QuickLogic Reports Fiscal 2020 Fourth Quarter Results
SAN JOSE, Calif., Feb. 17, 2021 /PRNewswire/ -- QuickLogic Corporation (NASDAQ: QUIK) ("QuickLogic" or the "Company"), a developer of ultra-low power multi-core voice enabled SoCs, embedded FPGA IP, and Endpoint AI solutions, today announced its financial results for the fourth quarter of fiscal 2020, ended January 3, 2021.
Fiscal 2020 Fourth Quarter Financial Results
Fourth quarter 2020 GAAP gross margin was 48.2%, compared with 51.9% in the third quarter of 2020, and 64.9% in the fourth quarter of 2019.
Fourth quarter 2020 non-GAAP gross margin was 51.5%, compared with 53.9% in the third quarter of 2020 and 65.6% in the fourth quarter of 2019.
Fourth quarter 2020 GAAP operating expenses were $4.1 million, compared with $3.0 million in the third quarter of 2020, and $4.8 million in the fourth quarter of 2019.
Fourth quarter 2020 non-GAAP operating expenses were $2.9 million, compared with $2.6 million in the third quarter of 2020, and from $4.2 million in the fourth quarter of 2019.
Fourth quarter 2020 GAAP net loss was $2.9 million, or $0.27 per share, compared with a net loss of $2.1 million, or $0.19 per share, in the third quarter of 2020, and a net loss of $3.1 million, or $0.37 per share, in the fourth quarter of 2019.
Fourth quarter 2020 non-GAAP net loss was $1.7 million, or $0.15 per share, compared with a net loss of $1.7 million, or $0.15 per share, in the third quarter of 2020, and a net loss of $2.4 million, or $0.29 per share, in the fourth quarter of 2019.
Fiscal Year 2020 Results
Fiscal year 2020 GAAP gross margin was 49.2%, compared with 57.3% in fiscal year 2019. Non-GAAP gross margin for fiscal year 2020 was 51.1%, compared with 58.0% in fiscal year 2019.
GAAP operating expenses for fiscal year 2020 were $15.1 million, compared with $21.3 million in fiscal year 2019. Non-GAAP operating expenses for fiscal year 2020 were $12.8 million, down from $18.2 million in fiscal year 2019.
GAAP net loss for fiscal year 2020 was $11.2 million, or $1.14 per share. This compares with $15.4 million, or $2.02 per share per share in fiscal year 2019. Non-GAAP net loss for fiscal year 2020 was $8.7 million, or $0.88 per share, compared with $12.3 million or $1.60 per share for fiscal year 2019.
Please see the section below titled "Non-GAAP Financial Measures" for an explanation of the Company's non-GAAP financial measures.
QuickLogic uses its website (www.quicklogic.com), the company blog (https://www.quicklogic.com/blog/), corporate Twitter account (@QuickLogic_Corp), Facebook page (https://www.facebook.com/QuickLogic), and LinkedIn page (https://www.linkedin.com/company/13512/) as channels of distribution of information about its products, its planned financial and other announcements, its attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and QuickLogic may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor the Company's website and its social media accounts in addition to following the Company's press releases, SEC filings, public conference calls, and webcasts.
Non-GAAP Financial Measures
Management uses the non-GAAP measures, which exclude gains, losses and other charges that are considered by management to be outside of the Company's core operating results, internally to evaluate its operating performance against results in prior periods and its operating plans and forecasts. In addition, the non-GAAP measures are used to plan for the Company's future periods, and serve as a basis for the allocation of the Company's resources, management of operations and the measurement of profit-dependent cash and equity compensation paid to employees and executive officers.
Investors should note, however, that the non-GAAP financial measures used by QuickLogic may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies. QuickLogic does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures alone or as a substitute for financial information prepared in accordance with U.S. GAAP. A reconciliation of U.S. GAAP financial measures to non-GAAP financial measures is included in the financial statements portion of this press release. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of non-GAAP financial measures with their most directly comparable U.S. GAAP financial measures.
Forward Looking Statements
QuickLogic and logo are registered trademarks of QuickLogic. All other trademarks are the property of their respective holders and should be treated as such.
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