QuickLogic Corporation reported total revenue of $5.7 million for the fourth quarter of fiscal 2024, a 23.7% decrease compared to Q4 2023, but a 33.5% increase from Q3 2024. New product revenue was $4.7 million, down 31.8% year-over-year but up 31.7% sequentially.
The company posted a GAAP net loss of ($0.3 million), or ($0.02) per share, for Q4 2024, compared to a net income of $2.0 million, or $0.15 per basic share, in Q4 2023. Non-GAAP net income for Q4 2024 was $0.6 million, or $0.04 per share, compared to $2.6 million, or $0.19 per share, in the prior year.
For the full fiscal year 2024, total revenue was $20.1 million, a 5.1% decrease from FY 2023. The GAAP net loss for the full year was ($3.841 million), or ($0.26) per share. QuickLogic CEO Brian Faith expressed confidence in returning to sound revenue growth in 2025, anticipating non-GAAP profitability and positive cash flow for the full year, citing the Strategic Radiation Hardened FPGA contract, a key competitor's market exit, and eFPGA Hard IP for Intel 18A.
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