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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.
Revenue by Segment
Revenue by Geographic Location
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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