Key Highlights

  • Fiscal third-quarter 2026 Revenue from continuing operations was USD 5.1 million, up 153.2% from the third quarter of 2025 but down 6.3% from the second quarter, below the midpoint of company guidance.
  • The GAAP net loss was USD 2.2 million, or USD 0.12 per share, against USD 4.0 million, or USD 0.24; the non-GAAP net loss was USD 1.3 million, or USD 0.07 per share.
  • GAAP gross Margin was 37.4% versus negative 23.3% a year earlier and 43.9% in the second quarter, while non-GAAP gross margin was 41.0%, compared with negative 11.9% a year ago.
  • Management guided fourth-quarter revenue to USD 8 million, plus or minus 10%, including USD 7.3 million of new product revenue, with non-GAAP Net Income of about USD 1.3 million expected.

Q3 Revenue Surges on Last Year but Slips Against Guidance

QuickLogic (NASDAQ:QUIK), a fabless semiconductor company focused on embedded FPGA hard IP and radiation-hardened FPGAs, reported fiscal third-quarter results on November 10, 2026 for the quarter ended September 27, 2026. Revenue was USD 5.14 million, against USD 2.03 million a year earlier. New product revenue was about USD 4.0 million, up 324.4%, while mature product revenue was USD 1.1 million. Nine-month revenue reached USD 15.7 million versus USD 10.0 million. Management said the shortfall to the midpoint of its guidance was due solely to a customer extending negotiations on a 1 million LUT contract targeting Intel 18A-P to include a storefront provision, and that it expects to sign and recognize revenue in the fourth quarter.

Margins Fall Short of Outlook as Costs Are Reallocated

GAAP Gross Profit was USD 1.9 million. Management said non-GAAP gross margin of 41.0% was below its outlook because lower revenue meant less absorption of fixed costs, and because more Research and Development cost was allocated to cost of revenue. GAAP operating expenses were USD 4.0 million against USD 3.5 million, while non-GAAP operating expenses were USD 3.3 million, below the outlook midpoint of USD 3.6 million. Management cut its full-year non-GAAP Operating Expense range to USD 13.3 million to USD 13.4 million from USD 13.7 million to USD 13.9 million. Net cash was USD 14.2 million excluding a USD 5 million line of Credit drawdown, and timing of payments helped third-quarter cash flow.

What a USD 8 Million Fourth Quarter Depends On

Management guided fourth-quarter non-GAAP gross margin to about 55%, plus or minus 5%, and non-GAAP operating expenses to about USD 3.2 million. It said it targets 72% full-year revenue growth and a Cash Flow positive year. The plan leans on a forecast new Tranche of its U.S. government radiation-hardened FPGA contract, which has a ceiling of USD 89 million, plus the delayed IP contract and several design awards the company expects but has not yet signed. These are forecasts, not signed orders. Because revenue on IP contracts is recognized ratably, any delay in awards pushes revenue into later periods. The company also named James Sullivan as chief financial officer.

Where Things Stand

Possibly, but it depends on contracts that are not yet signed. QuickLogic (NASDAQ:QUIK) guided fourth-quarter revenue to USD 8 million, a 55% sequential jump, after the third quarter missed its own midpoint. Management links the gap to a delayed IP contract and expects a new government tranche in the quarter. Cash and margins also bear watching, since third-quarter cash flow benefited from payment timing. The next markers are the fourth-quarter report, contract signings and the radiation-hardened program tapeouts planned for early 2027.