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Quicklogic Corp. (QUIK)
NASDAQ:QUIK
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QuickLogic
(NASDAQ:QUIK)
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Rating:50Neutral
Price Target:
$7.50
▼(-3.72% Downside)
Action:ReiteratedDate:01/24/26
The score is held down primarily by deteriorating financial performance and ongoing cash burn. Technical momentum is supportive but appears overbought, while valuation offers limited support due to losses and no dividend. The latest earnings call adds some upside optionality from defense/eFPGA progress and improved Q4 margin guidance, but near-term execution risk remains high due to contract timing and recent negative margins.
Positive Factors
eFPGA and RadHard FPGA development
Advances in eFPGA and RadHard FPGA represent a durable product moat: hard IP and radiation-hardened solutions face high technical barriers, long design cycles, and limited suppliers. Success here can create multi-year licensing revenue and higher gross margins once design wins scale.
Defense industrial base interest
Sustained defense interest signals structural demand beyond consumer cyclicality. Defense customers typically award larger, longer-duration contracts with rigorous qualification, potentially providing revenue visibility, premium pricing and strategic customer relationships over multiple fiscal years.
Manageable leverage and positive equity
A balance sheet with positive equity and moderate leverage provides financial resilience to fund R&D, tapeouts and customer qualification cycles. This reduces immediate insolvency risk and supports execution on multi-quarter product development and commercialization plans.
Negative Factors
Negative operating and free cash flow
Persistent cash burn undermines self-funding ability and forces reliance on external financing or partnerships. That constrains runway for commercialization, increases dilution or covenant risk, and limits capacity to scale manufacturing or absorb customer qualification delays over the next several quarters.
Sharp revenue declines and margin compression
Material revenue decline and collapsing margins indicate adverse pricing/mix or underutilized fixed costs. Without sustainable revenue growth or margin recovery, operating leverage will continue to amplify losses and impede ability to reinvest in product roadmaps or improve unit economics.
High dependence on timing of key contracts
Concentration on a few mid-seven-figure contracts creates execution risk: timing shifts materially affect near-term revenue and margin profiles. This dependence increases quarter-to-quarter volatility and makes multi-period planning and investment decisions contingent on uncertain award and funding timelines.
QuickLogic (QUIK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$133.13M
Dividend YieldN/A
Average Volume (3M)167.33K
Price to Earnings (P/E)―
Beta (1Y)2.13
Revenue Growth-28.05%
EPS Growth-488.63%
CountryUS
Employees59
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.17
Shares Outstanding17,090,254
10 Day Avg. Volume230,798
30 Day Avg. Volume167,333
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)6.59
Price to Sales (P/S)8.15
P/FCF Ratio-25.47
Enterprise Value/Market Cap1.14
Enterprise Value/Revenue9.61
Enterprise Value/Gross Profit26.20
Enterprise Value/Ebitda-43.16
Forecast
1Y Price Target
$9.50Price Target Upside21.95% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.05
Revenue Forecast (FY)$23.17M
QuickLogic Business Overview & Revenue Model
Company DescriptionQuickLogic Corporation, a semiconductor company, develops semiconductor platforms and intellectual property solutions for smartphones, wearable, hearable, tablets, and the Internet-of-Things devices. It also provides flexible sensor processing solutions, ultra-low power display bridges, ultra-low power field programmable gate arrays (FPGAs); and analytics toolkit, an end-to-end software suite that offers processes for developing pattern matching sensor algorithms using machine learning technology, as well as programming hardware and design software solutions. The company's products include pASIC 3, QuickRAM, QuickPCI, EOS, QuickAI, SensiML Analytics Studio, ArcticLink III, PolarPro 3, PolarPro II, PolarPro, and Eclipse II, as well as silicon platforms, IP cores, software drivers, firmware, and application software. It delivers its solutions through ultra-low power customer programmable System on Chip (SoC) semiconductor solutions, embedded software, and algorithm solutions for always-on voice and sensor processing, and enhanced visual experiences. In addition, the company licenses FPGA technology for use in other semiconductor companies SoCs. It markets and sells its products to original equipment manufacturers and original design manufacturers through a network of sales managers and distributors in North America, Europe, and the Asia Pacific. QuickLogic Corporation was founded in 1988 and is headquartered in San Jose, California.
How the Company Makes MoneyQuickLogic generates revenue primarily through the sale of its FPGA devices and embedded solutions. The company employs a direct sales model, engaging with original equipment manufacturers (OEMs) and system integrators to provide customized solutions for specific applications. Additionally, QuickLogic benefits from licensing agreements and partnerships with other technology firms, which can provide supplementary revenue through royalties and shared development projects. The company also focuses on expanding its market presence through strategic collaborations and partnerships, which enhance its product offerings and accelerate growth in emerging markets.
QuickLogic Earnings Call Summary
Earnings Call Date:Mar 03, 2026
(Q4-2025)
| Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The call presented a mix of near-term financial weakness and one-time/operational headwinds (Q4 revenue down 35% YoY, low gross margin, net loss, SensiML impairment and contract timing delays) but was heavy on strategic, technical, and contract-driven catalysts that materially improve the company’s addressable market and revenue prospects (notably the $13M tranche and potential $89M government program expansion, SRH test chip momentum, architectural PPA improvements, commercial validations such as Epson's 50% power reduction, multiple Intel 18A engagements, and planned MPW tape-outs). Management provided optimistic 2026 revenue growth targets (50%–100%), Q1 guidance implying ~50% sequential growth, and a path to improved margins and positive cash flow in H2. Given the breadth and size of the forward-looking commercial and government opportunities and recent capital actions, the strategic upside and catalysts outweigh the near-term financial headwinds.Q4-2025 Updates
Positive Updates
U.S. Government Contract Tranche and Program Expansion
Awarded a $13.0M tranche that begins revenue recognition in Q1; prime U.S. government contract has expanded in scope and is described as a potential $89M program, which materially increases funded backlog and underpins near-term revenue and multi-year opportunity.
SRH (Strategic Radiation Hard) FPGA Test Chip and Dev Kit Demand
Delivered self-funded SRH FPGA test chip (GlobalFoundries 12LP), received samples in Q1 and has orders for SRH FPGA dev kits — positioning QuickLogic as a unique U.S.-fabricated supplier for full-spectrum radiation-hard FPGAs and signaling potential high-value storefront opportunities (management referenced 'hundreds of millions' of potential addressable storefront business).
Near-Term Revenue Upside and Q1 Guidance
Guidance for Q1 revenue of $5.5M ±10% (vs Q4 revenue $3.7M) implying nearly 50% sequential growth; expects $4.5M of new product revenue and $1.0M of mature product revenue in Q1, and models mature product revenue of approximately $4M for full-year 2026.
Technical and IP Momentum (Architectural Enhancements & Intel 18A)
Completed architectural enhancements (improved PPA: lower power, higher performance, reduced area) extensible to 12nm and smaller; completed a 1M LUT feasibility study and delivered multiple Intel 18A engagements — three smaller Intel 18A contracts delivered in 2025 totaling well over $1M with a fourth pending (approaching ~$2M total) and a larger commercial Intel 18A contract worth several million in late-stage discussion.
Commercial Validation and Power Efficiency Win (Epson & Idaho Scientific)
Epson case study integrating QuickLogic eFPGA Hard IP on TSMC e12n reported a 50% reduction in overall SoC power for the targeted functions; Idaho Scientific selected QuickLogic eFPGA Hard IP for hardware cryptographic solutions — evidence of traction beyond defense into commercial secure and low-power applications.
Storefront and Chiplet Program Progress
Planning three MPW tape-outs in 2026 to accelerate storefront offerings (costs for two tape-outs fully covered by customer contracts, third at least partially covered); completed digital chiplet proof-of-concept (POC), presented at Chiplet Summit, and scheduled presentation at Intel Foundry partners’ GOMAC, indicating partner interest and potential channel expansion for eFPGA chiplets and storefront sales.
Improved Near-Term Liquidity Actions
Ended Q4 with $18.8M total cash (inclusive of $15M credit facility) and raised approximately $3.2M via ATM in Q4; management is working to secure a new banking partner and reduce the line of credit from $20M to $10M to lower borrowing costs.
Negative Updates
Significant Year-over-Year Revenue Decline in Q4
Total Q4 revenue was $3.7M, down 35% versus Q4 2024; new product revenue was $2.8M (down 39% YoY) despite strong sequential recovery (new product revenue up 199% QoQ).
Low Q4 Gross Margin and COGS Headwinds
Non-GAAP gross margin for Q4 was 20.8%, well below outlook; margin was pressured by $473K in inventory reserves and $135K in contracted professional services booked into COGS, plus a higher-than-expected services mix.
Net Loss and Elevated Operating Costs
Non-GAAP net loss of $2.9M ($0.17 per share) in Q4 vs. prior-year non-GAAP net income of $0.6M; non-GAAP operating expenses of ~$3.5M in Q4 were ~$500K above the midpoint of guidance due to booked executive incentives; full-year non-GAAP OpEx guidance of $13.5M implies ~14% growth vs 2025.
Asset Impairment and Divestiture Uncertainty (SensiML)
Took a large impairment charge on SensiML (asset held for sale >1 year); prior divestiture discussions that reached diligence did not close, and current discussions carry no assurance of a transaction — creating an impairment-driven hit and uncertainty around recovery of value.
Contract Timing Delays and Revenue Lumpiness Risk
Several expected contracts were delayed by customer funding or design changes (e.g., mid-7-figure Intel 18A deal pushed into 2026; a large commercial Intel 18A contract delayed to Q2 due to scope increase); management noted this timing uncertainty can create quarter-to-quarter lumpiness and front-loaded costs that depress early-year margins.
Customer Concentration and Near-Term Cash Use
Three customers accounted for ≥10% of total revenue in Q4, indicating concentration risk; management forecasts Q1 cash use (net of funds raised via ATM) of approximately $1.4M and expects cash flow to be positive only in the second half of 2026, highlighting near-term liquidity sensitivity.
Margin Volatility and Classification Uncertainty
Management flagged that a high services mix, leased software tools, outside engineering, and classification decisions (COGS vs OpEx vs capitalization) may depress non-GAAP gross margins in H1 2026 despite modeling a 57% full-year gross margin; Q1 guidance for gross margin is ~45% ±5% with notable uncertainty.
Company Guidance
QuickLogic guided Q1 FY2026 revenue of $5.5M ±10% (implying roughly $4.95M–$6.05M), made up of approximately $4.5M new product and $1.0M mature product (with mature product revenue modeled at ≈$4M for the full year); Q1 non‑GAAP gross margin is expected to be ~45% ±5% (full‑year modeled at ~57%), Q1 non‑GAAP operating expense ~ $3.2M ±5% and full‑year non‑GAAP OpEx ~ $13.5M (≈14% growth vs. 2025), and Q1 non‑GAAP net loss is forecast at about $0.8M (≈$0.04 per share) with stock‑based compensation ~$0.8M in the quarter; the company ended Q4 with $18.8M cash (including a $15M credit facility), raised ≈$3.2M on its ATM, expects Q1 cash use net of ATM proceeds of ≈$1.4M, is pursuing a new banking partner to reduce its credit line from $20M to $10M, plans three MPW tape‑outs in 2026 (two fully customer‑funded, one partially), and cautioned that a high services mix, leased software tools and outside engineering costs (some of which may be capitalized) will weigh on margins in H1.QuickLogic Financial Statement Overview
Summary
Fundamentals are weak: TTM revenue declined (~12%), gross margin compressed sharply, losses widened (net margin ~-58%), and operating/free cash flow are negative, indicating ongoing cash burn. The balance sheet is a relative positive with manageable leverage and positive equity, but persistent negative ROE and deteriorating operating performance keep the score low.Income Statement
TTM (Trailing-Twelve-Months) results show clear deterioration: revenue declined about 12% and losses widened materially (net margin roughly -58% vs. about -19% in 2024). Gross margin also compressed sharply versus recent years, pointing to weaker pricing/mix or under-absorption of costs. While the company had shown improvement in 2023 (near breakeven at the operating line), the latest TTM reversal raises concerns about operating leverage and earnings stability.28
Negative
Balance Sheet
Leverage looks manageable on the latest snapshot, with debt at roughly two-thirds of equity in TTM (improved from higher leverage levels in 2021–2023). Total equity remains positive, which supports balance-sheet resilience. The key weakness is ongoing negative returns on equity (TTM ROE meaningfully negative), implying the capital base is not currently generating profits and could be pressured if losses persist.52
Neutral
Cash Flow
Cash generation is weak: TTM operating cash flow is negative and free cash flow is deeply negative, signaling continued cash burn. While free cash flow loss improved versus the prior period (positive growth rate off a negative base), the business still is not self-funding. The gap between cash flow and earnings is not supportive in TTM, given both profitability and operating cash flow are negative.24
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.75M | 20.11M | 21.20M | 16.18M | 12.69M | 8.63M |
| Gross Profit | 5.77M | 11.89M | 14.49M | 8.80M | 7.42M | 4.25M |
| EBITDA | -3.50M | -637.67K | 2.22M | -3.05M | -6.81M | -9.40M |
| Net Income | -9.17M | -3.84M | -263.00K | -4.27M | -6.62M | -11.15M |
Balance Sheet | ||||||
| Total Assets | 46.12M | 51.93M | 47.79M | 32.59M | 28.97M | 32.89M |
| Cash, Cash Equivalents and Short-Term Investments | 17.34M | 21.88M | 24.61M | 19.20M | 19.61M | 22.75M |
| Total Debt | 17.51M | 21.86M | 22.39M | 16.39M | 17.38M | 18.07M |
| Total Liabilities | 21.39M | 27.05M | 30.90M | 20.69M | 19.76M | 20.40M |
| Stockholders Equity | 24.73M | 24.89M | 16.89M | 11.89M | 9.21M | 12.49M |
Cash Flow | ||||||
| Free Cash Flow | -7.29M | -6.44M | -1.49M | -4.87M | -3.58M | -7.80M |
| Operating Cash Flow | -1.25M | 27.00K | 4.85M | -4.06M | -2.86M | -6.74M |
| Investing Cash Flow | -6.04M | -6.46M | -6.34M | -814.00K | -713.00K | -1.05M |
| Financing Cash Flow | 2.27M | 3.71M | 6.90M | 4.47M | 434.00K | 9.00M |
QuickLogic Technical Analysis
Positive
7.79
Price Trends
7.43
Positive
6.98
Positive
6.42
Positive
Market Momentum
0.19
Negative
51.83
Neutral
67.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For QUIK, the sentiment is Positive. The current price of 7.79 is above the 20-day moving average (MA) of 7.52, above the 50-day MA of 7.43, and above the 200-day MA of 6.42, indicating a bullish trend. The MACD of 0.19 indicates Negative momentum. The RSI at 51.83 is Neutral, neither overbought nor oversold. The STOCH value of 67.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for QUIK.
QuickLogic Risk Analysis
QuickLogic disclosed 40 risk factors in its most recent earnings report. QuickLogic reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
QuickLogic Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $153.30M | -59.04 | -2.24% | ― | -2.20% | -204.45% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $290.94M | -22.07 | -18.76% | ― | 22.00% | 28.06% | |
50 Neutral | $133.13M | -13.56 | -39.72% | ― | -28.05% | -488.63% | |
49 Neutral | $37.95M | -1.28 | ― | ― | -38.72% | 16.01% | |
46 Neutral | $48.31M | ― | -120.36% | ― | 2.80% | ― | |
44 Neutral | $78.27M | -1.42 | ― | ― | -46.98% | -186.82% |
* Technology Sector Average
QUIK
QuickLogic
7.79
1.44
22.68%
GSIT
GSI Technology
8.04
5.34
197.78%
INTT
inTEST
12.28
4.42
56.23%
PXLW
Pixelworks
6.03
-2.31
-27.70%
SQNS
Sequans Communications S A
3.02
-19.38
-86.52%
GCTS
GCT Semiconductor Holding
1.08
-0.85
-44.04%
QuickLogic Corporate Events
Business Operations and StrategyFinancial Disclosures
QuickLogic Reports Q3 Revenue Decline Amid Challenges
Negative
Nov 12, 2025
On November 11, 2025, QuickLogic announced its fiscal third-quarter financial results, revealing a significant revenue decline compared to previous quarters. Despite the financial challenges, the company reported progress in securing new contracts and expanding its market presence, particularly in commercial and defense sectors, which is expected to contribute to future revenue growth.
The most recent analyst rating on (QUIK) stock is a Hold with a $7.50 price target. To see the full list of analyst forecasts on QuickLogic stock, see the QUIK Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.