quicklo20250407

quicklo20250407_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 March 30, 2025

☐	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 May 9, 2025, there were 15,836,059 shares of registrant’s common stock, par value $0.001 per share, outstanding.

Table of Contents

QUICKLOGIC CORPORATION

FORM 10-Q

March 30, 2025

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	20

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27

Item 4.	Controls and Procedures	27

Part II - Other Information		28

Item 1.	Legal Proceedings	28

Item 1A.	Risk Factors	28

Item 3.	Defaults Upon Senior Securities	28

Item 5.	Other Information	28

Item 6.	Exhibits	28

Signatures		28

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)

	*March 30,*			*December 29,*
	*2025*			*2024*
ASSETS
Current assets:
Cash, cash equivalents and restricted cash	$	17,546		$	21,859
Accounts receivable, net of allowance for credit losses of $1 and $0, as of March 30, 2025 and December 29, 2024, respectively		1,586			2,426
Contract assets		4,133			2,682
Inventories, net		905			940
Prepaid expenses and other current assets		1,152			1,666
Assets of business held for sale, net		15			31
Total current assets		25,337			29,604
Property and equipment, net		17,028			15,699
Capitalized internal-use software, net		842			711
Right of use assets, net		687			758
Intangible assets, net		369			378
Non-marketable equity investment		300			300
Inventories, non-current		718			718
Note receivable, non-current		1,323			1,292
Other assets		117			117
Assets of business held for sale, net		2,356			2,356
TOTAL ASSETS	$	49,077		$	51,933

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Revolving line of credit	$	15,000		$	18,000
Trade payables		2,601			3,097
Accrued liabilities		1,184			1,587
Deferred revenue		701			444
Note payable, current		1,703			1,928
Lease liabilities, current		293			284
Liabilities of business held for sale		—			57
Total current liabilities		21,482			25,397
Long-term liabilities:
Lease liabilities, non-current		363			447
Notes payable, non-current		915			1,202
Total liabilities		22,760			27,046
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; 15,824 and 15,336 shares issued and outstanding as of March 30, 2025 and December 29, 2024, respectively		16			15
Additional paid-in capital		337,888			334,268
Accumulated deficit		(311,587	)		(309,396	)
Total stockholders' equity		26,317			24,887
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	49,077		$	51,933

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*
	*March 30,*			*March 31,*
	*2025*			*2024*
Revenue	$	4,325		$	5,669
Cost of revenue		2,448			1,865
Gross profit		1,877			3,804
Operating expenses:
Research and development		1,268			1,321
Selling, general and administrative		2,536			2,351
Restructuring costs		54			—
Total operating expenses		3,858			3,672
Operating income (loss)		(1,981	)		132
Interest expense		(97	)		(69	)
Interest income and other income (expense), net		(7	)		17
Income (loss) from continuing operations before income taxes		(2,085	)		80
(Benefit from) provision for income taxes		5			7
Net income (loss) from continuing operations		(2,090	)		73
Net income (loss) from discontinued operations, net of taxes		(101	)		35
Net income (loss)	$	(2,191	)	$	108
Net income (loss) from continuing operations per share:
Basic	$	(0.14	)	$	0.01
Diluted	$	(0.14	)	$	0.01
Net income (loss) per share:
Basic	$	(0.14	)	$	0.01
Diluted	$	(0.14	)	$	0.01
Weighted average shares outstanding:
Basic		15,290			14,177
Diluted		15,290			14,545

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 in the condensed consolidated statement of operations.

See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents

QUICKLOGIC CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

*Three Months Ended*
*March 30,*		*March 31,*
*2025*	<