Q2 2024 Quicklogic Corp Earnings Call Transcript
Key Points
- QuickLogic Corp (QUIK) reported a 41% increase in revenue from Q2 2023 to $4.1 million.
- The company secured the third tranche of the Strategic Radiation Hardened FPGA contract, valued at $5.26 million.
- QuickLogic Corp (QUIK) joined the Intel Foundry's Accelerator IP and US Military, Aerospace, and Government Alliances, marking a significant milestone.
- The company received the BAE Systems Partner 2 Win Supplier of the Year award in the category of FAST Labs Technology Innovation Partner of The Year.
- SensiML, a subsidiary of QuickLogic Corp (QUIK), announced its own Open-Source strategy and is on track to report all-time record revenue in 2024.
- QuickLogic Corp (QUIK) lowered its full-year growth projection to 15% due to scheduling pushouts.
- Revenue in Q2 was down 31% compared to Q1 and was at the lower end of guidance.
- Non-GAAP gross margin in Q2 was 53.1%, below the outlook and down from 70.3% in Q1.
- Higher-than-anticipated cash usage during Q2 impacted the company's cash balance.
- The company reported a non-GAAP net loss of $0.7 million, or $0.05 per share, for Q2.
Ladies and gentlemen, good afternoon. At this time, I would like to welcome everyone to QuickLogic Corporation's second quarter fiscal 2024 earnings results conference call. As a reminder, today's call is being recorded for replay purposes through August 20, 2024.
I would now like to turn the conference over to Ms. Alison Ziegler of Darrow Associates. Ms. Ziegler, please go ahead.
Thank you, operator, and thanks to all of you for joining us. Our speakers today are Brian Faith, President and Chief Executive Officer; and Elias Nader, Senior Vice President, and Chief Financial Officer.
As a reminder, some of the comments QuickLogic makes today are forward-looking statements that involve risks and uncertainties, including but not limited to stated expectations relating to revenue from new and mature products, including the expected timing of such revenue; statements regarding our future profitability and cash flows; statements regarding the timing, milestones, and payments related to QuickLogic
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
