Demo
QUIK Nasdaq· Quicklogic Corp
FundamentalsNews digest Peer analysis
Login
QUIK Nasdaq· Quicklogic Corp
Earnings report Q4 2023

QuickLogic Corporation Reports Strong Revenue Growth in Q3 2023

Segments of revenue

QuickLogic Corporation reported total revenue of $6.7 million in the third quarter of 2023, representing a significant increase of 128% compared to the prior quarter and a substantial increase of 93% compared to the same quarter last year. The company's new product revenue in the third quarter was $6.1 million, showing an impressive increase of 173% from the prior quarter and a remarkable increase of 171% from the third quarter of 2022. On the other hand, mature product revenue was $0.6 million in the third quarter of 2023, reflecting a decrease of 17% compared to the prior quarter and a significant decrease of 53% compared to the third quarter of 2022.

Strengths

QuickLogic Corporation demonstrated strong revenue growth in the latest quarter, driven by the remarkable performance of its new product segment. The increase in new product revenue was primarily attributed to a $3.97 million increase in eFPGA professional services revenue, partially offset by a decrease of $119 thousand in hardware product revenue. This indicates the company's ability to capitalize on the demand for its innovative solutions and services. Management comments were not provided in the given context.

Challenges

Despite the overall revenue growth, QuickLogic Corporation experienced a decline in mature product revenue. This decrease of 17% compared to the prior quarter and 53% compared to the third quarter of 2022 highlights the challenges the company faces in maintaining consistent performance in this segment. The report also mentions that mature product revenue is expected to continue fluctuating over time, indicating potential ongoing challenges in this area.

Noteworthy

The significant increase in new product revenue, particularly in eFPGA professional services, stands out as a noteworthy achievement for QuickLogic Corporation. This indicates the successful execution of the company's strategies and the growing demand for its advanced solutions. Additionally, the overall revenue growth of 128% compared to the prior quarter and 93% compared to the same quarter last year showcases QuickLogic Corporation's ability to deliver strong financial performance.

Summary

QuickLogic Corporation delivered a strong performance in the latest quarter, with total revenue increasing by 128% compared to the prior quarter and 93% compared to the same quarter last year. The company's new product segment, driven by the remarkable growth in eFPGA professional services revenue, played a significant role in this success. However, the decline in mature product revenue presents a challenge for QuickLogic Corporation, and the company expects this segment to continue fluctuating over time. Overall, QuickLogic Corporation's ability to generate substantial revenue growth demonstrates its competitive position and market demand for its innovative solutions.

Source documents

Form 10-Q  filed on Nov 15, 2023
76 pages scanned

Reference data

Company financials Q4 revenue 6.7M
Analyst estimates Q4 EPS missed by -3.70%
Sign up to Fey

Get in-depth analysis on thousands of stocks for just $30/month. Cancel anytime.