QUIK - Earnings call 4 2023 | QuickLogic Corporation

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Operator

Greetings. At this time, I would like to welcome everyone to QuickLogic Corporation's Fourth Quarter and Fiscal 2023 Earnings Results Conference Call.

As a reminder, today's call is being recorded. I would now like to turn the conference over to Ms. Alison Ziegler of Darrow Associates. Mr. ahead. go please Ziegler,

Alison Ziegler

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

are and Financial Faith, and speakers Brian Our today President Senior President Elias Vice Chief and Chief Officer. Nader, Officer; Executive

of convert in differ of timing the involve that margin, operating acceptance performance, statements expectations stated materially its future number design start pertaining mature and may that uncertainties, customers' and new the and profitability expectations As a to and ability today. activity reminder, comments shipments, expenses, ecosystem changes products, makes and evaluation the from forward-looking financial results production expected risks limited impact today not market but production our revenue, broadening future or products, revenue into and to design trends shipments, the QuickLogic its schedule including, relating from QuickLogic's of for statements could are gross company's to, to cash. Actual discussed systems, opportunities dates those and of some partners; new results timing

reporting QuickLogic periodic For with the in assumes be as non-GAAP and result no information, call, financial could or QuickLogic's information update date statements that factors please risks, recently of the those more differences, new will most filed of assumptions in refer SEC. which discussed uncertainties forward-looking measures. the of to or obligation to any discussions detailed speak risk any respective today's the future we reports events. In

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

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

Brian C. Faith

Alison. high revenue fourth increased thank everyone, increased you, fiscal Thank Good and XX% was all $X.X you growth IP million. joining afternoon, year to Full million. year-over-year call. revenue. conference revenue by for to This record QX XX% driven our XXXX quarter $XX.X

XXXX. total the in revenue up XXXX. IP total new We increase mostly XX% by will net again in full in for which the product new in is XXXX. New products set include XXXX, in new XX% driven for from contracts year. profit of revenue believe records QuickLogic profit These several operating all-time for records represented We percentage and set non-GAAP of in and QX revenue, non-GAAP quarterly

million opportunity Based XXXX, new this also launched story anticipate The IP set our in we the non-GAAP is well record growth which records strong funnel, operating margin. for those is than we greater results. model is supported XXXX We $XXX year. revenue XX% and net our on delivering profit outlook non-GAAP in here margin business for by eclipsing records short

non-GAAP and gross operating over by solid mostly for I it's profitable our a decrease belt IP has years, performance, traction. of X fair by model growth IP business say an non-GAAP we Over think by in our customers, this new and driven the our dollars increased to continued modest a operating profit with under XXX%. With last our now have developed year outlook improved new a expenses, growth line XXX% delivered XXX%, top over leverage

quickly. Phase with projections of speed award for prove as to levels phase contracts. major SkyWater foundry This but few Honeywell the the government the $XX conservative some be contract for announced status added funded also our up our goal. Honeywell this to This is Last now funding Aerospace a may are our projections return continued of take growth the funding of of providing In phase activity Phase Phase total X Technology. of our of a XXXX, million. a that has a second phase modeling bring X and next X potential outlook rate update for the to to to partner August, our minutes conservative, from we the Let's we contract. increased

years. timing While the IP we recognition how of the shift future this is XXXX. our between flow growth to and been or as deliverables This in revenue win better into Cash of allocate revenue simply of contracts. IP are IP second contracts highly we does strategic and objective XXXX, from of plus and remain push a value with note, revenue revenue flow in from of in large certain half It our not past it has impact allocation negotiate shift engineering XX% contracts. delay contracts our the and the cadence our ability will improves to important and cash services aligns achieving confident effectively will in shift IP

new positioned IP many business the number by fabrication well as our we building success and to large supported Beyond across of sectors significantly in our on government IP are of expand customers well notes the market contract, as XXXX. very our

the we flow booked book XXXX. new have already During the believe will X X booked to will we contracts and significant have coming and we first this IP cash week. one we contract months, throughout a second customer one These months others a later will contribute with of in XXXX, believe

the these our the more would little statement will year. I provide revenue to of income a until on like second recognized on be half color both not However, of designs.

exciting large finalized but cannot contract share will I be incorporation indicative The is eFPGA design opportunities and that much our be of customer this is to application it XXLP. low-power by This as forward. forward our will there detail customer, we believe is this XX-nanometer as design, not on favor government this go new on first new known that related trends can technology. to and believe of GLOBALFOUNDRIES expand going process year We fabricated engagement we design with already contract. its the defense industrial-based I into a the

design well and has as fabricated government-funded applications with targeting and the for a company of IoT recognize. ultra-low industrial aerospace applications on contract sure second power and commercial process. referenced TSMC XX-nanometer is prior be outside been calls U.S. variety The I'm its in new that is the a is of as This design will as large you SoC defense would that This a by

is our for this often acceleration, AI served growing AI a will FPGA is used technology necessary technology process software. of be function in better the eFPGA a to which is application rapidly most algorithms prove SoC, a Within applications. We and than by running believe the that acceleration

why constantly fixed this, Since for the into the power must can the case. than more far changes, processing briefly consume acceleration and select these requirement refined algorithms and talk very IP. tech changed. is ultra-low-power logic, be our Because particular running slower important it possible commonly here acceleration changes to advantages is our acceleration the that led a ways an lowest semiconductor explain this this customer me diverging that is forgive In little to ASIC the FPGAs. FPGA pure today the tasked Acceleration provide what to technology. The priority inherently customers, programmable able accomplished was only run device for changes, is with accomplished most are algorithms. while the are key algorithms algorithms by the a be can are impossible competitive is Due and a is adapt is I'll for for eFPGA in adapt a processor, to to processors with to algorithm the you'll and If support the data processor reprogrammed using algorithm. these solutions consumption like and can which X power hardware to application, challenge or in processor these

a believe on had I edge details IP. In As to very we a requirements, eFPGA assured applications, a brief out update. the application well we more I that customer positioned we XXXX, our can't beyond strict for this design confidentiality November device into taped for new incorporates eFPGA will address. that be that common share expands win a to AI Due are

of more on potential schedule quarter. Last a that is now the We GLOBALFOUNDRIES could customer this years. QX. millions and IP of to our we can using IP couple XXXX, during take aspects of IP technology working Last a leading chose half announced a quarters in starting will share for I eFPGA company detail work the in activity that design, a deliver requirements, device are we design due will and during go I fabricated fabricated platform. this contributed eFPGA continued November, tens our year, the cannot represent platform. through be The including will it a semiconductor UMC's resume that but dollars design. design XXXX. This global confidentiality our leader couple to on for our that of our certain design XX-nanometer of this revenue during the on will we into second the be Again, chose announced of revenue September, strict XXFDX customer on throughout believe We

X address way. I incorporate XX-year rising or and be on the schedule for billion growth. the begin IP us to Chiplet the during projecting new a much IP we to to will billion Market.us grow it to a for few scalable either more of not the enable this to took are XXXX eFPGA over and QX. firm XX%, in market to news from We accelerating our I continue as the recently capitalize IP we this on The well capitalize ago, architectures technology automation released up on be $XXX that from In of IP all Xx design and surprised into believe see is quarter. this cost year we in different forecast headline foundry chiplet FPGA only today. encouraged steps on demand a positioned XXXX. That deliver market, represents effectively dollars research market its XX-year very a in generator combinations I'm CAGR customers This process designs. by demand Australis chiplet at early this enables will to from are on demonstrating the our deliver total, our development to contract is to

chiplet our several in have with We partner, funnel including our YorChip. opportunities deals

to this month As in half. tap expect on we we submitted a earlier the fact, customer another have later that to submit a matter of proposal and one first

of lead during customer QX smartphone SX, we to EOS excess inventory production. and support has through Our its resumed worked shipping

our in We solution EOS XXXX. will ship that designs to new SX the for increase expect XXXX selected volume into as was

similar last be also what engagements, this year agreement to leading will established established forecasting private with We expect notable are display The company is modest not company engagements in yet product shipments bridge SensiML end mature label in established that increases it The was quarter a SensiML and revenue and MCU has customer independently. traction some delivering revenue. has MCU but building XXXX.

these are increase I material will of future review a the over to the XXXX. With financial and now rejoin for for go revenue SensiML Elias We let engagements please our Elias, optimistic will turn closing and a me lead that call in that, to ahead. remarks. in results,

Elias Nader

full drove and basis. to you, bringing on above slightly range non-GAAP profitability record of and the income, XXXX Revenue Brian, QX good was net record our the afternoon, Thank everyone. a guidance midpoint year

fourth and was up million, from third quarter of revenue XXXX. quarter in QX Specifically, the up $X.X XX% from XX% the

sales This IP Our as second revenue. Within percentage and the higher large the services an and services quarters in XX% quarter of phase professional million sensor quarter quarter, benefited XX.X% from of revenue were the $X.X Non-GAAP XX% continued product another our to last XXXX. of the million. eFPGA control. of of mix million resulted XX.X% change professional $X.X of contract the and from in approximately smart fourth million, eFPGA-related compared the as approximately eFPGA margins gross compares of $X.X quarter, full XXXX, in of XXXX of XXX%. quarter strong level was higher deliverables the XX% cost well in higher was Mature margin in with higher new $X.X products fourth revenue last although up revenue, connectivity up gross X as $X.X results and well with a in QX million year. from million license product quarter QX the $X.X last in as third down QX last a from within The revenue and revenue increase to

services million of certain Our expenses approximately Non-GAAP operating outlook net and per a in or were professional was loss $X.X operating classification compares QX payments and of per due $X.XX to share. This income non-GAAP in income fiscal or quarter year the compares net or last ago. net the operating This certain diluted to $XXX,XXX $X.X than expenses share our and quarter non-GAAP of in million quarter $X.X timing share COGS. last record Non-GAAP lower were million of fourth of expenses fourth the $X.XX with $X.X a $X.X of a the 'XX to non-GAAP XXXX. million $X.XX per non-GAAP million. quarter

turning to Now from results. XXXX full XXXX. year $XX.X Total million, fiscal $XX.X XX% was million fiscal the in revenue up

by digesting revenue eFPGA decreases and to prior $XX.X million customers smart driven by and was compared services inventory. caused primarily year. offset in The product was SX that higher $XX.X the New excess million connectivity increase revenue in EOS IP professional

rebound this million, revenue in in during revenue Mature was to million $X.X continue be to XXXX compared silicon saw to will We XXXX. revenue As anticipate XXXX. mature new and Brian some trend QX we similar in fiscal $X expect product during product noted, XXXX.

$XX.X in investments prior was revenue while full in up controls. And for XX% more million combination non-GAAP at for long-lived to compared increased of net The million revenue share million cash continue to million XXXX. into that the of and amended the is in sequentially. $XX $X.X XX.X% change and million million $XX.X strong compared from end cost XX% of translated we expense of credit million the of and inclusive operating in to the expenses to to XX.X% the controls. increase restated loss of effective maintain year-over-year $XX.X XXXX deliverables, non-GAAP primarily with was $X.X income from year-end and to net The $X.XX growth newly controlled continued year by or from had the revenue XXXX. Total year, a XXXX. $XX.X at of XX% gross as This one $X.X XXXX expenses certain record accounted operating per increased higher a that increased our Non-GAAP extended our XXXX was non-GAAP was million to approximately end XXXX, approximately of XXXX. of cash mix capitalization revenue. Net million margin was facility For due customer $XX the fiscal compared we or level,

fiscal will XXXX March QX minus XXXX, our revenue end or the first guidance XX% is guidance for million, XXXX, to quarter Now moving of XX%, $X.X which plus QX approximately XXXX. on up which is XX, for over

services to due contracts of that is of new First engineering quarter revenue which is year-over-year expected allocates to deliverables. be shift large align comprised flat of approximately and sequential million higher timing is a which $X.X the million versus increase IP of XXXX The of IP strategic products, last value QX decline a cadence the contract year. revenue to percentage products, of revenue of $X.X with essentially to from with and XX% mature better a and is our

in the result of of revenue is these it timing contracts. second not impact year, the flow expected shifting will half certain from the to While this cash recognition in

year For the or Based we XX% revenue XXXX, more by the percentage is anticipated margin plus non-GAAP gross minus points. to the revenue cash and than approximately mix, generate grow to full flow. for QX positive quarter on expected be X XX%, expect

OpEx for non-GAAP reclassify $X.X accretional required or believe Please with will programs. expenses and are support plus the non-GAAP capitalize change and expenses our we $X.X will to COGS. This approximately to and operating this times. quarterly costs the year timing will may recognizing results. variability given tooling customers. keep XX%. cause industry, that in be related gross certain We contracts certain corresponding expenses OpEx mainly minus range million in a in Capitalization new our million, revenue in or labor reduce for with Our may at reclassifications to to mind COGS be remain increases The operating margins

we to be to profit XXXX. The the net range. forecast in With non-GAAP we based share non-GAAP $X.XX we full income results our margin taxes, be roughly $X.X these gross to currently is XX.X approximately we deliver income QX million strong XX% After will will interest, $X.X shares. believe and and diluted that approximately positioned well believe per difference non-GAAP mind, million. In variables year We are for our or full this XXXX million QX, between stock-based noncash our expect million related year fully $X.XX to compensation on GAAP other profitability compensation be would the expenses. upper in $X.X

there As sales and to growth such be a new at $X be have QX. These we discussed, of each investments time design expect of million a on quarter the and With employees. of critical timing to new design investments that in including to support based in and vary are our the roles the during the will of and for it movement engineering midpoint, an wins. this payments wins than results the stock-based timing quarter in reminder, anticipation Grant's may contracts hiring the compensation less cash we signing strong XXXX year, continued

noted for I call his turn now closing cash track over the year full we that, to you flow earlier, to be back positive Brian are me remarks. XXXX. for very the As much. With let Thank on

Brian C. Faith

to profitable X day dedication. work the all every Elias. Thank as only for and you, business team amazing model. a with years, I and work hard in Thank successful, The high-growth development driven your you get IP of

device-oriented dollars a XXX%. in increased profit ability our leverage maintained reduction that And gross Since has turnkey operating from we a us sets XXXX, grown over remarkable our also with IP non-GAAP in capabilities business OpEx, competition. launching more modest our by by apart for our as non-GAAP we've our and our provide have in storefront model XXX%. supplier solutions leverage silicon strategies customers forward. This other to IP core will We fully a going

this exited turnaround While a think the story, marks We is traction best also solid but come. XXXX with to performance I momentum. great only not yet

contract booked new already significant a a and second one with to have this have We week. IP be booked customer later

realized a old of the million. do grow, so new success also growth opportunities. adage bookings to new is example record This have net success $XXX We sterling a funnel breeds that as

a our we mostly cash horizon believe strong call is and I on IP flow revenue the questions. years. With and new be While to that, customers, also we the by growth of that royalty soon profitability to be storefront like will future would open accelerate that driven XXXX for year visible expect will growth in positive

Operator

[Operator comes Rivershore Investment Neaton of Instructions] Our first question line with the from Rick Research.

Richard Neaton

and Brian congratulations in on going is In cash look flow, XX-XX, would weighted XX-XX, to XXXX. recognition on -- put to this Elias, how, that? opposed first profitable my percentages is question half at be a how should second revenue your what year, the that looking general, you the at as revenue we

Brian C. Faith

total? of half half second mean percentage as You to first a

Richard Neaton

Yes.

Brian C. Faith

the period. taking the and get Well, deliverable think contracts than a we're XX% XX% don't work it's will revenue as be now in upfront as a greater that's think how second more the XX%, but high license, reinforced the lays to second be end than why between this we timing XX%. I Yes, comment something half. the of on the actual than process conservative IP the here, winning XX% more as I'll will it's point shift And of contracting of into value in are just the make you of recognized to that's the versus at or that contract, half. we're going be greater than somewhat can certain the you assigning proportion that addition imagine the complicated contracts, more out executed is, I larger of the we IP larger more the these probably contract because getting

than call half, also that just QX look in out in think I QX sorry, safely in the quarter-to-quarter in revenue I'll in that of on the a what I I so XXXX, would the not forecasting an like XXXX, but quarter QX think also that greater would I add XX% you if that QX XXXX, -- be basis, will XXXX reference, annual you that, be think be if XXXX, And hockey we're stick XXXX. greater every corresponding second lay can you see the either. quarter would than model, or

Richard Neaton

or is on dollars could you same one? in the of quarters, color book new you've one the talked that issue. Thanks expect millions X? or of to chip for that week the The customer that referenced about Okay. that tens this back you several contract revenue at that relates one of device for Is year produce a -- that to TSM, a

Brian C. Faith

that's good than with clear, -- that on IP that's different But it to and different need a shots engage a customer. opportunities more No, one. and more be thing. a goal customer potentially a deal. to no, to that's storefront convert And We that

Richard Neaton

AI final at Okay. One that Thanks edge. FPGA the for clarity there. on question and

that that the narrative as XXXX half growing AI seeing you starting accelerators, in of supercomputers second half AI this with large In data decade. see now rolls at a words, towards You to a of GPUs XXXX of as out or as year? other this the weighted even are the second Is market. edge more in centers right

Brian C. Faith

as here us, a discussing think be far it's that year on to in this of from alone as that based I this use But to be of imminently. us. not second case contract to Well, we're they're half signing kind going going impact revenue starting with

are should really lot own use eFPGA ASICs of control in sense. ways tackling to. And then that people wants technology out, everybody stacks I people other those of and not are the one see think naturally, I everybody then can start people their people at look I doing NVIDIA, that FPGA that but of of say you'll as to wants think technology software once trying to everybody that out, figure think more trying out say think to FPGA, destiny using I when they type that of their is today, and associated problem, not I take because figuring I a figure soon being with as and own

center, the wins will future And opportunities like have will about headlines. point center data and the articulate the of AI of we edge of the because grabbing that is accelerate the press all going right value a that think the help lot just that other these -- propositions a generative that all drive are we for today people that the that now So I us. data towards can to people, more I think all think I and then

And so what call we people at drove and for to soon on end able company is look is eFPGA applications be And of hear those there's I'm this naturally, of spectrum. signed some that's not still and contract, inferencing practical you physics that that. seeing a about we're problem alone sure for again, do cases. FPGA how And use level in But of read that use in more fundamental being the what types edge. I'll technology the FPGA to more for at what and

Richard Neaton

Okay. Thanks for that explanation, Brian.

Operator

comes Our with Richard the next question Craig-Hallum. from Shannon line of

Richard Shannon

profitable my add accomplishment. Great XXXX. congratulations on a I'll

of here I I'm that Brian. things sure understood the of wanted that language but repeat rate A contract, what A wanted previous I of intent guess butchered to strategic your interesting to I that explain to about here, and I today, returning maybe you on to I sure ask a comment make means. you here. could shared and the rad-hard the contract, and here. lot see I touch of about details couple Let's Brian, run want

Brian C. Faith

that a do in that. way allowed I'm to to do try I'm that going to

me this. way see to say right Let the

a we're I'll that of doing the to it, RHXX catching forever. and doing X with I call it's design So continue don't process. we're accelerating lot design fabs, like that continually and, Honeywell know type or going on up something similar now, right on

on work of X of amount that in as that time far As foundries. amount

that of taking view I that And time And and we really to would hope for quarter that there's okay the a to on that sensitivity. in are that. like being I revenue details what further with you are that think conservative the period. I for conservative increase this within can't into that means go And of and And year. we're opportunities balance same so our the

Richard Shannon

resist with have that, I'm just I'll to more I but guess here. I'll okay but be couple to a Brian, ask going questions temptation on it, the

Brian C. Faith

to I'm answer, answered only nothing what allowed but I more.

Richard Shannon

Yes. Brian. I know you have,

strategic Let's so here a contracts, couple the response about to than these of be year before? is -- here. signed trend mentioned of the words here obviously, you up last the expected a size growing you own questions generally And or IP year here there? year and X -- seeing seemingly a contracts so phrase signed one am a least the other of one used of this I larger. obviously rad-hard, which its far in at see, Are and shortly. contracts, you to zone versus And last of a larger made in I am Or matching your

Brian C. Faith

the one that go on talked press tomorrow morning on that didn't No, I'd XX-nanometer dollar release we up. release say call. figure the put a about today and press figure -- in see average a that we we are seeing the you'll that the dollar is And a we're on call to going rough out into

time. they're up. Yes. So you'll see good That's that trending a generally,

FPGA and experiment are with it. not and technology I to embedded appreciate think kick tire just starting the more people

of process aggressive them. I these gives into In a you to a re-spin an them sense a that's from the are they lot ROI that coming think as re-spin it go the technologies, more a NRE savings don't get mask that appreciate off perspective. have real if chip, to and

then if bring, go And our we the savings attribute that up. that prices value can some so to of we

they're very and appreciation our of going there in be something quite on because more by the the as think a technology. of more more for we end just value the get a contract than proposition laggard customer supported in and prices you're to general, fact, naturally is so selling see these value I And are to an an notes, projects, technologies also to embark going bit expensive that expensive advanced uplift process in those

Richard Shannon

mean that just or determinant important value in a of total does primary So that the contract cost node an the process factor? of or is

Brian C. Faith

much work how they're from it, not for to marker core they I run. goes the a us, wanting they're it's mean, logic the much the customization that trying but It's those thing. need, into how only

are those how the of into IP. All we factors that price go

just price Australis we're reference, We proposition to course, agile. things have for from book, a there have is as value remember, of a starting -- our that but because everything with

We of meet run. been to the the a to can the it's core adapt needs the workload customer,

all So big that It even impacts really, not we're fits that, the because value And believers therefore, the of now. the process a price. impacts in a it's and, one And size pricing. work. value-based within

price, value have It the comes of work no together. to down the same all right? customers So X the

Richard Shannon

Right.

Okay.

Let's see, here. jump of of a I'll couple out questions. maybe more line

alluded of to from you of revenues. year. comments, any One those us your end expect you're royalty see either storefront to revenues don't notable referring opportunities or think this having to I Brian,

if about clarify how 'XX. way? And a any contributory do calendar in could storefront you I about potential think since we big and 'XX, be specifically, contributor those as in the into And then guess, we get how that. So of that could talked could you've quantified be revenue impact

Brian C. Faith

storefront I contributor. will big a be know that don't

I about we even just to it will and back step storefront be think let's begin say, talk with. And a contributor. do why

all company, a as we sell company started we did a devices. FPGA fabless we and when was started So as

have we device the you infrastructure a would So have. to company expect that all

has and relationships chain supply been that's team, operations have office our Anybody that. We everything. to seen

of the just as that than like maybe total doing need companies, we've company becomes but because they, chip, greater especially percentage let in business prefer notion FPGA more content I do they infrastructure to FPGA their that own we the their for IP IP, like think, invested that, able sometimes out, they an of model As the of device them. that a to of the already were we brought idea some leverage they

models. so where nice truly by of And both differentiator And just having company. business getting that's these an is synergy compared an to we're just a company it IP or FPGA

work. like So going that to even on within say, upfront to we've work that XXXX. doing the Eventually, largely that that IP I doing go customer tape-out production. storefront work talked those would that we're We area are things customer, in that about been is

I becoming as that like And question, beyond for extent. answering will we're started do the far okay. it revenues. start they But I And XXXX some when to meaningful we to production, a modeling then as that's percent, your think and device think can go it I in XXXX

forward and to the sort revenue, royalty of storefront see from license devices fast designs. there available going really these we any exceed for contract I revenue years to would couple should designed in real systems. That's far when IP increase are to of Right? government because like or the that more to think be place starting storefront you is than If is into the a take step types of we the function this be end expect all think kicking

Richard Shannon

Okay. and ask Fair enough. I'll one more out here. line jump question of

qualitatively here seemingly hit have this you So as growth your investments year? Are keep do opening of profitability, you or better some flat how We're think in contribution. we at well way? throughout both in to of the up OpEx openings obviously, about job going kind think we a How to kind here nice about go quantitatively? do as we've any Or with gross it profitability. going least profit as relatively

Brian C. Faith

that. and on give the some then comments qualitative Elias let I'll I'll do quantitative

Elias Nader

Yes.

So we're going the like I to million. think be $X.X around

increase because So -- an have a quarter, open. it we that's do definitely we vocal have everyone. We've $XXX,XXX, been mainly about with very positions think, I of Richard, about

our you'll If you see go open. to website, careers it

engineering a positions have lot open. of We

person a necessary. was U.S. just the We in have sales very that hired

compared So spend in where change we're going expecting hire growth. business. and that's small applicable, basically to invest a really we are the money But to the what to very

Brian C. Faith

Right.

So the that. qualitative comments on top of

couple I it to the on Convention whole actually the entrepreneurship and but extends weeks in topic panel Center. of Chiplet So a chiplets that primarily, innovation And Clara of Santa a was ago semiconductors. around in Summit was of

where public mindful run of we the publicly of we targets was to the means, that does multiple a start-up are answer people of have traded discussion was our do topics how obviously, a all companies. we one to so has And we metrics run wearing That like and we do. financial a [indiscernible]. Internally, And mean? -- it this be company run company that like my that startup. What to

really doing focused and a make Elias and we that responsible that. growth revenue in it are financially customer We and do sure on way prudent, and

do a -- these is on on in increase past and to our increase opportunities. really we million, $X.X looking engineering about this coming that regular that opportunities those hires the So team execute year at capacity that this shot that those revenue basis from rifle

in top opportunity, primarily our people which another automated. But of handling why intellect because want the on saw mentioned the warranted in customers. of these need for person current is that's is We so And U.S. that nodes some of team. this and we and headcount I that drive more the is it's because the so then the Australis porting much the the growth those had that. sort sales especially sales, day, provide of things engineering in We side, at still customizations value you to clearly engineering different of funnel. tapped having earlier process making that And add end of wonderful to capacity the out

more so And coming opportunities in.

doing there's engineers model a because, We and those think where love can remain place we add it. we and we and still can -- in have have a to profitable more b, that demand; add means we we do a, scalable I as that model

those growth is more right, year. diversification these profitable come from executing key driving will and hires, line that And really contracts. customer opportunities this and top on us revenue for So

So yes, you increase. see will

is most reason. of think increase a good think I headcount. talked that And Elias for the I about probably that's in very

Richard Shannon

Okay. the I guys. answer, appreciate

Operator

at back remarks. like pass further this closing call no Brian -- Faith There I'd Instructions] are questions to to for [Operator call the time.

Brian C. Faith

approximately as from or be great to trade earnings either investor seeing conference Well, a to, look and X I'd I everybody or always, show call, at like at you for day. an months forward a Have call thank Thank now. which our you. the next will joining today,

Operator

concludes conference. This today's

Enjoy the rest may now lines. your disconnect You of day. your

QuickLogic (QUIK) 27 Feb 242023 Q4 Earnings call transcript