The following is a summary of the Quicklogic Corporation (QUIK) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Quicklogic reported a Q1 revenue of $6 million, marking a 45% year-over-year increase predominantly due to a 60% boost in new product revenue from EFPGAIP contracts.

• For Q1, the Non-GAAP gross margin experienced a climb to 70.3% from 59.7% in Q1 2023.

• The Non-GAAP net income for Q1 was $1.7 million or $0.11 per diluted share, a significant turnaround from the $0.5 million net loss or $0.04 per share in the same period of the previous year.

• At the end of Q1, Quicklogic's cash position was solid at $27.4 million.

Business Progress:

• Quicklogic forecasts over 30% of year-over-year revenue growth for the year 2024, substantiating their progressive market strategy.

• With two contracts for fabrication using the advanced 12nm process, significant cash flow is projected in H1 2024.

• The company's collaboration with Yourchip has developed promising chiplet opportunities, with two substantial papers submitted this year with a combined value exceeding $40 million.

• The company introduced Aurora 2.6, its comprehensive EFPGA development tool suites, with further releases planned throughout the year.

• SensiML, a Quicklogic subsidiary, secured a significant six-figure contract with a major MCU corporation, suggesting expanding reach and influence in the sector.

More details: QuickLogic IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.