SAN JOSE, Calif. - QuickLogic (NASDAQ:QUIK) Corporation (NASDAQ:QUIK), a $119 million market cap company known for its embedded FPGA (eFPGA) Hard IP, ruggedized FPGAs, and endpoint AI solutions, has appointed Andy Jaros as its new Vice President of IP Sales, the company disclosed today. The announcement comes as the company's stock has shown strong momentum with a 9% gain over the past week, according to InvestingPro data. Jaros, who has a rich background in semiconductor IP and business development, will take on his role effective immediately, reporting to President and CEO Brian Faith.
Andy Jaros brings over 20 years of industry experience to his new position at QuickLogic. His career includes senior roles at ARM, Virage Logic, Synopsys (NASDAQ:SNPS), and he served as the Vice President of Sales at FlexLogix prior to joining QuickLogic. His expertise is expected to bolster QuickLogic's sales strategies and expand its market reach in the eFPGA sector.
Brian Faith expressed confidence in Jaros's ability to leverage his knowledge and customer relationships to support the company's growth, particularly in the eFPGA market. The optimism appears well-founded, as InvestingPro analysis indicates net income is expected to grow this year, with analysts projecting profitability in 2024. QuickLogic's Australis automated eFPGA IP Generator is cited as a key tool for meeting customer demands efficiently.
Jaros shared his enthusiasm for joining the company at a critical growth phase, noting the increasing demand for eFPGA IP across various market sectors. He highlighted QuickLogic's 30-year history of delivering a range of programmable logic solutions, from FPGA devices to comprehensive customer design support services.
QuickLogic, a fabless semiconductor company, offers a suite of products and services tailored for industrial, aerospace, consumer, and computing markets. The company prides itself on combining advanced technology with open-source tools to provide customizable, low-power solutions. With a gross profit margin of 65% and revenue growth of 23% in the last twelve months, the company shows promising operational metrics. For detailed financial analysis and additional insights, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks. This announcement is based on a press release statement from QuickLogic Corporation.
In other recent news, QuickLogic Corporation reported its Q3 2024 earnings results, revealing a year-over-year revenue dip to $4.3 million. Despite this, the company projects Q4 revenue to increase to around $6 million, primarily due to IP contract delays. QuickLogic also reported a non-GAAP net loss of $0.9 million for Q3 and anticipates Q4 cash usage to be under $500,000. Northland initiated coverage on QuickLogic, setting an Outperform rating for the stock and a price target of $11.60. The firm's positive outlook is based on QuickLogic's strategic position in the expanding FPGA market, particularly in sectors requiring specialized technology. Recent developments also include QuickLogic's focus on eFPGA Hard IP optimized for Intel (NASDAQ:INTC) 18A and the renewal of an OEM agreement with Synopsys. Despite not providing a full year revenue model for 2025 due to uncertainty in quarterly performance, QuickLogic anticipates growth due to a more diversified customer base and favorable market conditions.
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