0001437749-26-010089
SEC filingQuickLogic Corporation reported a net loss of $14.8 million for fiscal year 2025, compared to a net loss of $3.8 million in fiscal year 2024. Revenue declined to $13.8 million from $19.7 million year-over-year. The company experienced a significant gross profit decrease to $3.0 million from $12.1 million, with gross margin contracting to 22.0% from 61.6%. Operating loss widened to $11.9 million from $2.5 million, driven by impairment charges of $2.4 million related to the SensiML discontinued operations and ongoing R&D investments. Cash flow from operations was negative $3.3 million, while financing activities provided $3.9 million primarily from equity issuances. The company ended the period with $18.8 million in cash and $22.3 million in total liabilities.
QuickLogic Corporation reported challenging financial results for fiscal year 2025, with revenue declining 30% to $13.8 million from $19.7 million in fiscal year 2024. The company's net loss widened significantly to $14.8 million compared to $3.8 million in the prior year. Gross profit decreased 75% to $3.0 million, reflecting substantial margin compression. Operating loss expanded to $11.9 million from $2.5 million, driven by $2.4 million in impairment charges related to the SensiML discontinued operations and continued investment in research and development, which represented 38% of revenue. The company's cash position decreased to $18.8 million from $21.9 million, with negative operating cash flow of $3.3 million partially offset by $3.9 million in financing activities from equity issuances.
Revenue declined across both product categories, with new products revenue decreasing 33% to $10.5 million and mature products revenue declining 17% to $3.3 million. Within new products, eFPGA IP revenue (including professional services) represented $9.5 million of the total, while hardware products contributed $1.0 million. Geographic revenue concentration remained high, with 79% of revenue derived from the United States ($10.9 million). Customer concentration was significant, with one customer representing 44% of total revenue and another representing 11%. The company noted that eFPGA-related professional services revenue was approximately $9.4 million for the year.
Gross margin contracted dramatically to 22.0% from 61.6% in the prior year, reflecting unfavorable product mix and increased cost of revenue. Operating expenses increased to $14.9 million from $14.6 million, with research and development expenses of $5.3 million (38% of revenue) and selling, general and administrative expenses of $9.3 million. The company recorded $2.4 million in impairment charges related to the SensiML discontinued operations. Operating loss margin was -86.5%, significantly worse than the -12.8% reported in fiscal year 2024. Stock-based compensation expense was $3.3 million, representing a substantial non-cash component of operating expenses.
Cash flow from operations was negative $3.3 million, despite $5.4 million in depreciation and amortization and $3.3 million in stock-based compensation. Investing activities used $3.7 million primarily for capital expenditures, while financing activities provided $3.9 million from equity issuances and line of credit activity. The company ended the period with $18.8 million in cash and cash equivalents, $24.2 million in total current assets, and $44.8 million in total assets. Total liabilities were $22.3 million, including $15.0 million in revolving line of credit debt. Stockholders' equity stood at $22.5 million with an accumulated deficit of $324.2 million.
The company's future success depends on continued adoption of eFPGA IP technologies, introduction of new FPGA devices, and demand for existing programmable logic products. Management expects revenue growth to depend on expanding the eFPGA IP business and developing additional programmable logic devices. The company faces risks including customer concentration, reliance on government contracts (44% of revenue), competitive pressures, and the need for additional financing. Management believes existing cash, together with proceeds from stock offerings and available credit facilities, will be sufficient to fund operations for the next twelve months. The company continues to pursue strategic alternatives for the SensiML business, which was classified as discontinued operations.