Good Jim. you, Thank afternoon, you results everyone, call. conference QX all for XXXX financial our thank and joining Fiscal
goal to our developments, I new call Later, achieving the next near-term we and updating year. including will some of pathway follow start-off today’s would with then our early outlook, profitability significant will Sue you review the results. discuss like on financial
As our fiscal our call our of in factors and quarter there expectations caused August on revenue X, several for the I all to reset control third XXXX. mentioned both that us were outside
taking items will these factors rectified, impact These than fourth been While there some to our still customers longer items outlook. expected. initially some on of quarter have an complete are our have
would this quarter. become our continued materialize some to in recently the with In going it come not clear we programs has are that dialogue of the QX believed customers, back
taking As conservative a outlook. a to evolving result these are approach of our conditions, we
previous $XX.X guidance translates revenue for XXXX plus of lower than This approximately million minus the total is outlook. Currently, $XXX,XXX. annual $X million our sales fiscal to or
lower the we gross QX will high to expect we the be the for approximately while XXs, range in margin profit addition, margin than slightly August. gross see full we year thought XX%, in In XXXX
should include the following: mix our gross higher see more profit time, a should QX, I that we increase we as revenue stronger eFPGA want healthy outlook at quarter currently one sales. revenue While financial offer than margin, a in a generally give of to accompanied percentage a believe in don’t IP and by We SaaS
should at and cost we non-GAAP When in XXXX. close the while close operating QX. controls, minimal QX neutral combined some breakeven QX in income use XXXX, Furthermore, expect the breakeven Sue to of be will we end anticipate profitable and we will be to or to as we QX, discuss with in later, continued QX being cash in burn
conditions. are disappointed with obviously We these near-term
positive several drivers at as serve been and have will there believe the revenue starting gross we XXXX. of developments margin However, beginning that fiscal
quarter. approximately some $X fourth expectations There of influencing are between million the I’d the items areas on majority forecasted now revenue. and specific comprise previously our delta the to four the that like expand the of current
for to their This with this is First, push our software onto SX to factor, releasing $X.X customers. into this changes not lost has opportunity; just that a season, resulted how headphones the to delayed lower AVS be This proprietary to own EOS business of it meet specification. TWS products customers has Amazon be schedules customers holiday wait in products out million voice for impacted developing Amazon are our of EOS is of some Amazon recently, continues released rather, influenced clear, to our own in XXXX in the software. a SX integration market. Hearable combined bringing that Amazon’s by prior their fiscal their has revenue. development due Most To
of to revenue impacting our additional by business offer pushed out later expected I’ll in eFPGA next on current our prepared has one licenses color quarter eFPGA my Second, year, $XXX,XXX. approximately larger remarks.
half is impact confirmed, the of we expected been military other been business while revenue, have first the our some negatively also in our quarter $XXX,XXX. QX has pushed of into solid the within approximately with Third, mature Navy revenue business This will by U.S. budgets and XXXX. product fourth
to than revenue these subscriptions about This the Lastly, longer taken QX revenue customers areas XXXX. to $XXX,XXX. SaaS of in we through period, SensiML two to convert lower to evaluation full shifting several by their SensiML/QuickAI thereby get resulted expected have from expected
account four the of nearly Combined, delta. $X for factors million $X.X these million
each of expectations, these are we our While the short-term. recent areas confident issues are below are
be revenue starting to expect in QX. portion of realized this We a
some offer discuss military and our the to fiscal of shipments are is resolved. additional the with revenue impacted that product out Starting being the U.S. want now on ramp to each confident segment, color revenue of area why half mature second the is we imminent. customers I push our over XXXX
quarter, While we we anticipated be expect pace this to spoke will starting orders when not back the to in back see we some the military of come at it August.
in see balance to of delayed QX the expect military XXXX. come back orders We the
caused the conflict delay several SX introductions. new customers EOS our trade products, our ongoing product to to Moving related their of China with has
that XXXX last project the in were would deployed Chinese the I introduction our specific for our will XXXX manufacturer the mentioned one electronics As a for happen consumer XXXX design told believe for call, shopping cycle. be wins pushed largest schedule holiday this product season. still originally we out introduction We of
with market; is on quarter. this well-known The any of thousands QX we platform TV the gave that hundreds a of fast-growing They say dependent provider. the to manufacturer not issue The potential is for have it and the hands bringing TV with streaming I us be date of voice-enabled always-on reason of control the completely that and XXXX. silver lining dollars timing into this smart this The consumer launch per in could a new firmer firmer design is remote successfully is leveraged date technology provider. a recently the is
Amazon In a path the Alexa compliant for clear hearable have Hearables Voice market, we forward AVS Service or designs.
viable have successfully of and and two a solutions for we believe that tests large We pass both Certification testing. suite concluded customers that have Qualification
the revised and revenue more our QX we hurdles customers, With hearable schedules received in XXXX. from will ramp us, these generated I by behind believe have designs significantly
a developing for Energy Atmosic, its solution. our new large voice-enabled a we consumer electronics is Retune new design a OEM this a with DSP, new which we partnership TV partnership Separately, Leveraging remote ultra-low-power Low traction recently already for rapidly have with control. Xnd and established with Bluetooth won
ship year. for customer expects XXXX. units schedule hundred to QX thousand The release The has design several this to shifted next
that significantly higher customer scheduled XXXX. volume potential design launch In to addition, engaged a second on this we that with are is has in
largest AirPod-like started Stereo, are labeling Truly of In September interested This own was booth in the engagements at Berlin. the as we addition, showing who aware now with our white that TWS, Amazon’s this in several Wireless was only has headphones. their customer in customer company Conference third or are headphones IFA party product ODM TWS that OEMs AVS-compatible
targeting during this volume to is of Our Amazon AVS believe several, complete still in result inclusion We to sites AVS kit will that on XXXX. quarter. partner half new lead web ODM pages dev shipments the Amazon’s OEM their QuickLogic on AVS engagements in design and from will web first be the with
EOS meeting hope are models EOS stringent expand is bringing in SX customer of and note, positive to of inside with our this Their three an to requirements, OEM’s their EOS additional of Since SX. we across year another total integrating that to number for broader end, technology expect orders phone pleased August, have smartphone our launch I'm range before a pre-production to products. on they was very models phones our that Japanese carrier of shipped shelves now first four. power we confirm SX number we On the include
integration evaluate Several into June, reference continue Alarm home, or well-known the targets In that applications. commercial we IAS and IoT new their products. reference Infineon companies Integrated design from IAS design a to for announced System industrial consumer-focused
While will too in revenue predict launch do it dates starting generate XXXX. of is from we early specific by we end middle to this believe customers, the
this, Infineon a OEMs for integrate that has designs. This the On a based can XXXX. into early of IAS low-cost in large scheduled designed is already module manufacturer IoT module finished introduction top on module new easily
eFPGA updates I'd to business. cover several on Now, like positive our
embedded last been the and to with prime evaluate finalized by As call, that military mentioned commissioned license QX agreement solutions a and contractor FPGA has I in recommend we the suppliers. in a DoD
an to their with test chip our through as their progress they our as design well As evaluation of update, flow. core eFPGA continue
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emerging of contractor deeply evidence are XX-nanometer now with FD-SOI our engaged this eFPGA. further separate we a military As for more trend,
part fiscal to lead first the for agreement full half second of evaluation an XXXX targeting the the a year. could that license of are in We
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Next its power September, Low SoC. In to Generation Nations that our we Technologies selected Power announced IoT eFPGA
While this XXXX. more in agreement the customer the generates only in generate second half starting enables of license fast-track term, us that we it the believe agreements and to near considerably modest revenue SoC will revenue
Our and scalable go-to-market comes future continues believe the evolve strategy often the we eFPGA is through Companies. a discussed more it for the more tapping reach to our holds need have significant. I for and Platform into promise believe that of strategy we
have for we By mean eFPGA. connecting well-known, other companies, that enough co-exist markets, can drive services. in users market number around a strategy massive platform a a sized players our served large volumes large SoC where license SoC companies, to mega-cap sufficiently users we that These with with create business massive or of fragmented our available ones
with C-Sky Ultimately, Last was their development year, moving to the to by connected an Alibaba. was C-Sky Alibaba is and evaluation devices Pingtogue more to services. license Alibaba now renamed semiconductor for SoC who all we subsequently forward. company wants their signed be driving acquired
and are an derivative and they semiconductor SiFive, market SiFive such, quickly templates such to is creating doing, OEMs effectively. similar As products can creating ecosystem that what system SoC to companies bring cost
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chip, license use Pingtogue any to SoC royalties previously their will for license we of users generate shipment. MTLA the an will test under had agreed then IP Swordless own the this and upon our future and unit for template
the potential optimistic for with initiative eFPGA our very business. about are Alibaba of We this
an go-to-market eFPGA than global scalable mega-cap the Another us expanded has as a sized started our exciting to eFPGA last for initiative related well-known now month more discussion one significantly. company. What to be originally much This is of strategy broader has for anticipated. with also in scope broadened
will bring-to-market announce an to am based tooling excited enable develop with host served MCU the jointly this the ARM is launch and we company To the the as support on eFPGA with processor. and platform the market, both for in signed we core this platform SX I that broadest IoT that EOS development available very the to open an have agreement EOS source SX.
We now of a with open engaged a who delivering are jointly track company tools. record third-party has source
a We kits to company this magnitude. also our ever development into launch two from of commitment the of by mega-cap deployment have market, orders thousands largest low-cost
XXXX. We before this AI we these Software be believe platform, are solutions including end targeting multiple SensiML. will launch ported Moreover, to of QX the to
units. catalyst initiative this will believe We be a each our of for business
have user today. EOS drive could an of what it SX larger base magnitude orders we two First, than
subscriptions. exposure drive significantly SaaS Second, it for subsequent SensiML and should more
license drive to I with we believe will it eFPGA more same the meaningful earlier. company Lastly, IP agreement a alluded
our our drive in the of near license above would that seven-digit be was in from and previous fee earnings QX IP the call assumptions license quarter. One a executed
While to firmly the resulting call. forward company substantially believe value will to is aggregate in which this look on quarter. the next with progress QuickLogic, license push commence during I disappointing, we negotiated initiative the out current of next have this agreement year of is higher updating to our this We IP
some companies business. with integrated can how products. SensiML comments as I’ll their our additional into conclude momentum to QuickAI gain AI SensiML on of and be suite continues explore more
dedicating accelerates, more the to this we trend team and technology. SensiML and resources in As area, dollars this are invested are macro more
are XXX This QX. up majority of initiatives from recent The the higher one for companies. a SaaS QX not in as during SensiML from additional SensiML total to still the such using customers distribution generates QX closed of yet that the companies. and partnerships QX total anticipate of product Currently, full continues seven with low-cost, XX expand, them Fortune version product, as We funnel which our the are most Global evaluation customers, with total MCU three STMicro. our Fortune including on in partners, well as of XX is that with revenue. XXX significantly increasing our Global with
most end periods. the of the will serve to with types These SensiML expect much and currently decision-making We customers customers, which evaluation of Industrial year tend approximately XX have markets. longer
had SaaS longer conversion unit and taking As evaluation we flow to objective achieved seen SensiML for time anticipated. be of in have the our Therefore, result, a non-GAAP profitability cash from is is to that the mid-XXXX. full license than we business more likely
Industrial SaaS much director we revenue AI customers our and The of the offset of seasonality with a good that and order business. predictable sales, recently to a scalable news tend In in have to more hired Software should longer consumer-oriented growth, accelerate business experience which models. is software have stream,
levers we in a deliver is performance remarks. confident while revenue overall XXXX. covered I have growth and line I’ve in business, of lumpiness in the our opening improved am there lot that financial is place in that, these short ground The bottom to term
like to for the of QX our performance I discussion over Sue turn would Outlook. full to Sue? and call financial a recent now
