QuickLogic secures additional $1.43M for defense FPGA tech

SAN JOSE, Calif. - QuickLogic Corporation (NASDAQ: QUIK), known for its embedded FPGA (eFPGA) Hard IP and ruggedized FPGAs, announced today an Incremental Funding Modification (IFM) worth $1.43 million for its Strategic Radiation Hardened (SRH) Program. This additional funding builds on the $6.58 million contract awarded on December 2024, aiming to further the development and demonstration of their high-reliability SRH FPGA technology. The company, currently valued at $84.5 million in market capitalization, has seen its stock trading near its 52-week low of $5.27, according to InvestingPro data.

The company’s president and CEO, Brian Faith, highlighted the significance of the funding, stating that QuickLogic’s FPGA and eFPGA Hard IP solutions are designed to meet the demanding requirements of the Aerospace and Defense Industrial Base customers. He emphasized that the IFM and the expanded scope of their ongoing contract reflect the SRH program’s importance in fulfilling current and anticipated Department of Defense (DoD) strategic and space system needs. Despite operating with a moderate debt level, the company maintains a healthy gross profit margin of 59.1% on revenues of $20.1 million over the last twelve months.

QuickLogic, a fabless semiconductor company, focuses on delivering customized, low-power solutions that cater to a wide range of sectors including industrial, aerospace, consumer, and computing markets. Their approach combines advanced technology with open-source tools to offer highly adaptable solutions. While the company isn’t currently profitable, InvestingPro analysis shows analysts expect profitability to return this year, with forecasted earnings per share of $0.12. For deeper insights into QuickLogic’s financial health and future prospects, investors can access comprehensive Pro Research Reports covering 1,400+ top stocks on InvestingPro.

The SRH program’s enhancement through this funding is expected to support QuickLogic’s efforts in providing reliable technology that aligns with critical national defense objectives. The company’s commitment to innovation in the field of radiation-hardened FPGA technology is evident in its ongoing projects and the recognition from the Department of Defense.

This report is based on a press release statement from QuickLogic Corporation.

In other recent news, QuickLogic Corporation reported its fourth-quarter 2024 earnings, showing an earnings per share (EPS) of $0.04, which surpassed the anticipated $0.03. However, the company’s revenue fell short of expectations, amounting to $5.7 million compared to the projected $6.1 million. The company has also entered into a sales agreement with Needham & Company, LLC to potentially raise up to $20 million through an at-the-market offering of its common stock. Additionally, QuickLogic secured $1.5 million in a registered direct offering, which involved the sale of 256,200 shares of common stock to institutional investors.

In another financial move, QuickLogic amended its credit agreement to extend the maturity date of its $20 million credit facility by one year, now set to mature on December 31, 2026. This extension is part of the company’s strategy to provide enhanced operational flexibility as it pursues a significant government contract and develops new eFPGA IP licenses. The company’s recent financial activities, including the stock offerings and credit facility extension, indicate a focus on bolstering its balance sheet and preparing for potential growth opportunities.

These developments come amid QuickLogic’s strategic initiatives and guidance for a significant revenue rebound in the second quarter of 2025. The company’s focus on expanding its product offerings and strategic hires is positioning it for future growth, particularly in the eFPGA market. Investors are encouraged to keep an eye on QuickLogic’s official communication channels for further updates.

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