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Mar 31, 2024
Quicklogic Q1 2024 Earnings Report
Quicklogic's Q1 2024 financial results were reported, showing revenue growth and progress towards 2024 targets.
Key Takeaways
QuickLogic reported a 45.3% increase in revenue compared to Q1 2023, driven by a nearly 60% increase in new product sales. The company achieved GAAP net income of $0.1 million, or $0.01 per share, and is on track for 30% revenue growth and positive cash flow in 2024.
Achieved greater than 40% year-over-year revenue growth in Q1 2024.
New product sales increased by nearly 60% compared to the first quarter of 2023.
Signed two new IP contracts targeting 12nm fabrication nodes.
Sales funnel grew to a record $179 million.
Quicklogic
Quicklogic
Quicklogic Revenue by Segment
Quicklogic Revenue by Geographic Location
Revenue by Segment
New Products Revenue
CapyFin.comMature Products Revenue
CapyFin.comRevenue by Geographic Location
Asia Pacific Revenue
CapyFin.comNorth America Revenue
CapyFin.comEurope Revenue
CapyFin.com Forward Guidance
QuickLogic is well-positioned to achieve its 30%+ revenue growth target for 2024 and anticipates the award of the third tranche of the Strategic Radiation Hardened FPGA Technology government contract later this quarter.
Positive Outlook
- On track for revenue growth of 30% and positive cash flow in 2024.
- Signed two new IP contracts targeting 12nm fabrication nodes.
- Completed work funded by the second tranche of government contract.
- Expects award of third tranche of government contract later this quarter.
- Expanding SensiML's business model to include open-source licensing.
Challenges Ahead
- Delays in the market acceptance of the Company’s new products.
- The ability to convert design opportunities into customer revenue.
- Our ability to replace revenue from end-of-life products.
- Changes in product demand or supply.
- General economic conditions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income