QuickLogic Corporation revenue dropped on 16.3%
02/17/2021 • About QuickLogic Corporation (
$QUIK) • By InTwits
QuickLogic Corporation reported FY2020 financial results today. Overall the company's long term financial model is characterised by the following facts:
- QuickLogic Corporation is a company in decline: FY2020 revenue growth was -16.3%, 5 years revenue CAGR was -14.6%
- EBITDA Margin is relatively stable: in FY2020 vs. -130.0% in FY2019 vs. -153.0% in FY2016
- QuickLogic Corporation motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2016-FY2020 was 0.0% while average EBITDA Margin was -101.1% for the sames years
- The company has unprofitable business model: ROIC is -35.9%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue dropped on 16.3%. Annual revenue decline showed slowdown in FY20Q4 - revenue dropped on 12.9%.
Gross Margin decreased on 8.1 pp from 57.3% to 49.2% in FY2020. During the last 5 years Gross Margin topped in FY2019 at 57.3%. SG&A as a % of Revenue decreased on 7.5 pp from 86.5% to 79.0% in FY2020.
Net Income margin jumped on 20.6 pp from -150% to -129% in FY2020.
Return on investment
The company operates at negative ROIC (-35.9%) and ROE (-84.8%). ROIC jumped on 11.9 pp from -47.8% to -35.9% in FY2020. ROE surged on 14.6 pp from -99.4% to -84.8% in FY2020. ROIC grew at 13.4 pp per annum in the last 5 years.
Leverage (Debt)
Debt decreased on 2.3% while cash increased on 6.1%.
QuickLogic Corporation has no short term refinancing risk: cash is higher than short term debt (145.0%).
Management team
The company's CEO Brian Faith has spent 4 years with the company.
Financial and operational results
QuickLogic Corporation ($QUIK) key annual financial indicators| mln. $ | 2016 | 2017 | 2018 | 2019 | 2020 | 2020/2019 |
|---|
P&L
|
|---|
| Revenue | 11.421 | 12.149 | 12.629 | 10.310 | 8.634 | -16.3% |
| Gross Profit | 3.773 | 5.522 | 6.334 | 5.905 | 4.248 | -28.1% |
| SG&A | 10.310 | 9.900 | 9.982 | 8.918 | 6.820 | -23.5% |
| EBITDA | -17.470 | -12.577 | -12.320 | -13.405 | | |
| Net Income | -19.148 | -14.131 | -13.779 | -15.444 | -11.151 | |
Balance Sheet
|
|---|
| Cash | 14.870 | 16.527 | 26.363 | 21.448 | 22.748 | 6.1% |
| Short Term Debt | 6.209 | 6.299 | 15.316 | 15.704 | 15.685 | -0.1% |
| Long Term Debt | 0.000 | 0.355 | 0.108 | 1.583 | 1.197 | -24.4% |
Cash flow
|
|---|
| Capex | 1.954 | 0.642 | 0.351 | 0.576 | | |
Ratios
|
|---|
| Revenue growth | -39.7% | 6.4% | 4.0% | -18.4% | -16.3% | |
| EBITDA growth | 8.5% | -28.0% | -2.0% | 8.8% | | |
|
|---|
| Gross Margin | 33.0% | 45.5% | 50.2% | 57.3% | 49.2% | -8.1% |
| EBITDA Margin | -153.0% | -103.5% | -97.6% | -130.0% | |
| SG&A, % of revenue | 90.3% | 81.5% | 79.0% | 86.5% | 79.0% | -7.5% |
| Net Income Margin | -167.7% | -116.3% | -109.1% | -149.8% | -129.2% | 20.6% |
| CAPEX, % of revenue | 17.1% | 5.3% | 2.8% | 5.6% | | |
|
|---|
| ROIC | -91.7% | -70.2% | -50.2% | -47.8% | -35.9% | 11.9% |
| ROE | -118.5% | -105.2% | -85.8% | -99.4% | -84.8% | 14.6% |
QuickLogic Corporation ($QUIK) key quoterly financial indicators
| mln. $ | FY20Q1 | FY20Q2 | FY20Q3 | FY20Q4 | | YoY change |
|---|
P&L
|
|---|
| Revenue | 2 | 2 | 2 | 3 | | -32.4% | 5.2% | -17.5% | -12.9% |
| Net Income | -3 | -3 | -2 | -3 | | - | - | - | - |
Balance Sheet
|
|---|
| Cash | 19 | 26 | 25 | 23 | | -18.3% | -5.9% | -0.1% | 6.1% |
| Short Term Debt | 16 | 16 | 16 | 16 | | 0.8% | 2.8% | 4.5% | -0.1% |
| Long Term Debt | 2 | 2 | 2 | 1 | | 459.4% | 41.4% | 28.5% | -24.4% |
Ratios
|
|---|
| Gross Margin | 51.7% | 45.7% | 51.9% | 48.2% | | -10.3% | -3.3% | 3.6% | -16.7% |
| Net Income Margin | -146.7% | -135.7% | -116.0% | -117.7% | | -37.8% | 86.4% | 81.9% | -11.0% |
Peers in Semiconductors
Below you can find QuickLogic Corporation benchmarking vs. other companies in Semiconductors industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Inphi Corporation ($IPHI) | - | 30.8% | -15.4% | 24.2% | 86.8% |
| Sequans Communications S.A. ($SQNS) | - | 5.9% | -16.6% | -23.3% | 65.0% |
| MaxLinear, Inc ($MXL) | - | 8.4% | -8.4% | -17.6% | 50.9% |
| Advanced Micro Devices, Inc. ($AMD) | - | 21.6% | 23.3% | 4.0% | 45.0% |
| Kopin Corporation ($KOPN) | - | 23.0% | -12.1% | 20.7% | 35.9% |
| |
|---|
| Median (43 companies) | 1.2% | 11.0% | 4.9% | -3.0% | 2.8% |
|---|
| QuickLogic Corporation ($QUIK) | - | 6.4% | 4.0% | -18.4% | -16.3% |
Top companies by Gross margin, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| CEVA, Inc. ($CEVA) | 91.6% | 92.1% | 89.8% | 88.4% | 89.3% |
| Universal Display Corporation ($OLED) | 83.9% | 80.8% | 75.5% | 78.5% | 80.1% |
| Rambus, Inc. ($RMBS) | 80.1% | 79.9% | 76.8% | 77.1% | 75.0% |
| Analog Devices, Inc. ($ADI) | 65.1% | 59.9% | 68.3% | 67.0% | 65.9% |
| MoSys, Inc. ($MOSY) | 49.0% | 46.9% | 61.8% | 61.0% | 65.7% |
| |
|---|
| Median (43 companies) | 48.0% | 49.1% | 50.4% | 50.4% | 49.4% |
|---|
| QuickLogic Corporation ($QUIK) | 33.0% | 45.5% | 50.2% | 57.3% | 49.2% |
Top companies by EBITDA margin, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Texas Instruments Incorporated ($TXN) | 43.5% | 46.7% | 48.6% | 47.5% | 47.6% |
| Intel Corp ($INTC) | 35.2% | 41.7% | 45.7% | 45.9% | 46.7% |
| Broadcom Inc. ($AVGO) | 19.9% | 40.4% | 44.2% | 40.9% | 46.2% |
| Universal Display Corporation ($OLED) | 44.8% | 51.6% | 35.3% | 48.0% | 45.9% |
| Analog Devices, Inc. ($ADI) | 36.2% | 32.1% | 43.2% | 42.1% | 42.0% |
| |
|---|
| Median (42 companies) | 9.2% | 10.7% | 9.8% | 13.6% | 17.3% |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Micron Technology, Inc. ($MU) | 46.9% | 23.3% | 29.2% | 41.8% | 38.4% |
| Sequans Communications S.A. ($SQNS) | 11.8% | 13.3% | 22.9% | 29.6% | 27.1% |
| Intel Corp ($INTC) | 16.2% | 18.8% | 21.4% | 22.5% | 18.6% |
| First Solar, Inc. ($FSLR) | 7.9% | 17.5% | 33.0% | 21.8% | 15.4% |
| Power Integrations, Inc. ($POWI) | 3.1% | 7.5% | 5.9% | 5.7% | 14.5% |
| |
|---|
| Median (41 companies) | 3.6% | 4.7% | 4.4% | 3.7% | 3.7% |
|---|
Top companies by ROIC, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Texas Instruments Incorporated ($TXN) | 34.9% | 43.1% | 47.5% | 39.7% | 38.2% |
| Applied Materials Inc ($AMAT) | 19.0% | 31.2% | 36.4% | 27.7% | 32.1% |
| Advanced Micro Devices, Inc. ($AMD) | -21.7% | 7.3% | 21.6% | 21.5% | 31.8% |
| QUALCOMM Incorporated ($QCOM) | 15.8% | 5.7% | 2.2% | 38.0% | 28.1% |
| NVIDIA Corporation ($NVDA) | 13.1% | 27.3% | 35.3% | 36.9% | 22.7% |
| |
|---|
| Median (45 companies) | 1.7% | 3.2% | 3.0% | 3.8% | 5.5% |
|---|
| QuickLogic Corporation ($QUIK) | -91.7% | -70.2% | -50.2% | -47.8% | -35.9% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| SunPower Corporation ($SPWR) | - | - | - | - | 8.2x |
| MACOM Technology Solutions Holdings, Inc. ($MTSI) | 3.0x | 7.2x | 98.6x | - | 6.6x |
| Rambus, Inc. ($RMBS) | -0.1x | -0.1x | - | - | 5.9x |
| Inphi Corporation ($IPHI) | 4.5x | 33.7x | 32.2x | 4.5x | 3.4x |
| Canadian Solar Inc. ($CSIQ) | 11.3x | 6.8x | 2.7x | 3.4x | 3.3x |
| |
|---|
| Median (32 companies) | 0.2x | 0.4x | 0.3x | 0.5x | 0.3x |
|---|
