QuickLogic (NASDAQ:QUIK) reported higher first-quarter fiscal 2026 revenue and reiterated expectations for strong full-year growth, as management highlighted progress in radiation-hardened FPGA products, embedded FPGA intellectual property and chiplet-related opportunities.
President and Chief Executive Officer Brian Faith said the company has made “significant progress” toward its goal of delivering 50% to 100% year-over-year revenue growth in 2026. He said QuickLogic continues to expect its storefront initiative and its new RadPro FPGA to contribute to anticipated revenue growth and second-half profitability.
Senior Vice President and Chief Financial Officer Elias Nader said first-quarter revenue was $5.1 million, up 16.5% from the prior-year period and up 35.3% from the fourth quarter of fiscal 2025. Revenue was about $450,000 below the midpoint of the company’s guidance because of a delayed contract award that was finalized after the quarter ended.
Revenue Rises as New Product Sales Increase
Nader said new product revenue totaled $4.3 million in the quarter, up 14.2% from the first quarter of fiscal 2025 and up 50.7% sequentially. Mature product revenue was $0.8 million, up 31.7% year over year and down 14.2% from the prior quarter.
Non-GAAP gross margin was 39.6%, below the company’s outlook of 45%, plus or minus five percentage points. Nader attributed the shortfall to roughly $298,000 in inventory reserves. Non-GAAP operating expenses were approximately $3.3 million, compared with $3 million in the prior-year quarter and $3.5 million in the fourth quarter of fiscal 2025.
QuickLogic posted a non-GAAP net loss of $1.3 million, or $0.08 per share. That compared with a non-GAAP net loss of $1.1 million, or $0.07 per share, in the first quarter of fiscal 2025, and a non-GAAP net loss of $2.8 million, or $0.17 per share, in the fourth quarter of fiscal 2025. Nader said the primary difference between GAAP and non-GAAP results was non-cash stock-based compensation.
At the end of the first quarter, QuickLogic had net cash of $6 million, up from $3.8 million at the end of the prior quarter. The increase included $3.2 million raised through the company’s at-the-market stock offering program during the quarter.
RadPro FPGA Development Kits Begin Shipping
Faith highlighted QuickLogic’s RadPro FPGA, the company’s trademarked brand for radiation-hardened FPGAs. He said QuickLogic introduced and demonstrated the RadPro FPGA and development kit at the Hardened Electronics and Radiation Technology, or HEART, Conference. The test chip shown at the conference was internally funded and independent of the company’s U.S. government contract.
The RadPro test chips were fabricated on GlobalFoundries’ 12LP process, which Faith said is used by many Defense Industrial Base companies for radiation-hardened ASICs. He said the demonstration showed both the company’s discrete RadPro FPGA capabilities and its ability to support embedded FPGA, or eFPGA, requirements in radiation-hardened ASICs and systems-on-chip fabricated on the same process.
Faith said meetings with Defense Industrial Base customers at HEART “went very well,” and the company has shipped multiple RadPro development kits. He said those shipments will provide a low six-figure contribution to second-quarter revenue. While he expects Defense Industrial Base customers to take until the end of 2026 to fully evaluate the new RadPro FPGA, QuickLogic has already signed a memorandum of understanding with one such customer to accelerate evaluation of a potential RadPro chiplet application.
In response to an analyst question, Faith said the timing of customer evaluations aligns with the company’s targeted programs. He added that QuickLogic funded its own test chip to ensure the devices would be available within the evaluation window.
Intel 18A Contracts and eFPGA Opportunities Advance
Faith also discussed QuickLogic’s progress around Intel 18A technology. He said the company announced its fourth contract targeting Intel 18A in March, bringing the total value of the initial contracts to nearly $2 million. While the first contracts have been smaller, Faith said they form the framework for larger contracts the company expects to book later this year.
The first two contracts were for Intel 18A test chips, and QuickLogic expects to receive its test chip allocation from the first contract later this quarter. The third contract was for a 1 million-LUT feasibility study, which Faith said led to architectural enhancements that can be used across advanced fabrication nodes. The fourth contract calls for QuickLogic to deliver hard IP for a very large Intel 18A eFPGA core supporting a customer ASIC design, with the test chip targeted for tape-out in the second half of 2026.
Faith said QuickLogic anticipates a fifth mid-six-figure contract from the same customer in the second half of 2026. He also said discussions have expanded to the potential for QuickLogic to provide storefront services for a customer-designed ASIC that would include its eFPGA hard IP.
Separately, Faith said QuickLogic is working closely with a large commercial customer on an Intel 18A-based contract valued at several million dollars. The company had previously expected an award in late second quarter, but Faith said the customer is evaluating a larger and more functional eFPGA core. QuickLogic now forecasts that contract award during the third quarter.
Guidance Points to Higher Second-Quarter Revenue
For the second fiscal quarter, which ends June 28, 2026, QuickLogic guided for total revenue of $6 million, plus or minus 10%. Nader said that is expected to include $5.2 million in new product revenue and $0.8 million in mature product revenue. He also said mature product revenue is expected to increase in the second half, bringing the full-year total to approximately $4 million.
QuickLogic expects second-quarter non-GAAP gross margin of approximately 42%, plus or minus five percentage points, and non-GAAP operating expenses of approximately $3.3 million, plus or minus five percentage points. For the full year, the company continues to model non-GAAP gross margin of about 57% and non-GAAP operating expenses of approximately $13.5 million.
Nader forecast a second-quarter net loss of about $800,000, or approximately $0.04 per share, after interest and other income. He said the company continues to anticipate non-GAAP profitability in the second half of 2026 and positive cash flow during the same period.
QuickLogic raised approximately $6.4 million in net proceeds through its existing at-the-market program during the second quarter. Nader said that, based on the current outlook, the company does not anticipate further sales under the program for the balance of fiscal 2026. Inclusive of the funds raised, QuickLogic expects to close the second quarter with just under $12 million in net cash.
Chiplets and Storefront Strategy Remain Key Focus Areas
Faith said QuickLogic is seeing traction in chiplet markets, with proposals at various stages involving direct U.S. government, Defense Industrial Base and commercial applications. These opportunities target fabrication processes including GlobalFoundries 12LP and Intel 18A.
He also said the company plans three multi-project wafer tape-outs this year for chips it intends to sell through its storefront program. The costs for two of those tape-outs are expected to be fully covered by customer contracts already on the books, while the third is expected to be covered at least in part by a customer contract.
During the question-and-answer session, Faith said storefront products should resemble a traditional semiconductor device business, with QuickLogic running the supply chain and recognizing revenue and gross margin when products ship. He said the company is modeling mid-to-high 60% gross margins for such devices, which he described as more predictable than services-based revenue.
Faith closed the call by saying QuickLogic’s investments in Intel 18A eFPGA hard IP and its RadPro FPGA test chip have given the company “unique positioning” and helped build customer alliances that management believes can support growth in 2026 and beyond.
About QuickLogic (NASDAQ:QUIK)
QuickLogic Corporation (NASDAQ: QUIK) is a fabless semiconductor company that specializes in ultra-low power, multi-core sensor processing System-on-Chip (SoC) solutions and embedded field programmable gate array (eFPGA) intellectual property. The company's products are designed to enable always-on, voice-activated, and vision-driven applications at the edge, delivering a balance of performance, flexibility, and power efficiency. QuickLogic's technology is often deployed in consumer, mobile, and industrial IoT devices, where minimizing energy consumption is critical.
Among QuickLogic's key offerings is the EOS™ family of sensor processing SoCs, which integrate ARM Cortex-M cores alongside proprietary sensor fusion and neural network engines, coupled with customizable FPGA fabric.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Where Should You Invest $1,000 Right Now?
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
The article "QuickLogic Q1 Earnings Call Highlights" first appeared on MarketBeat.
