SAN JOSE, Calif., Nov. 11, 2025 /PRNewswire/ -- QuickLogic Corporation (NASDAQ:QUIK) ("QuickLogic" or the "Company"), a developer of embedded FPGA (eFPGA) IP, ruggedized FPGAs, and Endpoint AI solutions, today announced its financial results for the fiscal third quarter that ended September 28, 2025.

Recent Highlights

Won a $1 million eFPGA Hard IP contract for a high-performance data-center ASIC, which continues to expand our success in commercial markets
Expanded our involvement with Defense Industrial Base entity specializing in cyber-security for strategic and tactical weapons systems
A significant rebound of USG Strategic Radiation Hardened FPGA Program expected to contribute to fourth-quarter revenue growth
Appointed Ron Shelton, CFO of Syntiant Corp., to the Board of Directors and Chair of the Audit Committee

"We have logged significant progress during the last three months," said Brian Faith, CEO of QuickLogic. "Our investment to accelerate the fabrication of our Strategic Rad Hard FPGA Test Chip is being very well received by potential customers. As a matter of fact, we anticipate receiving orders for our upcoming SRH FPGA Dev Kit, as well as several new eFPGA Hard IP contracts, during the coming weeks."

Fiscal Third Quarter 2025 Financial Results

Total revenue from continuing operations for the third quarter of fiscal 2025 was $2.0 million, a decrease of 51.8% compared with the third quarter of 2024 and a decrease of 45.0% compared with the second quarter of 2025.

New product revenue from continuing operations was approximately $1.0 million in the third quarter of 2025, a decrease of $2.5 million, or 72.6%, compared with the third quarter of 2024 and a decrease of $1.9 million, or 67.3%, compared with the second quarter of 2025.

Mature product revenue from continuing operations was $1.1 million in the third quarter of 2025. This compares to $0.7 million in the third quarter of 2024 and $0.8 million in the second quarter of 2025.

Third quarter 2025 GAAP gross margin from continuing operations was (23.3%) compared with 59.1% in the third quarter of 2024 and 25.9% in the second quarter of 2025.

Third quarter 2025 non-GAAP gross margin from continuing operations was (11.9%) compared with 64.7% in the third quarter of 2024 and 31.0% in the second quarter of 2025.

Third quarter 2025 GAAP operating expenses from continuing operations were $3.5 million compared with $4.1 million in the third quarter of 2024 and $3.5 million in the second quarter of 2025.

Third quarter 2025 non-GAAP operating expenses from continuing operations were $2.9 million compared with $3.0 million in the third quarter of 2024 and $2.5 million in the second quarter of 2025.

Third quarter 2025 GAAP net loss was ($4.0 million), or ($0.24) per share, compared with a net loss of ($2.1 million), or ($0.14) per share, in the third quarter of 2024, and a net loss of ($2.7 million), or ($0.17) per share, in the second quarter of 2025.

Third quarter 2025 non-GAAP net loss was ($3.2 million), or ($0.19) per share, compared with a net loss of ($0.9 million), or ($0.07) per share, in the third quarter of 2024, and a net loss of ($1.5 million), or ($0.09) per share, in the second quarter of 2025.

Conference Call

QuickLogic will hold a conference call at 2:30 p.m. Pacific Time / 5:30 p.m. Eastern Time today, November 11, 2025, to discuss its current financial results. The conference call will be webcast on QuickLogic's IR Site Events Page at https://ir.quicklogic.com/ir-calendar. To join the live conference, you may dial (877) 407-0792 and international participants should dial (201) 689-8263 by 2:20 p.m. Pacific Time. No Passcode is needed to join the conference call. A recording of the call will be available approximately one hour after completion. To access the recording, please call (844) 512-2921 and reference the passcode 13756624.

The call recording, which can be accessed by phone, will be archived through November 18, 2025, and the webcast will be available for 12 months on the Company's website.

About QuickLogic

QuickLogic is a fabless semiconductor company specializing in embedded FPGA (eFPGA) Hard IP, discrete FPGAs, and endpoint AI solutions. QuickLogic's unique approach combines cutting-edge technology with open-source tools to deliver highly customizable low-power solutions for aerospace and defense, industrial, computing, and consumer markets. For more information, visit www.quicklogic.com.

QuickLogic uses its website (www.quicklogic.com), the company blog (https://www.quicklogic.com/blog/), corporate X account (@QuickLogic_Corp), Facebook page (https://www.facebook.com/QuickLogic), and LinkedIn page (https://www.linkedin.com/company/13512/) as channels of distribution of information about its products, its planned financial and other announcements, its attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and QuickLogic may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor the Company's website and its social media accounts in addition to following the Company's press releases, SEC filings, public conference calls, and webcasts.

Non-GAAP Financial Measures

QuickLogic reports financial information in accordance with United States Generally Accepted Accounting Principles, or U.S. GAAP, but believes that non-GAAP financial measures are helpful in evaluating its operating results and comparing its performance to comparable companies. Accordingly, the Company excludes certain charges related to stock-based compensation and restructuring costs, in calculating non-GAAP (i) income (loss) from operations, (ii) net income (loss), (iii) net income (loss) per share, and (iv) gross margin percentage. The Company provides this non-GAAP information to enable investors to evaluate its operating results in a manner like how the Company analyzes its operating results and to provide consistency and comparability with similar companies in the Company's industry.

Management uses the non-GAAP measures, which exclude gains, losses, and other charges that are considered by management to be outside of the Company's core operating results, internally to evaluate its operating performance against results in prior periods and its operating plans and forecasts. In addition, the non-GAAP measures are used to plan for the Company's future periods and serve as a basis for the allocation of the Company's resources, management of operations and the measurement of profit-dependent cash, and equity compensation paid to employees and executive officers.

Investors should note, however, that the non-GAAP financial measures used by QuickLogic may not be the same non-GAAP financial measures and may not be calculated in the same manner as that of other companies. QuickLogic does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures alone or as a substitute for financial information prepared in accordance with U.S. GAAP. A reconciliation of U.S. GAAP financial measures to non-GAAP financial measures is included in the financial statements portion of this press release. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of non-GAAP financial measures with their most directly comparable U.S. GAAP financial measures.

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, statements regarding our future profitability and cash flows, expectations regarding our future business and statements regarding the timing, milestones, and payments related to our government contracts, statements regarding the use of the Company's ATM program, and statements regarding our ability to successfully exit SensiML, 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; 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; 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 U.S. 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 November 11, 2025, and any forward-looking statements contained herein are based on management's current expectations and assumptions that we believe to be reasonable as of this date. We are not obliged to update these statements due to latest 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						Nine Months Ended
	September 28, 2025		September 29, 2024		June 29, 2025		September 28, 2025		September 29, 2024
Revenue	$	2,029	$	4,209	$	3,687	$	10,041	$	13,974
Cost of revenue		2,501		1,721		2,733		7,682		5,440
Gross profit (loss)		(472)		2,488		954		2,359		8,534
Operating expenses:
Research and development		1,398		1,798		1,193		3,859		4,466
Selling, general and administrative		2,057		2,292		1,962		6,555		6,738
Impairment charges		—		—		300		300		—
Restructuring costs		—		—		21		75		—
Total operating expense		3,455		4,090		3,476		10,789		11,204
Operating income (loss)		(3,927)		(1,602)		(2,522)		(8,430)		(2,670)
Interest expense		(87)		(187)		(108)		(292)		(295)
Interest and other (expense) income, net		9		(26)		(30)		(28)		(5)
Income (loss) before income taxes		(4,005)		(1,815)		(2,660)		(8,750)		(2,970)
(Benefit from) provision for income taxes		(1)		13		1		5		14
Net income (loss) from continuing operations		(4,004)		(1,828)		(2,661)		(8,755)		(2,984)
Net income (loss) from discontinued operations, net of taxes and inclusive of $87 in restructuring costs for the nine months ended September 28, 2025		(3)		(266)		(9)		(113)		(552)
Net income (loss)	$	(4,007)	$	(2,094)	$	(2,670)	$	(8,868)	$	(3,536)
Net income (loss) from continuing operations per share:
Basic	$	(0.24)	$	(0.13)	$	(0.17)	$	(0.55)	$	(0.21)
Diluted	$	(0.24)	$	(0.13)	$	(0.17)	$	(0.55)	$	(0.21)
Net income (loss) per share:
Basic	$	(0.24)	$	(0.14)	$	(0.17)	$	(0.56)	$	(0.25)
Diluted	$	(0.24)	$	(0.14)	$	(0.17)	$	(0.56)	$	(0.25)
Weighted average shares outstanding:
Basic		16,516		14,555		15,884		15,957		14,390
Diluted		16,516		14,555		15,884		15,957		14,390

Note: Net income (loss) equals total comprehensive income (loss) for all periods presented. Additionally, the Company notes that income taxes related to discontinued operations were immaterial in nature for the periods presented and as such, only net income (loss) from discontinued operations was reported herein.

QUICKLOGIC CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited)
	September 28, 2025		December 29, 2024
ASSETS
Current assets:
Cash, cash equivalents and restricted cash	$	17,343	$	21,859
Accounts receivable, net of allowance for credit losses of $0 as of September 28, 2025 and December 29, 2024		2,034		2,426
Contract assets		1,396		2,682
Note receivable, current		1,388		—
Inventories		869		940
Prepaid expenses and other current assets		1,261		1,666
Assets of business held for sale, net		10		31
Total current assets		24,301		29,604
Property and equipment, net		16,647		15,699
Capitalized internal-use software, net		1,081		711
Right of use assets, net		540		758
Intangible assets, net		349		378
Non-marketable equity investment		—		300
Inventories, non-current		618		718
Note receivable, non-current		—		1,292
Other assets		227		117
Assets of business held for sale, net		2,355		2,356
TOTAL ASSETS	$	46,118	$	51,933
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Revolving line of credit	$	15,000	$	18,000
Trade payables		2,763		3,097
Accrued liabilities		952		1,587
Deferred revenue		382		444
Notes payable, current		1,234		1,928
Lease liabilities, current		311		284
Liabilities of business held for sale		(1)		57
Total current liabilities		20,641		25,397
Long-term liabilities:
Lease liabilities, non-current		218		447
Notes payable, non-current		529		1,202
Total liabilities		21,388		27,046
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued and outstanding		—		—
Common stock, $0.001 par value; 200,000 authorized; 16,768 and 15,336 shares issued and outstanding as of September 28, 2025 and December 29, 2024, respectively		17		15
Additional paid-in capital		342,977		334,268
Accumulated deficit		(318,264)		(309,396)
Total stockholders' equity		24,730		24,887
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	46,118	$	51,933

QUICKLOGIC CORPORATION SUPPLEMENTAL RECONCILIATIONS OF US GAAP AND NON-GAAP FINANCIAL MEASURES (in thousands, except per share amounts and percentages) (Unaudited)
	Three Months Ended									Nine Months Ended
	September 28, 2025			September 29, 2024			June 29, 2025			September 28, 2025			September 29, 2024
US GAAP operating income (loss)	$	(3,927)		$	(1,602)		$	(2,522)		$	(8,430)		$	(2,670)
Adjustment for stock-based compensation within:
Cost of revenue		231			237			189			578			675
Research and development		96			428			205			443			729
Selling, general and administrative		501			645			449			1,586			2,131
Adjustment for impairment charges		—			—			300			300			—
Adjustment for restructuring costs		—			—			21			75			—
Non-GAAP operating income (loss)	$	(3,099)		$	(292)		$	(1,358)		$	(5,448)		$	865
US GAAP net income (loss) from continuing operations	$	(4,004)		$	(1,828)		$	(2,661)		$	(8,755)		$	(2,984)
Adjustment for stock-based compensation within:
Cost of revenue		231			237			189			578			675
Research and development		96			428			205			443			729
Selling, general and administrative		501			645			449			1,586			2,131
Adjustment for impairment charges		—			—			300			300			—
Adjustment for restructuring costs		—			—			21			75			—
Non-GAAP net income (loss) from continuing operations	$	(3,176)		$	(518)		$	(1,497)		$	(5,773)		$	551
US GAAP net income (loss) from discontinued operations	$	(3)		$	(266)		$	(9)		$	(113)		$	(552)
Adjustment for stock-based compensation within:
Research and development		—			(105)			—			(32)			147
Adjustment for restructuring costs		—			—			—			87			—
Non-GAAP net income (loss) from discontinued operations	$	(3)		$	(371)		$	(9)		$	(58)		$	(405)
Non-GAAP net income (loss)	$	(3,179)		$	(889)		$	(1,506)		$	(5,831)		$	146
US GAAP net income (loss) from continuing operations per share, basic	$	(0.24)		$	(0.13)		$	(0.17)		$	(0.55)		$	(0.21)
Adjustment for stock-based compensation		0.05			0.09			0.06			0.17			0.25
Adjustment for impairment charges		—			—			0.02			0.02			—
Adjustment for restructuring costs		—			—			—			—			—
Non-GAAP net income (loss) from continuing operations per share, basic	$	(0.19)		$	(0.04)		$	(0.09)		$	(0.36)		$	0.04
US GAAP net income (loss) from discontinued operations per share, basic	$	—		$	(0.02)		$	—		$	(0.01)		$	(0.04)
Adjustment for stock-based compensation		—			(0.01)			—			—			0.01
Adjustment for restructuring costs		—			—			—			0.01			—
Non-GAAP net income (loss) from discontinued operations per share, basic	$	—		$	(0.03)		$	—		$	—		$	(0.03)
Non-GAAP net income (loss) per share, basic	$	(0.19)		$	(0.07)		$	(0.09)		$	(0.36)		$	0.01
US GAAP net income (loss) from continuing operations per share, diluted	$	(0.24)		$	(0.13)		$	(0.17)		$	(0.55)		$	(0.21)
Adjustment for stock-based compensation		0.05			0.09			0.06			0.17			0.25
Adjustment for impairment charges		—			—			0.02			0.02			—
Adjustment for restructuring costs		—			—			—			—			—
Non-GAAP net income (loss) from continuing operations per share, diluted	$	(0.19)		$	(0.04)		$	(0.09)		$	(0.36)		$	0.04
US GAAP net income (loss) from discontinued operations per share, diluted	$	—		$	(0.02)		$	(0.00)		$	(0.01)		$	(0.04)
Adjustment for stock-based compensation		—			(0.01)			—			—			0.01
Adjustment for restructuring costs		—			—			—			0.01			—
Non-GAAP net income (loss) from discontinued operations per share, diluted	$	—		$	(0.03)		$	—		$	—		$	(0.03)
Non-GAAP net income (loss) per share, diluted	$	(0.19)		$	(0.07)		$	(0.09)		$	(0.36)		$	0.01
US GAAP gross margin percentage from continuing operations		(23.3)	%		59.1	%		25.9	%		23.5	%		61.1	%
Adjustment for stock-based compensation included in cost of revenue		11.4	%		5.6	%		5.1	%		5.8	%		4.8	%
Non-GAAP gross margin percentage from continuing operations		(11.9)	%		64.7	%		31.0	%		29.3	%		65.9	%

QUICKLOGIC CORPORATION SUPPLEMENTAL DATA (Unaudited)
	Percentage of Revenue									Change in Revenue
	Q3 2025			Q3 2024			Q2 2025			Q3 2025 to Q3 2024			Q3 2025 to Q2 2025
COMPOSITION OF REVENUE
Revenue by product: ⁽¹⁾
New products		47	%		81	%		79	%		(73)	%		(67)	%
Mature products		53	%		17	%		21	%		46	%		40	%
Discontinued Operations:
New products		—	%		2	%		—	%		(100)	%		—	%
Revenue by geography:
Asia Pacific		47	%		12	%		17	%		88	%		50	%
North America		51	%		85	%		80	%		(71)	%		(65)	%
Europe		2	%		2	%		3	%		(61)	%		(64)	%
Discontinued Operations:
Asia Pacific		—	%		—	%		—	%		(100)	%		—	%
North America		—	%		1	%		—	%		(100)	%		—	%
Europe		—	%		—	%		—	%		—	%		—	%

_____________________
	⁽¹⁾	New products include all products manufactured on 180 nanometer or smaller semiconductor processes, eFPGA IP intellectual property, professional services, and QuickAI and SensiML AI software as a service (SaaS) revenue. Mature products include all products produced on semiconductor processes larger than 180 nanometer and includes related royalty revenue.

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SOURCE QuickLogic Corporation

QuickLogic Reports Fiscal Third Quarter 2025 Financial Results