QuickLogic Corporation

Total Q2 revenue was $5.5 million, down 48.7% from Q2 2025 and up 8.5% from Q1 2026. New product revenue was $4.7 million, up 59.7% year over year and up 8.6% sequentially; mature product revenue was $0.8 million, up 6.9% year over year and up 8.8% sequentially. Non-GAAP gross margin was 46.8%, compared with 31% in Q2 2025 and 39.6% in Q1 2026. Non-GAAP operating expenses were about $3.5 million, non-GAAP net loss was $1.1 million, or $0.06 per share, and net cash at quarter-end was $13.5 million excluding a $5 million line-of-credit draw. For Q3, revenue guidance is $5.5 million ±10%, with roughly $4.7 million from new products and $0.8 million from mature products; non-GAAP gross margin is expected to be about 47% ±5%, non-GAAP OpEx about $3.6 million ±5%, and net loss about $900,000 or $0.05 per share. Full-year mature revenue is now expected to be about $3.3 million, flat with 2025, full-year non-GAAP gross profit margin is modeled at about 51%, and full-year non-GAAP OpEx is raised to $13.7 million-$13.9 million. Management said it still anticipates non-GAAP profitability and positive cash flow in the second half of 2026.

Brian Faith said the company made significant progress toward 2026 goals and narrowed full-year growth outlook to 70%-80%. He emphasized that Q4 should be the strongest quarter, driven by the U.S. government contract, mature products, RadPro Dev Kits, and existing IP contracts, while also pointing to new customer wins and opportunities in automotive, robotics, commercial satellites, chiplets, and Intel 18A-P. His tone was confident and upbeat, with repeated emphasis that the company is building momentum for 2027 and beyond.

Elias Nader walked through the quarter’s financial improvement, highlighting $5.5 million of revenue, 46.8% gross margin, and a $1.1 million non-GAAP net loss, all alongside a stronger cash position of $13.5 million net cash at quarter-end excluding the line-of-credit draw. He also noted that stock-based compensation was $753,000, impairment charges were $0, restructuring costs were $16,000, and a $950,000 non-recurring gain was removed from GAAP results. On outlook, he guided Q3 revenue to $5.5 million ±10%, gross margin to 47% ±5%, OpEx to $3.6 million ±5%, and said full-year non-GAAP OpEx is now expected to be $13.7 million-$13.9 million, while still expecting second-half positive cash flow.

Analysts focused first on whether Q4 revenue recognition could slip into 2027, and management said the engineering work is being scheduled now to hit milestones, with risk more on contract closure than deliverables. Questions also centered on Intel 18A versus 18A-P; management said most customers are shifting to 18A-P, the porting work is relatively low cost for QuickLogic, and existing work can largely carry forward. Other questions addressed Rad-Hard/Storefront demand and the U.S. government contract, where management said the opportunity set has expanded, dev-kit evaluations are increasing, and a new tranche is expected before year-end.