Revenue Growth — Q1 Performance
Total Q1 revenue of $5.1M, up 16.5% year-over-year and up 35.3% sequentially (Q4 2025).
Strong New Product Traction
New product revenue in Q1 was $4.3M (84% of total), up 14.2% YoY and up 50.7% QoQ, indicating accelerating adoption of recent product initiatives.
Q2 Revenue Guidance and Mix
Q2 revenue guide of $6M ±10%, comprised of $5.2M new product revenue and $0.8M mature product revenue, supporting management's target for significant full-year growth.
Product and IP Milestones — RadPro and Intel 18A
Introduced and demonstrated RadPro radiation‑hardened FPGA (test chip on GF 12LP); multiple RadPro dev kits shipped (expected low‑6‑figure contribution to Q2). Announced a fourth contract targeting Intel 18A and a 1M‑LUT feasibility study that produced architectural enhancements expanding TAM for very high density eFPGA and discrete FPGAs.
Contracts and Bookings Momentum
Nearly $2M in initial Intel 18A contracts to date; a recently finalized new 7‑figure contract (will contribute to Q2 revenue); an anticipated mid‑6‑figure fifth contract and a multi‑million dollar commercial Intel 18A opportunity now expected to award in Q3.
Cash Position Improvement
Net cash at quarter end was $6.0M vs. $3.8M at Q4 2025 (increase of $2.2M, inclusive of ~$3.2M raised via ATM in Q1). Management later expects closing Q2 net cash just under $12M inclusive of additional ATM proceeds.
Path to Full-Year Profitability
Company forecasts non‑GAAP profitability for full‑year 2026, models full‑year non‑GAAP gross margin of ~57%, and expects positive cash flow during 2026 assuming current outlook.
Operational Initiatives and Partnerships
Presentations at Chiplet Summit and GOMAC, membership in Intel Foundry Accelerator Ecosystem, POC chiplet program underway, plan for three MPW tape‑outs (two customer‑funded) to support storefront offerings and chiplet initiatives.
Expense Discipline and Capital Terms
Q1 non‑GAAP OpEx $3.3M (up modestly vs prior-year), full‑year OpEx guidance ~ $13.5M (≈14% growth) to support revenue expansion; secured a new banking partner with a reduced $10M credit line and improved borrowing terms.