QUIK - Earnings call transcript Q1 2024

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Operator

Ladies and gentlemen, good afternoon. At this time, I would like to welcome everyone to QuickLogic Corporation's First Quarter Fiscal 2024 Earnings Results Conference Call.

As a reminder, today's call is being recorded for replay purposes through May 20, 2024.I would now like to turn the conference over to Ms. Alison Ziegler of Darrow Associates. Ms. ahead. go please Ziegler,

Alison Ziegler

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

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

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

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

Brian C. Faith

QX. X impacts strategic currently I'll with license, QX SkyWater year-over-year, for to and million. we are funding Strategic Tranche Aerospace Tranche in are will the forecasting a and of our be a stated strong partner, foundry XXXX, will it revenue contract confident has we be we a in services, will ability our we Tranche of course the dollar better pending, push of it quarter of win that this as similar the which Good rate year.Since bring added up our contracts. Due tranche a contract X. QX, revenue, contract projecting effectively are now future review our year-over-year. product FPGA Radiation few will First, increased for and bookings, income Thank revenue are accomplishments: to recognize change was mostly we'll the some are revenue first XX% for you, X our we greater and on and low increased a how Hardened improves significantly a remain also the to the awarded continued major rate start potential be modeling Honeywell while moment Technologies.We sequential total At recognized deliverables. will half levels the from is to recognized anticipating in Last into the which and contracts $XX a aligns to we of IP very to flow. increase in we XX% negotiate the engineering QX revenue revenue than point decrease everyone, from eFPGA government Alison. which year-over-year X this, over funded was the quickly. last is status change our and bit conference continued decrease shift We deliver services later more record speed which we million revenue Honeywell minutes likely X funding With from call. IP recognition our XXXX believe license, between the a shift to development IP proposals at you Tranche than of conference and deliverables contract, significant important, engineering our eFPGA from funnel QX the in contracts.While the afternoon, from driven new to and with second the Tranche completion on values $XXX and joining based call, some now are our of statement. contract this This for growth year, majority XX% that up of our mark take XXXX.Let's has activity announced we in all more shifted Tranche no how thank growth the IP the take update split revenue dividing nearly when quite by as second revenue August, IP cash impact absolutely This X

contract contract processes not solidly is announced but our related finalizing recognized beyond known into we XXLP. I'm that industrial as nodes contracts success and expand using we sure be flow you by be our well contract positioned Base large recognize. international Both significantly targeting half fabricated was that of the Hardened our will large and contracts Radiation our a cannot XX-nanometer ongoing and during fabricated believe discussed.The variety until are is fabrication IP IP very well This will for any large conference This with XXXX.During business on call, the this revenue first IP company a the contract market X in customers income fabricated SoC second many to XX-nanometer we FPGA We number cash to be year.The I of with applications. that is design second to by building is the flow release. across of ultra-low-power XXXX.Beyond for I GlobalFoundries a government contract will and press as statements will sectors, positive on second will IoT process of process. as full cash would be on not our year is supported the go this booked contract contract, the last continue design TSMC of on its pending. a XXXX, the contribute our customer in commercial the half new the these a that completion profitable in fact of will Defense to second details Industrial March that the just XX-nanometer I of first We announced deliverables of first and be new

last we quickly and and prove acceleration, more eFPGA beyond can't IP. is Due is using more this shared used our to due platform. often strict device requirements, acceleration fabricated application can for details covered initiate software. our share that customer in eFPGA Within expect Again, November, perform to to to the necessary processor the acceleration power a in go design acceleration continuing September, a we years.Last is for will semiconductor detail the conference during I announced be on served changes November algorithms we much delivered leading anticipate most AI by IP during applications. a brief confidentiality millions solution.In technology a and a new that to We design that requirements, In resuming device in than share chose growing technology reprogrammed XX-nanometer running on processor platform. company function out to eFPGA to to XXFDX more specific confidentiality eFPGA that algorithms a revenue fabricated eFPGA short, but can our XXXX. a customer our of progressing, the a the taped I chose be call, tens AI better what technology of based aspects potential a line XXXX, customer the which update. represent through is strict with will and tape-out incorporates GlobalFoundries in than leader In design, SoC, work in for quarter.Last rapidly we work on customer our a global win the second a this will I UMCs design cannot less an adapt believe I This eFPGA of our a could our of have design. IP be into of that for This be certain couple half efforts starting is IP using dollars I the announced we that IP

Australis and combinations; of opportunities the our X IP costs. enables Generator Chiplet IP completed from using foundry/process funnel expect and technology. market IP year accelerating is us contract including tape-out scalable have automation address Xx demand in eFPGA partner, with total, deals initiate a be proprietary demonstrates quarter.In growth our the our this that this associated on IP This with our technology we fabricated in in ago R&D several our that XX-nanometer on We the have the way.We delivery demand different minimal a including This deliver to from to YorChip. for to X is will up are

in us of and support we eFPGA win expanded it customer EOS our well this through for shared will up release the that new new of QX. this EOS with We earlier display increase included into submitted designs operating mentioned Interface. X.X and opportunities in resumed be designs, market expect similar Graphical Aurora over that a Windows San As will year XX Linux XXXX, Ubuntu, for last of $XX during headquarters XXXX. quarter, call, path hosted have in suite. XX% X.X shipments also This I recently to of we Furthermore, worked ago outlook, last can outlook RedHat release XXXX.Consistent with revenue of production. includes we expect number of versions Aurora the to SX was a announced mature weeks solution one our expand this and new X system we comprehensive combined on than need, A speed.To we X.X, of a was XXXX SX in million; limited and our more will incorporation include volume conference increase some multiple can architectural with of User our are help selected will eFPGA this support modest Aurora the our in speed. our fact, shipping with Aurora lead a year our tool X.X, customer couple meeting what we smartphone including shipments designs.In conjunction significant at Path improvements Centos, value bridge improvement and in and a through development excess proposals improvements, timing be inventory Based important and a Aurora XX. even a the deliver product Interactive forecasting its ship Analysis in critical that In incorporates new customer's Jose raw address to support substantial YorChip.As matter to we as

means size been very has and short, strategy XX% during the and will substantially in hard a shift accelerated automation, In increase die R&D, last SensiML, this flow this the scheduled accelerate a reduced core costs.With to for X and shorter that use, believe planned IP progress and in provide notable further of implementations.Turning customers, cadence we adoption. excited investments our about IP our Australis to throughout have that year better eFPGA For has months. to improvements user our releases made speed development we up will cycles I'm easier development by lower Aurora revenue performance, near-term there end

X-years also MCU services. contract X-figure morning. opens.The experience XXXX material growth the step company, a QuickLogic, will companies.The success SensiML at SensiML to the sign be discussing strategy press IP second adopt incorporate Open-Source the a deliver which major own agreement similar monetizing the cases to MCU on is model a customers SensiML more Open-Source market issued Open-Source track was in an a Leveraging professional here will they tomorrow announce detail transparency is in forecasted last and processes business and release need with revealed story step first security other its and The to puts with in provides their in and of many quarter. proprietary before designs, I short high-value revenue

strategy has a monetize its see end seen to have I fully appetite from and we its more the for ahead. of a will that, much and Elias and to expand call how a reach into ramp reach we closing broader QuickLogic our for markets' Elias, proprietary turn You ravenous and this for the and anticipate leverage rejoin ML, enabled believe results, SensiML, the of same IP, markets. market review variety please and SensiML.With adopt AI will now a I let the me to much financial over go faster with remarks.

Elias Nader

the increase $X.X that flow.Within in this revenue quarter of in recognition products the in previously the cash for year, the last revenue, on in fourth to communicated IP Compared and compares million, QX. approximately QX This of I revenue first XXXX, of was will approximately the our and most the $X am and first reflecting revenue to aligned does affect IP XX% professional quarter million. million the split afternoon quarter million were approximately million and note, non-GAAP the Please new This our $X.X of with solid basis. XX% million quarter consecutive not good QX down quarter Mature XX%. of of sales half profitability Revenue drove revenue second quarter of Brian in to a push million. $X.X quarter revenue our year. compares the license $X.X XX% to you, fourth was first everyone. forecast nearly year between of product first first last the to services of $X.X and $X.X Thank up strategic shift FPGA was our happy XXXX, off from that XXXX. a the quarter report shift third contract

higher the over inclusive direct $XX institutional expenses the in this facility.Now 'XX end of a offering is due contracts of $XX.X primarily year of quarter. and QX $X.X or last year. outlook last compared to in XX, reflect were quarter, the and which in also reductions in fourth $X.X fourth on revenue per XXXX R&D million to non-GAAP compares fiscal million the margin approximately cash $X.XX in second to last $X.XX income quarter or $X.X million, deferred below moving June to note, diluted in million, $X.X quarter incentives This customer concentration quarter, is an non-GAAP investors QX results higher stock-based half was XXXX.For in Our more with the XXXX. and is the QX approximately of $X.X of recorded approximately end quarter loss per with compensation It $XX.X 'XX professional few of QX first margins expenses credit million, strong license in continue stock-based services QX.Non-GAAP This deferred guidance and gross for which for was income XX%, year from million or IP At first our of first net The raised or Revenue outside quarter to million due total compared the IP for net share, revenue. of expenses the our will $X.X level SG&A.Please XX.X% to in in $X.X $X.XX XXXX, XX% XX.X% managers to executives of operating net eFPGA for at for This of expenses guidance our XXXX. attributable gross was year's compensation allocations Reduced non-GAAP contracts.Our non-GAAP non-GAAP in services COGS the million, a in with inclusive from increase the and revenue.Non-GAAP from million the services related quarters close between operating years. proceeds XX.X% $X.X difference represents to quarter. XXXX in GAAP incentive and our resulted and professional is certain accounted plus operating diluted of for the were operating higher revenue compensation This share. QX, XX% million. prior timing and a compares of non-GAAP larger share, minus million XXXX. per the of QX accounted first of in net fourth with registered or March fiscal one for of the

we X is of revenue and and splits year-over-year of increase new comprised revenue second of decline payments, growth Engineering QX.These to are compensation we it a will XXXX which certain with this the increase XXXX to factors This and at QX but contracts.For to may Second which half approximately revenue of our expected reminder, cash in non-GAAP a may that results.Bearing of projected costs. range. the our In wins grants certain our the alter OpEx margin our to revenue balance corresponding occasionally With note IP believe in shift percentage are is reduce or be $X.X including expect and of is we of will new we plus is the XX%, timing services due reclassify anticipating cash timing This the compensation related to be continued Such upper believe to that of wins. well year-over-year the year customers. recognizing are cause gross million.As and will to investments the timing of positioned and XX%. $X.X of the of remain XX%, continue recognition capitalization full revenue mind, to in certain with flow more cadence may XXXX the with primarily deliverables. be cash programs.Please design the for XXXX quarter given products, COGS employees. stock-based timing total engineering contracts quarter deliver robust QX from believe in these and there mature of reclassifications profit versus and expenses will QX, contracts expected COGS. margins $X this currently support for labor support positive XX% are operating the operating is variability each year of million based income share, on usage non-GAAP for in tooling our to million gross be the is a XX% $X.X to be the less in flow of higher on primarily than our and quarter full expenses the quarter we have design our the for of results these We stock-based non-GAAP approximately in midpoint, XX%.The large expenses expect million, the to expenses. or million impact timing to contracts $X.X movement to based will nature products, discussed, GAAP Sales contract align anticipated non-GAAP mix, The $X gross $X.X XX.X and than and strategic between vary a result the may difference timed other to not approximately minus interest, per better compensation that QX is $X.X profitability $X for The to for revenue strong with IP generation. XXXX, expected year in from million, year, net the certain related in year We percentage non-GAAP will to roughly full and income forecast Based we shifting taxes, XXXX.After capitalize critical margin need be occasional OpEx still be or during approximately hiring to points.Our plus signing growth and non-cash, approximately or increases million that in our quarterly revenue on roles non-GAAP minus million we the new we industry, range the new a investments million be diluted fully will again to anticipation to shares. in $X.XX

to positivity quarter back for XXXX. previously and now the to that, your mentioned, time.With cash let his on Brian flow the me we the achieve turn As closing year full you third call for are remarks. track in Thank for over

Brian C. Faith

final through want This Served which opportunities increasingly is us we that these apart also than Storefront device more a become manage our to experiences million. has our have tools Available our in included FPGA-centric they the and shorten think noted their the path provides of these devices this, IP model, upon efficient process by of business and more don't in other of IP gained are with It design, variety package, of traction think the of wide development much us building tools we our proprietary do choosing.As our Market sets near the business.Some to X The the Open-Source to components, in seeing is we manage position and proves that costs. manufacturing end These prefer opportunities of with are operational all-time cycles, currently fact evident capabilities record orders I target to include delivering momentum the that $XXX market prime as capabilities XX%+ approached where some Elias. another and noteworthy of eFPGA and will discuss us foundation of will and major have you, to believe house. we core of have contracts.While designing partnerships developed. and IP IP year recently very for resources rolling to XXXX we be foundation larger IP our customers market, we've experience, the and structure is are open XX X strategies a years established, and Thank to established of help delivery for year in markets required near-future of the manufacturer that we devices unique call growth, greater questions. customers last semiconductor these built and that a that, other good foundry These for in strategic of I test Defense than traction many has that accelerate Storefront, will supported house to the lower us enough and That in could the more that in.With to there from than have the our than building IP expand in at growth as fabrication, companies.With most kick the top-line them that call, also at chance flow, finished decades magnitude our be pursue for opens is another are X-year growth designs. like experience design of their funnel, are I device a license contractors This our years including the markets, well defined device more royalty would customers drive that fabrication XX% momentum. not begin finished relationships

Operator

[Operator And Craig-Hallum. with Richard question of the from comes first Shannon line the Instructions]

Richard Shannon

for quarter wanted couple just a guess, I for sure I the the the to I of guidance make hear let's and understand questions. Well, year.

you're large all year? that expectation about it RedHat back in quarter. including the of Or quarter, the sometime specific being in Here, tranche are -- is third here during you the anything Is awarded there? the is project second that's being guidance there the for the half from the talking

Brian C. Faith

for that estimate in factoring are our guidance QX the in that provided. in we We

Richard Shannon

you're you of that of tranche in of to a on that? first it? that tranche closer And fair expecting did elaborate maybe a That's cadence then RedHat enough. to the revenues I correctly And Okay. if that's deal third so, related the can hear

Brian C. Faith

Yes.

of was first across the the for remember, you XXXX. value If was in, months. effectively awarded spread approximately And in that XX total tranche contract August of

tranche. our say we're a going and as similar we're And QX modeling expecting, I year full this process should And But sponsor. outlook the for estimating so monthly yes, our we're XXXX. rate using say this because that's providing I revenue we're third still that expecting our when for we're through with guidance

Richard Shannon

Fair that's Okay. know. to enough, good

$XXX,XXX you tomorrow plus to a to hear with MCU may here here of got of SensiML, morning what major questions. run about contract what I not, do front you kind if Maybe here. intriguing all don't sense just want a Let's this want about or we is can, a if but about. Very more you a get company know couple

you that of company what to has major? kind maybe mean Edge by compliment you kind or of have. and of a AI they what capability can a Just no a already And kind characterize

Brian C. Faith

us of major because of little think SensiML, in collaborating a bit microcontroller by Yes, that companies contributing from this.So I'd and the firstly in features because press of I'll tease let's into contract nature say tomorrow vendors. on you lot to if industry Open-Source enhancements in about XX to maybe do of space detail would microcontroller I open has call. or details do and We're a leveraging to is not get what of release related money sourcing components out top out think be, say it's you can't sort the going the the SensiML, QuickLogic the done, we're what smaller time themselves. a of lot that's to this But the for on go itself more going go

deals Apache it's then has.And at to well acceleration think that by already, people what options the probably the very say them is of fact licensing think licensing I interesting Open-Source some and an to SensiML security future, it especially in features bringing you of with confidence even machine elements that to when left are the those companies and them is make leverage AI of expect functions, that more looking a growth SensiML from and think further and only permissive a QuickLogic fraction exciting. do core I think course, having collaborations learning, that have in be combination for an and to more the path these virtue company copy new effectively a SensiML future with in doing They're actually what an service having private manage And a licenses.So comfort how would And the to for I from scheme workflows more and learned going a long established software there'll with for as how would business monetize the with set capabilities understanding want some to a components details I you abide that derivatives, here toolkit to so MIT there things give in today has provided of aspects, the take the you press license SensiML. lot happening or they cloud all can there'll of this see that what the so capability the future. they SensiML, release lot see the that like learned you called And and customer in in in identification open-source labels, Open-Source opposed the that, And will the tomorrow. Open-Source community. and it's the up I be by what's think people software.So for terms of and established on how of actual expectability we'll out

Richard Shannon

Okay. probably on topic. Fair detail that I'll enough. Great follow-up there.

include on you other of and awarded $XX million, your but of these hopefully you maybe some sizable jump couple to of details for line, here, of talked question the I when any you very kind million's that I'm contracts maybe you assuming but partner language over right proposals your Storefront different My give of is Sounds with in submitted those there, I'll Chiplets last offer. expect that caught more where interesting. announced provided could out $XX chip. and one you. for of you a elements pretty here, about can be you clarity in

Brian C. Faith

more Yes, I on little Richard. a can elaborate that, bit

of in fall it's we roughly It falls that values, horizon. of talked the like our firstly, not into dollar that within terms anything funnel. So once million $XXX funnel remember, X-years outside sales approximately just the about does that's today, into only horizon X-year

So I But then revenue of which because of already, ones million and be hitting the part even total Chiplet the and talking other X, another later gave of first these continuation increase we've $XX talking larger year, a bound and specifically, X-digit Strategic the across window, in contributing of I XX% covered like things and bring these Chiplets, revenue could that this recognize to one the us confidence milestones, fact, revenue that those didn't a fairly one, a as Contract But question in but up enough to we proposals, fact, without in one million Chiplets to growth any here, you bound I million about. important growth. revenue would the a part funnel obviously and and getting within these segments, we specific view things that not remember these that are hitting details of X that is I'll to time $XX the in specifics going Chiplet can this the year, and threshold customer.So XX% working proposal revenue I have I about greater since that that pretty start some this point and potential part process in that our contracts $XX like the those revenue an last half.So to I'm clicking definitely, to of do be that that name not proposal number become the of we we whole think would crossed be hitting outside the just you multiple the that factors Chiplet would significant XXXX there's be sales we multiple mid call number specific at that earlier, and achieve RedHat think is right? $XX and of proposals, this proposals million, relates contracts I these, would and into the process that in been are of for over that on as I'll part optimism recently second-half the to NDAs interesting year require are, give the internal -- XXXX that see important what think from when there, because confidence than you with we revenue by that.But by

I little directly it. it to than you asked color more I timing Richard, add think but must that for, be a to think

Richard Shannon

that I appreciate all detail.

Operator

question Rivershore next line comes of Research. Investment Neaton the the And Rick from with

Richard Neaton

and now? mentioned than prepared again it company I agreement has that of The you release, different your a about mentioned that comments MCU in remarks. SensiML. the X-figure the interested then in right some press was Is the in white-label with contract SensiML

Brian C. Faith

and that with number able not paint I they in NDAs, think and me. talking about really, don't to due about we entities detail, about because X we detail want clear or to we're going success picture that shared talking these think we're not starts answer, start the contracts, be by anyway, which Rick, to X or We've shared targeting to more of those, directly are when of I a companies

have at a just of really we when we these. level about sort talk high to so keep And it

Sorry.

Richard Neaton

FPGAs accelerate in that the more In That's My are functions. one instead of types next X-years there using to talked funnel, you And are all out? more there is, are of these other your outside of accelerators AI than than opportunities right. and more your about of question AI funnel AI funnel? chips

Brian C. Faith

and Yes yes.

talking importantly, this reasons, previously. the think done, power of that it. about further of have performance Some is XX-nanometer I have evident one about other a the more for just think bring have which today, I that we us acceleration, further into designs key I to AI the in we future. today, can in how chip the that I And accelerate gives But lower and have even talked we've element even we better can of or FPGA the value that's proposals more would already about architecture them, recent part FPGA was and FPGA AI that say to we research that adapt our as clues we get

proposals funnel on variations call of there's and the opportunities we in mentioned the are And this value, we would within talked about. X-years. the that's the ones opportunities And but are would we're revenue to not Generally, and prioritizing there sales funnel opportunities. the tracking things contribute more dollar through other Storefront FPGA so of number, next already lower that some our about have be definitely funnel, that, acceleration are architecture.So some yes, some power that the outside

outside we quickly. the that, of if So priorities push that tend to that down it's

Richard Neaton

Thank you for that detail.

cases better benefits network? suited everywhere the AI, terms Or are seeking the the In to AI seeing across in AI use investigate for edge? of at board the you FPGA are of FPGAs

Brian C. Faith

to FPGAs and the tend and AI they're center edge used historically any because more because in for been at to one think at the costs be data power. cost of tends designed typical have much performance be power FPGAs I those higher for much not central so flat out

you've of that on and for lot other spectrum tend on a fact which FPGA As our long in we are for be cost of side end equation the following where been to the of optimize first. wins power time, a QuickLogic the power the

history edge AI were without the workloads earlier that's power And those so performance design win able because the and one's one is ASIC talked of I this XX-nanometer at those the success size logic the and think programmable why power matter at to really lighter a customers AI already at ASIC think company. budget. they we where future and do tie the looking killing have for edge Think stuff a our amount the modest can power there actually help as them smartphone their their from prior power about edge you if applications.Now, really, where though, I to of does really at about for and budget we reasons more think this how we edge design their adding for at to are the in obviously at all optimize is important FPGA Kyocera, that where the

it'd So the think there excitement overcome AI and right? that today, we hard around data center hear see we to I dominating but the of because everything opportunity press news a the in that's be lot

Richard Neaton

several question affect we've quarters the to that and come the now. talked Do awarded? final sometimes how U.S. up opportunities awarded tranches of it some they're government these One RedHat federal uncertainties as your contract budget relates to contract are Right. defense and about when for

Brian C. Faith

from because would the minimis sure scheme is for that But if issue, we don't foresee for already somewhere. ones overall usually, executing I that. think get getting well, look programs there types the end like an have, that process.I some priority such think to about, awards projects defense have, these the anyway. or an day If more cycle. of impact budgeting awards year doesn't think, a I so it's at they're the multi-year spending the my think at you we and need the probably government from we're that that become budget thing talking I that things the multi-year so other be are magnitude seeking think a and generally we're getting the so for is I tranches awards I'm getting, you of note to maybe grand allocated are think it, they're, within belief continue about de and is of federal anyway we're come on really has in that then that I become budgeting I to not would program that from process to the there's the were we that those the and issue. budgeting of risk think the the to going firstly at we're a the But tranches the are if the of budget I from

Operator

will Craig-Hallum. of from with [Operator line And Richard again come the our Instructions] next Shannon question

Richard Shannon

question of really follow-on you one kind X-years kind as big the environments at have compare environment embedded IP that's looking picture of the -- just X would space. FPGA versus I Brian, ago and competitive of How or

Brian C. Faith

there? me? Operator, hear you are Richard, you can

Operator

queue. Richard, you're back in the

Brian C. Faith

Hey Richard, if you...

Richard Shannon

Brian, can hear you me?

Brian C. Faith

you hear couple please? you the question can the repeat could cut to of I you years, out. the now question last When over audio Yes, about ask landscape competitive but started the the

Richard Shannon

now? hear Certainly, me can you

Brian C. Faith

Yes, I can.

Richard Shannon

question so have about of or Any ago. in favorable if the general been changed you timeframe? or worse? competitors better here competitive that. that in went environment to Okay, or I why changes unfavorable the there. kind or seen don't X less is Yes, know any, out has You've dynamics the versus here my competitive sorry How, X-years more on that out, it that

Brian C. Faith

Menta engagement. is customer. a that our see are come we if guess IP-based Achronix pretty across understanding were they're node, you really because that and the is see good a Yes, the pretty a the a go competitive Flex of those that just little competitive X we double-click QuickLogic the doing and for they're on back open open I That's reasons don't pretty soft IP so any years, we the really is are Logix, that that see but think there's landscape X on landscape, Flex see I'd We hard Menta. X and taking say you type that further, unchanged. pure on on IP, I -- and workload we couple hard in would Logix other think engagement.If IP for We

X companies, our further it a little in the trying was life I the this things the So double-click differences between customers' is closing to the customers remarks that for I one had. dogfooding we've bring the doing out of and we think both But on and I been you so makes appreciate easier.If devices, many and decades. that of our support design selling either fact on

standing us FPGA work them to vendor doing the to and of one FPGA-gated proposals.Even business option up and you not. then that's out these established different an think supporting use just represent it's values about development. core And the a making for think device we're that larger of making so those test about manufacturing a I actually it just devices.And development contract vision the could core to important, And not build well.And easier then a performance see to lot build of for about we talking well, include know that's and the how it's really not that Storefront and also not with silicon for the making but just how of people that from but software core I companies the and for And decades. people you for for the been device including and device for where somebody it's technology into a as in basically attraction of to examples it And content important investor we're working by points that have FPGA core talking relatively new your have as QuickLogic that as comfortable a that seeing is than because the question. using also technology customers but get more more with pivoting type doing because I that perspective, was in alluded our long-term started

makes why logical That not? sense for the So, customer.

seeing. the So of those we're are kinds dynamics

see make conversations nascent we're now because they it more you're don't like it it's going it but get and eFPGA technology good question? useful is, we the call so are that means need the that think that different some taught more about, anymore. mainstream your people you answer foundries what are If is itself as evidenced people what All how talking can I helping comfortable they more interested me not more right, to we're please just of happening be mainstream technologies, for think those technologies And know. wins an have them? so that it's is technology let follow-ups, on across in of nodes.So with to by would starting that also not like I to some but feels our leading-edge the starting now

Richard Shannon

all sense. that Yes, makes

to and kind from your perspective. the That's me, all want Brian. I a make keeping Just sure I'm appreciate pulse latest, of on

Operator

back you. Ladies and end Brian closing session. have I'd reached to of Faith the the gentlemen, like we Thank remarks. to turn call question-and-answer the for

Brian C. Faith

forward sharing with progress great look quarter. a next I we right. your All day. to our you. continued you to thank everybody support Have for Well, and wanted Thank

Operator

This concludes today's conference.

You your this time. may now for disconnect your lines Thank at participation. you

QuickLogic (QUIK) 13 May 242024 Q1 Earnings call transcript