QuickLogic Corporation reported total revenue of $4.3 million for the third quarter of fiscal 2024, marking a 35.9% decrease compared to the third quarter of 2023. New product revenue was $3.5 million, a 42.0% decrease year-over-year, primarily due to the timing of deliverables for certain large eFPGA IP contracts.
The company reported a GAAP net loss of ($2.1 million), or ($0.14) per share, compared to a net income of $1.2 million, or $0.09 per basic share, in the prior year's third quarter. Non-GAAP net loss was ($0.9 million), or ($0.06) per share, down from a net income of $1.8 million, or $0.13 per share, in Q3 2023.
GAAP gross margin for the quarter was 55.8%, a decrease from 76.9% in the third quarter of 2023. Despite the year-over-year declines, total revenue increased by 3.5% and new product revenue increased by 15.7% compared to the second quarter of 2024.
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