QUIK - Earnings call transcript Q2 2020

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Operator

Ladies and gentlemen, good afternoon. At this time, I’d like to welcome everyone to QuickLogic Corporation's Second Quarter Fiscal Year 2020 Earnings Results Conference Call.

As a reminder, today's call is being recorded for replay purposes through August 12, 2020. I would now like to turn the conference over to Mr. Jim Fanucchi of Darrow Associates. Mr. ahead. go please Fanucchi,

Jim Fanucchi

and all operator joining you us today. thanks you, of to for Thank

are President In Brian Officer, today today. doing speakers Our Faith, remote from Sue distancing management locations Chief this social call and and Cheung, Financial with Officer. line practices, is Dr. Executive Chief

statements reporting periodic into to reports and future events. no In or the expenses, As and systems, relating factors convert financial uncertainties, discussed today. QuickLogic’s more to production expectations for the to statements cash. detailed today financial not new of including shipments, broadening information its pertaining forward-looking or our in those assumptions the could speak ecosystem the those timing a discussions of expected market refer dates may risks, non-GAAP And limited design result the materially trends Actual any mature please to be differences, most discussed products, measures. the and that recently to for performance, of SEC. statements that today’s of operating to from QuickLogic impact and makes some and which profitability and differ opportunities uncertainties QuickLogic of acceptance in we assumes update information expectations customers' revenue risk but with of revenue, number new filed obligation or forward-looking gross projected margin, of from any schedule involve products, their shipments, will could respective changes results and call reminder, stated production stock its partners, the evaluation activity and future comments are future risks QuickLogic's results that and dates start timing design company’s ability

issued other a results You today to reconciliation statements. our GAAP we non-GAAP financial release may detailed and to of for the earnings refer

LinkedIn may note, data. and provides information its of We about our on of QuickLogic account, the company IR have may page that and non-GAAP updated an posted website, historical webpage QuickLogic deemed copy uses prepared the call. blog, on remarks like QuickLogic’s be after distribution Twitter Please Regulation posted I as Such the be obligations earnings also current information, material comply under its today’s these page, channels business. corporate the over financial table information Facebook call disclosure Brian. its with IR A webpage and of now call use today’s made FD. conclusion to will channels would to turn at to of shortly

Brian Faith

afternoon, results joining Good both has in challenging in that This starting period. With were business fiscal you positive tireless our have COVID-XX our I recognizing pandemic team our on announced XXXX for of the and our period a to will would second this point, start were and been for working quarter to a responded as professionally appreciate future. implications everyone, personally thank environment adapted Thank and during three and all I a team new as events by you, the we've efforts rapidly that QuickLogic that commitment. second financial Jim. key quarter conference talented the there call. like their

eFPGA collaboration SXSoC, our announced First, embedded developers. developed EOS or technology systems our and IP QORC, was initiative. we to all Computing, with QuickLogic access project, on Reconfigurable Open for broadens which the June XX Antmicro, in FPGA This and Google

the an QORC transition at Programmable is suite us. in actively first for to tools industry are logic eFPGA recent Many programmable industry development important Logic have FPGA devices years technology. source fully is and vendor embrace point. a observers for milestone We open commented the its a of that

year over in be a around years. at to the moderate X% expected coming dollars pace multi-billion of size, remains is per it five While growth the

IP, and Market RISC-V nearly rate. source predicted software seven the of market open FPGA grow tools is times the to that at However,

the landscape, primary redeploying foundation source our aggressively forward. of make the resources our open to we are changing Given business going

We The collaborating to people consortium the this a recently slow second includes screening agreement health flu season with more companies, expect realize to help year. ASICs, are meaningful the and Asymmetric to impact to is the initial other the predict universities, first initiative Return healthcare, Linear SaaS of starts and Health, give spread whether Upward the businesses, that infection. Capital, multi-sensor, facilities significant to with disease. goal organizations Technology, announcement associated of in this SensiML executed showing the is COVID-XX launch help is The and event and consortium initiative, of SkyWater financial symptoms a of XXXX our governments, access product pre-diagnostic of The before public others. mechanisms QX

open Computing to initiative, with systems expected to Open third at as make source The product then developers and a secondary, QuickLogic a and initiatives. Google for This the important was broadens about I sure one felt definitely want future quarter. is the use for quarter, million. had those embedded $X.X developed to We Reconfigurable additional the access a and level in be other proceeds some in Initiative, IP. we to this our was spend busy oversubscribed over our viewed prudent as technology open growth. will, of months from raised recent financial our collaboration event by in support catalyst plans initiative moment raise to Antmicro, total pivotal time, significant at spoken FPGA have transformation to and eFPGA time money completion QuickLogic’s review the approximately of the items time source strength With which net primer, was growth a QuickLogic. believe items be high a QuickLogic but second The I It I on of in it

more field solutions looking highly With background, build to hardware, hardware a some attempts limited startups one open-source for customized processors. accelerators after interest established a for hardware For yielded AI/ML and demand been open-source the for growing tailored only success, algorithms, foothold has me to in that multiple has solid movement rising. and even Excuse moment. of

with new backgrounds some open including the electronics a developers the In industry. FPGA number fact, of at towards there in tools, software are teams largest development design companies now of gravitating growing source

already seeing the traction are We initiative. with QORC

I to You earnings in with being company. the initiative remember a recent alluded calls co-developed may mega cap

into open For we the QORC visionary disclosure needed reasons the source to until was FPGA decided led knew we Once to Google much by initiative tools. we than process that name into move initiative. news started to more This source, mention the What QuickLogic. Google an with just were open a all-in address a not efforts for release. to able conversation open we June entire source transformed our thought as

source hardware into expect have one our XXXX. into following of rate I to end expect achieve we and at thousand interest, this innovative Over market am development the and is partners contains a of kits. early to time, XXX get will pace on goal for ramping in was network dev fulfill kits online the the our roadmap material confident companies expected we website additional for this by In of launched month least in of In the QuickFeather drive than better accelerate Crowd the SensiML orders we we Supply, opportunities impact already channel expand with kits and quickly. background me this demand Our July, have place, more just the market. we to received we stages our revenue as you to QuickFeather AI it quantify just near-term QORC learning leveraging more. Since are product wins in for QuickFeather is revenue interested initial software. EOS dev too will kits leading to open year. are Based for more SX more one launch if adoption the and The of these than of ship early

are further opportunities million their SX developing could few launch. that we XXXX multiple a licenses plan go-to-market a to, revenue of and However, of QORC with team to IP using product eFPGA engaged EOS holiday range channels next on home the dollars year lead multiple related To several computing in initiative executing to the directly demonstrate can recently our our see for initiative. and team devices QORC new a is breadth potential

as combines consortium through variety a low-cost Google to sensor also is data as the Stores. allow exposure the that and this previously biometric notification such applications tracing COVID-XX Other pandemic viewed of that PlayApp available early discuss solution starting and our with the initiative. parts currently to of includes solution readying is long-term smartphone-based since is a Starting health of AI apps While it of contact QORC be market the settle very took are acceptance potential business relationship, with months any early our to the sign a few initiative, The and after app software. should hold. COVID-XX body-worn intended announced integration challenging Apple a a monitoring SensiML temperature

with workplaces, and talking about customers of potential for screening healthcare access. using application re-opening test at We venues, this safe are public

addition COVID-XX In has completed application, since two our conference to last call. developments the major SensiML

new integration of Micro’s in one now First, companies result activities the with the SensorTile co-selling This expansion an MCU box co-marketing of the is in complete. development ST will the with kit and largest world.

TFL SaaS-related new remotely the SensiML MCU adds Together, SensiML and is scalable each business. greater for on of customers learning its customer for Google Google’s an With Analytics our TensorFlow device part complement key SensiML Microcontrollers. Toolkit towards machine growth. enabler or that open-source and Lite, and a releasing place, for framework our SensiML product enabled effort integration support neural challenges flexibility, partner update called this an growth Second, impact focus by of network be significant hardware driving coming Lite TFL, TensorFlow and delays is an on this remains imposed along in powerful established by with our hit tool. important revenue working openness, partners teams and in rate, segment, algorithm IoT quarters. chain The TFL valued the In by will other execution a improving outreach, offering performance AI our and our supply had by and

This fact our our seeing end-market to in this that greater are Within had have and is supply the that QX, in several impacted performance to voice-enabled inventory timeframe supply chain their in the demand a increased includes the strong been our counterbalanced quarter global quarter, potential launches this consumer combination smartphone mitigate in issues. business, to improvement We year, surge somewhat product to decision This by to from test chain, suppliers negatively than or QX. gross all several later earlier the QX of expected calendar which year increased very costs moved disruptions expected Kyocera products. due due the that XXXX. margin build were but a

digest for later anticipated launches current this sales We year. expect they to this to see third new models the Kyocera phone quarter of during lower inventory as ahead

six eFPGA phones completion from remain We our confident engagements and early Amazon I with on a hearables directly between of are and the to COVID could their for market could IP QX’XXXX how nearing voice In smart discussed eFPGA to EOS TV design of to activated and business, were chip. later impacted technology, digital several a quarter are new track a well full as the and reference If this a to design, to as efforts hearable quarter, up low one provider using beginning launch to smartphone of I Last the streaming achieve a year. and hundred are our our the product enter QX’XXXX. delays with with this manufacturing ship many this week In at all SX IP within remote and power end see a chip formal control we a validation, we year our a their see three the well-known of test we new AVS quarter. final We able market, XXXX. and are program certification our related goes tape-out of our hope see to company get dollars microphone of netlist we delivering targeting fast-growing next realign market. the and thousand license before

product the accelerating. segment, this see introduction business. the received While on hands-free the COVID-XX and Within the reminder part two revenue civilian level Based I weeks, in are drop customer to a design the is our reducing our is this the year, $X on revenue what in call. remote have we Ongoing of we COVID-XX-related in optimistic have XXXX forecast QX volumes reduction spite May to of have emphasize forecasts has our future. we our third million will Fiscal that summarize, this impact last greater back challenging of held another before year. faced we expect To has headwinds travel in our ever of significant the XXXX discussed year, program, manufacturing anyone the a consumer as saw adoption to conference of half aerospace the could in QX by for to mature that growing trend in about prior than last when more similar many reference the our mature air we be this than smaller am call. February caused from as imagined change, I mature continues second dip to in market. Because shutdowns recent again quarter, a dramatic want controls this expectations in of conference another been

quarter. that However, initiatives be starting SensiML with what believe we financial conditions coupled turn our recent a full now our QX to year Google, path open already financial and Sue? confidence to defined source will outlook. to I improving signs fourth are performance and call a gives TFL the of have the would we customers with Sue over the positive performance by see for starting me with end, to in like discussion now our improved initiative

Sue Cheung

Thank afternoon you, Brian. and thanks joining us. everyone for to Good

were For updated This or the in $XXX,XXX XXth. compares was million XX% filing range within our included new QXrevenue, Within of of guidance $X.X our million, compares the revenue quarter minus quarter year. June fiscal $XXX,XXX. second which in of XXXX. XXXX, SEC revenue products that in with quarter second last of the the on was with was sales second $X.Xmillion This $X.X of plus of

for at at cash QX December. last million, periods of million, $X.X million, in compared total $XX with the net and The was through was fiscal as million, million income, additional volume last compared the $XXX,XXX $X.XX QX net to our end per funding reverse the for gross margin streamlining Non-GAAP taxes balance Non-GAAP compares million, per includes operations QX not year. products shipped was net and QXlast and higher expenses, stock The XX% include second of The believe the QX quarter. in accounted one-for-fourteen a for million. QXlast of revenue expenses from a continued in the $X.XX Within margin SG&A in end to that compared our overallotment split of gross $XX,XXX, closed of $XXX,XXX reflects of each three in XX.X% charge our costs in $X.X $X.X XXXX. operating was operating of or of the million our the proceeds the second year. QX respectively, QXwere In with share for compares cash QX of last last to share mature R&D approximately in year. The $X.X same July. exercise Our $X.X $XX.X was test who last than customer. proceeds executed more stock million million, primary remainder PPP $X.X expenses, with the was greater with which per quarter a $X.X was Non-GAAP the we the total due quarter or The loss loss quarter smartphone second from Through of approximately declined lower from quarter XX.X%, in lower the fiscal and to quarter This R&D share. quarter from $X.X had trend was of second in year. loan. the other net down It operating expenses $X.X was XXXX, of the second in same customers product the and the year. will million, approximately net SG&A the or XXXX. XX% offering the both of that This approximately support with sales. calculation in of mainly we does

revolving Our $X.X I million line When mentioned, cash the the external credit. $XX usage factoring million. includes funding QX also that was out balance draw all of our just from cash

third on quarter forecast our XXth. to will fiscal moving which XXXX, the Now for September of end

quarter minus XX%. guidance plus for million, third $X the revenue is or Our

widening of due As we we Brian revenue With will this its to minus on the revenue million evolving gross product. discussed, time. At customers range believe suppliers, are of given the our plus conditions of total approximately $XXX,XXX impact comprised the and midpoint, and margin COVID-XX mature product third a be in be X%. new the mix, or approximately more will quarter and Non-GAAP $X.X XX%, diversified product at

plus decline As we minus a expenses be operating result will million, our forecasting approximately further non-GAAP $X.X continuous of measures, cost control $XXX,XXX. are or and

non-GAAP the QX should million. expense, taxes, the We currently and other to $X.X the net $X.X midpoint, million million and shares forecast After our net a non-GAAP we few expect outstanding. At or this R&D million, loss at share level for loss approximately of next the be will $X.X income our on SG&A stock-based Most range, normalized our and the of difference of $X.XX be be approximately midpoint interest between is quarters. based expense. XX compensation a per GAAP results

in quarters. We comp for expect of$XXX,XXX range be the to next stock-based the few

QX, we million of in capital timing in QX. be of the in million. anticipated The transaction usage associated due offering stock usage cash costs Finally, $X.X paid $X the be and to with expect the range to is working higher the mostly to to one-time cash that

With over to to We decline remarks. both closing call his usage in as expect me for the improve. cash that, now revenue turn Brian QX gross and let margin back

Brian Faith

we our has million discussed Sue. the XXXX reasons third product forecasts, XXXX.While will we mature add change, the with based this segment, we should expect voice-enabled disrupted within approximately expect the the and and on XXs. QX product have but flat gross boost a promising. path to pushout have our the QX disappointed to guidance to have now our operating year, margin XX% annual the back year gross inventory high on fiscal margin laid you, for outlook, XXXX expenses, clearly into which in absorption customer range, our to near-term has are at of factors be plus low I currently I With full To IP-related current This gave fiscal for software trajectory the revenue our mid reduced smartphone and declined our COVID $X the customer outlook with of profitability out should for based the in to with quarter, hearables. mix looks Thank on on Sue described, another will I our profitability XXXX beginning turn our sales. increase our heavier the emphasis the significantly

a the income material operating have of XXXX. In all would times With in path That to our for facing their call are who everything all progress I taking while we customers half are we breakeven I'd end work extraordinary safe our I open us, the are maintain own possible now their completes product Operator, of and stakeholders like a remarks. new am to thank environment, by the lines, questions. prepared of support. all closing, our of to our ongoing for also first achieve the for like to care of confident These doing of challenges.

Operator

question. question of Instructions] Thank first Craig-Hallum. Richard proceed with your Shannon comes with line you. Our Please [Operator the from

Richard Shannon

on over know QORC, all of you’ve for about next you prepared guess, you're or generally time, And ramps timeframe kind Maybe of out going comments, more products large Brian taking butcher design Hi, opportunities kind what with which that for you're we more for targeting development, here, probably team talked the questions. a, that? seeing see maybe that the home based they're to on with device, computing I about that specifically look I Brian, other forward and my your here Antmicro Sue. year. about and engaged here, here. used talk us seeing to engagements first by that and you would a language can you you question Thanks I the how guess, to that first seeing you Google congratulations am for my is of with

Brian Faith

I Yeah, do that, can Richard.

for to our Firstly, competitive that detail that them on more team it product hands always ability product I open And to level that on don’t own too freely, apply that go much. that computing as - around. want too source a tools basically, computing. is believer resources reasons into that just their and use to improve things some I to innovate also But wants the tip and because can't of home gives much big product,

we for and that, open not have for opened this opening whole around stiff-arm I've the the build to tried of people are Richard, lot development, to may this momentum of, source, you from sold of defined actually starting that. Crowd we a And well, companies move, community. But new that pursuing. Heisman the now XXX large as embedded like sue to of I And existing activity lot had just in Supply, up the theme support whole actually alluded actually more to of sort around is a part that's a know, company EOS think a the open we're that know, or finally think seen appreciating of embracing the We movement call already SX, products a it. by where people is over And these and lot probably than just fact contributing it. So an and them development open that's that logic programmable on I and kit opportunities source people this that remarks are common We've And of tools social with companies FPGA have source well. development open whereas what gives seeing there's the lot in we're on openly there's is, say, media we're people there, as that. with what you month, just launch is because that initiative. contributing virtue doing else I the did to it that's there's a everybody not but source a and

this a just is lot yet. few like not out a see tapped months up the to market So laid on This opening that last new starting kind in of to in of And blog. about area. movement how we're that's all we

Richard Shannon

to second perspective, SensiML, channels at and can you a know, what Okay, few full you've of been approaches, or seeing maybe of here here the Brian. you them. some kind I you're already is COVID potential seems terms pipeline seeing My growth, And starting of by license, some you context additions, one acceleration question, avenues of a like engagements? how you you if know at us you last customer in hope for helpful. that a that's been certainly about but looking impacted give there's customers like of sense kind said transitioning Helpful SensiML QORC maybe the with Thanks. transitioning, and in know, can where, it over give us quarter? seems least

Brian Faith

the has within you and to for so people. is don't everything theme want know, to scale, that do QuickLogic Yeah, custom we're work have we using

to the top for so on And is and selling hardware of the their port it sales more this scale products. done, companies, upsell so companies, SensiML STMicro way semiconductor can the sales marketing out to why this SensiML be force more to marketing their team STMicro have that be getting pushing important base. we is and That's into because customer their can now

is moving consortium the cost time COVID companies about respect we talked of detection with classification. that have and That to We forward. initiative last the

layering smartphone software. temperature, the AI going with app that think, this I that SensiML on with the sample be the body delivering in side they're wearables on the out the month, temperature later to for sensor there's

development custom using this we're get to then broader to that us avenue strategy And without comes new lastly, another for that's folks. play. work kit into this So is where do exposure having from

QuickFeather, selling through with it and distribution channel. ourselves own we're our So

for out I top. have on engaged running these kits more Crowd roadmap this. of going to in the in gotten products. my also at stopping all will we're of was We Supply, alluded not of and which and several prepared SensiML of a QuickFeather, these what wild, have optimized now orders for to have types And they've remarks types We're development

with folks get type we to these selling promos distributors an attention see as boards, gets, some visionary of doing So then basically where you'll and benefit of start SensiML our top just marketing, get so. for source upgrade SensiML. lot the us but then free probably that selling of way, open option in of on And out a really that we're products in not or and they it large doing to there's

So the to also organic SensiML strategies to the some just of coming those in doing we're SensiML. funnel increase that's ongoing the top how that through. we're normal and we the sales addition now employing are And that well qualify the with for opportunities

Richard Shannon

Okay…

Brian Faith

we probably our affiliated revenue the got first actually agreement that mentioning worth signed It's test with initiative. COVID-XX

bring you that application with narrow more to it focus, So, you and a in know, it doing resonate where qualified things starts come like think out I does leads.

Richard Shannon

licenses today? do you an mentioned many I paid for SensiML as you Brian Okay. since this, quarters have but how aside here on fully SensiML, think it's of been

Brian Faith

was recently, talked somewhat level paid have few of think some that I this dozen in we've app. about that folks it the for

Richard Shannon

degree you Okay. That does success the and on in hearables market your to is what AVS? depend next you're hearables here on certification and going the see question and My gives is here helpful. progress to AVS. What happen confidence

Brian Faith

So I there's would to because and be wanting people know, they'll say is a you on are for set something that in they're or Alexa But want does ecosystem. it the not the touch definitely countries going integrate. Alexa, success depend of never the sold use there's Alexa China, really to Western that wearables hearables overseas a to and

I of today engagement gives see can team even the just what what directly is need videos very on get we AVS getting with also the Amazon, of today, and I fact their Amazon going though to in engineering have important so confidence video are page. that be in level folks is dev So what working shortly labs do me finishing to saw for there in up into quarter I we seeing the are working to doing kit the know our and remote, last that's system

me is what gives believing. confidence, seeing the that's So

Richard Shannon

lower OpEx is the to the last And jump last breakeven could lower could happen Okay, soon what a seems Looks is than about Brian? you that rate. think quarter we is fair quarter, going help about talked good I'll we like when and or this is first us Does which here a lower but would on speculate, in here the you see, thereafter quarter, like to point question, enough. good here. little I timeframe to bit fourth think – obviously line burn not see, it

Brian Faith

Yeah.

opportunities been at and we've fact, OpEx In reduce that. to constantly looking

don't taking where this us point, is so we mentioned remarks. now, very the mix I like OpEx think are - down I Sue see product prepared at further driven this in from

game. So mix revenue all now and it's product

maybe As we deals substantially place, is SensiML is the And going more of in ago breakeven low million, million, $X $X, revenue it licenses was, in higher of half there. to could a to that's they tap margin. lower as OpEx which the is that like where as $X drive be range, at point almost really, in now just get even and gross these point IP if than $XX to need you somewhere remember that so pushing

prepared that remarks, maybe that deals IP if the to of mid-size be next mix the we're can the product model going yeah, is if we this I you're call modeling sort guess I get But it like breakeven million OpEx it comes So current us year. a $X.X that that in like, and to to point. as to the something in get And gross said sooner. drive range event margins on out of more like folks QX again,

Richard Shannon

the appreciate guys. I That's for perspective. Okay. you. Thank all me,

Brian Faith

Thanks.

Sue Cheung

you. Thank

Operator

of Capital. Our Sujeeva Thank ROTH you. [Operator with question question. proceed next comes from Please line your Instructions] the with Desilva

Sujeeva Desilva

A Hi, question. financial quick Sue.

guidance. wanted sure if margin But you or think gross I reiterate heard XX, wasn't I it to could XX. was check. the I XX Just

Sue Cheung

the thanks we for for and and Sujeeva guidance is for Hi, XX% question. gross The minus QX margin X%. plus

So a bit. we widened range

So basically XX% margin. between XX% to gross

Sujeeva Desilva

Okay, program. product then the the - on And we Brian or maybe remote-control announcements can on the of announcements, with thank start some you. customer

did that get a why vendor Was with aligning help done microphone curious I'm traction? something Is instance? about talked You and you've new that historically? about comment. help that that in this you to

Brian Faith

an deeply them the alarm any with whole partnered other mobile with microphones on really system. on And microphone IoT Flextronics. ongoing the the integrated side than the side, really guy, activity consumer which we that's never that's side, on did. really Yeah, Infineon, never And industrial and we we've with more did

after microphone us opportunity ended I basically, getting updated after going that so we're last And cancelled roughly that player, this up the same and call when everybody.

you So we discussed, that actually to and take this do know, engineering the I this out we've put folks. this roll know, work CEO and into how you

the of customers wheel. in we're really reinvent likelihood have benefit microphone that. the a being well. process to can of we it's processing just success, with really that because going solutions, technology technology they of if these well, higher have at so go And know doing And customers The canned the to these we don't know sort reference

in that. we're process So doing the of

that's that Now, And and an engaged engineering point releasing we’re customers be the actually wrapping of view. we'll field with. think up to from I imminently already to that

Sujeeva Desilva

like? sounds customers target over multiple could certainly Okay, time, so that

Brian Faith

always to by multiple And is going to about touching, that, powered six whole in no house, Absolutely, the and battery customers. way, life have value on, controls battery anywhere remote the these you between four of Sujeeva your think months. proposition

Sujeeva Desilva

Right.

we Okay. things was, an open FPGA for designing, remarks, floodgates of one the the on you it, on are in the prepared this and that overstating of really fabric open mind maybe break But the make could FPGA the chip fabric imagine I would the was or that things And and Q&A really tools that biggest of like embedded how on one FPGA touched the from could in die, really but are people going the one think that that Is Or because of source - are think a then that that sounds your would here? kept opportunity I it. manipulate hurdles it widely happen. I is put this kind we tweak the this becoming if adopted? to

Brian Faith

to dead embedded to Now person their It’s they they to as FPGA, tool chip whole on, sort have a you they large want when customer, a of a want you sell own hit flow. because the just it one companies, opener Suji. support chain, huge know, for

single their basically the to tools out that take open customer. to And the source integrated and own package so this have them allows with

is But into better know a And source they smaller customer, they a going these talking resource get of much available. folks they're you're If community open are like smaller that may tools. not resource kind behind have about pouring that to the it’s Google as so time. customer, it, over

In fact, better be even the than they may future. proprietary tools in near

that source that love these initiative. open big so that fact they this the absolutely And companies and story behind are

up opens on, hit right you definitely lot new yeah, this doors. it a of So

Sujeeva Desilva

take there? the mature we lastly, assume of good run about to for then a run and after this think what's - on, civil that's a have sort and put rate with engineer going Okay, civil what’s rate aviation good to products

Brian Faith

us this said of Yeah, level. like back I the at revenue year, QX for in to take so remarks, last script will the -

for QX not to the much so not soft think this has to been historically, obviously. tends vacation I extent because of some Europe during reasons, because just period order pandemic,

than than so we’re like forward, could higher I be of deals even military certain think larger we modelling quarters coming higher these get that, in moving or somewhere that, around in. some if it X.X

military I going part to folks do ups year downs. it's be we consumer year longer to the have obvious think them the back is part revenue other The do but industry, aviation and this lower, come because to out recover. QX recover. will this that do of throughout of that But it civil not travel the air probably subjected because they're the expect for So we moved reasons, QX to of space

Sujeeva Desilva

right. Sue Okay, Thanks, all Brian. Thanks,

Sue Cheung

Thank you.

Operator

you. Thank

We Brian closing back floor for have I'd to the no further comments. to over questions this like at time. turn

Brian Faith

you talk we and speaking today's results and for to Again, again thank when forward your much, support. very to you fiscal participation report call in our then. continued We in you Well, with third quarter thank November. Bye-bye. look you

Operator

This today's does teleconference. conclude

disconnect may you for And wonderful have You Thank participation. at a your time. your day. lines this

QuickLogic (QUIK) 5 Aug 202020 Q2 Earnings call transcript