QUIK · QuickLogic
Conviction · Low · more likely to lag the S&P 500 over the next three months
Wrong if: a daily close above $12.66
Note written ·
Price against the kill line
26.1% clear of its kill line on the 13 November 2026 close.
How to read this
This note expects the shares to lag the market, so its kill line sits above the price: a close above the red mark would prove the view wrong. Prices run from low on the left to high on the right. The dot is where the stock closed on 13 November 2026, left of the mark while it is below the line; a dot right of the mark has closed through it.
The scale is stretched near the line, so close calls are easy to see. More than 8% from the line, the stock reads well clear, with a hollow dot to show the figure is off the drawn scale.
The kill line is the research note's own test. The portfolio sells on business facts, not on a price. How the portfolio decides
Three months against the kill line
Daily closes, to . Red: the kill line, a daily close above $12.66, on record since 11 November 2026. The shares are down 25.9% since the close; the S&P 500 is down 2.1% over the same sessions. Figures in the note can cover a different window.
Kill line
A daily close above $12.66, about the 200-day average of closes, which would show the shares leading again. A business result pointing the same way: fourth-quarter revenue above $8.8 million, the top of the guide.
Research onlyNot in the portfolio.
The business · as of
QuickLogic licenses embedded FPGA (reprogrammable logic) intellectual property and sells related chips and software to chipmakers and U.S. government programs. Revenue was $5.1 million in the quarter to 27 September 2026, per its 10-Q filed 12 November 2026.
What is changing, and what follows · as of
- What is changing now
- On 10 November 2026 the company reported third-quarter revenue of $5.1 million, below the $5.509 million consensus, and guided fourth-quarter revenue to $8 million, plus or minus 10%.
- What follows for the company
- Reported gross margin fell to 37.4% from 43.9% a quarter earlier, and the full-year adjusted target was cut to 47% from 51%; cash and short-term investments were $19 million at 30 September 2026.
- What follows for its customers, suppliers and competitors
- Intel (INTC) 18A-P contract work and a U.S. government tranche carry the guide; management cited a win-back from Flex Logix, which the Finviz report describes as now captive to Analog Devices (ADI).
What the price assumes · as of
At the 13 November 2026 close (filed inputs to 12 November 2026): market value $176 million; enterprise value $164 million; EV/sales 8.4; P/B 5.9; EV/EBIT and P/E not meaningful. That holds only if revenue reaches the roughly $8 million fourth-quarter guide, up from $5.1 million, and the −41.2% operating margin turns positive.
Key figures from the filings · Technology
Quarter to 27 September 2026, filed 12 November 2026; valuation at the 13 November 2026 close
- Revenue, latest quarter ($M)
- 5.1
- Revenue, change on a year (%)
- +153.2
- Gross margin (%)
- 37.4
- Operating margin (%)
- −41.2
- Net cash, cash less debt ($M)
- 11.9
- Enterprise value to sales (×)
- 8.4
All filed numbers
What QuickLogic reports to the SEC in its quarterly and annual filings. Each group states its period and filing date once; a figure dated otherwise says so. Built from the filings known on .
| Quarter to | Revenue ($M) | On a year (%) | Gross margin (%) | Operating margin (%) |
|---|---|---|---|---|
| first filed | 5.1 | +153.2 | 37.4 | −41.2 |
| first filed | 5.5 | +48.7 | 43.9 | −31.3 |
| first filed | 5.1 | +16.8 | 36.5 | −41.9 |
| first filed | 3.7 | −34.2 | 18.1 | −93.5 |
| first filed | 2.0 | −51.8 | −23.3 | −193.5 |
| first filed | 3.7 | −10.0 | 25.9 | −68.4 |
| Pre-tax income ($M) | −2.2 |
| Net income ($M) four quarters: −11.2 | −2.2 |
| Diluted shares, change on a year (%) against the quarter to 28 September 2025 | +11.5 |
| Operating cash flow ($M) | 1.6 |
| Capital spending ($M) | Not available |
| Free cash flow ($M) | Not available |
| Cash and short-term investments ($M) | 19.2 |
| Debt ($M) credit line plus notes | 7.3 |
| Net cash, cash less debt ($M) | 11.9 |
| Deferred revenue ($M) +105.8% on a year | 0.8 |
| Backlog, orders not yet delivered ($M) | Not reported |
| Receivables ($M) | 1.0 |
| Inventory ($M) | 0.9 |
| Shareholders' equity ($M) | 30.0 |
| Market value ($M) | 176 |
| Enterprise value, market value plus net debt ($M) | 164 |
| Enterprise value to sales (×) | 8.4 |
| Enterprise value to operating income (×) | Not meaningful |
| Price to earnings (×) | Not meaningful |
| Price to book value (×) | 5.9 |
| Free-cash-flow yield (%) | Not available |
Short interest (FINRA, settled 15 October 2026, published 26 October 2026): 8.8% of shares outstanding sold short, 9.1 days of average trading to cover, +1.3% since the previous report.
| Window | Bought | Sold |
|---|---|---|
| 90 daysfrom | $0 | $951K |
| 12 monthsfrom | $0 | $2.3M |
Linked companies · as of
The thesis
QuickLogic's shares are more likely to lag the S&P 500 over the next three months. Third-quarter revenue of $5.138 million missed the $5.509 million consensus estimate, and the company's fourth-quarter guide of $8 million, plus or minus 10%, needs a 55% jump from contracts that have not all closed. The fourth-quarter report, expected around March 2027, settles it.
The shares closed at $9.36 on 13 November 2026. That is 61.5% below the 52-week intraday high of $24.33 on 4 June 2026, and the 3-month change is −25.9%. The close sits below both the 50-day average of $9.98 and the 200-day average of $12.67.
The shares did rebound after the 10 November 2026 report: closes were $8.22 on 10 November 2026, $9.30 on 11 November 2026 and $9.91 on 12 November 2026. The rebound has not changed the revenue gap the guide has to close.
Bullish and bearish views on QuickLogic Corporation
The bull case on QuickLogic Corporation (QUIK), in brief: revenue is still growing from a year earlier. The bear case: a third straight revenue miss.
Bull case
- Revenue is still growing from a year earlier. Third-quarter revenue was $5.1 million, up 153.2% from the quarter to 28 September 2025, per the 10-Q filed 12 November 2026. Operating margin improved to −41.2% from −193.5% a year earlier.
- The fourth-quarter guide implies profit. Management guided fourth-quarter revenue to $8 million, plus or minus 10%, and adjusted net income of about $1.3 million, per the Finviz report on the 10 November 2026 call. Management also guided full-year cash flow to positive, per the same report.
- Free cash flow is already positive. Free cash flow was $1.3 million over the four quarters to 27 September 2026, per the 10-Q filed 12 November 2026. Net cash was $12 million at 30 September 2026, with cash and short-term investments of $19 million against $7.3 million of debt.
- New design wins were announced on the call. Management cited a first automotive and industrial embedded field-programmable gate array (eFPGA) hard-IP win on a 16 nanometre chip, a follow-on Intel 18A-P contract, and a customer win-back from Flex Logix, per the Finviz report of 10 November 2026.
Bear case
- A third straight revenue miss. Revenue of $5.138 million trailed the $5.509 million estimate, and the adjusted loss of $0.07 per share was wider than the $0.05 estimate, per the Finviz report of the 10 November 2026 results. Revenue fell 6.3% from the second quarter.
- Gross margin keeps falling. Reported gross margin was 37.4% in the quarter to 27 September 2026, down from 43.9% a quarter earlier, per the 10-Q filed 12 November 2026. Management cut its full-year adjusted gross margin target from 57% to about 51% and then to 47%, plus or minus 5%, per the same Finviz report.
- One government contract carries the quarter. The U.S. government contract supplied about $3.4–3.5 million of the $5.1 million third-quarter revenue, per the Finviz report. Management described the timing of the next tranche as opaque and gave no dollar amount.
- The guide needs contracts to close. The fourth-quarter figure depends on about five contracts closing, and the architectural eFPGA license slipped from late 2026 to early 2027, per the Finviz report of 10 November 2026.
- Share count keeps rising. The diluted share count was up 11.5% from a year earlier in the quarter to 27 September 2026, per the 10-Q. Executives and a director sold shares in September: the chief executive sold 25,292 shares at $10.80 on 10 September 2026 and 17,255 at $10.21 on 17 September 2026, per SEC Form 4 filings.
Price setup
The last close of $9.36 on 13 November 2026 is below the 50-day average of $9.98 and 26% under the 200-day average of $12.67, both from adjusted daily closes. The 52-week closing low is $5.49 on 20 November 2025, and the 52-week intraday high is $24.33 on 4 June 2026.
The shares have moved sharply around each report. Finviz reported a fall of 38.4% from the $13.75 open after the August release to $8.47 by 9 November 2026. After the November report the close rose from $8.22 on 10 November 2026 to $9.91 on 12 November 2026, then gave back to $9.36 on 13 November 2026.
Catalysts ahead
- ~27 December 2026 (est.): End of fiscal 2026: the U.S. government contract tranche and the other contracts behind the fourth-quarter guide must close to count. The $8 million fourth-quarter guide, plus or minus 10%, depends on about five contracts closing and a government tranche whose timing management called opaque.
- ~10 March 2027 (est.): Fourth-quarter and fiscal 2026 results. Shows whether revenue reaches the $7.2–8.8 million guide, whether gross margin holds near the 47% full-year target, and whether further share sales occurred.
What would change the view
A daily close above $12.66, about the 200-day average of closes, which would show the shares leading again. A business result pointing the same way: fourth-quarter revenue above $8.8 million, the top of the guide.
What it trades with
No listed pure-play eFPGA comparable exists. Achronix and Menta are private, and the Finviz report of 10 November 2026 describes Flex Logix as now captive to Analog Devices (ADI). QuickLogic's revenue follows a few customers and licence timing, not a sector cycle. Its results tie to Intel's 18A and 18A-P manufacturing process programmes and to U.S. government contract awards.
The evidence, claim by claim (7)
- Third-quarter revenue was $5.138 million, up 153.2% from a year earlier and down 6.3% from the second quarter, against a $5.509 million consensus estimate. QuickLogic results 8-K and 10-Q filed 12 November 2026; Finviz report · as of
- Reported gross margin was 37.4% in the quarter to 27 September 2026 versus 43.9% in the quarter to 28 June 2026; operating margin was −41.2%. 10-Q filed 12 November 2026 (SEC XBRL) · as of
- Cash and short-term investments were $19 million, debt $7.3 million and net cash $12 million. 10-Q filed 12 November 2026 (SEC XBRL) · as of
- Free cash flow was $1.3 million and net income was −$11 million over the four quarters to 27 September 2026; diluted share count rose 11.5% from a year earlier. 10-Q filed 12 November 2026 (SEC XBRL) · as of
- Management guided fourth-quarter revenue to $8 million, plus or minus 10%, and adjusted net income of about $1.3 million; the full-year adjusted gross margin target was cut from 57% to about 51% to 47%, plus or minus 5%. Finviz report on the 10 November 2026 earnings call · as of
- The U.S. government contract supplied roughly $3.4–3.5 million of third-quarter revenue of $5.1 million, about two-thirds. Finviz report on the 10 November 2026 earnings call · as of
- The chief executive sold 25,292 shares at $10.80 on 10 September 2026 and 17,255 shares at $10.21 on 17 September 2026; the CFO and CTO also sold shares on both dates. SEC Form 4 filings · as of
Sources
- Black Friday Get Elite for just $149.00 Claim Now · finviz.com
- QuickLogic Q3 2026: Revenue Doubled but Both Lines Missed Expectations · 247wallst.com