Results and Affirms Its Expectation for Full Year Profitability
SAN JOSE, Calif., Aug. 14, 2023 /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., Aug. 14, 2023 /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 second quarter ended July 2, 2023.\n\n \n \n \n \n \n \n\n \nHighlights\nSignificant revenue contribution from the next, executed phase of the large eFPGA contract we announced in 2022 is expected during the second half of 2023Sales funnel grew to a record $140 million, with conversion expected to accelerate during the second half of 2023Top-tier microcontroller company is in the final stages of integrating its private label version of SensiML AI/ML solutions across its broad product lineOur first 12nm eFPGA IP core expected to be completed this quarter\"While the timing of the award for the next phase of the large eFPGA contract negatively impacted our second quarter results, with this next, substantially larger contract phase fully executed and new bookings generated from our growing sales funnel, we reaffirm full year revenue growth will be above 30%,\" said Brian Faith, CEO of QuickLogic. \"In addition to accelerated revenue growth, we also are affirming our expectation that we will report second half and full year non-GAAP profitability for 2023.\" \nFiscal Second Quarter 2023 Financial Results\nTotal revenue for the second quarter of fiscal 2023 was $2.9 million, a decrease of 29.3% compared with the first quarter of 2023, and a decrease of 35.7% compared with the second quarter of 2022.\nNew product revenue was approximately $2.2 million in the second quarter of 2023, a decrease of $0.9 million, or 26.9%, compared with the first quarter of 2023, and a decrease of $0.9 million, or 28.7%, compared with the second quarter of 2022. The completion of the $6.9 million government contract in the second quarter and the delay of the add-on contract led to the lower than anticipated revenue.\nMature product revenue was $0.7 million in the second quarter of 2023, a decrease of $0.4 million, or 36.2%, compared with the first quarter of 2023. Mature product revenue in the second quarter of 2023 decreased 51.2% compared to the second quarter of 2022.\nSecond quarter 2023 GAAP gross margin was 41.2% compared with 57.8% in the first quarter of 2023, and 56.0% in the second quarter ...