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Jul 02, 2023
Quicklogic Q2 2023 Earnings Report
Quicklogic reported a decrease in revenue and a net loss for Q2 2023, but reaffirmed full-year revenue growth and non-GAAP profitability expectations.
Key Takeaways
QuickLogic's Q2 2023 revenue was $2.9 million, a 35.7% decrease year-over-year. The company reported a GAAP net loss of $2.3 million, or $0.17 per share. However, QuickLogic reaffirmed its expectation for full-year revenue growth above 30% and second-half and full-year non-GAAP profitability.
Total revenue for Q2 2023 was $2.9 million, a decrease of 29.3% compared to Q1 2023 and 35.7% compared to Q2 2022.
New product revenue was approximately $2.2 million, a decrease of 26.9% compared to Q1 2023 and 28.7% compared to Q2 2022.
GAAP gross margin was 41.2% compared to 57.8% in Q1 2023 and 56.0% in Q2 2022.
GAAP net loss was $2.3 million, or $0.17 per share, compared to a net loss of $0.5 million, or $0.04 per share, in Q2 2022.
Revenue by Segment
Forward Guidance
QuickLogic reaffirms full year revenue growth will be above 30% and expects to report second half and full year non-GAAP profitability for 2023.
Positive Outlook
- Significant revenue contribution from the next, executed phase of the large eFPGA contract is expected during the second half of 2023
- Sales funnel grew to a record $140 million, with conversion expected to accelerate during the second half of 2023
- Top-tier microcontroller company is in the final stages of integrating its private label version of SensiML AI/ML solutions across its broad product line
- Reaffirms full year revenue growth will be above 30%
- Affirms expectation that they will report second half and full year non-GAAP profitability for 2023
Challenges Ahead
- Timing of the award for the next phase of the large eFPGA contract negatively impacted second quarter results
- Total revenue decreased 29.3% compared with the first quarter of 2023
- New product revenue decreased 26.9% compared with the first quarter of 2023
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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