QuickLogic (QUIK) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $5.1 million, up between 16.5% and 17% year-over-year, driven by eFPGA IP, professional services, and new product launches.

• Net loss from continuing operations was $2.2 million, or $0.13 per share, flat year-over-year but improved from Q4 2025; non-GAAP net loss was $1.3 million ($0.08 per share).

• Focus remains on eFPGA IP licensing, ruggedized FPGA business, and new product shipments, with SensiML classified as held for disposal.

• Significant contracts signed, including a seven-figure test chip contract and a mid-six-figure eFPGA IP contract, supporting growth objectives.

• Demonstrated and shipped RadPro FPGA Dev Kit, contributing to Q2 revenue.

Financial highlights

• GAAP gross margin was 36%-36.5%, down from 43%-43.4% in Q1 2025 but up from 18.1% in Q4 2025; non-GAAP gross margin was 39.6%.

• Operating expenses were $4.0 million (GAAP) and $3.2-$3.3 million (non-GAAP); R&D at $1.5 million, SG&A at $2.4 million.

• Cash and equivalents at quarter-end were $6.0 million, down from $18.8 million at prior year-end.

• Net cash provided by operating activities was $0.7 million; $12.7 million used in financing activities.

• Weighted average shares outstanding were 17.5 million.

Outlook and guidance

• 2026 revenue growth guidance is 50%-100%, with Q2 2026 revenue expected at $6 million ±10% and $5.2 million from new products.

• Non-GAAP gross margin for Q2 expected at 42% ±5%; full-year target is 57%.

• Q2 non-GAAP operating expenses expected at $3.3 million ±5%; full-year OpEx forecasted at $13.5 million.

• Q2 net loss forecasted at $800,000 ($0.04 per share); non-GAAP profitability and positive cash flow anticipated in the second half of 2026.

• Existing liquidity, new revolving credit facility, and ATM equity program expected to fund operations for at least twelve months.