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Oct 01, 2023
Quicklogic Q3 2023 Earnings Report
Reported record non-GAAP net income and significant revenue growth driven by the large eFPGA contract.
Key Takeaways
QuickLogic reported a strong third quarter with a 92.7% increase in revenue compared to the same quarter last year, driven by the second phase of a large government contract. The company achieved GAAP net income of $1.2 million and a record non-GAAP net income of $1.8 million.
GAAP net income reached $1.2 million, while non-GAAP net income hit a record $1.8 million.
Revenue increased by 92.7% year-over-year, boosted by a significant contribution from the second phase of a large government contract.
The sales funnel expanded to a record $162 million, with accelerated conversions contributing to new bookings.
A top-tier microcontroller company launched a private label version of SensiML AI/ML solutions.
Revenue by Segment
Forward Guidance
QuickLogic reaffirms full year revenue growth of 30% as well as full year non-GAAP profitability for 2023.
Positive Outlook
- Reaffirms full year revenue growth of 30%.
- Expects full year non-GAAP profitability for 2023.
- Phase two of the large eFPGA contract contributing to revenues.
- New bookings generated from growing sales funnel.
- Initial revenues expected in the fourth quarter from top tier microcontroller company.
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.
- The level and timing of customer design activity.
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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