QuickLogic Corporation reported its financial results for the third quarter and the nine months ended September 29, 2024, revealing significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.
For the three months ended September 29, 2024, QuickLogic generated total revenue of $4.3 million, a decrease of 36% from $6.7 million in the same period last year. New product revenue also fell to $3.5 million, down 42% year-over-year. The decline in revenue was attributed to the timing of Department of Defense contracts. In contrast, for the nine months ended September 29, 2024, total revenue increased by 5% to $14.4 million, compared to $13.7 million for the same period in 2023.
Operating expenses for the third quarter rose to $4.2 million, up from $3.8 million in the prior year, leading to an operating loss of $1.9 million, compared to an operating profit of $1.3 million in Q3 2023. The net loss for the third quarter was $2.1 million, a significant decline from a net income of $1.2 million in the same quarter last year. For the nine-month period, the net loss increased to $3.5 million from $2.3 million in the previous year.
Total assets as of September 29, 2024, increased to $49.7 million from $47.8 million at the end of 2023, primarily driven by a significant rise in property and equipment, which grew to $14.1 million. However, total current assets decreased to $30.1 million, influenced by a reduction in cash and cash equivalents to $22.4 million. Total liabilities also decreased to $28.8 million, resulting in an increase in stockholders' equity to $20.9 million.
Strategically, QuickLogic has focused on enhancing its product offerings, particularly in the embedded FPGA and AI software markets. The company reported a notable increase in capital expenditures for property and equipment, totaling $4.1 million for the nine months ended September 29, 2024, compared to $1.7 million in the prior year. Additionally, QuickLogic raised $3.5 million through common stock sales in March 2024, contributing to its liquidity position.
The company continues to navigate challenges in revenue generation while investing in product development and maintaining compliance with its revolving debt agreements, which stood at $20 million with an interest rate of 8.5% as of the reporting date.
About QUICKLOGIC Corp
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