Benzinga | Jan 18, 2022 09:11AM EST

QuickLogic Reports Several Of The World's Largest Consumer Product Suppliers Engaged With Co.; Co. CEO Sees Strong Demand Trend To Last At Least Through H1'22

Received ~$1 million non-cancellable and non-refundable purchase order in December to supply ArcticLink(r) III BX display interface bridging device to a global provider of imaging products

- Revenue expected to be recognized in the first half of fiscal 2022

- Expect to be at or above operating cash breakeven in the fourth quarter fiscal 2021

- All other fourth quarter financial results expected to be within the ranges provided in the conference call held on November 17, 2021

- Greater interface bridging sales expected further increases confidence in fiscal 2022 financial outlook

SAN JOSE, Calif., Jan. 18, 2022 /PRNewswire/ -- QuickLogic Corporation (NASDAQ:QUIK), a developer of ultra-low power multi-core voice-enabled SoCs, embedded FPGA IP, and Endpoint AI solutions, today announced preliminary selected financial results for its fourth fiscal quarter, ending January 2, 2022.



Global supply chain problems brought on by the COVID-19 pandemic have created a worldwide shortage of certain display bridge semiconductor solutions. In recent weeks several of the world's largest consumer product suppliers have engaged QuickLogic based on its ability to provide solutions with shorter lead times. In a separate announcement issued last week, QuickLogic reiterated that it has off-the-shelf availability of its ArcticLink(r) III BX display interface bridging devices and can fulfill the void in the market. The company has delivered over 50 million such devices to date.

"Demand for ArcticLink(r) is strong and we have ample supply to support current and expected future orders. I expect the demand trend to last at least through the first half of fiscal 2022 adding to my confidence that we will achieve the revenue growth and profitability targets we previously discussed," said Brian Faith, chief executive officer at QuickLogic.

QuickLogic cautions that its anticipated revenue and cash breakeven results are preliminary, based on the best information available and are subject to completion of audited financial statements for its fiscal year 2021.

The Company expects to announce its full financial results for the fourth quarter and fiscal year 2021 on or about February 16, 2022. Event details will be announced in a separate news release closer to the earnings release date.