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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.
Quicklogic
Quicklogic
Quicklogic Revenue by Segment
Revenue by Segment
New Products Revenue
CapyFin.comMature Products Revenue
CapyFin.com 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
- Mature product revenue decreased 36.2% compared with the first quarter of 2023
- GAAP gross margin decreased primarily related to revenue volatility resulting from delays in starting new phases of an existing contract
Revenue & Expenses
Visualization of income flow from segment revenue to net income