Recent Highlights
- Completed fully subscribed public offering of common stock, raising approximately $8.3 million in net proceeds
- QuickLogic EOS S3 voice and sensor processing platform to power Infineon "IAS" security IoT reference design
- SensiML and Neurosense announced a strategic partnership for highly integrated Intelligent Edge technology platform
- SensiML Analytics Toolkit upgraded for Industrial IoT predictive maintenance applications
- Appointed Donald Alexander as Vice President of Worldwide Sales
Fiscal 2019 Second Quarter Financial Results
Total revenue for the second quarter of fiscal 2019 was $2.1 million, which was within the revised guidance range of $2.0 to $2.4 million provided in the Company's filing with the Securities and Exchange Commission on June 18, 2019. Second quarter 2019 revenue compares with revenue of $3.2 million in the first quarter of 2019, and $3.1 million in the second quarter 2018.
Sales of new products in the second quarter of 2019 were $0.7 million, compared with $0.7 million of the first quarter of 2019 and $1.6 million in the second quarter of 2018. The decline from the same period a year ago was primarily due to a significant decrease in connectivity and display bridge sales that were not offset by increased revenue from strategic new product sales. Mature product revenue was $1.4 million in the second quarter of 2019, compared with $2.5 million in the first quarter of 2019, and $1.5 million in the second quarter of 2018.
Second quarter 2019 GAAP gross margin was 49.0%, compared with 62.0% in the first quarter of 2019, and 49.0% in the second quarter of 2018.
Second quarter 2019 non-GAAP gross margin was 49.8%, compared with 62.8% in the first quarter of 2019 and 50.1% in the second quarter of 2018. The decrease in gross margin from the prior quarter was primarily due to the lower shipment of mature product revenue and lower absorption of our manufacturing fixed costs.
Second quarter 2019 GAAP operating expenses were $5.6 million, compared with $5.7 million in the first quarter of 2019, and $5.0 million in the second quarter of 2018. The increase compared with the second quarter of 2018 was primarily due to the acquisition of SensiML Corporation, which was completed in January 2019.
Second quarter 2019 non-GAAP operating expenses were $4.8 million, compared with $4.8 million in the first quarter of 2019, and $4.5 million in the second quarter of 2018.
Second quarter 2019 GAAP net loss was $4.6 million, or $0.05 per share, compared with $3.5 million, or $0.04 per share, in the first quarter of 2019, and $3.5 million, or $0.04 per share, in the second quarter of 2018.
Second quarter 2019 non-GAAP net loss was $3.8 million, or $0.04 per share, compared with $2.5 million, or $0.03 per share, in the first quarter of 2019, and $3.0 million, or $0.04 per share, in the second quarter of 2018.
Please see the language included in the section below titled Non-GAAP Financial Measures for an explanation of the Company's non-GAAP financial measures.
Conference Call
QuickLogic will hold a conference call to discuss its financial results and outlook at 5:00 a.m. Pacific Daylight Time / 8:00 a.m. Eastern Daylight Time today, August 7, 2019. The conference call will be webcast at QuickLogic's IR Site Events Page. To join the live conference, you may dial 888-204-4368 and international participants should dial 323-994-2082 by 4:50 a.m. Pacific Daylight Time. A recording of the call will be available starting approximately one hour after completion of the call. To access the recording, please call (412) 317-6671 and reference the passcode 4345466. The call recording will be archived until Wednesday, August 14, 2019, and the webcast will be available for 12 months on the Company's website.
About QuickLogic
QuickLogic develops low power, multi-core semiconductor platforms and Intellectual Property (IP) for Artificial Intelligence (AI), voice and sensor processing. The solutions include an embedded FPGA IP (eFPGA) for hardware acceleration and pre-processing, and heterogeneous multi-core SoCs that integrate eFPGA with other processors and peripherals. The Analytics Toolkit from the company's wholly-owned subsidiary, SensiML Corporation, completes the end-to-end solution with accurate sensor algorithms using AI technology. The full range of platforms, software tools and eFPGA IP enables the practical and efficient adoption of AI, voice and sensor processing across the multitude of mobile, wearable, hearable, consumer, industrial, edge and endpoint IoT applications. For more information, visit
www.quicklogic.com and
https://www.quicklogic.com/blog/.
QuickLogic uses its website ( www.quicklogic.com), the company blog( https://www.quicklogic.com/blog/), corporate Twitter account (@QuickLogic_Corp), Facebook page( https://www.facebook.com/QuickLogic), and LinkedIn page( https://www.linkedin.com/company/13512/) as channels of distribution of information about its products, its planned financial and other announcements, its attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and QuickLogic may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor the Company's website and its social media accounts in addition to following the Company's press releases, SEC filings, public conference calls, and webcasts.
Non-GAAP Financial Measures
QuickLogic reports financial information in accordance with United States Generally Accepted Accounting Principles, or U.S. GAAP, but believes that non-GAAP financial measures are helpful in evaluating its operating results and comparing its performance to comparable companies. Accordingly, the Company excludes charges related to stock-based compensation, restructuring, the effect of the write-off of long-lived assets and the tax effect on other comprehensive income in calculating non-GAAP (i) income (loss) from operations, (ii) net income (loss), (iii) net income (loss) per share, and (iv) gross margin percentage. The Company provides this non-GAAP information to enable investors to evaluate its operating results in a manner similar to how the Company analyzes its operating results and to provide consistency and comparability with similar companies in the Company's industry.
