Recent Highlights
- QuickLogic Announced its new Open Reconfigurable Computing Initiative
- SensiML Uses AI Technology to Help Fight COVID-19 Global Pandemic
- Completed over-subscribed public offering of common stock, raising approximately $8.1 million in net proceeds
- QuickLogic Added to the Russell Microcap Index
Fiscal 2020 Second Quarter Financial Results
Total revenue for the second quarter of 2020 was $2.2 million, an increase of 2% compared with the first quarter of 2020, and 5% compared with the second quarter of 2019. New product revenue was $0.8 million in the second quarter of 2020, an increase of 69% compared with the first quarter of 2020, and 15% compared with the second quarter of 2019. This sequential and year over year increase was primarily due to higher sales of EOS S3 product. Mature product revenue was $1.4 million in the second quarter of 2020, down 18% compared with the first quarter of 2020, and flat compared with the second quarter of 2019.
Second quarter 2020 GAAP gross margin was 45.7%, compared with 51.7% in the first quarter of 2020, and 49.0% in the second quarter of 2019.
Second quarter 2020 non-GAAP gross margin was 47.1%, compared with 52.2% in the first quarter of 2020 and 49.8% in the second quarter of 2019. The lower gross margin in the second quarter 2020 was primarily due to a higher percentage of products shipped into the smartphone market.
Second quarter 2020 GAAP operating expenses were $3.9 million, improved from $4.2 million in the first quarter of 2020, and $5.6 million in the second quarter of 2019.
Second quarter 2020 non-GAAP operating expenses were $3.2 million, improved from $4.1 million in the first quarter of 2020, and from $4.8 million in the second quarter of 2019.
Second quarter 2020 GAAP net loss was $3.0 million, or $0.35 per share, compared with a net loss of $3.2 million, or $0.38 per share, in the first quarter of 2020, and a net loss of $4.6 million, or $0.65 per share, in the second quarter of 2019.
Second quarter 2020 non-GAAP net loss was $2.2 million, or $0.26 per share, compared with a net loss of $3.1 million, or $0.37 per share, in the first quarter of 2020, and a net loss of $3.8 million, or $0.54 per share, in the second quarter of 2019.
Please see 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 at 2:30 p.m. Pacific Daylight Time / 5:30 p.m. Eastern Daylight Time today, August 5, 2020, to discuss its current financial results. The conference call will be webcast at QuickLogic's IR Site Events Page at
https://ir.quicklogic.com/ir-calendar. To join the live conference, you may dial (877) 407-0792 and international participants should dial (201) 689-8263 by 2:15 p.m. Pacific Daylight Time. No Passcode is needed to join the conference call. A recording of the call will be available starting approximately one hour after completion. To access the recording, please call (412) 317-6671 and reference the passcode 13706980. The call recording, which can be accessed by phone, will be archived until Wednesday, August 12, 2020, and the webcast will be available for 12 months on the Company's website.
About QuickLogic
QuickLogic is a fabless semiconductor company that 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.
