Quicklogic Stock Earnings Reports

QuickLogic reported Q1 FY26 revenue of $5.1M (up 16.5% YoY, 35.3% QoQ) and provided Q2 guidance of $6M +/-10% (new product $5.2M, mature $0.8M). Management reiterated a 2026 revenue growth target of 50%–100% YoY and said they expect to reach non-GAAP profitability in 2026. Key commercial and defense program progress includes: (1) a demonstrated RadPro radiation‑hardened FPGA test chip (GF 12LP) and multiple shipped RadPro dev kits (low‑6‑figure contribution expected to Q2 revenue) with one MOU signed with a DIB to accelerate evaluation; (2) continued momentum on Intel 18A eFPGA hard‑IP work — four contracts nearly $2M total so far, a 1M‑LUT feasibility study that led to architectural enhancements, a large Intel 18A eFPGA hard‑IP delivery targeted for H2 2026 tape‑out, and additional mid‑6‑figure work expected; (3) a new 7‑figure GF 12LP contract finalized last week that will contribute to Q2 revenue and supply test chips for an evaluation kit scheduled for late 2026. Financials and liquidity: non‑GAAP gross margin was 39.6% in Q1 (impacted by ~$300K inventory reserves) with Q2 margin guided near 42% +/-5% and full‑year modeled near 57% (mix driven). Non‑GAAP operating expenses guided to ~$13.5M for FY26 to support growth. Net cash was $6.0M at quarter end (up from $3.8M), with ~$6.4M net proceeds raised via ATM in Q2; including ATM proceeds they expect to close Q2 with just under $12M net cash. Management highlighted multiple MPW tape-outs planned in 2026 for storefront sales, continued push into chiplet and storefront opportunities, and strengthening partnerships in both defense and commercial markets.