quicklo20240916

quicklo20240916_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 29, 2024

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From To

COMMISSION FILE NUMBER: 000-22671

QUICKLOGIC CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

77-0188504

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

2220 Lundy Avenue, San Jose, CA 95131-1816

(Address of principal executive offices including zip code))

(408) 990-4000

(Registrant's telephone number, including area code)

Securities registered pursuant Section 12(b) of the act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.001 per share	QUIK	The Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated Filer	☐
Non-accelerated filer	☒	Smaller Reporting Company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act). Yes ☐ No ☒

As of November 8, 2024, there were 14,707,072 shares of registrant’s common stock, par value $0.001 per share, outstanding.

Table of Contents

QUICKLOGIC CORPORATION

FORM 10-Q

September 29, 2024

TABLE OF CONTENTS

		Page
Part I - Financial Information		3

Item 1.	Unaudited Condensed Consolidated Financial Statements	3

	Unaudited Condensed Consolidated Balance Sheets	3

	Unaudited Condensed Consolidated Statements of Operations	4

	Unaudited Condensed Consolidated Statements of Cash Flows	5

	Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity	6

	Notes to Unaudited Condensed Consolidated Financial Statements	7

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	16

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	23

Item 4.	Controls and Procedures	24

Part II - Other Information		24

Item 1.	Legal Proceedings	24

Item 1A.	Risk Factors	24

Item 3.	Defaults Upon Senior Securities	24

Item 5.	Other Information	24

Item 6.	Exhibits	24

Signatures		25

Table of Contents

PART I. Financial Information

Item 1. Unaudited Condensed Consolidated Financial Statements

QUICKLOGIC CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value amount)

	*September 29,*			*December 31,*
	*2024*			*2023*
ASSETS
Current assets:
Cash, cash equivalents and restricted cash	$	22,364		$	24,606
Accounts receivable, net of allowance for doubtful accounts of $24 and $34, as of September 29, 2024 and December 31, 2023, respectively		657			1,625
Contract assets		2,331			3,609
Note receivable, current		—			1,200
Inventories, net		1,780			2,029
Prepaid expenses and other current assets		2,919			1,561
Total current assets		30,051			34,630
Property and equipment, net		14,137			8,948
Capitalized internal-use software, net		2,352			2,069
Right of use assets, net		828			981
Intangible assets, net		457			537
Non-marketable equity investment		300			300
Goodwill		185			185
Note receivable, non-current		1,260			—
Other assets		143			142
TOTAL ASSETS	$	49,713		$	47,792

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Revolving line of credit	$	20,000		$	20,000
Trade payables		2,877			4,657
Accrued liabilities		1,457			2,673
Deferred revenue		449			1,052
Note payable, current		1,798			946
Lease liabilities, current		275			302
Total current liabilities		26,856			29,630
Long-term liabilities:
Lease liabilities, non-current		529			681
Notes payable, non-current		1,314			461
Other liabilities, non-current		125			125
Total liabilities		28,824			30,897
Commitments and contingencies (see Note 13)
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; 14,697 and 14,118 shares issued and outstanding as of September 29, 2024 and December 31, 2023, respectively		15			14
Additional paid-in capital		329,965			322,436
Accumulated deficit		(309,091	)		(305,555	)
Total stockholders' equity		20,889			16,895
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	49,713		$	47,792

See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents

QUICKLOGIC CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

	*Three Months Ended*						*Nine Months Ended*
	*September 29,*			*October 1,*			*September 29,*			*October 1,*
	*2024*			*2023*			*2024*			*2023*
Revenue	$	4,273		$	6,665		$	14,407		$	13,719
Cost of revenue		1,888			1,537			5,934			4,998
Gross profit		2,385			5,128			8,473			8,721
Operating expenses:
Research and development		1,954			1,933			4,940			5,067
Selling, general and administrative		2,292			1,915			6,738			5,700
Total operating expenses		4,246			3,848			11,678			10,767
Operating income (loss)		(1,861	)		1,280			(3,205	)		(2,046	)
Interest expense		(186	)		(48	)		(295	)		(156	)
Interest income and other income (expense), net		(34	)		(36	)		(22	)		(99	)
Income (loss) before income taxes		(2,081	)		1,196			(3,522	)		(2,301	)
(Benefit from) provision for income taxes		13			4			14			4
Net income (loss)	$	(2,094	)	$	1,192		$	(3,536	)	$	(2,305	)
Net income (loss) per share:

SEC Form 10-Q filed by QuickLogic Corporation