QuickLogic Corporation reported total revenue from continuing operations of $4.3 million for the first quarter of fiscal 2025, a decrease of 23.7% compared to Q1 2024 and 23.8% compared to Q4 2024. New product revenue was $3.7 million, down 17.4% year-over-year and 19.1% sequentially.
The company recorded a GAAP net loss of ($2.2 million), or ($0.14) per share, compared to a net income of $0.1 million, or $0.01 per share, in Q1 2024. Non-GAAP net loss was ($1.1 million), or ($0.07) per share, down from a net income of $1.7 million, or $0.12 per share, in the prior year.
QuickLogic CEO Brian Faith noted that the revenue decreases were mostly due to the timing of awards for certain large eFPGA IP contracts. However, he highlighted the April delivery of design-specific eFPGA Hard IP for a customer's Test Chip on Intel 18A, positioning the company strongly for future USMAG and commercial opportunities, and reiterated the full-year 2025 outlook for solid revenue growth, non-GAAP profitability, and positive cash flow.
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