QuickLogic (QUIK) Q4 2025 earnings summary

Executive summary

• Achieved key milestones in 2025 despite contract delays, setting up for strong 2026 performance.

• Expanded U.S. Strategic Radiation Hardened (SRH) FPGA government program, raising contract ceiling to $89 million and secured a $13 million tranche, with revenue recognition starting in Q1 2026.

• Achieved multiple new commercial eFPGA Hard IP design wins, including a high-performance data center ASIC and a major non-defense data center win.

• Entered hardware cybersecurity market via partnership with Idaho Scientific and advanced presence in space and high-reliability computing with university adoption of eFPGA IP.

• Developed and delivered SRH FPGA test chips, positioning as the only U.S.-fabricated solution for full-spectrum radiation hardness.

Financial highlights

• Q4 2025 revenue was $3.7 million, down 34.2% year-over-year but up 84% sequentially from Q3 2025.

• New product revenue in Q4 was $2.8 million, mature product revenue $0.9 million; new products accounted for 76% of Q4 revenue.

• Non-GAAP gross margin in Q4 was 20.8%, impacted by inventory reserves and higher professional services costs; GAAP gross margin was 18.1%.

• Q4 non-GAAP net loss was $2.9 million ($0.17/share); GAAP net loss was $6.0 million ($0.35/share).

• Cash and equivalents at year-end 2025 were $18.8 million, including $15 million from a credit facility.

Outlook and guidance

• Q1 2026 revenue guidance is $5.5 million ±10%, with $4.5 million from new products and $1 million from mature products.

• Full-year 2026 mature product revenue expected at $4 million.

• Q1 non-GAAP gross margin expected at 45% ±5%; full-year modeled at 57%.

• Q1 non-GAAP operating expenses forecasted at $3.2 million ±5%; full-year OpEx expected to grow 14% to $13.5 million.

• Q1 net loss projected at $800,000 ($0.04/share); cash use in Q1 expected at $1.4 million, with positive cash flow and net income anticipated in the second half of 2026.

• Revenue growth for 2026 forecasted between 50% and 100%, supported by expanded government contracts and new design wins.