Benzinga | May 19, 2021 08:53AM EDT

QuickLogic Misses On Q1 Earnings; Roth Capital Upgrades Stock

* QuickLogic Corp (NASDAQ: QUIK) reported first-quarter FY21 revenue growth of 4% year-on-year to $2.2 million, missing the analyst consensus of $2.5 million.

* New product revenue rose 121% Y/Y to $1.1 million due to higher revenue from sensor processing and connectivity products. Mature product revenue declined 30% Y/Y to $1.2 million.

* Non-GAAP gross margin expanded 50 basis points to 52.7%.

* Non-GAAP net loss declined 58% Y/Y to $1.3 million, translating to an adjusted EPS loss of $(0.12), missing the analyst consensus loss of $(0.07).

* QuickLogic held $20.9 million in cash and equivalents and used $2.7 million in operating cash flow.

* Roth Capital analyst Suji Desilva upgraded QuickLogic from Neutral to Buy and raised the price target from $7 to $8.

* Price action: QUIK shares traded lower by 0.65% at $6.1 in the premarket session on the last check Wednesday.

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