QuickLogic — Fiscal Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue from continuing operations was $5.1 million, representing a 153.2% year-over-year increase compared to Q3 2025 and a 6.3% decrease compared to Q2 2026.
• New product revenue was approximately $4.0 million, a 324.4% increase year-over-year and a 13.2% decrease quarter-over-quarter.
• Mature product revenue was $1.1 million, flat year-over-year and a 33% increase quarter-over-quarter.
• GAAP gross margin was 37.4% (compared to -23.3% in Q3 2025 and 43.9% in Q2 2026).
• Non-GAAP gross margin was 41.0% (compared to -11.9% in Q3 2025 and 46.8% in Q2 2026).
• GAAP operating expenses were $4.0 million (compared to $3.5 million in Q3 2025 and $4.1 million in Q2 2026).
• Non-GAAP operating expenses were $3.3 million (compared to $2.9 million in Q3 2025 and $3.5 million in Q2 2026).
• GAAP net loss was $2.2 million ($0.12 per share), compared to a $4.0 million loss ($0.24 per share) in Q3 2025 and a $0.9 million loss ($0.05 per share) in Q2 2026.
• Non-GAAP net loss was $1.3 million ($0.07 per share), compared to a $3.2 million loss ($0.19 per share) in Q3 2025 and a $1.1 million loss ($0.06 per share) in Q2 2026.
• Cash and cash equivalents were $19.2 million as of September 27, 2026, compared to $18.8 million as of December 28, 2025.
• Deferred revenue increased to $786,000 as of September 27, 2026, from $64,000 as of December 28, 2025.
• Revolving line of credit balance decreased to $5.0 million as of September 27, 2026, from $15.0 million as of December 28, 2025.
• Total liabilities decreased to $12.3 million as of September 27, 2026, from $22.3 million as of December 28, 2025.
• Total stockholders' equity increased to $30.0 million as of September 27, 2026, from $22.5 million as of December 28, 2025.

Business Segments and Product Lines:

• Secured a six-figure eFPGA Hard IP design win for an automotive industrial SoC targeting battery management, precision motor control, and robotic applications on a 16nm process technology.
• Expanded the eFPGA IP portfolio with a new 12LP core featuring enhanced DSP capabilities, scalability beyond 250,000 LUTs, and optional configuration-bit health monitoring.
• New products (180nm or smaller processes and eFPGA IP) accounted for 79% of revenue in Q3 2026, up from 47% in Q3 2025.
• Mature products (larger than 180nm processes) accounted for 21% of revenue in Q3 2026, down from 53% in Q3 2025.
• North America accounted for 85% of revenue in Q3 2026, up from 51% in Q3 2025.
• Asia Pacific accounted for 9% of revenue in Q3 2026, down from 47% in Q3 2025.
• Europe accounted for 6% of revenue in Q3 2026, up from 2% in Q3 2025.

Management Commentary and Tone:

• CEO Brian Faith stated the recent automotive and industrial design win validates the company's eFPGA technology.
• Management expressed confidence in building momentum across key business areas, citing advancements in eFPGA Hard IP and progress on the U.S. strategic radiation-hardened FPGA program.
• Management anticipated a strong finish to the year.
• James Sullivan was appointed as Senior Vice President of Finance and Chief Financial Officer.

Other Key Points:

• The company recorded a gain on extinguishment of a vendor payable of $950,000 in Q2 2026, which was excluded from non-GAAP measures.
• The company held a conference call on November 10, 2026, to discuss results.
• The company operates as a fabless semiconductor company specializing in eFPGA Hard IP, Strategic Radiation Hardened and Antifuse FPGAs, and ruggedized programmable logic solutions.
• The SensiML entity was held for disposal during the periods presented, and no revenue was recognized from it.
• Weighted average shares outstanding were 18.4 million (basic) for Q3 2026, compared to 16.5 million in Q3 2025.