QuickLogic Reports Fourth Quarter and Fiscal 2017 Results

SUNNYVALE, Calif., Feb. 14, 2018 — (PRNewswire) — QuickLogic Corporation (NASDAQ: QUIK), a developer of ultra-low power multi-core voice enabled SoCs, embedded FPGA IP, display bridge and programmable logic solutions, announced its financial results for the fourth quarter and fiscal year ended December 31, 2017.

Recent Accomplishments

  • EOSTM S3 Sensor Processing Platform:
    • Nine new customer products using QuickLogic's EOS S3 voice-enabled Sensor Processing SoC were displayed at 2018 CES, these included: 
      • GGEC chose EOS S3 for its voice-enabled Bluetooth® sport earphone manufactured for Tencent to enable its new cloud-based digital voice assistant service called DingDang.
      • Cleer selected EOS S3 to enable Amazon's Alexa Voice Services (AVS) for its EDGE Voice wireless headphone product, a 2018 CES Innovation Awards honoree.
      • Cleer selected EOS S3 to enable AVS for its second-generation Stage portable smart speaker.  The first-generation Stage won a Best of Show award at the June Consumer Electronics show. 
      • Climax Technology Company selected EOS S3 to enable always-on / always-listening capability for its next generation "Voice Extender" smart home / senior care product.
      • Shenzhen AONI Electronic, Ltd. selected EOS for its Bluetooth-enabled sport earphone and Active Noise Canceling (ANC) Bluetooth headphone set, both of which enable users to connect to AVS.
    • Announced Voice Over Bluetooth Low Energy (BLE) Reference Design for EOS S3 in conjunction with Nordic Semi.

 

  • Embedded FPGA (eFPGA) Intellectual Property (IP) Licensing:
    •  Completed the test chip tape-out for GLOBALFOUNDRIES 22FDX® FD-SOI Process.
    • Collaborated with Mentor® to optimize its Precision Synthesis software to support the ArcticProTM architecture used in QuickLogic's eFPGA.

Fourth Quarter Fiscal Year 2017 Financial Results

Total revenue for the fourth quarter of 2017 was $3.0 million, within the company's guidance, flat compared to the third quarter of 2017 and up 1% compared to the fourth quarter of 2016. New product revenue was $1.0 million in the fourth quarter of 2017, 34% lower than third quarter of 2017 and 39% lower than fourth quarter of 2016. Mature product revenue was $2.0 million in the fourth quarter of 2017, up 34% compared to the third quarter of 2017 and up 49% compared to the fourth quarter of 2016. Lower new product revenue in the fourth quarter of 2017 was primarily due to lower shipments of the ArcticLink® III VX Display Bridge. New product revenue accounted for 33% of the total revenue in the fourth quarter of 2017, compared to 50% in the third quarter of 2017 and 54% in the fourth quarter of 2016.

Fourth quarter GAAP gross margin was 50.4%, up from 42.6% in the third quarter of 2017 and up from 32.3% in the fourth quarter of 2016. Fourth quarter Non-GAAP gross margin was 51.6%, up from 43.7% in the third quarter of 2017 and up from 33.3% in the fourth quarter of 2016.

Fourth quarter 2017 GAAP operating expenses increased slightly to $5.0 million, from $4.7 million in the third quarter of 2017 and the fourth quarter of 2016. Fourth quarter 2017 Non-GAAP operating expenses also increased slightly to $4.6 million, compared to $4.3 million in the third quarter of 2017 and flat compared to the fourth quarter of 2016.

Fourth quarter 2017 GAAP net loss was $3.4 million, or $0.04 per share, compared to $3.6 million, or $0.04 per share, in the third quarter of 2017 and $3.9 million, or $0.05 per share, in the fourth quarter of 2016. Fourth quarter 2017 Non-GAAP net loss was lower at $3.0 million, or $0.04 per share, compared to $3.1 million, or $0.04 per share, in the third quarter of 2017 and $3.7 million, or $0.05 per share, in the fourth quarter of 2016. (See below for an explanation of non-GAAP financial measures.)

Fiscal 2017 Results

For the fiscal year 2017, total revenue was $12.1 million, up 6% compared to $11.4 million in fiscal 2016.  New product revenue for fiscal 2017 was $5.8 million, up 4% from fiscal 2016. Mature product revenue was $6.3 million, up 9% from fiscal 2016.

Fiscal 2017 GAAP gross margin was 46%, up from 33% in fiscal 2016. Non-GAAP gross margin for 2017 was also 46%, up from 35% in fiscal 2016.

GAAP operating expenses for fiscal 2017 were $19.5 million, down 14% compared to $22.6 million in fiscal 2016. Non-GAAP operating expenses for fiscal 2017 were $18.1 million, down 13% compared to $20.8 million in fiscal 2016.

GAAP net loss for fiscal 2017 was $14.1 million, or $0.18 per share, compared to $19.1 million, or $0.29 per share in fiscal 2016. Non-GAAP net loss was lower at $12.7 million, or $0.17 per share for fiscal 2017, compared to $17.2 million, or $0.26 per share, for fiscal 2016.

Conference Call

QuickLogic Corporation (NASDAQ: QUIK) will hold a conference call at 2:30 p.m. Pacific Standard Time / 5:30 p.m. Eastern Standard Time today, February 14, 2018, to discuss its current financial results. The conference call will be webcasted and can be accessed via the Company's website at http://ir.quicklogic.com/events.cfm. To join the live conference, you may dial (877) 377-7094 and international participants should dial (253) 237-1177 by 2:20 p.m. Pacific Standard Time. The conference ID is 5749499. A recording of the call will be available starting one hour after completion of the call. To access the recording, please call (855) 859-2056 or (404) 537-3406 and reference the passcode: 5749499. The call recording will be archived until Thursday, February 22, 2018 and the webcast will be available for 12 months on the Company's website.

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