Recent Highlights
- Accelerated progress transforming the business from primarily a product company to a platform company
- Passed Amazon AVS Certification for Hearable Reference Design so that ODMs/OEMs can evaluate smart hearable products quickly and easily
- Collaborated with Antmicro on open source FPGA tools and Renode support for OpenHW Group's CORE-V MCU
- Introduced a new, zero-cost version of the SensiML Analytics Toolkit called "Community Edition" for the rapid creation of prototypes
- Launched Hackster.io Climate Change Contest encouraging innovators to use the QuickFeather Dev Kit and SensiML Analytics Toolkit to create technology solutions to address climate change
- Amended Credit Facility, extending the maturity date and decreasing the interest rate
- Introduced Qomu, an open source hardware dev kit that fits in a USB Type-A slot, enabling portability and development anywhere
Fiscal 2020 Fourth Quarter Financial Results
Total revenue for the fourth quarter of 2020 was $2.5 million, an increase of 40% compared with the third quarter of 2020, and a decrease of 13% compared with the fourth quarter of 2019. New product revenue was approximately $0.8 million in the fourth quarter of 2020, an increase of 31% compared with the third quarter of 2020, and 18% compared with the fourth quarter of 2019. The increases were primarily due to higher revenue from our sensor processing and eFPGA IP products. Mature product revenue was $1.7 million in the fourth quarter of 2020, up 46% compared with the third quarter of 2020, and down 23% compared with the fourth quarter of 2019.
Fourth quarter 2020 GAAP gross margin was 48.2%, compared with 51.9% in the third quarter of 2020, and 64.9% in the fourth quarter of 2019.
Fourth quarter 2020 non-GAAP gross margin was 51.5%, compared with 53.9% in the third quarter of 2020 and 65.6% in the fourth quarter of 2019.
Fourth quarter 2020 GAAP operating expenses were $4.1 million, compared with $3.0 million in the third quarter of 2020, and $4.8 million in the fourth quarter of 2019.
Fourth quarter 2020 non-GAAP operating expenses were $2.9 million, compared with $2.6 million in the third quarter of 2020, and from $4.2 million in the fourth quarter of 2019.
Fourth quarter 2020 GAAP net loss was $2.9 million, or $0.27 per share, compared with a net loss of $2.1 million, or $0.19 per share, in the third quarter of 2020, and a net loss of $3.1 million, or $0.37 per share, in the fourth quarter of 2019.
Fourth quarter 2020 non-GAAP net loss was $1.7 million, or $0.15 per share, compared with a net loss of $1.7 million, or $0.15 per share, in the third quarter of 2020, and a net loss of $2.4 million, or $0.29 per share, in the fourth quarter of 2019.
Fiscal Year 2020 Results
Total revenue for fiscal year 2020 was $8.6 million, compared with $10.3 million in fiscal year 2019. New product revenue was $2.8 million, compared with $3.1 million in the prior year. Mature product revenue was $5.9 million, compared with $7.2 million in fiscal year 2019.
Fiscal year 2020 GAAP gross margin was 49.2%, compared with 57.3% in fiscal year 2019. Non-GAAP gross margin for fiscal year 2020 was 51.1%, compared with 58.0% in fiscal year 2019.
GAAP operating expenses for fiscal year 2020 were $15.1 million, compared with $21.3 million in fiscal year 2019. Non-GAAP operating expenses for fiscal year 2020 were $12.8 million, down from $18.2 million in fiscal year 2019.
GAAP net loss for fiscal year 2020 was $11.2 million, or $1.14 per share. This compares with $15.4 million, or $2.02 per share per share in fiscal year 2019. Non-GAAP net loss for fiscal year 2020 was $8.7 million, or $0.88 per share, compared with $12.3 million or $1.60 per share for fiscal year 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 Time / 5:30 p.m. Eastern Time today, February 17, 2021, 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 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 13715557. The call recording, which can be accessed by phone, will be archived until Wednesday, February 24, 2021, 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
http://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.
