QuickLogic announced its financial results for the third quarter of fiscal 2022, ended October 2, 2022.
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Total revenue for the third quarter of fiscal 2022 was $3.5 million, a decrease of 23.8% compared with the second quarter of 2022, and a decrease of 10.3% compared with the third quarter of 2021.
New product revenue was approximately $2.3 million in the third quarter of 2022, a decrease of $0.9 million, or 28.1%, compared with the second quarter of 2022, and a decrease of $0.5 million, or 18.3%, compared with the third quarter of 2021. The decrease in new product revenue from the same period a year ago was primarily due to a reduction in smart connectivity and sensor product revenues offset by higher eFPGA IP license and professional services revenue. Additionally, signing the aforementioned $6.9 million government contract later in the quarter delayed some of the revenue to subsequent quarters.
Mature product revenue was $1.2 million in the third quarter of 2022, a decrease of 14.4% compared with the second quarter of 2022, and an increase of 9.7% compared with the third quarter of 2021.
Third quarter 2022 GAAP gross margin was 48.5% compared with 56.0% in the second quarter of 2022, and 70.8% in the third quarter of 2021.
Third quarter 2022 non-GAAP gross margin was 49.8% compared with 58.6% in the second quarter of 2022, and 72.8% in the third quarter of 2021.
Third quarter 2022 GAAP operating expenses were $2.9 million, compared with $3.2 million the second quarter of 2022, and $4.0 million in the third quarter of 2021.
Third quarter 2022 non-GAAP operating expenses were $2.5 million, compared with $2.8 million in the second quarter of 2022, and $3.2 million in the third quarter of 2021.
Third quarter 2022 GAAP net loss was $1.3 million, or $0.11 per share, compared with a net loss of $0.5 million, or $0.04 per share, in the second quarter of 2022, and a net loss of $1.3 million, or $0.11 per share, in the third quarter of 2021.
Third quarter 2022 non-GAAP net loss was $0.9 million, or $0.07 per share, compared with a net loss of $47 thousand, or $0.00 per share, in the second quarter of 2022, and a net loss of $0.4 million, or $0.03 per share, in the third quarter of 2021. ■