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EX - 99.1 2 ex_238649.htm EXHIBIT 99.1 QuickLogic QuickLogic Reports Fiscal 2021 First Quarter Results San Jose , Calif . - May 18 , 2021 - QuickLogic Corporation ( NASDAQ : QUIK ) ( “ QuickLogic " or the " Company " ) , a developer of ultra - low power multi - core voice enabled SoCs , embedded FPGA IP , and Endpoint AI solutions , today announced its financial results for the first quarter of fiscal 2021 , ended April 4 , 2021 . Recent Highlights • Launched SensiML open source initiative to assert leadership for commercial AI adoption of smart sensing IoT applications • Announced an Amazon - qualified reference design for hearables or battery - powered applications to communicate directly with Alexa Exhibit 99.1 • Launched the SparkFun Thing Plus - QuickLogic EOS S3 Development Kit with SparkFun and Crowd Supply - ideal for adding voice or AI / ML processing to edge IoT devices • Joined DARPA Toolbox Initiative to provide Mil / Aero / Defense Grade Programmable Logic ● Partnered with Silicon Labs to enable rapid development of TinyML applications ● Signed a global distribution agreement with Mouser Electronics • Joined the newly formed Open Source FPGA Foundation as founding and premier member Fiscal 2021 First Quarter Financial Results Total revenue for the first quarter of fiscal 2021 was $ 2.2 million , a decrease of 10 % compared with the fourth quarter of 2020 , and an increase of 4 % compared with the first quarter of 2020. New product revenue was approximately $ 1.1 million in the first quarter of 2021 , an increase of 28 % compared with the fourth quarter of 2020 , and an increase of 121 % compared with the first quarter of 2020. The increases were primarily due to higher revenue from our sensor processing and connectivity products . Mature product revenue was $ 1.2 million in the first quarter of 2021 , down 30 % compared with fourth quarter of 2020 , and down 30 % compared with the first quarter of 2020 . First quarter 2021 GAAP gross margin was 51.1 % , compared with 48.2 % in the fourth quarter of 2020 , and 51.7 % in the first quarter of 2020 . First quarter 2021 non - GAAP gross margin was 52.7 % , compared with 51.5 % in the fourth quarter of 2020 , and 52.2 % in the first quarter of 2020 . 1