QuickLogic Misses On Q1 Earnings; Roth Capital Upgrades Stock

QuickLogic Corp 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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