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)) |
Date: May 9, 2018 | QuickLogic Corporation | |
/s/ Suping (Sue) Cheung | ||
Suping (Sue) Cheung Vice President, Finance and Chief Financial Officer |
• | Announced the formation of an ecosystem partnership with Artificial Intelligence pioneers, General Vision, nepes corporation and SensiML, and released the QuickAITM development platform that expands the market for QuickLogic’s eFPGA IP and EOSTM S3 SoC. |
• | Murata selected EOS S3 SoC to pair with its Wi-Fi module in a new solution targeting IoT applications that enables always listening and trigger word recognition. |
• | Partnered with Shenzhen Horn Audio Co., Ltd. to deliver a Bluetooth®-enabled headset reference design that supports Amazon Alexa Voice Services (AVS) for both Apple and Android devices. |
• | Introduced dual microphone support for EOS S3 that is coupled with advanced noise cancellation and beam forming technology. |
• | Released EOS S3 LV, a new low-voltage version of the company’s EOS S3 platform that enables always-on / always-listening with a 33% reduction in power consumption relative to the standard, ultra-low power consumption EOS S3. |
• | Announced a partnership with Aldec, Inc. for eFPGA Simulation Flow. |
• | Joined the RISC-V Foundation, an open, free, Instruction Set Architecture (ISA) that enables a new era of processor innovation through open standard collaboration. |
• | Presented at the Design and Reuse IP-SoC Days conference. |
• | Participated in a panel at the annual SOI Silicon Valley Symposium sponsored by GLOBALFOUNDRIES. |
Three Months Ended | |||||||||||
April 1, 2018 | April 2, 2017 | December 31, 2017 | |||||||||
Revenue | $ | 2,764 | $ | 3,170 | $ | 2,981 | |||||
Cost of revenue | 1,375 | 1,797 | 1,478 | ||||||||
Gross profit | 1,389 | 1,373 | 1,503 | ||||||||
Operating expenses: | |||||||||||
Research and development | 2,699 | 2,427 | 2,458 | ||||||||
Selling, general and administrative | 2,561 | 2,414 | 2,519 | ||||||||
Total operating expense | 5,260 | 4,841 | 4,977 | ||||||||
Loss from operations | (3,871 | ) | (3,468 | ) | (3,474 | ) | |||||
Interest expense | (24 | ) | (61 | ) | (18 | ) | |||||
Interest income and other (expense), net | (14 | ) | — | 23 | |||||||
Loss before income taxes | (3,909 | ) | (3,529 | ) | (3,469 | ) | |||||
Provision for (benefit from) income taxes | 61 | 36 | (60 | ) | |||||||
Net loss | $ | (3,970 | ) | $ | (3,565 | ) | $ | (3,409 | ) | ||
Net loss per share: | |||||||||||
Basic | $ | (0.05 | ) | $ | (0.05 | ) | $ | (0.04 | ) | ||
Diluted | $ | (0.05 | ) | $ | (0.05 | ) | $ | (0.04 | ) | ||
Weighted average shares: | |||||||||||
Basic | 80,571 | 68,794 | 80,353 | ||||||||
Diluted | 80,571 | 68,794 | 80,353 |
April 1, 2018 | December 31, 2017 (1) | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 12,561 | $ | 16,527 | ||||
Accounts receivable, net | 1,254 | 925 | ||||||
Inventories | 3,550 | 3,559 | ||||||
Other current assets | 1,426 | 997 | ||||||
Total current assets | 18,791 | 22,008 | ||||||
Property and equipment, net | 2,117 | 2,375 | ||||||
Other assets | 255 | 253 | ||||||
TOTAL ASSETS | $ | 21,163 | $ | 24,636 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Revolving line of credit | $ | 6,000 | $ | 6,000 | ||||
Trade payables | 1,292 | 1,437 | ||||||
Accrued liabilities | 1,982 | 1,653 | ||||||
Current portion of capital lease obligations | 296 | 299 | ||||||
Total current liabilities | 9,570 | 9,389 | ||||||
Long-term liabilities: | ||||||||
Capital lease obligations, less current portion | 235 | 355 | ||||||
Other long-term liabilities | 65 | 14 | ||||||
Total liabilities | 9,870 | 9,758 | ||||||
Stockholders’ equity: | ||||||||
Common stock, par value | 80 | 80 | ||||||
Additional paid-in capital | 269,218 | 268,833 | ||||||
Accumulated deficit | (258,005 | ) | (254,035 | ) | ||||
Total stockholders’ equity | 11,293 | 14,878 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 21,163 | $ | 24,636 |
(1) | Derived from the December 31, 2017 audited balance sheet included in the 2017 Annual Report on Form 10-K of QuickLogic Corporation. |
Three Months Ended | ||||||||||||
April 1, 2018 | April 2, 2017 | December 31, 2017 | ||||||||||
US GAAP loss from operations | $ | (3,871 | ) | $ | (3,468 | ) | $ | (3,474 | ) | |||
Adjustment for stock-based compensation within: | ||||||||||||
Cost of revenue | 34 | 33 | 36 | |||||||||
Research and development | 183 | 139 | 190 | |||||||||
Selling, general and administrative | 215 | 146 | 155 | |||||||||
Adjustment for the write-off of equipment within: | ||||||||||||
Research and development | — | — | 2 | |||||||||
Selling, general and administrative | 5 | — | — | |||||||||
Non-GAAP loss from operations | $ | (3,434 | ) | $ | (3,150 | ) | $ | (3,091 | ) | |||
US GAAP net loss | $ | (3,970 | ) | $ | (3,565 | ) | $ | (3,409 | ) | |||
Adjustment for stock-based compensation within: | ||||||||||||
Cost of revenue | 34 | 33 | 36 | |||||||||
Research and development | 183 | 139 | 190 | |||||||||
Selling, general and administrative | 215 | 146 | 155 | |||||||||
Adjustment for the write-off of equipment within: | ||||||||||||
Research and development | — | — | 2 | |||||||||
Selling, general and administrative | 5 | — | — | |||||||||
Non-GAAP net loss | $ | (3,533 | ) | $ | (3,247 | ) | $ | (3,026 | ) | |||
US GAAP net loss per share | $ | (0.05 | ) | $ | (0.05 | ) | $ | (0.04 | ) | |||
Adjustment for stock-based compensation | 0.01 | * | * | |||||||||
Non-GAAP net loss per share | $ | (0.04 | ) | $ | (0.05 | ) | $ | (0.04 | ) | |||
US GAAP gross margin percentage | 50.3 | % | 43.3 | % | 50.4 | % | ||||||
Adjustment for stock-based compensation | 1.2 | % | 1.1 | % | 1.2 | % | ||||||
Adjustment for the write-off of equipment | * | — | % | * | ||||||||
Non-GAAP gross margin percentage | 51.5 | % | 44.4 | % | 51.6 | % |
Percentage of Revenue | Change in Revenue | ||||||||||||||
Q1 2018 | Q1 2017 | Q4 2017 | Q1 2017 to Q1 2018 | Q4 2017 to Q1 2018 | |||||||||||
COMPOSITION OF REVENUE | |||||||||||||||
Revenue by product: (1) | |||||||||||||||
New products | 47 | % | 60 | % | 33 | % | (32 | )% | 34 | % | |||||
Mature products | 53 | % | 40 | % | 67 | % | 16 | % | (27 | )% | |||||
Revenue by geography: | |||||||||||||||
Asia Pacific | 33 | % | 54 | % | 32 | % | (47 | )% | (3 | )% | |||||
North America | 57 | % | 36 | % | 32 | % | 38 | % | 66 | % | |||||
Europe | 10 | % | 10 | % | 37 | % | (9 | )% | (75 | )% |
(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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