Q1 2024 Quicklogic Corp Earnings Call Transcript
Key Points
- QuickLogic Corp (QUIK) reported a significant year-over-year revenue increase of 45% in Q1, driven by a 60% increase in new product revenue primarily from eFPGA IP contracts.
- The company has a record $179 million sales funnel and significant eFPGA contract proposals pending, indicating potential for continued growth.
- QuickLogic Corp (QUIK) is strategically positioned to expand its IP business across new customers and market sectors, with support for multiple fabrication nodes.
- The company successfully transitioned revenue recognition from engineering services to IP license, aligning revenue more closely with deliverables and improving contract negotiation leverage.
- QuickLogic Corp (QUIK) remains cash-flow positive and projects solid profitability for the full year of 2024, despite strategic shifts in revenue recognition.
- Despite overall growth, QuickLogic Corp (QUIK) anticipates a sequential revenue decrease in Q2 from Q1 due to strategic shifts in revenue recognition between engineering services and IP licenses.
- The change in revenue recognition will push significant revenue into the second half of 2024, potentially affecting short-term financial reporting.
- There are uncertainties in the timing of contract awards and shipments, which could impact projected revenues and growth rates.
- The company faces intense competition in the eFPGA market, particularly from companies like Flex Logix and Menta, which could impact market share and pricing.
- Dependence on significant contracts, such as the Strategic Radiation Hardened FPGA government contract, poses risks if there are delays or reductions in funding.
Ladies and gentlemen, good afternoon. At this time, I would like to welcome everyone to QuickLogic Corporation's first-quarter fiscal 2024 earnings results conference call. As a reminder, today's call is being recorded for replay purposes through May 20, 2024.
I would now like to turn the conference over to Ms. Alison Ziegler of Darrow Associates. Ms Ziegler, please go ahead.
Thank you, operator, and thanks to all of you for joining us. Our speakers today are Brian Faith, President and Chief Executive Officer; and Elias Nader, Senior Vice President and Chief Financial Officer. As a reminder, some of the comments QuickLogic makes today are forward-looking statements that involve risks and uncertainties, including but not limited to stated, expectations relating to revenue from new and mature products; statements pertaining to QuickLogic's future performance design activity and its ability to convert new design opportunities into production shipments.
Timing and market acceptance of its
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