QuickLogic Reports Fiscal 2021 Second Quarter Results

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, expectations regarding our future business, and actual results may differ due to a variety of factors including: 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; the market acceptance of our customers' products; the risk that new orders may not result in future revenue; our ability to introduce and produce new products based on advanced wafer technology on a timely basis; our ability to adequately market the low power, competitive pricing and short time-to-market of our new products; intense competition by competitors; our ability to hire and retain qualified personnel; our ability to capitalize on synergies with our newly acquired subsidiary SensiML Corporation; changes in product demand or supply; general economic conditions; political events, international trade disputes, natural disasters and other business interruptions that could disrupt supply or delivery of, or demand for, the Company's products; the unpredictable and ongoing impact of the COVID-19 pandemic; and changes in tax rates and exposure to additional tax liabilities. These and other potential factors and uncertainties that could cause actual results to differ materially from the results contemplated or implied are described in more detail in the Company's public reports filed with the Securities and Exchange Commission (the "SEC"), including the risks discussed in the "Risk Factors" section in the Company's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and in the Company's prior press releases, which are available on the Company's Investor Relations website at http://ir.quicklogic.com/, and on the SEC website at www.sec.gov. In addition, please note that the date of this press release is August 17, 2021, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

QuickLogic and logo are registered trademarks of QuickLogic. All other trademarks are the property of their respective holders and should be treated as such.

CODE: QUIK-E

-Tables Follow –

 

QUICKLOGIC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(Unaudited) 




Three Months Ended



Six Months Ended




July 4,
2021



June 28,
2020



April 4,
2021



July 4,
2021



June 28,
2020


Revenue


$

2,882



$

2,196



$

2,240



$

5,122



$

4,354


Cost of revenue



1,416




1,192




1,096




2,512




2,235


Gross profit



1,466




1,004




1,144




2,610




2,119


Operating expenses:





















Research and development



1,652




2,200




1,887




3,539




4,019


Selling, general and administrative



1,794




1,665




1,947




3,741




3,544


Restructuring expenses






34










513


Total operating expense



3,446




3,899




3,834




7,280




8,076


Loss from operations



(1,980)




(2,895)




(2,690)




(4,670)




(5,957)


Interest expense



(32)




(183)




(32)




(64)




(263)


Interest income and other income (expense), net



(45)




72




1,185




1,140




67


Loss before income taxes



(2,057)




(3,006)




(1,537)




(3,594)




(6,153)


Provision for (Benefit from) income taxes



5




(27)




152




157




(9)


Net loss


$

(2,062)



$

(2,979)



$

(1,689)



$

(3,751)



$

(6,144)


Net loss per share:





















Basic and Diluted


$

(0.18)



$

(0.35)



$

(0.15)



$

(0.33)



$

(0.73)


Weighted average shares:





















Basic and Diluted



11,485




8,560




11,264




11,374




8,461



Note: Net loss equals to comprehensive loss for all periods presented.


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