Delaware | 000-22671 | 77-0188504 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
1277 Orleans Drive, Sunnyvale, CA | 94089-1138 | |||
(Address of principal executive offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | Press release of QuickLogic Corporation reporting financial results for the fourth quarter and fiscal year ended December 31, 2017. |
Date: February 14, 2018 | QuickLogic Corporation | |
/s/ Suping (Sue) Cheung | ||
Suping (Sue) Cheung Vice President, Finance and Chief Financial Officer |
Exhibit No. | Description | |
Press release of QuickLogic Corporation reporting financial results for the fourth quarter and fiscal year ended December 31, 2017. |
• | EOSTM S3 Sensor Processing Platform: |
• | Nine new customer products using QuickLogic’s EOS S3 voice-enabled Sensor Processing SoC were displayed at 2018 CES, these included: |
▪ | GGEC chose EOS S3 for its voice-enabled Bluetooth® sport earphone manufactured for Tencent to enable its new cloud-based digital voice assistant service called DingDang. |
▪ | Cleer selected EOS S3 to enable Amazon’s Alexa Voice Services (AVS) for its EDGE Voice wireless headphone product, a 2018 CES Innovation Awards honoree. |
▪ | Cleer selected EOS S3 to enable AVS for its second-generation Stage portable smart speaker. The first-generation Stage won a Best of Show award at the June Consumer Electronics show. |
▪ | Climax Technology Company selected EOS S3 to enable always-on / always-listening capability for its next generation “Voice Extender” smart home / senior care product. |
▪ | Shenzhen AONI Electronic, Ltd. selected EOS for its Bluetooth-enabled sport earphone and Active Noise Canceling (ANC) Bluetooth headphone set, both of which enable users to connect to AVS. |
• | Announced Voice Over Bluetooth Low Energy (BLE) Reference Design for EOS S3 in conjunction with Nordic Semi. |
• | Embedded FPGA (eFPGA) Intellectual Property (IP) Licensing: |
• | Completed the test chip tape-out for GLOBALFOUNDRIES 22FDX® FD-SOI Process. |
• | Collaborated with Mentor® to optimize its Precision Synthesis software to support the ArcticProTM architecture used in QuickLogic’s eFPGA. |
Three Months Ended | Year Ended | ||||||||||||||||||
December 31, 2017 | January 1, 2017 | October 1, 2017 | December 31, 2017 | January 1, 2017 | |||||||||||||||
Revenue | $ | 2,981 | $ | 2,945 | $ | 2,972 | $ | 12,149 | $ | 11,421 | |||||||||
Cost of revenue | 1,478 | 1,995 | 1,706 | 6,627 | 7,648 | ||||||||||||||
Gross profit | 1,503 | 950 | 1,266 | 5,522 | 3,773 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Research and development | 2,458 | 2,380 | 2,368 | 9,572 | 12,265 | ||||||||||||||
Selling, general and administrative | 2,519 | 2,322 | 2,353 | 9,900 | 10,310 | ||||||||||||||
Total operating expense | 4,977 | 4,702 | 4,721 | 19,472 | 22,575 | ||||||||||||||
Loss from operations | (3,474 | ) | (3,752 | ) | (3,455 | ) | (13,950 | ) | (18,802 | ) | |||||||||
Interest expense | (18 | ) | (66 | ) | (15 | ) | (115 | ) | (175 | ) | |||||||||
Interest income and other (expense), net | 23 | (43 | ) | (3 | ) | 21 | (106 | ) | |||||||||||
Loss before income taxes | (3,469 | ) | (3,861 | ) | (3,473 | ) | (14,044 | ) | (19,083 | ) | |||||||||
Provision for (benefit from) income taxes | (60 | ) | (3 | ) | 77 | 87 | 65 | ||||||||||||
Net loss | $ | (3,409 | ) | $ | (3,858 | ) | $ | (3,550 | ) | $ | (14,131 | ) | $ | (19,148 | ) | ||||
Net loss per share: | |||||||||||||||||||
Basic | $ | (0.04 | ) | $ | (0.05 | ) | $ | (0.04 | ) | $ | (0.18 | ) | $ | (0.29 | ) | ||||
Diluted | $ | (0.04 | ) | $ | (0.05 | ) | $ | (0.04 | ) | $ | (0.18 | ) | $ | (0.29 | ) | ||||
Weighted average shares: | |||||||||||||||||||
Basic | 80,353 | 67,941 | 80,125 | 77,291 | 65,377 | ||||||||||||||
Diluted | 80,353 | 67,941 | 80,125 | 77,291 | 65,377 |
December 31, 2017 | January 1, 2017 (1) | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 16,527 | $ | 14,870 | ||||
Accounts receivable, net | 925 | 839 | ||||||
Inventories | 3,559 | 2,017 | ||||||
Other current assets | 997 | 1,123 | ||||||
Total current assets | 22,008 | 18,849 | ||||||
Property and equipment, net | 2,375 | 2,765 | ||||||
Other assets | 253 | 230 | ||||||
TOTAL ASSETS | $ | 24,636 | $ | 21,844 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Revolving line of credit | $ | 6,000 | $ | 6,000 | ||||
Trade payables | 1,437 | 2,018 | ||||||
Accrued liabilities | 1,653 | 1,580 | ||||||
Current portion of capital lease obligations | 299 | 209 | ||||||
Total current liabilities | 9,389 | 9,807 | ||||||
Long-term liabilities: | ||||||||
Capital lease obligations, less current portion | 355 | — | ||||||
Other long-term liabilities | 14 | 49 | ||||||
Total liabilities | 9,758 | 9,856 | ||||||
Stockholders’ equity: | ||||||||
Common stock, par value | 80 | 68 | ||||||
Additional paid-in capital | 268,833 | 251,824 | ||||||
Accumulated deficit | (254,035 | ) | (239,904 | ) | ||||
Total stockholders’ equity | 14,878 | 11,988 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 24,636 | $ | 21,844 |
(1) | Derived from the January 1, 2017 audited balance sheet included in the 2016 Annual Report on Form 10-K of QuickLogic Corporation. |
Three Months Ended | Year Ended | |||||||||||||||||||
December 31, 2017 | January 1, 2017 | October 1, 2017 | December 31, 2017 | January 1, 2017 | ||||||||||||||||
US GAAP loss from operations | $ | (3,474 | ) | $ | (3,752 | ) | $ | (3,455 | ) | $ | (13,950 | ) | $ | (18,802 | ) | |||||
Adjustment for stock-based compensation within: | ||||||||||||||||||||
Cost of revenue | 36 | 13 | 32 | 121 | 132 | |||||||||||||||
Research and development | 190 | 55 | 151 | 614 | 658 | |||||||||||||||
Selling, general and administrative | 155 | 57 | 212 | 706 | 793 | |||||||||||||||
Adjustment for the write-off of equipment within: | ||||||||||||||||||||
Cost of revenue | — | 17 | — | — | 50 | |||||||||||||||
Research and development | 2 | — | 10 | 12 | 313 | |||||||||||||||
Selling, general and administrative | — | — | — | — | 5 | |||||||||||||||
Non-GAAP loss from operations | $ | (3,091 | ) | $ | (3,610 | ) | $ | (3,050 | ) | $ | (12,497 | ) | $ | (16,851 | ) | |||||
US GAAP net loss | $ | (3,409 | ) | $ | (3,858 | ) | $ | (3,550 | ) | $ | (14,131 | ) | $ | (19,148 | ) | |||||
Adjustment for stock-based compensation within: | ||||||||||||||||||||
Cost of revenue | 36 | 13 | 32 | 121 | 132 | |||||||||||||||
Research and development | 190 | 55 | 151 | 614 | 658 | |||||||||||||||
Selling, general and administrative | 155 | 57 | 212 | 706 | 793 | |||||||||||||||
Adjustment for the write-off of equipment within: | ||||||||||||||||||||
Cost of revenue | — | 17 | — | — | 50 | |||||||||||||||
Research and development | 2 | — | 10 | 12 | 313 | |||||||||||||||
Selling, general and administrative | — | — | — | — | 5 | |||||||||||||||
Non-GAAP net loss | $ | (3,026 | ) | $ | (3,716 | ) | $ | (3,145 | ) | $ | (12,678 | ) | $ | (17,197 | ) | |||||
US GAAP net loss per share | $ | (0.04 | ) | $ | (0.05 | ) | $ | (0.04 | ) | $ | (0.18 | ) | $ | (0.29 | ) | |||||
Adjustment for stock-based compensation | * | * | * | 0.01 | 0.03 | |||||||||||||||
Adjustment for the write-off of equipment | * | * | * | * | * | |||||||||||||||
Non-GAAP net loss per share | $ | (0.04 | ) | $ | (0.05 | ) | $ | (0.04 | ) | $ | (0.17 | ) | $ | (0.26 | ) | |||||
US GAAP gross margin percentage | 50.4 | % | 32.3 | % | 42.6 | % | 45.5 | % | 33.0 | % | ||||||||||
Adjustment for stock-based compensation | 1.2 | % | 0.4 | % | 1.1 | % | 0.9 | % | 1.2 | % | ||||||||||
Adjustment for the write-off of equipment | * | 0.6 | % | * | * | 0.4 | % | |||||||||||||
Non-GAAP gross margin percentage | 51.6 | % | 33.3 | % | 43.7 | % | 46.4 | % | 34.6 | % |
Percentage of Revenue | Change in Revenue | |||||||||||||||||
Q4 2017 | Q3 2017 | Fiscal 2017 | Fiscal 2016 | Q3 2017 to Q4 2017 | 2016 to 2017 | |||||||||||||
COMPOSITION OF REVENUE | ||||||||||||||||||
Revenue by product: (1) | ||||||||||||||||||
New products | 33 | % | 50 | % | 48 | % | 49 | % | (34 | )% | 4 | % | ||||||
Mature products | 67 | % | 50 | % | 52 | % | 51 | % | 34 | % | 9 | % | ||||||
Revenue by geography: | ||||||||||||||||||
Asia Pacific | 32 | % | 49 | % | 48 | % | 63 | % | (35 | )% | (19 | )% | ||||||
North America | 32 | % | 39 | % | 36 | % | 25 | % | (18 | )% | 49 | % | ||||||
Europe | 37 | % | 12 | % | 17 | % | 12 | % | 204 | % | 45 | % |
(1) | New products include all products manufactured on 180 nanometer or smaller semiconductor processes. eFPGA IP license revenue is also included in new product revenue. Mature products include all products produced on semiconductor processes larger than 180 nanometers. |
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