quicklo20260402

quicklo20260402_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 29, 2026

☐	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 8, 2026, there were 18,224,806 shares of registrant’s common stock, par value $0.001 per share, outstanding.

Table of Contents

QUICKLOGIC CORPORATION

FORM 10-Q

March 29, 2026

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	19

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	26

Item 4.	Controls and Procedures	26

Part II - Other Information		27

Item 1.	Legal Proceedings	27

Item 1A.	Risk Factors	27

Item 3.	Defaults Upon Senior Securities	27

Item 5.	Other Information	27

Item 6.	Exhibits	27

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 29,*			*December 28,*
	*2026*			*2025*
ASSETS
Current assets:
Cash, cash equivalents and restricted cash	$	6,047		$	18,840
Accounts receivable		1,723			2,809
Contract assets		1,183			217
Inventories, net		1,022			956
Prepaid expenses and other current assets		1,206			1,399
Assets of business held for disposal, net		—			2
Total current assets		11,181			24,223
Property and equipment, net		18,620			18,233
Capitalized internal-use software, net		1,210			1,117
Right of use assets, net		386			464
Intangible assets, net		330			339
Inventories, non-current, net		57			187
Other assets		607			241
TOTAL ASSETS	$	32,391		$	44,804

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Revolving line of credit	$	—		$	15,000
Trade payables		2,497			2,251
Accrued liabilities		2,077			1,779
Deferred revenue		78			64
Note payable, current		1,654			1,870
Lease liabilities, current		331			321
Total current liabilities		6,637			21,285
Long-term liabilities:
Lease liabilities, non-current		32			126
Notes payable, non-current		1,467			926
Total liabilities		8,136			22,337
Commitments and contingencies (see Note 14)
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; 17,724 and 17,290 shares issued and outstanding as of March 29, 2026 and December 28, 2025, respectively		18			17
Additional paid-in capital		350,655			346,662
Accumulated deficit		(326,418	)		(324,212	)
Total stockholders' equity		24,255			22,467
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	32,391		$	44,804

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 29,*			*March 30,*
	*2026*			*2025*
Revenue	$	5,051		$	4,325
Cost of revenue		3,209			2,448
Gross profit (loss)		1,842			1,877
Operating expenses:
Research and development		1,512			1,268
Selling, general and administrative		2,437			2,536
Restructuring costs		11			54
Total operating expenses		3,960			3,858
Operating income (loss)		(2,118	)		(1,981	)
Interest expense		(54	)		(97	)
Interest income and other income (expense), net		(33	)		(7	)
Income (loss) from continuing operations before income taxes		(2,205	)		(2,085	)
(Benefit from) provision for income taxes		(3	)		5
Net income (loss) from continuing operations		(2,202	)		(2,090	)
Net income (loss) from discontinued operations, net of taxes		(4	)		(101	)
Net income (loss)	$	(2,206	)	$	(2,191	)
Net income (loss) from continuing operations per share:
Basic	$	(0.13	)	$	(0.14	)
Diluted	$	(0.13	)	$	(0.14	)
Net income (loss) per share:
Basic	$	(0.13	)	$	(0.14	)
Diluted	$	(0.13	)	$	(0.14	)
Weighted average shares outstanding:
Basic		17,463			15,290
Diluted		17,463			15,290

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 unaudited 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 29,*			*March 30,*
	*2026*			*2025*
Cash flows provided by (used in) operating activities:
Net income (loss)	$	(2,206	)	$	(2,191	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		1,560			1,282
ROU asset amortization		78			71
Stock-based compensation		858			903
Write-down of inventories		269			11
Loss on disposal of equipment		—			5
Other		9			4
Changes in operating assets and liabilities:
Accounts receivable		1,086			843
Contract assets		(966	)		(1,451	)
Inventories		(205	)		24
Other assets		238			126
Trade payables		(218	)		(1,488	)
Accrued liabilities		288			(437	)
Deferred revenue		14			247
Lease liabilities		(84	)		(75	)
Net cash provided by (used in) operating activities		721			(2,126	)
Cash flows provided by (used in) investing activities:
Capital expenditures for property and equipment		(658	)		(1,349	)
Capitalized internal-use software		(138	)		(143	)
Net cash provided by (used in) investing activities		(796	)		(1,492	)
Cash flows provided by (used in) financing activities:
Payment of notes payable		(847	)		(516	)
Proceeds from line of credit		—			15,000
Repayment of line of credit		(15,000	)		(18,000	)
Proceeds from issuance of common stock to investors		3,212			2,808
Stock issuance cost		(88	)		—
Taxes paid related to net settlement of equity awards		3			—
Net cash provided by (used in) financing activities		(12,720	)		(708	)
Net increase (decrease) in cash, cash equivalents and restricted cash		(12,795	)		(4,326	)
Cash, cash equivalents and restricted cash at beginning of period		18,842			21,880
Cash, cash equivalents and restricted cash at end of period	$	6,047		$	17,554

Supplemental disclosures of cash flow information:
Interest paid	$	80		$	109
Income taxes paid	$	—		$	3

Supplemental disclosures of non-cash financing and investing items from continuing operations
Purchases of assets with financing arrangements	$	1,163		$	—
Stock-based compensation capitalized as internal-use software	$	14		$	19
Purchases of property and equipment in accounts payable and accrued liabilities	$	474		$	959

See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents

QUICKLOGIC CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In thousands)

					*Additional*					*Total*
	*Common Stock*				*Paid-In*		*Accumulated*			*Stockholders'*
	*Shares*		*Amount*		*Capital*		*Deficit*			*Equity*
Balance at December 28, 2025		17,290	$	17	$	346,662	$	(324,212	)	$	22,467
Issuance of common stock under ATM stock offering, net of stock issuance cost		403		1		3,120		—			3,121
Common stock issued under stock plans and employee stock purchase plans		31		—		—		—			—
Stock-based compensation		—		—		873		—			873
Net income (loss)		—		—		—		(2,206	)		(2,206	)
Balance at March 29, 2026		17,724	$	18	$	350,655	$	(326,418	)	$	24,255

Additional

Total

Common Stock

Paid-In

Accumulated

Stockholders'

Shares

Amount