Quicklogic Corp (QUIK) 2026 Q1 法說會逐字稿

Ladies and gentlemen, good afternoon. At this time, I would like to welcome everybody to QuickLogic Corporation's first-quarter fiscal 2026 earnings results conference call.

各位女士、先生，下午好。此時，我謹代表 QuickLogic Corporation 歡迎各位參加本公司 2026 會計年度第一季財報電話會議。

As a reminder, today's call is being recorded for replay purposes.

提醒各位，今天的電話會議將錄音，以供日後重播。

I would now like to turn the conference over to Ms. Alison Ziegler of Darrow Associates. Ms. Ziegler, you may proceed.

現在我想將會議交給 Darrow Associates 的 Alison Ziegler 女士。Ziegler 女士，請開始。

Thank you, Sherry. Thanks to all of you for joining us.

謝謝你，Sherry。也感謝各位撥冗參與。

Our speakers today are Brian Faith, President and Chief Executive Officer; and Elias Nader, Senior Vice President and Chief Financial Officer.

今天的講者為總裁暨執行長 Brian Faith，以及資深副總裁暨財務長 Elias Nader。

As a reminder, some of the comments QuickLogic makes today are forward-looking statements that involve risks and uncertainties, including, but not limited to, statements regarding our future profitability and cash flows; expectations regarding our future business; and statements regarding the timing, milestones, and payments related to our government contracts; statements regarding the expected magnitude of potential contracts; and statements regarding the expected adoption rates and/or orders by our customers.

提醒各位，QuickLogic 今日部分評論屬於前瞻性陳述，涉及風險與不確定性，包括但不限於：關於我們未來獲利能力與現金流的陳述；對未來業務的預期；關於政府合約相關時程、里程碑與付款的陳述；關於潛在合約預期規模的陳述；以及關於客戶預期採用率及／或下單的陳述。

Actual results may differ due to a variety of factors, including delays in the market acceptance of the company's new products; the ability to convert design opportunities into customer revenue; our ability to replace revenue from end-of-life products; the level and timing of customer design activity; the market acceptance of our customers' products; the risk that new orders may not result in future revenue; our ability to introduce and produce new products, based on advanced wafer technology, on a timely basis; our ability to adequately market the low-power competitive pricing and short time to market of our new products; intense competition by competitors; our ability to hire and retain qualified personnel; changes in product demand or supply; general economic conditions; political events; international trade disputes; natural disasters; and other business interruptions that could disrupt supply or delivery of or demand for the company's products; and changes in tax rates and exposure to additional tax liabilities.

實際結果可能因多項因素而有所不同，包括：公司新產品市場接受度延遲；將設計機會轉化為客戶營收的能力；替代生命週期終止（EOL）產品營收的能力；客戶設計活動的程度與時點；市場對我們客戶產品的接受度；新訂單可能無法帶來未來營收的風險；基於先進晶圓技術及時導入並量產新產品的能力；充分行銷新產品低功耗、具競爭力定價與縮短上市時間優勢的能力；競爭對手的激烈競爭；招募與留任合格人員的能力；產品需求或供給的變化；整體經濟情勢；政治事件；國際貿易爭端；天然災害；以及其他可能干擾公司產品供應、交付或需求的營運中斷；以及稅率變動與額外稅務負債風險。

For more detailed discussions of the risks, uncertainties, and assumptions that could result in these differences, please refer to the risk factors discussed in QuickLogic's most recently filed periodic reports with the SEC.

如需更詳細了解可能導致上述差異的風險、不確定性與假設，請參閱 QuickLogic 最近向美國證券交易委員會（SEC）提交之定期報告中所討論的風險因素。

QuickLogic assumes no obligation to update any forward-looking statements or information, which speak as of the respective dates of any new information or future events.

QuickLogic 不承擔更新任何前瞻性陳述或資訊之義務；該等陳述或資訊僅截至其各自日期，且不因任何新資訊或未來事件而更新。

In today's call, we will be reporting non-GAAP financial measures. You may refer to the earnings release we issued today for a detailed reconciliation of our GAAP to non-GAAP results and other financial statements.

在今天的電話會議中，我們將報告非 GAAP 財務衡量指標。關於 GAAP 與非 GAAP 結果的詳細調節表及其他財務報表，請參閱我們今日發布的財報新聞稿。

We have also posted an updated financial table on our IR webpage that provides current and historical non-GAAP data.

我們也已在投資人關係（IR）網頁上張貼更新後的財務表格，提供目前及歷史的非 GAAP 數據。

Please note, QuickLogic uses its website, the company blog, corporate Twitter account, Facebook page, and LinkedIn page as channels of distribution of information about its business. Such information may be deemed material information. QuickLogic may use these channels to comply with its disclosure obligations under Regulation FD.

請注意，QuickLogic 以其網站、公司部落格、公司 Twitter 帳號、Facebook 專頁及 LinkedIn 專頁作為發布公司業務資訊的傳播管道。該等資訊可能被視為重大資訊。QuickLogic 可能使用這些管道以遵循《公平揭露規則》（Regulation FD）下的揭露義務。

A copy of the prepared remarks made on today's call will be posted on QuickLogic's IR webpage, shortly after the conclusion of today's earnings call.

今日電話會議的事先準備講稿，將於本次財報電話會議結束後不久，張貼於 QuickLogic 的 IR 網頁。

I'd now like to turn the call over to Brian. Go ahead, Brian.

現在我想把電話會議交給 Brian。Brian，請。

Thank you, Alison. Good afternoon, everyone. Thank you, all, for joining our first-quarter 2026 conference call.

謝謝你，Alison。各位下午好。感謝各位參加我們 2026 年第一季電話會議。

Since our last conference call, we have made significant progress toward our goal of delivering 50% to 100% year-over-year revenue growth in 2026. With this, we continue to expect storefront and our new RadPro FPGA will contribute to our anticipated revenue growth and second-half profitability.

自上次電話會議以來，我們在達成 2026 年營收年增 50% 至 100% 的目標上取得顯著進展。基於此，我們仍預期 storefront 以及我們全新的 RadPro FPGA 將為預期的營收成長與下半年獲利作出貢獻。

As we announced in an April 9 press release, we introduced and demonstrated our new RadPro FPGA and development kit at the Hardened Electronics and Radiation Technology, or HEART, Conference last month.

如同我們在 4 月 9 日新聞稿中宣布的，我們上月在 Hardened Electronics and Radiation Technology（HEART）研討會上推出並展示了全新的 RadPro FPGA 與開發套件。

HEART is a highly specialized conference where attendees must show proof of US citizenship and their affiliation with a company or academia that is certified through the Joint Certification Program.

HEART 是高度專業的研討會，與會者必須出示美國公民身分證明，並證明其隸屬於已透過聯合認證計畫（Joint Certification Program）認證的公司或學術機構。

RadPro is our trademarked brand for radiation-hardened FPGAs. The test chip we demonstrated at the HEART Conference with our RadPro dev kit was internally funded and is independent of our US government contract.

RadPro 是我們註冊商標的抗輻射 FPGA 品牌。我們在 HEART 研討會上搭配 RadPro 開發套件展示的測試晶片為內部自籌資金開發，且與我們的美國政府合約無關。

These test chips were fabricated on the GlobalFoundries 12LP process, which is the same process used by many DIBs for radiation-hardened ASICs.

這些測試晶片採用 GlobalFoundries 12LP 製程製造；該製程亦為許多國防工業基礎（DIB）用於抗輻射 ASIC 的相同製程。

This means that, in addition to successfully demonstrating our new discrete RadPro FPGA, we have also illustrated our capability to support requirements for eFPGA in radiation-hardened ASICs and SoCs fabricated on the GlobalFoundries 12LP process.

這表示，除了成功展示我們全新的獨立式 RadPro FPGA 之外，我們也展現了支援在 GlobalFoundries 12LP 製程上製造之抗輻射 ASIC 與 SoC 中 eFPGA 需求的能力。

Our demonstrations and meetings at HEART with leading DIBs went very well. We have since shipped multiple RadPro dev kits. These shipments will provide a low-six-figure contribution to our Q2 revenue.

我們在 HEART 與領先的 DIB 進行的展示與會談進展非常順利。此後我們已出貨多套 RadPro 開發套件。這些出貨將為我們第二季營收帶來約低六位數美元的貢獻。

While we expect it will take until the end of 2026 for DIBs to fully evaluate our new RadPro FPGA, we have already signed an MoU with one DIB to accelerate the mutual evaluation of a potential RadPro chiplet application.

雖然我們預期 DIB 需要到 2026 年底才能完成對我們全新 RadPro FPGA 的全面評估，但我們已與其中一家 DIB 簽署諒解備忘錄（MoU），以加速對潛在 RadPro 晶粒（chiplet）應用的共同評估。

In addition to the progress we've made with our RadPro FPGA, in a March 17 press release, we announced our fourth contract targeting Intel 18A technology.

除 RadPro FPGA 的進展外，我們亦於 3 月 17 日新聞稿中宣布，取得第四份以 Intel 18A 技術為目標的合約。

While these initial contracts have been smaller, their total value is now nearly $2 million. Together, they are the framework for the larger contracts we expect to book later this year.

雖然這些初期合約規模較小，但其總價值目前已接近 200 萬美元。它們共同構成我們預期於今年稍晚取得之更大型合約的框架。

The first two contracts were for Intel 18A test chips. We anticipate receiving our test-chip allocation from the first contract later this quarter. We believe the data we gather from our evaluation of these test chips will enhance our ability to win new production contracts.

前兩份合約為 Intel 18A 測試晶片。我們預期將於本季稍晚收到第一份合約的測試晶片配額。我們相信，對這些測試晶片進行評估所取得的數據，將提升我們贏得新的量產合約的能力。

The third contract was for a 1 million LUT feasibility study, which led us to implement some notable architectural enhancements that we can leverage across all advanced fabrication nodes.

第三份合約為 100 萬 LUT 可行性研究，促使我們導入一些重要的架構強化，並可在所有先進製程節點上加以運用。

With these architectural enhancements in place, we can address the lucrative markets that require very high-density eFPGA cores in ASIC designs and very high-density discrete FPGAs. This significantly expands our SAM for eFPGA hard IP; and discrete devices, including chiplets and a variety of storefront opportunities.

在完成這些架構強化後，我們得以切入需要在 ASIC 設計中採用超高密度 eFPGA 核心，以及超高密度獨立式 FPGA 的高價值市場。這將大幅擴大我們 eFPGA 硬 IP 與獨立式裝置（包括晶粒與各類 storefront 機會）的可服務市場（SAM）。

The fourth and most recent contract leverages the architectural enhancements that were developed during the 1 million LUT feasibility study. In support of this contract, we will deliver hard IP for a very large Intel 18A eFPGA core, in support of our customer's ASIC design. The test chip for this ASIC design is targeted for tape-out during the second half of 2026.

第四份也是最新的合約，運用了在 100 萬 LUT 可行性研究期間所開發的架構強化。為支援此合約，我們將交付一個非常大型的 Intel 18A eFPGA 核心之硬 IP，以支援客戶的 ASIC 設計。該 ASIC 設計的測試晶片目標是在 2026 年下半年進行流片（tape-out）。

We anticipate a fifth mid-six-figure contract from this customer during the second half of 2026 that further extends our work on very high-density architecture.

我們預期在 2026 年下半年可自該客戶取得第五份約中六位數美元的合約，進一步延伸我們在超高密度架構方面的工作。

While the timing of funding remains uncertain, our discussions with this DIB have expanded to include the potential of QuickLogic providing storefront services for a customer-designed ASIC that will include our eFPGA hard IP.

雖然資金到位時程仍不確定，但我們與該 DIB 的討論已擴展至：QuickLogic 可能為一項由客戶設計、且將整合我們 eFPGA 硬 IP 的 ASIC 提供 storefront 服務。

We expect to learn more about the potential expansion to storefront services and the timing of this possible award in the coming months.

我們預期在未來幾個月內，將更清楚了解 storefront 服務潛在擴展的可能性，以及此可能得標案的時程。

In addition to these DIB contracts, we are working closely with a large commercial customer contract, based on Intel 18A, valued at several million dollars.

除這些 DIB 合約外，我們也正與一位大型商業客戶密切合作，該合約以 Intel 18A 為基礎，價值達數百萬美元。

In our last conference call, I said that I expected this contract would be awarded in late Q2. However, the customer is evaluating an expansion in the size and function of the eFPGA core in their ASIC to provide greater programmable flexibility.

在上次電話會議中，我曾表示預期該合約將於第二季末獲得授予。然而，客戶正在評估擴大其 ASIC 中 eFPGA 核心的規模與功能，以提供更高的可程式化彈性。

While this is a beneficial trend for QuickLogic, we are now forecasting this contract to be awarded during Q3.

雖然這對 QuickLogic 而言是有利趨勢，但我們目前將該合約的授予時點預估調整為第三季。

On December 8, we issued a press release announcing Idaho Scientific selected our eFPGA hard IP for forward-leaning, hardware-based cryptographic solutions, designed to address mobile IoT infrastructure and defense systems applications.

12 月 8 日，我們發布新聞稿宣布 Idaho Scientific 選用我們的 eFPGA 硬 IP，用於前瞻性的硬體式密碼學解決方案，旨在滿足行動物聯網（IoT）基礎設施與國防系統應用。

We are continuing to support the integration of our hard IP into the tape-out that is anticipated next year.

我們將持續支援把我們的硬核 IP 整合到預計於明年進行的流片（tape-out）中。

Idaho Scientific has a rich history in leveraging FPGA technology to deliver robust security systems that can adapt quickly to changing external threats without the vulnerabilities that are inherent in software-based solutions.

Idaho Scientific 在運用 FPGA 技術方面擁有悠久歷史，能夠提供強固的安全系統，並可快速因應不斷變化的外部威脅，同時避免軟體式解決方案所固有的弱點。

By integrating our eFPGA hard IP into its secure system-on-a-chip processors, Idaho Scientific can further enhance its cryptographic security and address new markets much more quickly, with lower risks and lower costs.

透過將我們的 eFPGA 硬核 IP 整合至其安全的系統單晶片（SoC）處理器中，Idaho Scientific 可進一步強化其密碼學安全性，並以更低風險與更低成本更快速地切入新市場。

Since our last conference call, Idaho Scientific has been fully integrated with General Dynamics Mission Systems. We believe this integration may lead to new opportunities for QuickLogic.

自我們上次電話會議以來，Idaho Scientific 已完全整合至 General Dynamics Mission Systems。我們相信此整合可能為 QuickLogic 帶來新的機會。

Last year, we announced an eFPGA hard IP contract with a new Defense Industrial Base customer, valued at $1.1 million, that will be fabricated on the GF 12LP process. This application utilizes a large block of our eFPGA hard IP for critical functions, which is a trend we are seeing in designs targeting advanced fabrication nodes.

去年，我們宣布與一位新的國防工業基礎（DIB）客戶簽訂 eFPGA 硬核 IP 合約，合約金額為 110 萬美元，將採用 GF 12LP 製程進行製造。此應用使用我們 eFPGA 硬核 IP 的大型區塊來執行關鍵功能，這也是我們在鎖定先進製程節點的設計中所觀察到的趨勢。

With the cooperation of this DIB and its end customer, we have leveraged the large eFPGA core to win a new seven-figure contract that was finalized last week and will contribute to Q2 revenue. The delay of this award is why our Q1 revenue was below the midpoint of our guidance.

在該 DIB 及其終端客戶的合作下，我們運用大型 eFPGA 核心贏得一份新的七位數合約，該合約已於上週定案，並將貢獻第二季營收。此獎項延遲授予，正是我們第一季營收低於指引中位數的原因。

In the scope of this new contract, we will be provided with test chips that we will incorporate in an evaluation kit. The evaluation kit, which is currently scheduled for late 2026, will be compatible with common third-party development environments used by both DIBs and commercial customers.

在這份新合約的範圍內，我們將取得測試晶片，並把它們納入評估套件中。該評估套件目前排程於 2026 年底推出，將相容於 DIB 與商業客戶常用的第三方開發環境。

This enables these customers to accelerate system-level evaluations and designs that can use either a storefront version of the discrete FPGA or our eFPGA hard IP in an ASIC.

這使得這些客戶能加速系統層級的評估與設計，並可選擇使用離散式 FPGA 的現貨版本（storefront version），或在 ASIC 中使用我們的 eFPGA 硬核 IP。

In parallel with these efforts, we're exploring the potential to leverage the FPGA from this contract as a storefront chiplet. We are already seeing interest from some of our partners on this concept.

與此同時，我們也在探索將此合約中的 FPGA 作為現貨 chiplet 的可能性。我們已經看到部分合作夥伴對此概念表達興趣。

Due largely to the strategic initiatives we launched in 2025, we believe we are building meaningful traction in the chiplet markets. We are currently working on numerous proposals at various stages that include direct US government, DIB, and commercial applications.

主要由於我們在 2025 年啟動的策略性計畫，我們相信我們正在 chiplet 市場建立實質動能。我們目前正針對多項處於不同階段的提案進行推進，涵蓋美國政府直接需求、DIB，以及商業應用。

These proposals include opportunities targeting several fabrication processes, including GlobalFoundries 12LP and Intel 18A.

這些提案包含鎖定多種製程的機會，包括 GlobalFoundries 12LP 與 Intel 18A。

Last year, the commercial chiplet ecosystem was mired in debate regarding the communication and protocol layers.

去年，商業 chiplet 生態系仍深陷於對通訊與協定層的爭論之中。

In response, we introduced the first phase of our digital proof-of-concept chiplet program as a strategy to move forward prior to customer commitments; and, with that, accelerate our storefront chiplet initiatives. Internally, we refer to this as [POC].

為此，我們推出數位概念驗證（proof-of-concept）chiplet 計畫的第一階段，作為在客戶承諾之前先行推進的策略；並藉此加速我們的現貨 chiplet 計畫。在內部，我們稱之為 [POC]。

With the support of our large strategic partners, we leveraged our existing eFPGA hard IP and readily available third-party IP to move this program forward rapidly and with minimal investment.

在大型策略合作夥伴的支持下，我們運用既有的 eFPGA 硬核 IP 與現成可用的第三方 IP，以極少的投資快速推進此計畫。

We presented a paper on the POC at the Chiplet Summit in mid-February; and gave a presentation with Intel Foundry at an event at the Government Microcircuit Applications & Critical Technology, or GOMACTech, Conference in March.

我們在 2 月中旬的 Chiplet Summit 發表了一篇關於 POC 的論文；並於 3 月在 Government Microcircuit Applications & Critical Technology（GOMACTech）會議的一場活動中，與 Intel Foundry 共同進行簡報。

As a reminder, QuickLogic is a member of the Intel Foundry Accelerator's Ecosystem Alliance program, participating in the Chiplet, IP, and USMAG alliances.

提醒一下，QuickLogic 是 Intel Foundry Accelerator 的 Ecosystem Alliance 計畫成員，參與 Chiplet、IP 與 USMAG 聯盟。

In our last conference call, I stated that the net take-away from our presentation at the Chiplet Summit supports our optimism that chiplets will build traction in 2026. This opinion was bolstered at the GOMACTech conference.

在上次電話會議中，我提到我們在 Chiplet Summit 的簡報所得到的主要結論，支持我們對 chiplet 將在 2026 年建立動能的樂觀判斷。這項看法在 GOMACTech 會議上進一步獲得強化。

The primary hurdles today are interoperability gaps. We believe a storefront FPGA chiplet is a logical solution for a programmable bridge.

目前的主要障礙在於互通性缺口。我們認為現貨 FPGA chiplet 是作為可程式化橋接（programmable bridge）的合理解決方案。

With that, I will turn the call over to Elias for his presentation of financial data.

接下來，我將把電話會議交給 Elias，由他進行財務數據的簡報。

Thank you, Brian. Good afternoon, everyone.

謝謝你，Brian。各位下午好。

Total first-quarter revenue was $5.1 million. This was up 16.5% from Q1 2025 and up 35.3% from Q4 2025. Revenue was approximately $450,000 below the midpoint of our guidance due to a delay in the award of a certain contract that we finalized last week.

第一季總營收為 510 萬美元。較 2025 年第一季成長 16.5%，較 2025 年第四季成長 35.3%。由於某項合約的授予延遲（該合約已於上週定案），營收約較我們指引中位數低 45 萬美元。

Revenue recognition for this contract will be ratable and will now extend through Q1 2027 versus through Q4 2026. This shift forward in revenue recognition does not impact the full-year revenue outlook that Brian shared earlier.

該合約的營收認列將採按期平均（ratable）方式，且期間將延長至 2027 年第一季，而非原先至 2026 年第四季。此一營收認列時點的前移不會影響 Brian 先前分享的全年營收展望。

New product revenue in Q1 was $4.3 million. Mature product revenue was $0.8 million.

第一季新產品營收為 430 萬美元。成熟產品營收為 80 萬美元。

New product revenue was up 14.2% from Q1 2025 and up 50.7% compared to Q4 2025. Mature product revenue was up 31.7% compared to the first quarter of 2025 and down 14.2% from the fourth quarter of 2025.

新產品營收較 2025 年第一季成長 14.2%，較 2025 年第四季成長 50.7%。成熟產品營收較 2025 年第一季成長 31.7%，較 2025 年第四季下滑 14.2%。

Non-GAAP gross margin in Q1 was 39.6%. This was below our outlook of 45%, plus or minus 5%. The shortfall was due to inventory reserves of about $298,000. This compares to 45.7% in Q1 2025 and 20.8% in Q4 2025.

第一季非 GAAP 毛利率為 39.6%，低於我們 45%（正負 5%）的展望。差異主要來自約 29.8 萬美元的存貨備抵。相較之下，2025 年第一季為 45.7%，2025 年第四季為 20.8%。

Non-GAAP operating expenses in Q1 were approximately $3.3 million. This compares to $3 million in Q1 2025 and $3.5 million in Q4 2025.

第一季非 GAAP 營業費用約為 330 萬美元。相較之下，2025 年第一季為 300 萬美元，2025 年第四季為 350 萬美元。

Q1 2026 non-GAAP net loss was $1.3 million or a loss of $0.08 per share. This compares to a non-GAAP net loss of $1.1 million or a loss of $0.07 per share in Q1 2025 and a non-GAAP net loss of $2.8 million or a loss of $0.17 per share in the fourth quarter of fiscal 2025.

2026 年第一季非 GAAP 淨損為 130 萬美元，或每股虧損 0.08 美元。相較之下，2025 年第一季非 GAAP 淨損為 110 萬美元，或每股虧損 0.07 美元；2025 會計年度第四季非 GAAP 淨損為 280 萬美元，或每股虧損 0.17 美元。

The difference between our GAAP and non-GAAP results is mainly related to non-cash stock-based compensation expenses.

我們的 GAAP 與非 GAAP 結果之差異，主要與非現金的股票基礎薪酬費用相關。

Stock-based compensation for Q1 was $858,000 compared to $904,000 in Q1 2025 and $744,000 in Q4 2025.

第一季股票基礎薪酬為 85.8 萬美元，相較之下，2025 年第一季為 90.4 萬美元，2025 年第四季為 74.4 萬美元。

Restructuring costs were $11,000 in Q1 2026 compared with $141,000 in Q1 2025 and $0 in Q4 2025.

2026 年第一季重整成本為 1.1 萬美元，相較之下，2025 年第一季為 14.1 萬美元，2025 年第四季為 0。

For the first quarter, two customers accounted for 10% or more of total revenue.

第一季有兩位客戶各自占總營收的 10% 或以上。

At the close of Q1, net cash was $6 million. This compares with $3.8 million in net cash at the close of Q4 2025. This increase of $2.2 million in net cash is inclusive of $3.2 million raised with our [ATM] during Q1 2026.

截至第一季末，淨現金為 600 萬美元。相較之下，2025 年第四季末淨現金為 380 萬美元。淨現金增加 220 萬美元，其中包含我們在 2026 年第一季透過 [ATM] 募得的 320 萬美元。

Now, moving to our guidance and outlook for our second fiscal quarter, which will end on June 28, 2026, based on backlog and customer forecasts, our total revenue guidance for Q2 is $6 million, plus or minus 10%.

接著說明我們第二個會計季度（將於 2026 年 6 月 28 日結束）的指引與展望：根據在手訂單與客戶預測，我們對第二季總營收的指引為 600 萬美元，正負 10%。

We expect total revenue to be comprised of $5.2 million in new product revenue and $0.8 million in mature product revenue. We anticipate an increase in mature product revenue during the second half that drives the full-year total to approximately $4 million.

我們預期總營收將由 520 萬美元的新產品營收與 80 萬美元的成熟產品營收構成。我們預期成熟產品營收在下半年將增加，使全年成熟產品營收總額約為 400 萬美元。

Based on the anticipated Q2 revenue mix, non-GAAP gross margin for the second quarter is expected to be approximately 42%, plus or minus 5%.

基於預期的第二季營收組合，第二季非 GAAP 毛利率預計約為 42%，正負 5%。

As I noted in our last conference call, there are several factors weighing on our non-GAAP gross profit margin during the first half of 2026. For the full year, we're still modeling a non-GAAP gross profit margin of approximately 57%.

如同我在上次電話會議中提到的，2026 年上半年有數項因素正在壓抑我們的非 GAAP 毛利率。就全年而言，我們仍以非 GAAP 毛利率約 57% 進行模型推估。

Please note that, given the nature of our industry, we may occasionally need to classify certain expenses to COGS versus OpEx or capitalize certain costs. These classifications are related to labor and tooling for our IP contracts.

請注意，鑑於我們產業的特性，我們可能偶爾需要將某些費用在銷貨成本（COGS）與營業費用（OpEx）之間進行分類，或將某些成本資本化。這些分類與我們 IP 合約的勞務與工具（tooling）相關。

This may cause variability in our quarterly gross margins and operating expenses that will usually balance out on the operating line.

這可能導致我們季度毛利率與營業費用出現波動，但通常會在營業利益（operating line）上相互抵銷。

With that in mind, our Q2 non-GAAP operating expenses are expected to be approximately $3.3 million, plus or minus 5%.

基於上述考量，我們預期第二季（Q2）非 GAAP 營業費用約為 330 萬美元，上下浮動 5%。

We're still expecting full-year non-GAAP operating expenses to be approximately $13.5 million. This forecasted growth of approximately 14% in non-GAAP OpEx over 2025 is to support our anticipated 50% to 100% revenue growth in 2026 that Brian mentioned earlier.

我們仍預期全年非 GAAP 營業費用約為 1,350 萬美元。這項在 2025 年非 GAAP 營業費用約 14% 的預估成長，是為了支援 Brian 先前提到、我們預期 2026 年營收將成長 50% 至 100%。

After interest and other income, we are forecasting a Q2 net loss of about $800,000 or a loss of approximately $0.04 per share.

在計入利息與其他收益後，我們預估 Q2 淨損約 80 萬美元，或每股約虧損 0.04 美元。

Based on our current outlook, we anticipate non-GAAP profitability for the second half of 2026.

根據我們目前的展望，我們預期 2026 年下半年可達成非 GAAP 獲利。

The main difference between our GAAP and non-GAAP results is related to non-cash stock-based compensation expenses. In Q2, we expect this compensation will be approximately $900,000, which is similar to Q1 2026 and Q2 2025.

我們 GAAP 與非 GAAP 結果之間的主要差異，與非現金的股票基礎給付（stock-based compensation）費用相關。在 Q2，我們預期該項給付約為 90 萬美元，與 2026 年 Q1 及 2025 年 Q2 類似。

As a reminder, there will be movement in our stock-based compensation during the year. It may vary quarter to quarter, based on the timing of grants.

提醒一下，年度內我們的股票基礎給付會有變動；其可能因授予時點不同而在各季度間有所差異。

We raised approximately $6.4 million in net proceeds during Q2 2026 using our existing ATM. Based on our current outlook, we do not anticipate further sales using our existing ATM during the balance of fiscal 2026.

我們在 2026 年 Q2 透過既有的 ATM（at-the-market）機制募集約 640 萬美元的淨收益。根據目前展望，我們預期在 2026 會計年度剩餘期間不會再透過既有 ATM 進行進一步出售。

Excluding money raised with our ATM, we anticipate Q2 cash use of approximately $500,000. Inclusive of money raised with our ATM, we anticipate closing Q2 with just under $12 million in net cash.

若不含透過 ATM 募集的資金，我們預期 Q2 現金使用約 50 萬美元；若包含透過 ATM 募集的資金，我們預期 Q2 期末淨現金將略低於 1,200 萬美元。

Please note that our cash use could vary, based on the timing of certain payments and receipts from contracts during the quarter.

請注意，我們的現金使用可能會因季度內某些付款與合約收款的時點而有所變動。

Based on our current outlook, we anticipate positive cash flow during the second half of 2026.

根據我們目前的展望，我們預期 2026 年下半年將出現正向現金流。

As reported in our 8-K, filed on April 30, 2026, we have secured a new banking partner. With this new agreement and considering the amount we have raised with our ATM, we intentionally lowered our credit line to $10 million; and secured more favorable terms that will lower our borrowing costs.

如我們於 2026 年 4 月 30 日提交的 8-K 所揭露，我們已確定新的銀行合作夥伴。依據這項新協議，並考量我們透過 ATM 募集的金額，我們有意將信用額度下調至 1,000 萬美元；同時取得更有利的條款，以降低我們的借款成本。

I want to thank you for your time. With that, I will now turn the call over to Brian for his closing comments.

感謝各位撥冗參與。接下來我將把電話會議交給 Brian，請他做結語。

Thank you, Elias.

謝謝你，Elias。

The entire QuickLogic team has worked very hard to accomplish numerous tangible milestones that has set the stage well for 2026 and beyond. This execution, along with the strategic investments and strong customer alliances, are the driving forces for the revenue growth we are forecasting to begin this year.

整個 QuickLogic 團隊非常努力，完成了多項具體里程碑，為 2026 年及未來奠定了良好基礎。這些執行成果，加上策略性投資與強健的客戶聯盟，是我們預期營收成長將自今年開始的主要驅動力。

The most significant investments have been our development of eFPGA hard IP for Intel 18A technology and the tape-out of our first RadPro FPGA test chip.

最重要的投資包括：為 Intel 18A 技術開發 eFPGA 硬 IP，以及我們第一顆 RadPro FPGA 測試晶片的流片（tape-out）。

These internally funded investments have provided us with unique positioning in the market and have enabled us to develop close alliances with strategic customers that we believe will benefit QuickLogic for years to come.

這些由內部資金支持的投資，讓我們在市場上具備獨特定位，並使我們得以與策略性客戶建立緊密聯盟；我們相信這將在未來多年為 QuickLogic 帶來效益。

With our first RadPro FPGA in hand, we have already received numerous orders for our RadPro dev kits for evaluation. Shipment of these dev kits will make a low-six-figure contribution to our Q2 revenue.

在我們取得第一顆 RadPro FPGA 後，我們已收到多筆 RadPro 開發套件（dev kits）用於評估的訂單。這些開發套件的出貨將為我們 Q2 營收帶來約低六位數美元的貢獻。

This positions us very well to address applications for various levels of radiation hardened discrete FPGAs and eFPGA hard IP for customer-ASIC and SoC designs.

這使我們具備非常有利的條件，可因應不同等級的抗輻射（radiation hardened）離散式 FPGA，以及用於客戶 ASIC 與 SoC 設計的 eFPGA 硬 IP 應用。

Our early investments to become the first and -- as it stands today -- only company to offer eFPGA hard IP for Intel 18A has also enabled us to build strong customer alliances.

我們早期的投資，使我們成為第一家——且截至目前仍是唯一一家——提供 Intel 18A eFPGA 硬 IP 的公司，也讓我們得以建立強健的客戶聯盟。

One of these customers has already awarded us four contracts, with a fifth anticipated during the second half of 2026.

其中一位客戶已授予我們四份合約，並預期在 2026 年下半年再授予第五份。

Through these contracts, we expect to receive our allotment of test chips that will enable us to fully characterize the performance of our eFPGA hard IP on Intel 18A. With these data in hand, I believe we can accelerate new contract awards for DIB and commercial applications.

透過這些合約，我們預期將取得分配到的測試晶片，使我們能完整表徵（characterize）我們在 Intel 18A 上 eFPGA 硬 IP 的效能。有了這些數據，我相信我們可以加速在 DIB 與商用應用上的新合約授予。

This customer also funded the $1 million LUT on Intel 18A feasibility study that led us to implement a number of architectural enhancements. These enhancements have expanded our SAM to include the lucrative markets for very high-density discrete FPGAs and eFPGA hard IP blocks in ASIC and SoC designs.

該客戶也資助了在 Intel 18A 上、100 萬 LUT 的可行性研究（feasibility study），促使我們導入多項架構強化。這些強化擴大了我們的 SAM（可服務市場），涵蓋高獲利的超高密度離散式 FPGA 市場，以及 ASIC 與 SoC 設計中的 eFPGA 硬 IP 模組市場。

In addition to the many initiatives I've outlined today that are designed to power our long-term growth, we are planning three multi-project wafer, or MPW, tape-outs this year. All three tape-outs are for chips that we intend to sell via our storefront program.

除了我今天概述、旨在推動我們長期成長的多項計畫外，我們也規劃今年進行三次多專案晶圓（multi-project wafer，MPW）流片。這三次流片皆為我們計畫透過店面（storefront）計畫銷售的晶片。

As I mentioned earlier, the cost for two of these tape-outs will be fully covered by customer contracts that are already on the books. We believe the third tape-out will be covered at least, in part, by a customer contract.

如我先前提到，其中兩次流片的成本將由已簽訂在案的客戶合約全額負擔。我們相信第三次流片至少會由一份客戶合約部分負擔。

Our strong outlook for 2026 is based largely on the foundation we built during the preceding years.

我們對 2026 年的強勁展望，主要建立在前幾年所打下的基礎之上。

As I hope we have articulated well during this call, the QuickLogic team is intensely focused on the continued execution of the strategic milestones that we believe will fuel our growth and profitability for years to come.

正如我們希望在本次電話會議中已清楚闡述，QuickLogic 團隊正高度聚焦於持續落實我們認為將在未來多年推動成長與獲利的策略里程碑。

With that, we will now open the call for questions.

接下來，我們將開放提問。

Thank you.

謝謝。

Richard Shannon, Craig-Hallum Capital Group.

Richard Shannon，Craig-Hallum Capital Group。

Well, great. Thanks, Brian and Elias, for taking my questions.

很好。謝謝 Brian 和 Elias 回答我的問題。

Apologies, I'm in transit. Hopefully, the ambient noise isn't too bad here.

抱歉，我正在途中移動。希望這裡的環境噪音不會太大。

Let's see. My first question, Brian, is: You talked about your customers that are ordering and taking in the test chips, I think, you called the RadPro dev kit here. They're going to take most of the year to do this here.

我第一個問題，Brian：你提到客戶正在下單並接收測試晶片，我想你稱之為 RadPro 開發套件。他們大概需要花大部分的一年來完成這件事。

I just want to make sure that that's well within the timing to hit some key programs. I'm sure these are intended for. Just want to get some assurances that that's not in risk, in any way.

我只是想確認，這個時程完全來得及趕上某些關鍵專案。我相信這些就是為那些專案所準備的。只是想得到一些保證，確認這在任何方面都沒有風險。

Yeah. Richard, we've modeled out some of these key programs that we've been designing this chip for from day 1. It aligns well with those.

是的，Richard，我們從第一天起就針對我們為之設計這顆晶片的一些關鍵專案做了模型推演。時程與那些專案相當吻合。

I'll remind everybody: That's why we actually invested in funding our own test chip -- is to make sure that we did have chips out in time on dev kits to meet within that evaluation window. We feel like we are within that window.

我也提醒大家：這就是我們之所以投資自籌資金製作自家測試晶片的原因——為了確保我們能及時在開發套件上提供晶片，符合那個評估窗口。我們認為我們就在那個窗口之內。

Thrilled to see the uptick of both the orders and the requests for pricing and lead times of the dev kits, coming out of the HEART Conference.

很高興看到在 HEART 會議之後，無論是訂單數量，或是對開發套件的報價與交期詢問，都出現上升趨勢。

Okay. Well, what do you expect to be the next steps with these customers? Just help us understand what to expect next.

好的。那你預期與這些客戶接下來的步驟會是什麼？請協助我們了解接下來可以期待什麼。

What are those milestones to look for?

有哪些里程碑值得關注？

There's numerous milestones to get to getting designed into an architecture.

要被設計導入某個架構之中，會有許多里程碑需要達成。

I think, from a outward-facing milestones that we can talk about, throughout this year, people will be doing their own functional evaluation of the tools; of the devices; perhaps, their own radiation testing, along with us doing that.

我想，就我們能對外談的里程碑而言，在今年期間，大家會進行他們自己的功能性評估：包括工具、器件；也可能會進行他們自己的輻射測試，同時我們也會進行相關測試。

And then, like I said on the call, about by-the-end-of-the-year timeframe, that's when we expect to start getting some feedback from people on interest in designing us into these architectures for, hopefully, programs of record and even ones that aren't out there yet.

然後，如我在電話會議中所說，大約在今年年底的時間點，我們預期會開始收到大家的回饋，了解他們是否有興趣把我們設計導入這些架構中，期望用於正式立案（programs of record）的專案，甚至是尚未公開的專案。

That lines up well with what we think will be the schedule for our next chips, coming off this whole initiative. We're tracking those schedules -- very detailed, as you can imagine -- to line up architecture finish; and then, need of new silicon, in the 2027 timeframe.

這也與我們認為下一批晶片（基於整個計畫）推出的時程相當一致。我們正追蹤這些時程——如你所想像的，非常細緻——以配合架構完成；以及在 2027 年時間框架內對新矽（new silicon）的需求。

Okay. That's good to hear. Thanks for that update, Brian.

好的。很高興聽到這個消息。謝謝你的最新進度更新，Brian。

I'd like to ask a question on Intel 18A here. Sounds like you're having some great progress with one particular customer. I think you mentioned it as a DIB here.

我想在這裡問一個關於 Intel 18A 的問題。聽起來你們在某一位特定客戶上取得了很大的進展。我想你提到那是一個 DIB。

I'd love to get a sense of what breadths you're expecting or hoping to see in that node, which, I understand, is being promoted, broadly, by the US government to the DIBs here.

我很想了解你們對於該製程節點預期或希望看到的廣度；據我了解，美國政府正在廣泛地向這些 DIB 推動該節點。

We've heard a lot about one customer. Do we expect to see any more here? What's the pipeline for expansion with Intel?

我們聽到很多關於某一位客戶的消息。這裡是否預期還會看到更多客戶？與 Intel 合作擴張的管線如何？

Yeah. We're actually tracking, I would say, a handful of opportunities at different customers, not just this first one.

是的。其實我們正在追蹤的機會，我會說有好幾個、分布在不同客戶，不只是第一個客戶。

Some of them are looking at the developments that we are doing and some of these architectural enhancements; and assessing how they might use that to benefit from those enhancements, as well, for larger density.

其中一些客戶正在觀察我們正在做的開發與一些架構強化，並評估他們如何利用這些成果，同時也能受益於這些強化，以達到更高的密度。

Some of the opportunities could be using our smaller-density architecture today.

有些機會則可能是使用我們目前較小密度的架構。

We have several. Like I said, it's a handful. I think we are going to expand on that at some point this year.

我們有好幾個。如我所說，是一小撮。我想我們會在今年某個時間點進一步擴大這方面的內容。

I've said this publicly -- I'll reiterate it here -- it's not just the Defense Industrial Base that is looking at Intel 18A. From our perspective for eFPGA, it's actually into the commercial side.

我之前在公開場合說過——我在這裡再重申一次——關注 Intel 18A 的不只有國防工業基礎（DIB）。以我們 eFPGA 的角度來看，實際上也延伸到商用端。

We are targeting a commercial win this year, as well, for our IP on that node.

我們也以今年在該節點上拿下一個商用案（commercial win）作為目標，讓我們的 IP 在那個節點上落地。

Okay. That is good to hear, Brian. Thanks for that.

好的。很高興聽到這點，Brian。謝謝。

Let's see here. Unless I missed something here, I didn't hear any comments, specifically, about the revenue growth profile you mentioned last earnings call for this year -- that being 50% to 100%.

我看一下。除非我漏聽了什麼，我沒有聽到你們特別提到上次財報電話會議中提到的今年營收成長輪廓——也就是 50% 到 100%。

If you did, I apologize for that.

如果你們有提到，我先說聲抱歉。

Just want to get an update, thought process, on how -- of what the profile of the year looks like, given the guidance here.

我只是想就目前的指引，請你們更新一下對今年走勢的思考——也就是今年的輪廓大概會長什麼樣子。

Unfortunately, I haven't been able to update my model so I don't have an overly intelligent way of asking this question. If you could just give me the top-down about how you're going to approach that.

很不幸地，我還沒能更新我的模型，所以我沒辦法用很精準的方式來問這個問題。如果你能從上而下（top-down）說明你們打算如何看待與推進，我會很感謝。

Are you thinking of anything meaningfully towards low end or high end of that number?

你們現在的想法是更偏向那個區間的低端，還是高端？有沒有明顯的傾向？

No. In fact, the -- you probably weren't logged in yet. But the first sentence I said after welcoming everybody was the progress we've made towards delivering on that 50% to 100% revenue growth target for the year.

沒有。其實——你可能還沒登入。但我在歡迎大家之後講的第一句話，就是我們在達成今年 50% 到 100% 營收成長目標方面所取得的進展。

If you think about what we did in Q1, plus our guide for Q2, that's already 80% of last year, just in the first half of this year.

如果你把我們 Q1 的表現加上我們對 Q2 的指引來看，光是今年上半年就已經達到去年全年營收的 80%。

We're still tracking to be within that range. You could probably surmise that it's moving up in that range now since we're halfway through and we're guiding for what would be a total of $11 million in the first half versus [$13-point-something million] last year.

我們仍然在那個區間內推進。你大概也可以推論，現在更可能往區間的上緣移動，因為我們已經走到一半，而且我們指引顯示上半年合計約 1,100 萬美元，相較去年是約 1,300 萬多美元。

I think we're making really good progress on that.

我認為我們在這方面進展非常好。

Really, on all fronts: on the IP side, with 18A; thrilled to get the test chips and dev kits out for the RadPro FPGA 'cause that's a huge uplift there; and then, also, just on some of these new proposals we talked about earlier on different chiplet initiatives, storefront initiatives; and then, bolstered by some of our mature business being stronger in the second half than the first half.

基本上各方面都是：在 IP 端，18A 的進展；我們很興奮能把 RadPro FPGA 的測試晶片與開發套件送出去，因為那會帶來很大的提升；另外還有我們先前提到的一些新提案，涵蓋不同的 chiplet 計畫、storefront 計畫；再加上我們成熟業務在下半年會比上半年更強。

We're feeling good about being in that range that we talked about entering the year.

我們對於能落在年初所談的那個區間感覺良好。

Okay. Perfect. Thanks for doing all that math for me.

好的。完美。謝謝你幫我把數學都算好了。

I will do that offline and ask some better questions later. But thanks for that, Brian.

我會私下再算一下，之後再問一些更好的問題。不過謝謝你，Brian。

Last question -- probably for Elias, here -- on gross margins: What are the dynamics, here, driving the gross margins from, I think, the [40%s] range here to the [50%] -- what did my note say? -- 57% for the year that implies pretty healthy levels for the second half, here.

最後一個問題——可能是問 Elias——關於毛利率：這裡有哪些動態因素，會把毛利率從我想大概是 40% 多的區間拉升到 50%——我筆記上寫的是什麼？——全年隱含 57%，這代表下半年毛利率水準相當健康。

Just want to get a sense of the dynamics driving that [lift]. That's all for me.

我只是想了解推動這個「提升」的動態因素。我的問題就這些。

Yeah. As you know, Richard, I've said this so many times: It's the most difficult one to gauge, the gross margin in this company -- up and down and different.

是的。如你所知，Richard，我講過很多次：在這家公司裡，最難判斷的就是毛利率——上上下下、變來變去。

But the way I'm looking at it is that there's going to be more -- higher gross margin mix in the second half than in the first half.

但我目前的看法是，下半年的產品組合會比上半年有更多——也就是更高毛利的組合占比。

For example, when you have certain professional services, for example, they bring in lesser gross margin than the IP itself or the product itself that you're selling.

例如，當你有某些專業服務時，它們帶來的毛利率會比你銷售的 IP 本身或產品本身更低。

As you increase that in the second half, to Brian's point -- that we're going to have to achieve something in the second half -- that gives you the comfort that the gross margin should be up there.

當你在下半年提高（高毛利項目的占比），呼應 Brian 的觀點——我們下半年必須達成一些成果——這會讓你更有把握毛利率應該會上到那個水準。

I still want to shoot for 57%. Now, if it comes at 55% -- nobody should shoot at me with arrows. But that's a pretty good bump from last year.

我仍然希望以 57% 為目標。當然，如果最後是 55%——大家也別拿箭射我。但相較去年，這已經是相當不錯的提升。

I will take that into account and jump in the line, I think. Bye.

我會把這點納入考量，然後我想我就回到隊伍裡排隊了。再見。

Okay.

好的。

Thanks, Richard.

謝謝你，Richard。

Tyler Burmeister, Lake Street Capital Markets.

接下來是 Lake Street Capital Markets 的 Tyler Burmeister。

Hey, guys. Thanks. I'll just ask a couple questions here.

嗨，各位。謝謝。我這裡問兩個問題就好。

Go ahead.

請說。

I wanted to ask maybe on the US government strategic radiation-hardened program. You received a $13 million last tranche end of last year, beginning of this year.

我想問一下美國政府的策略性抗輻射加固（radiation-hardened）計畫。你們在去年底、今年初收到最後一筆 1,300 萬美元的 tranche（分期撥款）。

Any updated thoughts on potential for additional funding tranches from that program later this year?

對於今年稍晚該計畫是否可能再有額外的資金 tranche，有沒有更新的看法？

Yeah. Definitely. We had talked previously, I think, or shared publicly that that $13 million tranche, we're expecting to fully recognize this year, as we're continuing on our developments of these next chips.

有的。當然。我們之前應該有談過，或在公開場合分享過，那筆 1,300 萬美元的 tranche，我們預期會在今年全數認列，因為我們正持續推進下一代晶片的開發。

I think you could assume that we would probably be getting another contract by the end of the year to continue that even further into 2027 and round out the necessary things to complete it.

我想你可以假設，我們很可能會在年底前再拿到一份合約，讓這個計畫能進一步延伸到 2027 年，並把完成所需的事項補齊、收尾。

Perfect.

完美。

Yeah. We didn't really give a lot of air time directly to that on the call, just because things are going fine. We'd already said it would be recognized fully this year, just matter-of-fact.

是的。我們在電話會議上沒有花太多時間直接談這個，主要是因為一切進展順利。我們也已經說過今年會全數認列，所以就只是照實陳述。

Perfect. Perfect. That already answered my next question.

完美、完美。這其實也回答了我下一個問題。

But then, that would, I think, imply that the final chip design with that program remains on track for later this year.

不過這樣看起來，我想也意味著該計畫的最終晶片設計仍按計畫在今年稍晚完成。

I wish I could share more programmatic details on that. I'm not allowed to. I'm not going to do that here.

我希望我能分享更多該計畫的細節，但我不被允許。我不會在這裡談。

But, let me say, we're comfortable with the way we're executing.

但我可以說，我們對於目前的執行狀況感到放心。

Perfect. All right.

完美。好。

And then, maybe pivoting over to your RadPro development kits: I think you said several of them had shipped, so far. Is that with one customer, multiple customers? Any way to maybe think about the diversity of the customers, so far?

接著把話題轉到你們的 RadPro 開發套件：我想你說到目前已經出貨了好幾套。這是給單一客戶，還是多個客戶？有沒有辦法談談目前客戶的多樣性？

It is multiple. I'll start with that.

是多個客戶。我先從這點開始。

I'd say the frequency of inbound interest for it has picked up now that we've been able to talk more about it in forums that matter, like the HEART Conference.

我會說，隨著我們能在一些重要的論壇上更深入地談這個產品，例如 HEART Conference，外部主動詢問的頻率已經提高。

There's a slew of these -- let's call them -- government-defense, radiation-oriented type conferences. They tend to be a little bit more boutique in nature than something like Design Automation Conference or Embedded Systems.

有一系列這類——我們姑且稱之為——政府/國防、輻射相關的會議。相較於像 Design Automation Conference 或 Embedded Systems 這種大型活動，它們通常更偏精品、小眾。

The quality of leads that we engage with there is high because it's very focused.

我們在那裡接觸到的潛在客戶（leads）品質很高，因為主題非常聚焦。

Coming out of HEART, there was a lot of interest for the dev kits. We're going through that now.

從 HEART 會議之後，對開發套件的興趣非常高。我們現在正在處理這些需求。

We even got messages even today from people saying, hey, we're interested. What's the lead time and the cost? Stuff like that.

甚至今天我們也收到訊息，有人說：嘿，我們有興趣。交期多久、成本多少？之類的問題。

I think we're going to continue to ship these throughout the year, which is great because that's a leading indicator of, a, interest in something like this; and, b -- it just gets our software and devices into the hands of these customers and gets them evaluating, which is what we want, right?

我認為我們會在今年持續出貨這些產品，這很棒，因為這是一個領先指標：a，市場對這類產品的興趣；以及 b——它能讓我們的軟體和裝置交到這些客戶手上，讓他們開始評估，這正是我們想要的，對吧？

It's good to see skin in the game from our customers, as far as engineering resources, working with our technology.

看到客戶願意投入資源、以工程資源與我們的技術合作，這是件好事。

Perfect. I appreciate that color. Maybe last one for me.

很好。我很感謝你提供的補充說明。也許我最後一題。

I think you explained well the one contract push out from Q1 to Q2; reiterated the full year to be 50% to 100%; one quarter through the year, that's still a decent range for the full year.

我想你已經很清楚地解釋了那一筆合約從第一季延後到第二季；也重申全年仍是 50% 到 100% 的成長目標；一年已過四分之一，這對全年來說仍是一個不錯的區間。

Is it possible to call out, maybe, the couple biggest potential drivers that could swing that from the low end to the high end? Or is it really just potential timing across the board?

能否點出幾個最大、可能把結果從區間低端拉到高端的驅動因素？還是說其實主要就是整體時程的可能變動？

The way I was answering that first question from Richard on the revenue for the year and how it fills in the 50% to 100% growth -- the math now, with $11 million in the first half, like I said, that's 80% of last year.

我回答 Richard 第一個問題時談到今年的營收，以及如何落在 50% 到 100% 的成長區間——以目前的數字來看，上半年是 1,100 萬美元，如我所說，這已經是去年全年營收的 80%。

I think we're well on our way to getting into this range that we talked about for the year: the 50% to 100%.

我認為我們正穩步朝著我們今年所談的區間前進：50% 到 100%。

As far as the components of that growth, one is the continued execution on the government contract, which I already alluded to, that we're feeling good about that progress.

就成長的組成而言，其中一項是持續執行政府合約，我先前已提到，我們對進展感到樂觀。

Another was -- entering the year -- to be shipping these dev kits for the RadPro FPGA, which we've started. That's another check-the-box.

另一項是——在年初時——要開始出貨 RadPro FPGA 的開發套件（dev kits），我們已經開始了。這也是另一個「打勾完成」的項目。

We do have in the forecast some 18A, the eFPGA hard IP.

我們的預測中也包含一些 18A 的 eFPGA hard IP。

One, as I mentioned, is for this customer we've already had multiple contracts with and getting this next one for the second half. That has to be done, still. But I think we're feeling good about that.

其中一項，如我提到的，是針對這位我們已經簽過多份合約的客戶，在下半年拿到下一份合約。這件事仍需要完成，但我認為我們對此感覺不錯。

We do have a larger 18A IP contract in the forecast for the year; like, a real contract.

我們也在今年的預測中納入一筆更大的 18A IP 合約；也就是一筆真正的合約。

To the extent you guys are tracking press releases on this, this would be that commercial customer I'm talking about for Intel 18A, embedded FPGA IP. That would be one that we need to do to be into the upper end of the forecast range, right?

如果各位有在追蹤相關新聞稿，這就是我所說的那位商業客戶，針對 Intel 18A 的嵌入式 FPGA IP。這會是我們要達到預測區間上緣所需要完成的一筆，對吧？

Like I said, I think we're feeling good about it. It felt great to finally get that one signed that we just signed last week. That's a good milestone to check off the box because that was a fairly large amount of revenue that we were forecasting for the year.

如我所說，我們對此感覺良好。上週終於把剛簽的那一筆簽下來，感覺非常好。這是一個很好的里程碑，因為那是一筆我們今年預測中相當可觀的營收。

Yea. One quarter later. But it's good to get on the books and start executing on that.

是的。晚了一季。但能把它入帳並開始執行，這很好。

Not too many more deals to sign to get into the upper half of that range that we talked about.

要進入我們所談區間的上半部，其實不需要再簽太多交易。

Perfect. That sounds great. I appreciate that color, as well.

很好。聽起來很棒。我也很感謝你提供的補充說明。

That's all from me, guys. Thanks.

我這邊就到這裡，各位。謝謝。

Thanks, Tyler.

謝謝你，Tyler。

Neil Young, Needham & Company.

Neil Young，Needham & Company。

Hey, everyone. Thank you for letting me ask some questions.

嗨，各位。謝謝讓我提幾個問題。

As storefront (multiple speakers) --

關於 storefront（多位發言者）——

Hey, Neil.

嗨，Neil。

-- hey. How's it going? Wanted to start asking on storefront here.

——嗨。最近如何？我想先從 storefront 這邊開始問。

As storefront begins to scale, how should we think about the financial profile? More specifically, should storefront carry a meaningfully different gross margin or revenue recognition pattern, once you move from these dev kits and test chips into more of a repeatable product shipments?

隨著 storefront 開始擴大規模，我們應該如何看待其財務輪廓？更具體來說，當你們從這些開發套件與測試晶片，轉向更可重複的產品出貨後，storefront 的毛利率或營收認列模式是否會有顯著不同？

And then, just one more for me after that.

然後我還有一題。

Yeah. I can take that one.

好。我可以回答這題。

Storefront is just like the classic semiconductor device business. We run the supply chain. We sell the device to the customer.

storefront 就像典型的半導體元件業務。我們負責供應鏈。我們把元件賣給客戶。

It's a revenue and a gross margin, at that point in time. Very, very little R&D that goes on top of that because the devices are effectively done.

在那個時間點就會形成營收與毛利。因為這些裝置基本上已經完成，所以在那之上幾乎不需要太多研發（R&D）。

And so the gross margin, a, yes, will be higher. We're modeling, like, what Elias' historically said on devices; like, mid-high 60% for that; like what you would expect an FPGA to be. But, more of a, I think -- more predictable and less up and down because it's less to do with services and much more to do with just shipping a product.

因此毛利率，a，沒錯，會更高。我們的模型大致參考 Elias 過去對裝置的說法；大概是 60% 中高段，符合你對 FPGA 的預期。但我認為會更可預測、波動更小，因為它較少與服務相關，而更多是單純出貨產品。

Revenue recognized, as it goes out the door; gross margin, at that point in time, because we know the cost of goods -- much more predictable.

營收在出貨時認列；毛利也在那個時間點確認，因為我們知道銷貨成本（COGS）——因此可預測性高得多。

Perfect. Thanks.

很好，謝謝。

The only one I wanted to ask on Quantum Leap Solutions: I know you guys put out a press release saying you appointed them as authorized sales rep for IP and chiplet offerings.

我唯一想問的是 Quantum Leap Solutions：我知道你們發了新聞稿，表示任命他們為 IP 與 chiplet 產品的授權銷售代表。

How should we think about the role of that channel in accelerating customer acquisitions? Should we think about the bigger opportunities revolving around opening new commercial accounts; deepening the defense-aerospace engagement; helping customers navigate chiplet and ASIC integration decisions earlier in the design cycle?

我們應該如何看待這個通路在加速客戶取得上的角色？我們是否應該把更大的機會視為：開拓新的商業客戶；深化國防航太領域的合作；協助客戶在設計週期更早期就做出 chiplet 與 ASIC 整合決策？

Just any color you wanted to throw on that would be helpful. Thanks.

任何你願意補充的說明都會很有幫助。謝謝。

Yeah.

好的。

As a company of our size, like most semiconductor companies, we have our direct salesforce, which are employees at QuickLogic and then, we have our external sales force or indirect. Indirect is usually distributors or sales reps.

以我們這種規模的公司來說，和多數半導體公司一樣，我們有直銷團隊，也就是 QuickLogic 的員工；同時也有外部銷售團隊或間接銷售。間接通常是代理商（distributors）或業務代表（sales reps）。

In the case of having what I would call design-in products, which are -- you really have to get into your point at the early stages of the architecture -- you want sales reps that are focused on that type of technology.

在我所稱的 design-in 產品情境下——也就是你必須在架構早期就切入——你會希望業務代表專注於這類技術。

For us, that could be semiconductor IP; it could be EDA tools. It's all of the stuff that ASIC teams typically have to be using because, now, our sales rep knows those ASIC design groups.

對我們而言，這可能是半導體 IP；也可能是 EDA 工具。這些都是 ASIC 團隊通常必須使用的東西，因為現在我們的業務代表認識那些 ASIC 設計團隊。

And so they can go in. They've already established rapport. They've established trust. They can expose those groups to QuickLogic technology.

因此他們可以進去。他們已經建立關係，也建立信任。他們可以把 QuickLogic 的技術介紹給那些團隊。

They've been around for a while. We've known them. We're happy that they've joined QuickLogic.

他們在業界已經有一段時間了。我們也認識他們。我們很高興他們加入 QuickLogic。

They're not just defense. They also do a lot of commercial. I think that they have a pretty strong background in helping sell EDA tools, which is great because every ASIC design team that needs IP needs EDA tools. They know the right people to go to.

他們不只做國防，也做很多商業市場。我認為他們在協助銷售 EDA 工具方面有相當強的背景，這很棒，因為每個需要 IP 的 ASIC 設計團隊也需要 EDA 工具。他們知道該找哪些對的人。

That really helps -- gives us leverage in our operating model because that means we have what we call variable costs.

這確實能幫助我們——在營運模式上給我們槓桿，因為這代表我們有我們所說的變動成本（variable costs）。

Because most sales reps and distributors are success-based, right? They help license IP. They help sell devices. They get a commission or a margin on the sale.

因為多數業務代表與代理商都是以成果為基礎，對吧？他們協助授權 IP、協助銷售裝置，並從銷售中取得佣金或利潤。

It's a fantastic way of aligning what we need as a company with financial incentives for them.

這是一種非常棒的方式，能把公司需求與他們的財務誘因對齊。

Like I said, I think they're doing a great job getting us into people that are beyond or groups that are beyond or numbers of customers that are beyond what we could handle with just our direct salesforce today.

如我所說，我認為他們做得很好，讓我們接觸到更多人——或更多團隊——或更多客戶數量，超出我們目前僅靠直銷團隊所能負荷的範圍。

Does that answer your question, Neil?

Neil，這有回答你的問題嗎？

Yeah. Thank you.

有的，謝謝。

Great.

很好。

(Operator Instructions) (multiple speakers) --

（接線員指示）（多位發言者）——

Any other questions, Neil?

Neil，還有其他問題嗎？

(Operator Instructions)

（接線員指示）

We will pause for a brief moment to see if there's any final questions.

我們將短暫暫停片刻，看看是否還有最後的問題。

With no further questions at this time, I would like to turn the floor back over to Brian for closing remarks.

目前沒有進一步的問題，我想把時間交回給 Brian 作結語。

Thank you, all, for joining and participating today.

感謝各位今天的加入與參與。

We look forward to speaking with you in the near future or on our next earnings call in August; whichever comes sooner.

我們期待在不久的將來與各位交流，或在 8 月的下一次財報電話會議上與各位對話；以較早者為準。

Thank you.

謝謝。

Thank you. This will conclude today's conference.

謝謝。今天的電話會議到此結束。

You may disconnect at this time. Thank you for your participation.

您現在可以中斷連線。感謝您的參與。