QuickLogic (NASDAQ:QUIK) executives said contract delays weighed on fiscal 2025 results, but pointed to multiple program milestones and a stronger near-term revenue outlook heading into fiscal 2026. On the company’s fourth-quarter earnings call, President and CEO Brian Faith highlighted a forecast for nearly 50% sequential revenue growth in the fiscal first quarter, supported by a newly awarded $13 million tranche under its ongoing U.S. government contract and expanding activity around strategic radiation-hard (SRH) FPGA initiatives.
Government contract expansion and SRH FPGA progress
Faith said QuickLogic was awarded a $13 million tranche tied to an ongoing U.S. government contract initiated in 2022, and the company expects to begin recognizing revenue from that tranche in the first quarter of fiscal 2026. He added that continued performance on the prime contract has led to an expansion in the contract’s potential value to $89 million, and that GlobalFoundries’ 12LP process is now part of the effort.
Management described the SRH program as a way to address both discrete FPGA demand and embedded opportunities through SRH eFPGA hard IP integrated into ASICs. Faith said the company believes it is positioned to serve “the full spectrum of radiation hardness requirements,” and characterized fiscal 2026 as an evaluation year for potential customers, with development activity expected to follow after evaluations and tool familiarity.
Intel 18A and high-density eFPGA roadmap
Faith also provided updates on Intel 18A-related activity. He reiterated that a mid-seven-figure eFPGA hard IP contract leveraging Intel 18A was pushed into 2026 due to a delay in government funding, but said the company remains confident it will be awarded once funding is in place. In the meantime, QuickLogic said it has been awarded three smaller Intel 18A contracts totaling “well over $1 million,” with a fourth pending that would bring the total to “nearly $2 million.”
Those efforts included two Intel 18A test chip contracts (with IP delivered in 2025), a 1 million LUT feasibility study completed in the fourth quarter, and a pending contract expected to leverage the architectural enhancements developed during that study. Faith said those enhancements are extensible to advanced nodes (defined as 12nm and below) and improve power, performance, and area (PPA), enabling the company to pursue “very high-density” discrete and embedded FPGA opportunities.
QuickLogic also discussed a separate, larger commercial Intel 18A opportunity valued at several million dollars. Faith said the award was originally expected in late fourth quarter, but the customer decided to increase the eFPGA core size, delaying the award; the company is now forecasting it will be awarded during the second quarter.
Commercial momentum, including a 12nm data center program and Epson case study
In Q&A, Faith addressed a non-defense “high-performance data center” win referenced in the company’s press release. He said it is a 12-nanometer eFPGA IP core where the eFPGA is a meaningful percentage of die size, intended to deliver core functionality rather than serving as an “insurance policy.” Faith described the device as a peripheral chip used in data center systems rather than a GPU-class device, and said QuickLogic is continuing engagement with the customer with the goal of supporting a tape-out later in the year.
Faith also pointed to a published Epson case study involving a SoC that integrated QuickLogic’s Australis eFPGA IP generator targeting TSMC’s N12e process. According to Faith, Epson validated the eFPGA subsystem without respins and ultimately confirmed the design reduced overall power consumption by 50%.
Fourth-quarter financial results and first-quarter outlook
Senior Vice President and CFO Elias Nader reported fourth-quarter revenue of $3.7 million, down 35% from the year-ago quarter and up 84% sequentially. New product revenue was $2.8 million (down 39% year over year, up 199% sequentially) and mature product revenue was $0.9 million. Non-GAAP gross margin was 20.8%, which Nader said was below prior outlook due primarily to $473,000 in inventory reserves and $135,000 in unanticipated contracted professional services costs recorded in cost of goods sold.
Non-GAAP operating expenses were approximately $3.5 million, above the company’s outlook due to the booking of certain executive incentives. Non-GAAP net loss was $2.9 million, or $0.17 per share. The company said differences between GAAP and non-GAAP results included non-cash stock-based compensation and a non-cash impairment charge related to SensiML.
QuickLogic ended the quarter with $18.8 million in cash, inclusive of $15 million from its credit facility. Nader said the company raised $3.2 million through its ATM during the fourth quarter, and also raised approximately $3.2 million during the first quarter prior to the call.
For the fiscal first quarter ending March 29, 2026, the company guided revenue to $5.5 million ±10%, including $4.5 million in new product revenue and $1.0 million in mature product revenue. Non-GAAP gross margin is expected to be approximately 45% ±5%, with Nader noting services revenue and associated costs may weigh on margin in the first half of the year. Non-GAAP operating expenses are expected to be $3.2 million ±5%, and the company forecast a net loss of about $800,000, or a loss of approximately $0.04 per share.
Storefront model, chiplets, and SensiML divestiture discussions
Management repeatedly emphasized its “storefront” business model, including plans for three multi-project wafer (MPW) tape-outs in fiscal 2026 for chips intended to be sold via the storefront program. Nader said costs for two tape-outs are expected to be fully covered by customer contracts (one already signed and one in late-stage negotiation), while the third is expected to be at least partially covered.
Faith also described progress on a digital proof-of-concept chiplet program and said QuickLogic presented at the Chiplet Summit and is scheduled to present at Intel Foundry’s Partners presentation at GOMAC alongside Cadence and Trusted Semiconductor Solutions. He said interoperability gaps remain a key hurdle for chiplets and suggested an FPGA chiplet could serve as a programmable bridge.
On SensiML, Faith said the company recorded a large impairment charge due to accounting treatment for an asset held for sale for a year or longer. He said QuickLogic has held divestiture discussions with microcontroller companies, including one that advanced to due diligence without reaching an agreement, and that the company is currently in discussions with a large company where SensiML may have value for AI and drone projects, while cautioning that no transaction is assured.
Looking ahead, Faith said QuickLogic believes it is positioned for 50% to 100% revenue growth in fiscal 2026, citing the government tranche, roughly $4 million in anticipated mature product revenue, and multiple contracts in late-stage negotiation. In Q&A, he also said the company expects cash flow and net income to be positive in the second half of fiscal 2026, but not in the first half.
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.
