Slide 1: May 2025
May 2025 * All data in this presentation, including forecasts and projections, is as of May 13, 2025 (as disclosed on our first fiscal quarter 2025 conference call)
Slide 2: Forward-looking statements and non-GAAP measures
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding our future profitability and cash flows, expectations regarding our future business and
Slide 3: FPGAs (Field Programmable Gate Arrays)
FPGAs (Field Programmable Gate Arrays) • FPGA Market expected to grow at >10.8%1 CAGR from 2023 to 2030. Semiconductor standard products that can be programmed to desired application or functionality requirements after manufacturing. • Military and aerospace segment is expected to expand at the fast
Slide 4: eFPGA IP and Device Services
Design eFPGA Device Services IP Storefront a Founded in 1988 Headquartered in San Jose, CA Nasdaq listed in 1999 – QUIK Uniquely positioned for growth 4
Slide 5: Drove 24% 4YR Revenue CAGR
2020 2021 2022 2023/24 Introduced eFPGA IP Partnering with IP Contracts and Record IP Contract Business Model Global FPGA Growing Pipeline Value and Expanded Consortia Number of Foundry / Process Technologies Drove 24% 4YR Revenue CAGR Reported Non-GAAP Net Income in Fiscal 2023 and 2024 1 Per Compa
Slide 6: Chiplets/Devices, eFPGA IP, Australis Tool
• More than Moore Chiplets/Devices • Modular approach to design • Optimized for cost and time to market • More than three decades of development eFPGA IP • Based on Open Source • Services and Storefront expands market • Automated eFPGA IP generator Australis Tool • Radically shortens eFPGA developme
Slide 7: Funded Dev, IP License Royalty, Device Revenue
Funded Dev IP License Royalty Device Revenue Recognized during Revenue typically Revenue recognized at For running supply design process recognized at shipment, up to 10+ chains & providing delivery years finished goods Design eFPGA Device Services IP Storefront 7
Slide 8: Supplier for mission-critical applications for 30+ yrs
• Supplier for mission-critical applications for 30+ yrs • Awarded contract to develop RadHard FPGA Technology • Options totaling $72M over four years • First three tranches, totaling ~$27M, now complete • Fourth tranche of $6.575M awarded in December with $1.4M Incremental Funding Modification awar
Slide 9: First Programmable Logic company to actively contribute to open source
Aerospace & Industrial IoT AI/ML Security Consumer IoT Defense First Programmable Logic company to Fabless model provides unique actively contribute to a fully open-source combination of silicon platforms, IP suite of development tools cores, HW, SW, & AI SaaS solutions 1 Per Company estimates 9
Slide 10: Delivered 1st Design-Specific eFPGA Hard IP core optimized for Intel 18A
• Delivered 1st Design-Specific eFPGA Hard IP core optimized for Intel 18A • Delivered customer-specific eFPGA Hard IP cores for: • GlobalFoundries’ 12LP FinFET and 22FDX® - optimized for 5G, Aerospace and Defense, Automotive, AI/ML, and IoT markets • TSMC N12e 12nm FinFET process – optimized for co
Slide 11: Defense: Work with all of the Top 5
Work with all of the Top 5, and 8 of the Top 10 DoD Prime contractors Defense 11
Slide 12: Partner 2 Win Supplier of the Year award
• ‘Partner 2 Win’ Supplier of the Year award • “FAST LabsTM Technology Innovation Partner Of The Year” Category • Selected from a pool of suppliers that worked to advance and deliver technology for BAE Systems’ Electronic Systems sector in 2023 • Highlights relentless dedication to delivering state-
Slide 13: ~$44M+ in new contracts since July 2021
~$44M+ in new contracts since July 2021 with significant upside Pipeline includes projects on six process nodes, chiplets and storefront opportunities Based on Australis-generated eFPGA IP 13
Slide 14: Proprietary, industry-leading eFPGA IP generator
• Proprietary, industry-leading eFPGA IP NEW WAY OLD WAY generator • Foundry-agnostic Fewer Architects / Architects HW/SW Engineers • Fast time-to-market • Delivery in days/weeks vs. months/years IP Generator HW/SW Engineers • Fast time-to-market – Days/Weeks • Flexible – Meet your SoC design requir
Slide 15: Each new process node unlocks greater customer potential
Each new process node unlocks 16nm 12nm greater customer potential 22nm Intel 18A Follow-on projects within an established node can be executed rapidly (within weeks) and with 28nm improved margins by utilizing prior development efforts and investments. • 3 advanced process nodes added 2024 40nm roa
Slide 16: Silicon flexibility critical for secure, flexible, and adaptable systems
Silicon flexibility critical for secure, flexible, and adaptable systems 16
Slide 17: Revenue by product category, 2020-2024
$25 eFPGA IP-Related Products $20 4-Year CAGR Through 2024 SensiML AI-Related • ~24% Total Revenue $15 Products • ~177% eFPGA IP-Related Millions Revenue $10 • Excluding RadHard EOS Sensor Processing, contract, eFPGA revenue Display Bridge, and for 2024 would be up 8% $5 Connectivity over 2023 Matur
Slide 18: Operating Leverage
Operating Leverage $16 140% • Operating Leverage is Non- $14 120% GAAP Gross Profit $ divided by $12 Non-GAAP OpEx 100% $10 • Demonstrated growth in Gross 80% Profit $ (+189%) while tightly Millions $8 60% managing OpEx (-10%) $6 • As more designs move to 40% $4 License & Royalty and/or $2 20% Store
Slide 19: Growing number of foundry and advanced process technologies
• Growing number of foundry and advanced process technologies supported including Intel 18A • Recent change in eFPGA market competitive landscape driving inbound interest from former Flex-Logix customers • Large ≈$72M Strategic Radiation Hardened contract continues to contribute while leading to ne
Slide 20: Thank You!
THANK YOU! 20
Slide 21: >
2 7 >
Slide 22: Supporting Rising Margins
Supporting Rising Margins (Non-GAAP) ANNUAL REVENUE OUTLOOK NEW & MATURE PRODUCT ($M) GROSS MARGIN OUTLOOK (%) 30 80% 25 70% 61% 63% Low 60% 20 60% 56% 51% 15 40% 10 20% 5 0 0% 2020 ACT 2021 ACT 2022 ACT 2023 ACT 2024 ACT 2020 Act 2021 Act 2022 Act 2023 Act 2024 Act 2025 Outlook Mature Product New P
Slide 23: Operating Income and EPS
OPERATING INCOME ($M) EPS ($) $0.20 $0.17 $4.0 $0.05 $2.6 $2.0 $0.00 $1.2 $0.0 ($0.20) ($0.18) ($2.0) ($1.8) ($0.40) ($0.35) ($4.0) ($0.60) ($6.0) ($5.0) ($0.80) ($8.0) ($10.0) ($9.1) ($1.00) ($0.96) 2020A 2021A 2022A 2023A 2024A 2020A 2021A 2022A 2023A 2024A 23
Slide 24: Non-GAAP Gross Margin Driving Profitability
NON-GAAP GROSS MARGIN 1 DRIVING PROFITABILITY Covid 19 70% 1. eFPGA, software and licensing opportunities 61% Impact 63% driving long term revenue growth 56% 51% 2. Australis enabling the expansion of addressable process technologies and provides future leverage for investments made 3. Optimized exp
Slide 25: Mature & New Product Revenue and Gross Margin
MATURE & NEW PRODUCT REVENUE ($M) GROSS MARGIN (%) $8.0 80% 78% 78% 71% $6.0 63% 61% 60% 54% 50% $6.8 44% 46% $4.0 $6.1 $4.9 40% $4.7 $3.1 $3.5 $3.8 $3.4 $2.0 $2.2 20% $0.7 $0.6 $0.7 $1.1 $1.1 $0.7 $1.0 $0.6 $0.6 $0.0 0% Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25F Q2 23 Q3 23 Q4 23 Q1 24
Slide 26: Operating Income and EPS by Quarter
$3.0 OPERATING INCOME ($M) EPS ($) $0.20 $2.0 $1.8 $0.12 $0.10 $1.0 $0.04 $0.7 $0.00 $0.0 ($0.05) ($0.06) ($0.07) ($0.10) ($1.0) ($0.7) ($0.7) ($0.07- ($1.0) ($1.0-$1.2) $0.09) ($2.0) ($0.20) Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25F Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25F Midpoint of forecasts for Q2 FY‘25
Slide 27: Source: Company SEC filings
Source: Company SEC filings. *Totals may not equal due to rounding. 27
Slide 28: Source: Company SEC filings
Source: Company SEC filings. *Totals may not equal due to rounding. 28
Slide 29: Source: Company SEC filings
Source: Company SEC filings. *Totals may not equal due to rounding. 29