8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 17, 2021

QuickLogic Corporation

(Exact name of registrant as specified in its charter)

Delaware	000-22671	77-0188504
(State or other jurisdiction<br><br> <br>of incorporation)	(Commission<br><br> <br>File Number)	(IRS Employer<br><br> <br>Identification No.)
2220 **** Lundy Avenue , San Jose, CA		9 5131 -1 816
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (408) 990-4000

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.001 per share	QUIK	The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02 Results of Operation and Financial Condition.

On August 17, 2021, QuickLogic Corporation (“QuickLogic”) issued a press release regarding its financial results for the fiscal 2021 second quarter ended July 4, 2021. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

This information, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that Section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

QuickLogic is making reference to non-GAAP financial information in the press release. A reconciliation of GAAP to non-GAAP results is provided in the attached Exhibit 99.1 press release.

Section 9 – Financial Statements and Exhibits

Item 9.01(d) Exhibits.

The following exhibit is furnished as a part of this report:

99.1	Press release of QuickLogic Corporation reporting financial results for the fiscal 2021 second quarter ended July 4, 2021.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 17, 2021	QuickLogic Corporation
	/s/ Anthony Contos
	Anthony Contos<br><br> <br>Interim Principal Financial Officer and Chief Accounting Officer

ex_253608.htm

Exhibit 99.1

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QuickLogic Reports Fiscal 2021 Second Quarter Results

San Jose, Calif. – August 17, 2021 - QuickLogic Corporation (NASDAQ: QUIK) (“QuickLogic” or the “Company”), a developer of ultra-low power multi-core voice enabled SoCs, embedded FPGA IP, and Endpoint AI solutions, today announced its financial results for the second quarter of fiscal 2021, ended July 4, 2021.

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Recent Highlights

●  Q2 fiscal 2021 revenue of $2.9 million represents the highest since Q1 of fiscal 2019

●  Delivered new eFPGA IP license during the quarter

●  Partnered with Microchip Technology, enabling SensiML tools to read sensor data from MPLAB X IDE and generate machine learning models

●  Announced Global Distribution Agreement with Digi-Key Electronics to offer the Basic Edition of SensiML’s Analytics Toolkit worldwide

●  Developed an AI-enabled Industrial IoT solution for predictive maintenance applications with aiSensing

●  Launched ZETA-TinyML Development Kit with Zifisense to develop smart IoT applications for embedded AI

●  Presented at COSCUP x RubyConf Taiwan, demonstrating how easy it is to use open source tools

Fiscal 2021 Second Quarter Financial Results

Total revenue for the second quarter of fiscal 2021 was $2.9 million, an increase of 29% compared with the first quarter of 2021, and an increase of 31% compared with the second quarter of 2020. New product revenue was approximately $1.3 million in the second quarter of 2021, an increase of 17% compared with the first quarter of 2021, and an increase of 54% compared with the second quarter of 2020. The increases were primarily due to higher revenue from our sensor processing and connectivity products. Mature product revenue was $1.6 million in the second quarter of 2021, up 39% compared with the first quarter of 2021, and up 18% compared with the second quarter of 2020.

Second quarter 2021 GAAP gross margin was 50.9%, compared with 51.1% in the first quarter of 2021, and 45.7% in the second quarter of 2020.

Second quarter 2021 non-GAAP gross margin was 51.5%, compared with 52.7% in the first quarter of 2021, and 47.1% in the second quarter of 2020.

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Second quarter 2021 GAAP operating expenses were $3.4 million, compared with $3.8 million in the first quarter of 2021, and $3.9 million in the second quarter of 2020.

Second quarter 2021 non-GAAP operating expenses were $3.3 million, compared with $3.5 million in the first quarter of 2021, and $3.2 million in the second quarter of 2020.

Second quarter 2021 GAAP net loss was $2.1 million, or $0.18 per share, compared with a net loss of $1.7 million, or $0.15 per share, in first quarter of 2021, and a net loss of $3.0 million, or $0.35 per share, in the second quarter of 2020.

Second quarter 2021 non-GAAP net loss was $1.9 million, or $0.16 per share, compared with a net loss of $1.3 million, or $0.12 per share, in first quarter of 2021, and a net loss of $2.2 million, or $0.26 per share, in the second quarter of 2020.

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Conference Call

QuickLogic will hold a conference call at 2:30 p.m. Pacific Time / 5:30 p.m. Eastern Time today, August 17, 2021, to discuss its current financial results. The conference call will be webcast at QuickLogic’s IR Site Events Page at https://ir.quicklogic.com/ir-calendar. To join the live conference, you may dial (877) 407-0792 and international participants should dial (201) 689-8263 by 2:15 p.m. Pacific Time. No Passcode is needed to join the conference call. A recording of the call will be available starting approximately one hour after completion. To access the recording, please call (412) 317-6671 and reference the passcode 13722114. The call recording, which can be accessed by phone, will be archived until Tuesday, August 24, 2021, and the webcast will be available for 12 months on the Company's website.

About QuickLogic

QuickLogic is a fabless semiconductor company that develops low power, multi-core semiconductor platforms and Intellectual Property (IP) for Artificial Intelligence (AI), voice and sensor processing. The solutions include an embedded FPGA IP (eFPGA) for hardware acceleration and pre-processing, and heterogeneous multi-core SoCs that integrate eFPGA with other processors and peripherals. The Analytics Toolkit from the Company’s wholly owned subsidiary, SensiML Corporation, completes the end-to-end solution with accurate sensor algorithms using AI technology. The full range of platforms, software tools and eFPGA IP enables the practical and efficient adoption of AI, voice and sensor processing across the multitude of mobile, wearable, hearable, consumer, industrial, edge and endpoint IoT applications. For more information, visit www.quicklogic.com and https://www.quicklogic.com/blog/.

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QuickLogic uses its website (www.quicklogic.com), the company blog

(https://www.quicklogic.com/blog/), corporate Twitter account (@QuickLogic_Corp), Facebook page

(https://www.facebook.com/QuickLogic), and LinkedIn page

(https://www.linkedin.com/company/13512/) as channels of distribution of information about its products, its planned financial and other announcements, its attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and QuickLogic may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor the Company’s website and its social media accounts in addition to following the Company’s press releases, SEC filings, public conference calls, and webcasts.

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Non-GAAP Financial Measures

QuickLogic reports financial information in accordance with United States Generally Accepted Accounting Principles, or U.S. GAAP, but believes that non-GAAP financial measures are helpful in evaluating its operating results and comparing its performance to comparable companies. Accordingly, the Company excludes certain charges related to stock-based compensation, restructuring, the effect of the write-off of long-lived assets and the tax effect on other comprehensive income in calculating non-GAAP (i) income (loss) from operations, (ii) net income (loss), (iii) net income (loss) per share, and (iv) gross margin percentage. The Company provides this non-GAAP information to enable investors to evaluate its operating results in a manner similar to how the Company analyzes its operating results and to provide consistency and comparability with similar companies in the Company’s industry.

Management uses the non-GAAP measures, which exclude gains, losses and other charges that are considered by management to be outside of the Company’s core operating results, internally to evaluate its operating performance against results in prior periods and its operating plans and forecasts. In addition, the non-GAAP measures are used to plan for the Company’s future periods, and serve as a basis for the allocation of the Company's resources, management of operations and the measurement of profit-dependent cash and equity compensation paid to employees and executive officers.

Investors should note, however, that the non-GAAP financial measures used by QuickLogic may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies. QuickLogic does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures alone or as a substitute for financial information prepared in accordance with U.S. GAAP. A reconciliation of U.S. GAAP financial measures to non-GAAP financial measures is included in the financial statements portion of this press release. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of non-GAAP financial measures with their most directly comparable U.S. GAAP financial measures.

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Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, expectations regarding our future business, and actual results may differ due to a variety of factors including: delays in the market acceptance of the Company’s new products; the ability to convert design opportunities into customer revenue; our ability to replace revenue from end-of-life products; the level and timing of customer design activity; the market acceptance of our customers’ products; the risk that new orders may not result in future revenue; our ability to introduce and produce new products based on advanced wafer technology on a timely basis; our ability to adequately market the low power, competitive pricing and short time-to-market of our new products; intense competition by competitors; our ability to hire and retain qualified personnel; our ability to capitalize on synergies with our newly acquired subsidiary SensiML Corporation; changes in product demand or supply; general economic conditions; political events, international trade disputes, natural disasters and other business interruptions that could disrupt supply or delivery of, or demand for, the Company’s products; the unpredictable and ongoing impact of the COVID-19 pandemic; and changes in tax rates and exposure to additional tax liabilities. These and other potential factors and uncertainties that could cause actual results to differ materially from the results contemplated or implied are described in more detail in the Company’s public reports filed with the Securities and Exchange Commission (the "SEC"), including the risks discussed in the “Risk Factors” section in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and in the Company’s prior press releases, which are available on the Company's Investor Relations website at http://ir.quicklogic.com/, and on the SEC website at www.sec.gov. In addition, please note that the date of this press release is August 17, 2021, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

QuickLogic and logo are registered trademarks of QuickLogic. All other trademarks are the property of their respective holders and should be treated as such.

Company Contact

Brian Faith

Chief Executive Officer

(408) 990-4000

ir@quicklogic.com

IR Contact

Jim Fanucchi

Darrow Associates, Inc.

(408) 404-5400

ir@quicklogic.com

CODE: QUIK-E

-Tables Follow –

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QUICKLOGIC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(Unaudited)

	Three Months Ended									Six Months Ended
	July 4, 2021			June 28, 2020			April 4, 2021			July 4, 2021			June 28, 2020
Revenue	$	2,882		$	2,196		$	2,240		$	5,122		$	4,354
Cost of revenue		1,416			1,192			1,096			2,512			2,235
Gross profit		1,466			1,004			1,144			2,610			2,119
Operating expenses:
Research and development		1,652			2,200			1,887			3,539			4,019
Selling, general and administrative		1,794			1,665			1,947			3,741			3,544
Restructuring expenses		—			34			—			—			513
Total operating expense		3,446			3,899			3,834			7,280			8,076
Loss from operations		(1,980	)		(2,895	)		(2,690	)		(4,670	)		(5,957	)
Interest expense		(32	)		(183	)		(32	)		(64	)		(263	)
Interest income and other income (expense), net		(45	)		72			1,185			1,140			67
Loss before income taxes		(2,057	)		(3,006	)		(1,537	)		(3,594	)		(6,153	)
Provision for (Benefit from) income taxes		5			(27	)		152			157			(9	)
Net loss	$	(2,062	)	$	(2,979	)	$	(1,689	)	$	(3,751	)	$	(6,144	)
Net loss per share:
Basic and Diluted	$	(0.18	)	$	(0.35	)	$	(0.15	)	$	(0.33	)	$	(0.73	)
Weighted average shares:
Basic and Diluted		11,485			8,560			11,264			11,374			8,461

Note: Net loss equals to comprehensive loss for all periods presented.

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QUICKLOGIC CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(Unaudited)

	July 4, 2021			January 3, 2021
ASSETS			****			****
Current assets:
Cash, cash equivalents and restricted cash	$	18,996		$	22,748
Accounts receivable, net		2,063			1,688
Inventories		2,205			2,688
Other current assets		984			1,066
Total current assets		24,248			28,190
Property and equipment, net		577			548
Capitalized internal-use software, net		1,135			986
Right of use assets		1,483			1,839
Intangible assets, net		806			860
Goodwill		185			185
Other assets		280			280
TOTAL ASSETS	$	28,714		$	32,888
LIABILITIES AND STOCKHOLDERS’ EQUITY			****			****
Current liabilities:
Revolving line of credit	$	15,000		$	15,000
Trade payables		1,316			935
Accrued liabilities		1,606			1,340
Deferred revenue		76			52
Lease liabilities, current		674			685
Total current liabilities		18,672			18,012
Long-term liabilities:
Notes payable - non-current		—			1,192
Lease liabilities, non-current		884			1,197
Other long-term liabilities		189			—
Total liabilities		19,745			20,401
Stockholders’ equity:
Common stock, par value		12			11
Additional paid-in capital		307,117			306,885
Accumulated deficit		(298,160	)		(294,409	)
Total stockholders’ equity		8,969			12,487
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	28,714		$	32,888

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QUICKLOGIC CORPORATION

SUPPLEMENTAL RECONCILIATIONS OF US GAAP AND NON-GAAP FINANCIAL MEASURES

(in thousands, except per share amounts and percentages)

(Unaudited)

	Three Months Ended									Six Months Ended
	July 4, 2021			June 28, 2020			April 4, 2021			July 4, 2021			June 28, 2020
US GAAP loss from operations	$	(1,980	)	$	(2,895	)	$	(2,690	)	$	(4,670	)	$	(5,957	)
Adjustment for stock-based compensation within:
Cost of revenue		18			31			36			54			43
Research and development		82			486			157			239			22
Selling, general and administrative		102			224			175			277			278
Restructuring expenses and asset write-offs (1)		—			34			—			—			513
Non-GAAP loss from operations	$	(1,778	)	$	(2,120	)	$	(2,322	)	$	(4,100	)	$	(5,101	)
US GAAP net loss	$	(2,062	)	$	(2,979	)	$	(1,689	)	$	(3,751	)	$	(6,144	)
Adjustment for stock-based compensation within:
Cost of revenue		18			31			36			54			43
Research and development		82			486			157			239			22
Selling, general and administrative		102			224			175			277			278
Restructuring expenses and asset write-offs		—			34			—			—			513
Non-GAAP net loss	$	(1,860	)	$	(2,204	)	$	(1,321	)	$	(3,181	)	$	(5,288	)
US GAAP net loss per share, basic and diluted	$	(0.18	)	$	(0.35	)	$	(0.15	)	$	(0.33	)	$	(0.73	)
Adjustment for stock-based compensation		0.02			0.09			0.03			0.05			0.04
Restructuring expenses and asset write-offs		0			*			0			0			0.07
Non-GAAP net loss per share, basic and diluted	$	(0.16	)	$	(0.26	)	$	(0.12	)	$	(0.28	)	$	(0.62	)
US GAAP gross margin percentage		50.9	%		45.7	%		51.1	%		51.0	%		48.7	%
Adjustment for stock-based compensation included in cost of revenue		0.6	%		1.4	%		1.6	%		1.0	%		1.0	%
Non-GAAP gross margin percentage		51.5	%		47.1	%		52.7	%		52.0	%		49.7	%

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QUICKLOGIC CORPORATION

SUPPLEMENTAL DATA

(Unaudited)

	Percentage of Revenue									Change in Revenue
	Q2 2021			Q2 2020			Q1 2021			Q2 2021 to Q2 2020			Q2 2021 to Q1 2021
COMPOSITION OF REVENUE			****			****			****			****			****
Revenue by product: (1)
New products		44	%		37	%		48	%		54	%		17	%
Mature products		56	%		63	%		52	%		18	%		39	%
Revenue by geography:
Asia Pacific		37	%		36	%		34	%		38	%		43	%
North America		20	%		58	%		56	%		(56	)%		(55	)%
Europe		43	%		6	%		10	%		820	%		445	%

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(1)	New products include all products manufactured on 180 nanometer or smaller semiconductor processes, eFPGA IP license, QuickAI and SensiML AI software as a service (SaaS) revenue. Mature products include all products produced on semiconductor processes larger than 180 nanometer and includes related royalty revenue.

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