What changed in this filing

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Item 1. Financial Statements

2023-11-15 compared with 2023-08-16 · 157 added, 113 removed, 561 unchanged (32% of the section changed)

7 unchanged sentences

$ 19,201  

Accounts receivable, net of allowance for doubtful accounts of $ 14 and $ 18 , as of July 2, 2023 and January 1, 2023, respectively

Accounts receivable, net of allowance for doubtful accounts of $ 16 and $ 18 , as of October 1, 2023 and January 1, 2023, respectively

Contract assets

Note receivable

Prepaid expenses and other current assets

34 unchanged sentences

200,000 authorized;

13,725 and 13,202 shares issued and outstanding as of July 2, 2023 and January 1, 2023, respectively

13,906 and 13,202 shares issued and outstanding as of October 1, 2023 and January 1, 2023, respectively

Additional paid-in capital

14 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

$ 6,665  

7 unchanged sentences

Total operating expenses

Loss from operations

10,767  

Operating income (loss)

( 1,240 )  

4 unchanged sentences

( 156 )  

Interest income and other expense, net

Interest income and other (expense) income, net

( 36 )  

Loss before income taxes

( 60 )  

( 99 )  

Income (loss) before income taxes

( 1,344 )  

Provision for (benefit from) income tax

( 2,301 )  

Provision for income taxes

Net income (loss)

$ 1,192  

$ ( 1,347 )  

Net loss per share:

Basic and diluted

$ ( 2,305 )  

Net income (loss) per share:

$ 0.09  

$ ( 0.11 )  

$ ( 0.17 )  

$ 0.08  

$ ( 0.11 )  

$ ( 0.17 )  

Weighted average shares outstanding:

Basic and diluted

13,859  

2 unchanged sentences

12,401  

Net loss equals comprehensive loss for all periods presented.

14,131  

12,664  

13,377  

12,401  

Net income (loss) equals comprehensive income (loss) for all periods presented.

See accompanying notes to unaudited condensed consolidated financial statements.

2 unchanged sentences

(in thousands)

Six Months Ended

Nine Months Ended

Cash flows from operating activities:

2 unchanged sentences

Depreciation and amortization

ROU asset amortization

Stock-based compensation

6 unchanged sentences

( 142 )  

( 1,343 )  

Trade payables

2 unchanged sentences

Deferred revenue

Lease Liabilities

( 298 )  

Other long-term liabilities

22 unchanged sentences

Net increase (decrease) in cash, cash equivalents and restricted cash

( 576 )  

Cash, cash equivalents and restricted cash at beginning of period

7 unchanged sentences

Income taxes paid

Supplemental disclosures of non-cash financing and investing items

Supplemental disclosures of noncash financing and investing items

Purchases of fixed assets with financing lease

Stock-based compensation capitalized as internal-use software

Stock-based compensation capitalized as tooling and fixed assets  

Purchases of property and equipment in accounts payable

27 unchanged sentences

12,175  

Common stock issued under stock plans and employee stock purchase plan

Common stock offering, net of issuance costs

Stock-based compensation

Balance at October 1, 2023

13,906  

$ 321,623  

$ ( 307,597 )  

$ 14,040  

Stockholders'

6 unchanged sentences

Common stock issued under stock plans and employee stock purchase plans

Stock-based compensation

( 1,164 )  

10 unchanged sentences

( 302,713 )  

Common stock issued under stock plans and employee stock purchase plan

Common stock offering, net of issuance costs

Stock-based compensation

( 1,347 )  

Balance at October 2, 2022

13,110  

$ 316,355  

$ ( 304,060 )  

$ 12,308  

See accompanying notes to unaudited condensed consolidated financial statements.

16 unchanged sentences

10 -K for the year ended January 1, 2023, which was filed with the Securities and Exchange Commission (“SEC”) on March 28, 2023.

Operating results for the three and six months ended July 2, 2023 are not necessarily indicative of the results that may be expected for the full fiscal year.

Operating results for the three and nine months ended October 1, 2023 are not necessarily indicative of the results that may be expected for the full fiscal year.

QuickLogic's fiscal year ends on the Sunday closest to December 

31 and each fiscal quarter ends on the Sunday closest to the end of each calendar quarter.

QuickLogic's second fiscal quarter for 2023 and 2022 ended on July 2, 2023  and July 3, 2022 , respectively.

QuickLogic's third fiscal quarter for 2023 and 2022 ended on October 1, 2023  and October 2, 2022 , respectively.

2023 Cybersecurity Incident

10 unchanged sentences

The Company has financed its operations and capital investments through the sale of common stock, finance and operating leases, a revolving line of credit with Heritage Bank (the "Revolving Facility"), and cash flows from operations.

As of July 2, 2023 , the Company's principal sources of liquidity consisted of cash, cash equivalents and restricted cash of $ 20.6  million, inclusive of a $ 15.0  million advance from its Revolving Facility, and $ 2.3 million in net proceeds from the Company's sale of common stock in the six months ended July 2, 2023 .

The Company's restricted cash balance as of July 2, 2023 was $ 0.1 million and relates to amounts pledged as cash security for the use of credit cards.

As of October 1, 2023 , the Company's principal sources of liquidity consisted of cash, cash equivalents and restricted cash of $ 18.6  million, inclusive of a $ 15.0  million advance from its Revolving Facility, and $ 2.3 million in net proceeds from the Company's sale of common stock in the nine months ended October 1, 2023 .

The Company's restricted cash balance as of October 1, 2023 was $ 0.1 million and relates to amounts pledged as cash security for the use of credit cards.

The Company was in compliance with all the Revolving Facility loan covenants as of 

July 2, 2023 .

As of July 2, 2023 , the Company had $ 15.0  million outstanding on the Revolving Facility with an interest rate of 8.75 %.

October 1, 2023 .

As of October 1, 2023 , the Company had $ 15.0  million outstanding on the Revolving Facility with an interest rate of 9.00 %.

On April 28, 2023, the Company converted accounts receivable for a customer in the amount of approximately $ 1.16 million to notes receivable (the "Note").

10 unchanged sentences

The Company currently uses its cash to fund its working capital, to accelerate the development of next generation products and for general corporate purposes.

Based on past performance and current expectations, the Company believes that its existing cash and cash equivalents as of July 2, 2023, together with its revenues from operations, and the available financial resources from the Revolving Facility with Heritage Bank will be sufficient to fund its operations and capital expenditures and provide adequate working capital for the next 

Based on past performance and current expectations, the Company believes that its existing cash and cash equivalents as of October 1, 2023, together with its revenues from operations, and the available financial resources from the Revolving Facility with Heritage Bank will be sufficient to fund its operations and capital expenditures and provide adequate working capital for the next 

twelve  months. 

5 unchanged sentences

platforms, ArcticPro™, EOS 

S3  SoC, Quick AI solution, and ™, QuickAI™, SensiML Analytics Toolkit, Eclipse II products, eFPGA IP licenses and professional services ;

S3  SoC, Quick AI solution, QuickAI™, SensiML Analytics Toolkit, Eclipse II products, and eFPGA IP licenses and professional services;

fluctuations in revenue as a result of product end-of-life;

41 unchanged sentences

The SEC has defined critical accounting policies as those that are most important to the portrayal of our financial condition and results of operations and require us to make our most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain.

Based on this definition, our critical accounting policies include revenue recognition and determination of the standalone selling price for certain distinct performance obligations (such as for IP licensing and professional services contracts) and valuation of inventories.

Based on this definition, our critical accounting estimates include revenue recognition and determination of the standalone selling price for certain distinct performance obligations (such as for IP licensing and professional services contracts) and the assessment of excess, obsolete, and unsaleable inventories.

We believe that we apply judgments and estimates in a consistent manner and that such consistent application results in consolidated financial statements and accompanying notes that fairly represent all periods presented.

8 unchanged sentences

See Note 10,  Information Concerning Product Lines, Geographic Information and Revenue Concentration, for information regarding concentrations associated with accounts receivable.

As of July 2, 2023 and January 1, 2023, the Company had $ 15.0 million of revolving debt outstanding with Heritage Bank;

As of October 1, 2023 and January 1, 2023, the Company had $ 15.0 million of revolving debt outstanding with Heritage Bank;

the revolving debt carried an interest rate of 9.00 % and 8.00 % per annum, respectively.

2 unchanged sentences

The maturity date for advances under the revolving debt agreement is December 31, 2024.

At July 2, 2023, the Company had utilized a significant portion of the revolving debt, and as a result, it maintains a substantial amount of cash deposits with Heritage Bank.

At October 1, 2023, the Company had utilized a significant portion of the revolving debt, and as a result, it maintains a substantial amount of cash deposits with Heritage Bank.

The concentration of cash with one financial institution poses certain risks.

4 unchanged sentences

During the 

three and six months ended July 2, 2023  there were no changes to the Company's significant accounting policies from its disclosures in the Annual Report on Form 10 -K for the year ended January 1, 2023 .

three and nine months ended October 1, 2023  there were no changes to the Company's significant accounting policies from its disclosures in the Annual Report on Form 10 -K for the year ended January 1, 2023 .

For a discussion of the significant accounting policies, please see the Annual Report on Form 

1 unchanged sentence

January 1, 2023, filed with the SEC on 

Reclassification

Certain amounts in the statement of cash flows for the nine months ended October 2, 2022 were reclassified to conform with the current period presentation.

These reclassifications were within cash flows from operating activities with no impact to the net cash used in operating activities for the period.

Recent Accounting Standards Adopted

20 unchanged sentences

not  expected to have an impact on the Company's consolidated financial statements or disclosures.

Net Loss Per Share

Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period.

Diluted net loss per share was computed using the weighted average number of common shares outstanding during the period plus potentially dilutive common shares outstanding during the period under the treasury stock method.

In computing diluted net loss per share, the weighted average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options and warrants.

For the three and six months ended July 2, 2023  

July 3, 2022 , 739 thousand and 536 thousand shares of common stoc k, respectively, associated with equity awards and the estimated number of shares to be purchased under the current offering period of the 2009 Employee Stock Purchase Plan were outstanding.

Net Income (Loss) Per Share

Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period.

Diluted net income (loss) per share was computed using the weighted average number of common shares outstanding during the period plus potentially dilutive common shares outstanding during the period under the treasury stock method.

In computing diluted net income (loss) per share, the weighted average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options and warrants.

For periods in which the Company has reported a net loss, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders as dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.  For periods in which the Company has reported a net income, diluted net income per share attributable to common stockholders is different from basic net income per share attributable to common stockholders as dilutive common shares would increase the amount of shares outstanding reduced by the amounts of treasury shares repurchased from the proceeds at the average market price for the period. 

For the three months ended October 1, 2023, 925 thousand shares of common stock associate with equity awards and the estimated number of shares to be purchased under the current offering period of the 2009 Employee Stock Purchase Plan were outstanding.

Of these, a 276 thousand share equivalent was determined to be dilutive and included in the computation of diluted net income per share for the period.

Estimated proceeds for the dilutive shares were determined to be $ 147 thousand, which resulted in a reduction of dilutive shares by 4,672 using the treasury stock method at an average market price of $ 8.41 .

For the nine months ended October 1, 2023 and the three and nine months ended October 2, 2022, 

925 thousand and 398 thousand shares of common stock, respectively, associated with equity awards and the estimated number of shares to be purchased under the current offering period of the 2009 Employee Stock Purchase Plan were outstanding.

These shares were not included in the computation of diluted net loss per share, as they were considered anti-dilutive due to the net losses the Company experienced during these periods.

2 unchanged sentences

Balance Sheet Components

The following table provides details relating to certain balance sheet line items as of July 2, 2023 , and January 1, 2023 (in thousands):

The following table provides details relating to certain balance sheet line items as of October 1, 2023 , and January 1, 2023 (in thousands):

Accounts receivable:

3 unchanged sentences

( 16 )  

$ 2,689  

Work-in-process

4 unchanged sentences

$ 2,493  

Other current assets:

Prepaid expenses and other current assets:

Prepaid taxes

1 unchanged sentence

Other prepaid taxes, royalties, and other prepaid expenses

Note receivable (1)

$ 1,726  

3 unchanged sentences

$ 10,133  

$ 3,862  

Furniture and fixtures

20 unchanged sentences

$ 1,509  

( 1 ) On April 28, 2023, the Company converted accounts receivable for a customer in the amount of approximately $ 1.16 million to notes receivable (the "Note").

At the time, the Note bore an interest rate of 3.0 % compounded monthly.

On June 28, 2023, the Company cancelled the original note and entered into a revised promissory note with the customer, where the interest rate changed to 4.69 % compounded monthly, or a 4.8 % effective annual interest rate, accruing from the date of the prior note.

If not prepaid prior to the Note maturity date of June 28, 2024, the principal and all accrued and unpaid interest will be due and payable to the Company.

If an event of default occurs, the interest rate will increase to 10.0 %.

All other terms of the note remained the same.

( 2 ) In Q2 2023, the Company capitalized $ 1.67 million related to tooling to be utilized under its long-term professional services contracts.

( 1 ) In the nine months ended October 1 2023, the Company capitalized $ 3.86 million related to tooling to be utilized under its long-term professional services contracts.

The tooling will be depreciated over an estimated useful life of seven years.

2 unchanged sentences

Revolving Line of Credit

As of July 2, 2023 and January 1, 2023 , the Company had $ 15.0 million of revolving debt outstanding with an interest rate of 8.75 % a nd 8.00 % per annum, respectively.

As of October 1, 2023 and January 1, 2023 , the Company had $ 15.0 million of revolving debt outstanding with an interest rate of 9.00 % a nd 8.00 % per annum, respectively.

Heritage Bank has a first priority security interest in substantially all of the Company's tangible and intangible assets to secure any outstanding amounts under the agreement.

1 unchanged sentence

Related interest expenses and annual facility fees recognized were $ 30 tho usand and $ 92 thousand for th e  

three and six months ended July 2, 2023 a nd $ 14 thousand and $ 39 thousand for the three and six months ended July 3, 2022 , respectively.

three and nine months ended October 1, 2023 a nd $ 20 thousand and $ 59 thousand for the three and nine months ended October 2, 2022 , respectively.

Note 6  —

8 unchanged sentences

Total rent expenses were $ 0.1 million and $ 0.3 million for t he 

three and six months ended July 2, 2023 and 

three and nine months ended October 1, 2023 and 

$ 0.1 million and $ 0.3 million for t he 

three and six months ended July 3, 2022 , respectively.

Right-of-use assets were approximately $ 1.3 million and $ 1.4 million as of July 2, 2023  and 

three and nine months ended October 2, 2022 , respectively.

Right-of-use assets were approximately $ 1.1 million and $ 1.4 million as of October 1, 2023  and 

January 1, 2023 , respectively.

Lease liabilities were approximately $ 1.1 million and $ 1.4 million as of 

July 2, 2023  and 

October 1, 2023  and 

January 1, 2023 , respectively.

1 unchanged sentence

Three Months Ended

Six Months Ended

Nine Months Ended

October 1, 2023

October 2, 2022

October 1, 2023

October 2, 2022

Operating lease costs:

2 unchanged sentences

Right-of-use assets obtained in exchange for new finance and operating lease liabilities represent the new operating and finance leases entered into during the 

six months ended July 2, 2023  and  

July 3, 2022  was $ 445 thousand and $ 0 , respectively. 

nine months ended October 1, 2023  and  

October 2, 2022  was $ 445 thousand and $ 0 , respectively. 

The following table provides the details of supplemental cash flow information (in thousands):

Six Months Ended

July 2, 2023  

July 3, 2022  

Nine Months Ended

October 1, 2023  

October 2, 2022  

Cash paid for amounts included in the measurement of lease liabilities:

2 unchanged sentences

Financing cash flows used for finance leases

Non-cash ROU assets related to operating leases included in the operating cash flows for the three months ended July 2, 2023 and July 3, 2022 were $ 91 thousand and $ 86 thousand, respectively.

Non-cash ROU assets related to finance leases included in the financing cash flows for the three months ended July 2, 2023 and July 3, 2022 were $ 163 thousand and $ 109 thousand, respectively.

The following table provides the details of right-of-use assets and lease liabilities as of July 2, 2023 and January 1, 2023 (in thousands):

July 2, 2023  

Non-cash ROU assets related to operating leases included in the operating cash flows for the nine months ended October 1, 2023 and October 2, 2022 were $ 274 thousand and $ 257 thousand, respectively.

Non-cash ROU assets related to finance leases included in the financing cash flows for the nine months ended October 1, 2023 and October 2, 2022 were $ 486 thousand and $ 328 thousand, respectively.

The following table provides the details of right-of-use assets and lease liabilities as of October 1, 2023 and January 1, 2023 (in thousands):

October 1, 2023  

January 1, 2023  

11 unchanged sentences

$ 1,394  

The following table provided the details of future lease payments for operating and finance leases as of July 2, 2023 (in thousands):

The following table provided the details of future lease payments for operating and finance leases as of October 1, 2023 (in thousands):

Operating Leases

3 unchanged sentences

Present value of lease liabilities

$ 1,045  

The following table provides the details of lease terms and discount rates as of July 2, 2023 and January 1, 2023 :

The following table provides the details of lease terms and discount rates as of October 1, 2023 and January 1, 2023 :

October 1, 2023

January 1, 2023

9 unchanged sentences

( 1 ) The operating lease relates to the Company's headquarters in San Jose, CA.

The Company fully intends to renew its lease upon its expiration in Q1'24 and continue at its current location.

On October 24, 2023, the Company renewed its lease at its current location for an additional three years.

The amended lease term will expire on April 14, 2027 with no change in terms.

7  —

10 unchanged sentences

Stock-Based Compensation

Stock-based compensation expense included in the Company's consolidated financial statements for the three and six months ended July 2, 2023  and July 3, 2022  was as follows (in thousands):

Stock-based compensation expense included in the Company's consolidated financial statements for the three and nine months ended October 1, 2023  and October 2, 2022  was as follows (in thousands):

Three Months Ended

Six Months Ended

Nine Months Ended

October 1, 2023

October 2, 2022

October 1, 2023

October 2, 2022

Cost of revenue

2 unchanged sentences

$ 1,917  

$ 1,347  

The Company capitalized stock-based compensation amounts to capitalized internal-use software and tooling, net of $ 119 thousand and $ 0 for the  

six months ended July 2, 2023  and July 3, 2022 , respectively.

nine months ended October 1, 2023  and October 2, 2022 , respectively.

Stock-Based Compensation Award Activity

The following table summarizes the activity in the shares available for grant under the 2019 Plan during the 

six months ended July 2, 2023  (in thousands):

nine months ended October 1, 2023  (in thousands):

Shares Available for Grants

Balance at January 1, 2023

Restricted stock units (RSUs) granted

RSUs forfeited or expired

Options expired

Balance at July 2, 2023

Balance at October 1, 2023

Stock Options

The following table summarizes stock options outstanding and stock option activity under the 2009 Plan and the 2019 Plan, and the related weighted average exercise price for the 

six months ended July 2, 2023 :

nine months ended October 1, 2023 :

(in thousands)

4 unchanged sentences

$ 32.93  

Balance outstanding, exercisable, and vested at July 2, 2023

Balance outstanding, exercisable, and vested at October 1, 2023

$ 24.24  

No stock options were granted, exercised, or forfeited during the six months ended July 2, 2023.

Stock options for approximately 2 thousand shares expired during the six months ended July 2, 2023.

No stock options were granted, exercised, forfeited, or expired during the 

six months ended July 3, 2022.

No stock options were granted or exercised during the nine months ended October 1, 2023.

No stock options were granted, exercised, forfeited, or expired during the nine months ended October 2, 2022.

Total stock-based compensation related to stock options was $ 0 during the 

six months ended July 2, 2023 and July 3, 2022 . 

nine months ended October 1, 2023 and October 2, 2022 . 

Restricted Stock Units

6 unchanged sentences

$ 0.6 million  and $ 1.8 million for the 

three and six months ended July 2, 2023 and approximately 

three and nine months ended October 1, 2023 and approximately 

$ 0.5 million  and $ 1.3 million for the 

three and six months ended July 3, 2022, respectively.

July 2, 2023 and July 3, 2022 , there was approximately $ 1.8 million  and $ 1.1 million , respectively, in unrecognized compensation expense related to RSUs. The remaining unrecognized stock-based compensation expense as of July 2, 2023  is expected to be recorded over a weighted average period of 1.18  years.

three and nine months ended October 2, 2022, respectively.

October 1, 2023 and October 2, 2022 , there was approximately $ 3.7 million  and $ 1.1 million , respectively, in unrecognized compensation expense related to RSUs. The remaining unrecognized stock-based compensation expense as of October 1, 2023  is expected to be recorded over a weighted average period of 1.52  years.

A summary of activity for the Company's RSUs and PRSUs for the 

six months ended July 2, 2023  is as follows:

nine months ended October 1, 2023  is as follows:

RSUs & PRSUs Outstanding

1 unchanged sentence

Nonvested at January 1, 2023

$ 6.05  

Vested and released

( 224 )  

Nonvested at July 2, 2023

( 15 )  

Nonvested at October 1, 2023

$ 7.02  

Employee Stock Purchase Plan

Total stock-based compensation related to the Company's Employee Stock Purchase Plan was approximately $ 25 thousand and $ 100 thousand for the 

three and six months ended July 2, 2023 , respectively, and $ 11 thousand and $ 34 thousand for the 

three and six months ended July 3, 2022, respectively.

three and nine months ended October 1, 2023 , respectively, and $ 20 thousand and $ 54 thousand for the 

three and nine months ended October 2, 2022, respectively.

Note 9 —

The Company recorded a net income tax benefit of $ 7 thousand and $ 0 for the 

three and six months ended July 2, 2023 , respectively, and a net income tax expense of $ 17 thousand and $ 16 thousand for the 

three and six months ended July 3, 2022 , respectively.

The difference between the estimated annual effective income benefit of 3.04 % and the U.S.

The Company recorded a net income tax expense of $ 4 thousand and $ 4 thousand for the 

three and nine months ended October 1, 2023 , respectively, and a net income tax expense of $ 3 thousand and $ 19 thousand for the 

three and nine months ended October 2, 2022 , respectively.

The difference between the estimated annual effective tax rate of 2.67 % and the U.S.

federal statutory tax rate of 21 % is primarily due to the Company's valuation allowance movement in each period presented.

It is more likely than not that the Company will not realize the federal, state, and certain foreign deferred tax assets as of July 2, 2023.

As such, the Company continues to maintain a full valuation allowance against all of its US and certain foreign net deferred tax assets as of July 2, 2023.

It is more likely than not that the Company will not realize the federal, state, and certain foreign deferred tax assets as of October 1, 2023.

As such, the Company continues to maintain a full valuation allowance against all of its US and certain foreign net deferred tax assets as of October 1, 2023.

Note 10 —

4 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

October 1, 2023

October 2, 2022

October 1, 2023

October 2, 2022

$ 6,096  

14 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

October 1, 2023

October 2, 2022

October 1, 2023

October 2, 2022

Hardware products

$ 3,607  

$ 3,299  

eFPGA IP and professional services

10,505  

New products revenue

3 unchanged sentences

$ 8,833  

eFPGA IP revenue for the three months ended July 2, 2023 was $ 1.9 million, which was primarily professional services revenue.

eFPGA IP revenue for the three months ended July 3, 2022 was $ 1.6 million, which was comprised of approximately $ 1.5 million in professional services revenue and $ 0.1 million in eFPGA intellectual property license revenue.

Contract assets related to professional services revenue were $ 1.0 million and $ 0.3 million as of July 2, 2023 and July 3, 2022, respectively.

Contract liabilities related to professional services revenue were $ 294 thousand as of July 2, 2023 and $ 0 as of July 3, 2022.

eFPGA IP revenue for the three months ended October 1, 2023 and October 2, 2022 was $ 5.8 million and $ 1.7 million, respectively, which were primarily professional services revenue.

Contract assets related to professional services revenue were $ 4.0 million and $ 1.5 million as of October 1, 2023 and October 2, 2022, respectively.

Contract liabilities related to professional services revenue were $ 304 thousand and $ 165 thousand as of October 1, 2023 and October 2, 2022, respectively.

The tables below present disaggregated revenues by geographical location.

2 unchanged sentences

Revenue in the United States was $ 6.0 million, or 91 % of total revenue, and $ 11.7 million, or 85 % of total revenue for the 

three and six months ended July 2, 2023 , respectively, and $ 3.0 million, or 67 % of total revenue, and $ 5.5 million, or 63 % of total revenue for the 

three and six months ended July 3, 2022 , respectively.

three and nine months ended October 1, 2023 , respectively, and $ 2.3 million, or 67 % of total revenue, and $ 7.8 million, or 64 % of total revenue for the 

three and nine months ended October 2, 2022 , respectively.

The following is a breakdown of revenue by destination (in thousands): 

Three Months Ended

Six Months Ended

Nine Months Ended

October 1, 2023

October 2, 2022

October 1, 2023

October 2, 2022

$ 1,540  

1 unchanged sentence

North America

11,739  

Total revenue

5 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

Distributor "A"

Distributor "E"

Distributor "B"

Distributor "C"

* Represents less than 10% of revenue as of the dates presented.

1 unchanged sentence

Distributor "A"

Distributor "C"

Commitments and Contingencies

4 unchanged sentences

Certain wafer manufacturers require the Company to forecast wafer starts several months in advance.

The Company is committed to taking delivery of and paying for a portion of forecasted wafer volume. As of July 2, 2023 , the Company had no significant outstanding commitments for the purchase of wafer inventory.

The Company is committed to taking delivery of and paying for a portion of forecasted wafer volume. As of October 1, 2023 , the Company had no significant outstanding commitments for the purchase of wafer inventory.

Purchase Obligations

3 unchanged sentences

not  recorded on the Company's consolidated balance sheets.

As of July 2, 2023 , total outstanding purchase obligations for other goods and services were $ 2.7 million due within the next twelve months.

Contingencies

Contingent commitments are 

not  recorded on the Company’s consolidated balance sheets and represent significant contractual obligations on procurement contracts with determinable prices and quantities, but where the timing and probability of incurring the obligation is dependent on numerous variables which are 

not predictable. These obligations require our suppliers to build and deliver certain products in sufficient time to meet the Company’s planning horizon. The actual amounts we pay to our suppliers and the timing of payments for these future obligations could differ materially from our current estimates.

As of July 2, 2023 , contingent commitments were approximately $ 1.4 million due within FY'23 and an additional $ 8.7 million due from FY'24 to FY'26.

These amounts represent the Company’s best estimates for contingent commitments which are expected to be delivered at some time in the future but for which delivery is currently undefined. 

As of October 1, 2023 , total outstanding purchase obligations for other goods and services were $ 6.1 million due within the next twelve months, not recorded on the Company's consolidated balance sheet.

From time to time, the Company may become involved in legal actions arising in the ordinary course of business including, but not limited to, intellectual property infringement and collection matters.

2 unchanged sentences

or without requiring royalty or other payments which may adversely impact gross profit.

12  —

Subsequent Events

On August 11, 2023, QuickLogic Corporation ("the Company") signed an extension to an existing eFPGA IP and Design Services contract for approximately $ 15 million.

The Company's deliverables will extend into 2024.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements