QuickLogic (QUIK) Q1 2026 earnings summary

Executive summary

• Achieved Q1 2026 revenue of $5.1 million, up between 16.5% and 17% year-over-year, driven by new product launches, eFPGA IP, and strategic contracts, including RadPro FPGA and Intel 18A technology.

• Demonstrated and shipped RadPro FPGA Dev Kits, with shipments contributing to Q2 revenue and showcased at major industry conferences.

• Signed multiple contracts for Intel 18A technology and secured a new seven-figure DIB contract, expanding opportunities in defense and commercial markets.

• Strategic investments in eFPGA hard IP, chiplet initiatives, and RadPro FPGA position the company for long-term growth.

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

Financial highlights

• Q1 2026 revenue was $5.1 million, up 16.5%–17% year-over-year and 35.3% sequentially; new product revenue reached $4.3 million, up over 14% year-over-year and 50.7% sequentially.

• Non-GAAP gross margin was 39.6%, below outlook due to $298,000 in inventory reserves; GAAP gross margin was 36%–36.5%.

• Q1 non-GAAP net loss was $1.3 million ($0.08 per share); GAAP net loss was $2.2 million ($0.13 per share).

• Net cash at Q1 close was $6 million, up from $3.8 million in Q4 2025, aided by $3.2 million raised via ATM; cash and equivalents declined from $18.8 million at prior year-end.

• Operating expenses for Q1 were $4.0 million (GAAP) and $3.3 million (non-GAAP); stock-based compensation was $858,000.

Outlook and guidance

• Q2 2026 revenue guidance is $6 million ±10%, with $5.2 million from new products; non-GAAP gross margin expected at 42% ±5%, full-year target 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 the next twelve months.

• Management remains optimistic for 2026 growth, prioritizing new product and IP licensing.