QuickLogic Corporation (NASDAQ:QUIK), a developer of ultra-low power multi-core voice-enabled SoCs, embedded FPGA IP, and Endpoint AI solutions, today announced that it has won a $2 million eFPGA Contract.
The revenue for the contract is expected to be recognized during the second half of fiscal 2021. The third quarter fiscal 2021 revenue guidance range and outlook for fiscal 2021 growth previously provided during the Company's financial results conference call on August 17, 2021 is unchanged.
This new Contract is the direct result of the Company's groundbreaking QORC (QuickLogic Open Reconfigurable Computing) initiative that it launched in June 2020. With the initiative, QuickLogic became the first programmable logic vendor to actively embrace a fully open-source suite of development tools and design methodologies for its FPGA devices and eFPGA technology. This initiative engenders the emerging trend toward open-source tooling, significantly broadens access to the company's products, and enables hardware and software developers with tools supported by both the user community and QuickLogic.
Prior to selecting QuickLogic for this project, the customer performed an extensive evaluation of programmable logic companies.
"We are honored and pleased that this customer has chosen QuickLogic as its eFPGA partner," said Brian Faith, President and CEO of QuickLogic. "Our deep domain expertise, proven track record in delivering high quality programmable logic devices, eFPGA IP and FPGA User Tools combined with our strategic QORC open-source initiatives, make QuickLogic the ideal partner. We look forward to enabling our customer's visionary products and ambitious timelines."