QUICKLOGIC Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>QUICKLOGIC Corp filed its Q1 2024 10-Q, detailing lease expirations, capitalized tooling, and financial statement components.</b>

AI Summary

QUICKLOGIC Corp (QUIK) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. QUICKLOGIC Corp reported financial results for the period ending March 31, 2024. The company's operating lease for its San Jose, CA headquarters expires on April 14, 2027. In Q2 2023, $1.67 million was capitalized for tooling to be used in long-term professional services contracts. This tooling will be depreciated over an estimated seven-year useful life. The filing includes details on common stock, additional paid-in capital, and retained earnings for various periods.

Why It Matters

For investors and stakeholders tracking QUICKLOGIC Corp, this filing contains several important signals. The lease expiration date provides insight into future operational cost commitments. Capitalization and depreciation of tooling indicate investments in long-term service capabilities.

Risk Assessment

Risk Level: low — QUICKLOGIC Corp shows low risk based on this filing. The filing is a standard 10-Q with no immediate red flags, indicating routine financial reporting.

Analyst Insight

Monitor future filings for updates on lease renewals and the impact of tooling depreciation on profitability.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Quarterly report filing)
• 2024-05-15 — Filing Date (Date the 10-Q was submitted)
• April 14, 2027 — Lease Expiration Date (Operating lease for headquarters)
• $1.67 million — Capitalized Tooling Cost (Incurred in Q2 2023)
• 7 years — Tooling Depreciation Period (Estimated useful life)
• 2023-03-21 — Registered Direct Offering Date (Previous offering date)
• 2024-03-13 — Registered Direct Offering Date (Current offering date)

Key Players & Entities

• QUICKLOGIC Corp (company) — Filer of the 10-Q
• San Jose, CA (location) — Location of the company's headquarters
• April 14, 2027 (date) — Expiration date of the operating lease
• Q2 2023 (date) — Period when tooling was capitalized
• $1.67 million (dollar_amount) — Amount capitalized for tooling
• seven years (duration) — Estimated useful life for tooling depreciation
• Heritage Bank of Commerce (company) — Lender for the revolving credit facility
• March 13, 2024 (date) — Date of a Registered Direct Offering

FAQ

Risk Factors

• Operating Lease Commitments [low — operational]: The company has an operating lease for its headquarters in San Jose, CA, which expires on April 14, 2027.
• Capitalized Tooling [low — operational]: In Q2 2023, $1.67 million was capitalized for tooling to be used under long-term professional services contracts, depreciated over seven years.

Key Dates

• 2024-03-31: Quarter End — Reporting period for the 10-Q
• 2024-05-15: Filing Date — Date the 10-Q was submitted to the SEC

Key Financial Figures

• $0.001 — of registrant's common stock, par value $0.001 per share, outstanding. Table of Conte

Filing Documents

• quicklo20240401_10q.htm (10-Q) — 911KB
• ex_648726.htm (EX-31.1) — 15KB
• ex_648727.htm (EX-31.2) — 15KB
• ex_648728.htm (EX-32.1) — 6KB
• ex_648729.htm (EX-32.2) — 6KB
• 0001437749-24-017076.txt (&nbsp;) — 5429KB
• quik-20240331.xsd (EX-101.SCH) — 55KB
• quik-20240331_cal.xml (EX-101.CAL) — 47KB
• quik-20240331_def.xml (EX-101.DEF) — 384KB
• quik-20240331_lab.xml (EX-101.LAB) — 323KB
• quik-20240331_pre.xml (EX-101.PRE) — 414KB
• quicklo20240401_10q_htm.xml (XML) — 721KB

- Financial Information

Part I - Financial Information 3 Item 1. Unaudited Condensed Consolidated Financial Statements 3 Consolidated Balance Sheets 3 Consolidated Statements of Operations 4 Consolidated Statements of Cash Flows 5 Consolidated Statements of Changes in Stockholders' Equity 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 22

- Other Information

Part II - Other Information 22 Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 22 Item 3. Defaults Upon Senior Securities 22 Item 6. Exhibits 22

Signatures

Signatures 23 Table of Contents

Financial Information

PART I. Financial Information

Financial Statements

Item 1. Financial Statements QUICKLOGIC CORPORATION UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value amount) March 31, December 31, 2024 2023 ASSETS Current assets: Cash, cash equivalents and restricted cash $ 27,399 $ 24,606 Accounts receivable, net of allowance for doubtful accounts of $ 24 and $ 34 , as of March 31, 2024 and December 31, 2023, respectively 1,560 1,625 Contract assets 1,085 3,609 Note receivable 1,214 1,200 Inventories 1,923 2,029 Prepaid expenses and other current assets 2,128 1,561 Total current assets 35,309 34,630 Property and equipment, net 12,420 8,948 Capitalized internal-use software, net 2,147 2,069 Right of use assets, net 916 981 Intangible assets, net 510 537 Non-marketable equity investment 300 300 Goodwill 185 185 Other assets 142 142 TOTAL ASSETS $ 51,929 $ 47,792 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Revolving line of credit $ 20,000 $ 20,000 Trade payables 4,892 4,657 Accrued liabilities 1,545 2,673 Deferred revenue 778 1,052 Notes payable, current 993 946 Lease liabilities, current 263 302 Total current liabilities 28,471 29,630 Long-term liabilities: Lease liabilities, non-current 636 681 Notes payable, non-current 450 461 Other liabilities, non-current 125 125 Total liabilities 29,682 30,897 Commitments and contingencies (see Note 11) Stockholders' equity: Preferred stock, $ 0.001 par value; 10,000 shares authorized; no shares issued and outstanding — — Common stock, $ 0.001 par value; 200,000 authorized; 14,422 and 14,118 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 14 14 Additional paid-in capital 327,680 322,436 Accumulated deficit ( 305,447 ) ( 305,555 ) Total stockholders' equity 22,247 16,895 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 51,929 $ 47,792 See accompanying notes to unaudited condensed consolidated

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View this 10-Q filing on SEC EDGAR