QuickLogic announced its financial results for the first fiscal quarter of fiscal 2022, ended April 3, 2022.
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Total revenue for the first quarter of 2022 was $4.1 million, an increase of 11% compared with the fourth quarter of 2021, and an increase of 83% compared with the first quarter of 2021.
New product revenue was approximately $3.5 million in the first quarter of 2022 an increase of 29% compared with the fourth quarter of 2021, and an increase of 221% compared with the first quarter of 2021.
The increases were primarily due to higher revenue from our eFPGA IP license and smart connectivity and display product revenue.
Mature product revenue was $0.6 million in the first quarter of 2022, down 38% compared with the fourth quarter of 2021, and down 45% compared with the first quarter of 2021. COVID related softness in the served markets continues to limit mature product revenue performance.
First quarter 2022 GAAP gross margin was 60.1%, compared with 56.1% in the fourth quarter of 2021, and 51.1% in the first quarter of 2021.
First quarter 2022 non-GAAP gross margin was 61.5%, compared with 60.1% in the fourth quarter of 2021, and 52.7% in the first quarter of 2021.
First quarter 2022 GAAP operating expenses were $3.5 million, compared with $3.7 million in the fourth quarter of 2021, and $3.8 million in the first quarter of 2021.
First quarter 2022 non-GAAP operating expenses were $3.1 million, compared with $2.7 million in the fourth quarter of 2021, and from $3.5 million in the first quarter of 2021.
First quarter 2022 GAAP net loss was $1.2 million, or $0.10 per share (basic and diluted), compared with a net loss of $1.6 million, or $0.13 per share (basic and diluted), in the fourth quarter of 2021, and a net loss of $1.7 million, or $0.15 per share (basic and diluted), in the first quarter of 2021.
First quarter 2022 non-GAAP net loss was $0.8 million, or $0.06 per share (basic and diluted), compared with a net loss of $0.5 million, or $0.04 per share (basic and diluted), in the fourth quarter of 2021 and a net loss of $1.3 million, or $0.12 per share (basic and diluted), in the first quarter of 2021. ■