Quicklogic Corp (QUIK) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 28, 2020

Exhibit 99.1

QuickLogic Reports Fiscal 2020 Second Quarter Results

San Jose, Calif. – August 5, 2020 - QuickLogic Corporation (NASDAQ: QUIK) (“QuickLogic” or the “Company”), a developer of ultra-low power multi-core voice enabled SoCs, embedded FPGA IP, and Endpoint AI solutions, today announced its financial results for the second quarter of fiscal 2020, ended June 28, 2020.

Recent Highlights

Fiscal 2020 Second Quarter Financial Results

Total revenue for the second quarter of 2020 was $2.2 million, an increase of 2% compared with the first quarter of 2020, and 5% compared with the second quarter of 2019. New product revenue was $0.8 million in the second quarter of 2020, an increase of 69% compared with the first quarter of 2020, and 15% compared with the second quarter of 2019. This sequential and year over year increase was primarily due to higher sales of EOS S3 product. Mature product revenue was $1.4 million in the second quarter of 2020, down 18% compared with the first quarter of 2020, and flat compared with the second quarter of 2019.

Second quarter 2020 GAAP gross margin was 45.7%, compared with 51.7% in the first quarter of 2020, and 49.0% in the second quarter of 2019.

Second quarter 2020 non-GAAP gross margin was 47.1%, compared with 52.2% in the first quarter of 2020 and 49.8% in the second quarter of 2019. The lower gross margin in the second quarter 2020 was primarily due to a higher percentage of products shipped into the smartphone market.

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