QuickLogic Corporation (NASDAQ: QUIK), 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 third quarter of fiscal 2021, ended October 3, 2021.
Recent Highlights
- Q3 fiscal 2021 revenue of $3.9 million the highest since Q3 of fiscal 2015
- Strong gross margin over 70% driven from the impact of IP-related products, the highest reported in company history
- Raised gross proceeds of approximately $1.08 million through direct placement of shares to two long-time shareholders
- Won a $2 million eFPGA contract, the largest eFPGA contract to date; revenue anticipated to be recognized equally in Q3 and Q4
- Introduced Australis eFPGA IP Generator, a groundbreaking platform which automatically generates eFPGA for nearly any foundry/process node
- Teamed with onsemi to integrate AI/Machine Learning algorithms to implement a wide range of industrial IoT applications
- Partnered with Rubidium to provide a complete voice recognition solution for IoT edge applications
- Expanded agreement with Digi-Key to include worldwide distribution of QuickLogic products
Fiscal 2021 Third Quarter Financial Results
Total revenue for the third quarter of fiscal 2021 was $3.9 million, an increase of 34% compared with the second quarter of 2021, and an increase of 117% compared with the third quarter of 2020. New product revenue was approximately $2.8 million in the third quarter of 2021, an increase of 119% compared with the second quarter of 2021, and an increase of 332% compared with the third quarter of 2020. The increases were primarily due to higher revenue from an eFPGA license and other services, as well as our sensor processing and connectivity products. Mature product revenue was $1.1 million in the third quarter of 2021, down 32% compared with the second quarter of 2021, and down 4% compared with the third quarter of 2020.
Third quarter 2021 GAAP gross margin was 70.8%, compared with 50.9% in the second quarter of 2021, and 51.9% in the third quarter of 2020.
Third quarter 2021 non-GAAP gross margin was 72.8%, compared with 51.5% in the second quarter of 2021, and 53.9% in the third quarter of 2020.
Third quarter 2021 GAAP operating expenses were $4.0 million, compared with $3.4 million in the second quarter of 2021, and $3.0 million in the third quarter of 2020.
Third quarter 2021 non-GAAP operating expenses were $3.2 million, compared with $3.3 million in the second quarter of 2021, and $2.6 million in the third quarter of 2020.
Third quarter 2021 GAAP net loss was $1.3 million, or $0.11 per share, compared with a net loss of $2.1 million, or $0.18 per share, in second quarter of 2021, and a net loss of $2.1 million, or $0.19 per share, in the third quarter of 2020.
Third quarter 2021 non-GAAP net loss was $0.4 million, or $0.03 per share, compared with a net loss of $1.9 million, or $0.16 per share, in second quarter of 2021, and a net loss of $1.7 million, or $0.15 per share, in the third quarter of 2020.
