QUICKLOGIC Corp Files 2023 10-K

TL;DR

<b>QUICKLOGIC Corp filed its annual 10-K report for the fiscal year ending December 31, 2023, detailing financial performance and operational updates.</b>

AI Summary

QUICKLOGIC Corp (QUIK) filed a Annual Report (10-K) with the SEC on March 27, 2024. QUICKLOGIC Corp filed its 2023 10-K on March 27, 2024. The company's fiscal year ended on December 31, 2023. Total assets reported were $14,118,000. Total debt was $1,692,000. The company capitalized $1.67 million for tooling in Q2 2023, to be depreciated over seven years.

Why It Matters

For investors and stakeholders tracking QUICKLOGIC Corp, this filing contains several important signals. The filing provides a comprehensive overview of QUICKLOGIC Corp's financial health and strategic initiatives for the past fiscal year. Investors can gain insights into the company's asset base, debt levels, and significant capital expenditures, such as the $1.67 million investment in tooling.

Risk Assessment

Risk Level: medium — QUICKLOGIC Corp shows moderate risk based on this filing. The company's financial performance and future prospects are subject to market conditions and competitive pressures within the semiconductor industry, as indicated by its financial statements and business description.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess QUICKLOGIC Corp's financial stability and growth potential.

Financial Highlights

total Assets

14118

total Debt

1692

Key Numbers

• 14,118 — Total Assets (As of December 31, 2023)
• 1,692 — Total Debt (As of December 31, 2023)
• 1.67 — Capitalized Tooling Cost (Q2 2023)
• 7 — Tooling Depreciation Period (Years)

Key Players & Entities

• QUICKLOGIC Corp (company) — Filer of the 10-K
• Timothy Saxe (person) — Senior Vice President of Engineering and Chief Technology Officer
• San Jose, CA (location) — Company headquarters
• $1.67 million (dollar_amount) — Capitalized tooling cost
• April 14, 2027 (date) — Lease expiration date

FAQ

Risk Factors

• Lease Agreement [low — operational]: The company renewed its headquarters lease in San Jose, CA for an additional three years, expiring April 14, 2027.

Industry Context

QUICKLOGIC Corp operates in the semiconductors and related devices industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the company's balance sheet for detailed asset and liability information.
2. Review the notes to the financial statements for specifics on lease agreements and capital expenditures.
3. Assess the company's overall financial health and operational risks based on the 10-K disclosures.

Key Dates

• 2023-12-31: Fiscal Year End — End of reporting period for the 10-K
• 2024-03-27: 10-K Filing Date — Date the annual report was filed with the SEC

Year-Over-Year Comparison

This is the initial filing analyzed in this session.

Key Financial Figures

• $0.001 — ch Registered Common Stock, par value $0.001 per share QUIK The Nasdaq Capital M

Filing Documents

• quicklo20231127_10k.htm (10-K) — 2106KB
• ex_600526.htm (EX-21) — 4KB
• ex_600527.htm (EX-23.1) — 3KB
• ex_600528.htm (EX-31.1) — 12KB
• ex_600529.htm (EX-31.2) — 12KB
• ex_600530.htm (EX-32.1) — 5KB
• ex_600531.htm (EX-32.2) — 5KB
• ex_642124.htm (EX-97) — 41KB
• graph.jpg (GRAPHIC) — 41KB
• logo01.jpg (GRAPHIC) — 6KB
• logo03.jpg (GRAPHIC) — 5KB
• 0001437749-24-009469.txt (&nbsp;) — 9648KB
• quik-20231231.xsd (EX-101.SCH) — 74KB
• quik-20231231_cal.xml (EX-101.CAL) — 61KB
• quik-20231231_def.xml (EX-101.DEF) — 596KB
• quik-20231231_lab.xml (EX-101.LAB) — 469KB
• quik-20231231_pre.xml (EX-101.PRE) — 628KB
• quicklo20231127_10k_htm.xml (XML) — 1516KB

Business

Business 5 ITEM 1A.

Risk Factors

Risk Factors 11 ITEM 1B. Unresolved Staff Comments 19 ITEM 1C. Cybersecurity 19 ITEM 2.

Properties

Properties 20 ITEM 3.

Legal Proceedings

Legal Proceedings 20 ITEM 4. Mine Safety Disclosures 20 PART II ITEM 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 ITEM 6. Reserved 22 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 33 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 59 ITEM 9A.

Controls and Procedures

Controls and Procedures 59 ITEM 9B. Other Information 60 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 60 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 61 ITEM 11.

Executive Compensation

Executive Compensation 61 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 61 ITEM 13. Certain Relationships, Related Transactions, and Director Independence 61 ITEM 14. Principal Accounting Fees and Services 61 PART IV ITEM 15. Exhibits and Financial Statement Schedules 62 ITEM 16. Form 10-K Summary 64

Signatures

Signatures 65 2 Table of Contents FORWARD-LOOKING STATEMENT AND RISK FACTOR SUMMARY

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K, including the information contained in "Management's Discussion and Analysis of Financial Condition and Results of Operations", as well as information contained in "Risk Factors" in Item 1A and elsewhere in this Annual Report on Form 10-K, contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding our business, financial condition, results of operations, and prospectus. We intend that these forward-looking statements be subject to the safe harbors created by those provisions. Forward-looking statements are generally written in the future tense and/or are preceded by words such as "will," "may," "should," "forecast," "could," "expect," "suggest," "believe," "anticipate," "intend," "plan," "future," "potential," "target," "seek," "continue," "if," or other similar words. The forward-looking statements contained in this Annual Report involve a number of risks and uncertainties, many of which are outside of our control. Factors that could cause actual results to differ materially from projected results include, but are not limited to, risks associated with (i) the conversion of our design opportunities into revenue; (ii) the commercial and technical success of our new products and our successful introduction of products and solutions incorporating emerging technologies or standards; (iii) our dependence on our relationships with third parties to manufacture our products and solutions; (iv) our dependence upon single suppliers to fabricate and assemble our products; (v) the liquidity required to support our future operating and capital requirements; (vi) our ability to accurately estimate quarterly revenue; (vii) our expectations about market and product trends; (viii) our future plans for partnerships and collaborations; (ix) our dependence upon a few customers for a significant portion of our total r

BUSINESS

ITEM 1. BUSINESS General QuickLogic Corporation was founded in 1988 and reincorporated in Delaware in 1999. We provide innovative, programmable silicon and software platforms to enable our customers to develop custom hardware products in a fast time-to-market and cost-effective way. Specifically, we are a fabless semiconductor company with a variety of products: embedded FPGA ("eFPGA") intellectual property ("IP"), low power, multi-core semiconductor system-on-chips ("SoCs"), discrete FPGAs, and AI software. Our customers can use our eFPGA IP for hardware acceleration and pre-processing in their Application Specific Integrated Circuit (ASIC) products, our SoCs to run our customers' software and build their hardware around, and our discrete FPGAs to implement their custom functionality. The Analytics Toolkit from SensiML Corporation ("SensiML"), our wholly-owned subsidiary, provides an end-to-end Artificial Intelligence / Machine Learning solution with accurate sensor algorithms using AI technology. The full range of platforms, software tools, and eFPGA IP enables the practical and efficient adoption of AI, voice, and sensor processing across Aerospace, and Defense, Consumer/Industrial IoT, and Consumer Electronics markets. Our new products include the following: eFPGA IP Licensing business, associated professional services, consisting of development and integration of eFPGA technology into custom semiconductor solutions, our silicon products consisting of EOS, QuickAI, ArcticLink III, PolarPro3, PolarPro II, PolarPro, and Eclipse II products. In addition to delivering our own semiconductor solutions, our new products category includes our AI/ML Software Platform from our wholly-owned subsidiary company, SensiML, which includes Software as a Service (SaaS) subscriptions for development, per unit license fees when deployed in production, and proof-of-concept services, all of which are also included in the new products revenue category. Our mature products include

View Full Filing

View this 10-K filing on SEC EDGAR