QuickLogic Corporation (NASDAQ:QUIK) Q3 2018 Earnings Conference Call Transcript

Nov 07, 2018 • 05:30 pm ET


QuickLogic Corporation (NASDAQ:QUIK) Q3 2018 Earnings Conference Call Transcript


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Hello and welcome to QuickLogic Third Quarter 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session, and instructions will follow at that time. As a reminder, this conference is being recorded.

And now I'd like to introduce, your host for today's call, Moriah Shilton. You may begin.

Moriah Shilton

Thank you, Tawanda. Welcome, everyone, and thank you for joining us today for QuickLogic's third quarter fiscal 2018 results conference call. With us today are Brian Faith, President and CEO, and Dr. Sue Cheung, CFO. (Forward-Looking Cautionary Statements)

Please note QuickLogic uses its website, the company blog QuickLogic HotSpot, its corporate Twitter account, Facebook page and LinkedIn page as channels of distribution of information about its products, its planned financial and other announcements, its attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and QuickLogic may use these channels to comply with its disclosure obligations under Regulation FD.

This conference call is open to all, and is being webcast live. We will start today's call with the company's strategic update from QuickLogic's CEO, Brian Faith. Then CFO, Sue Cheung, will provide financial results and guidance. Brian will deliver some closing remarks and then open the call to questions.

At this time, it is my pleasure to turn the call over to Brian Faith, President and CEO. Please go ahead, Brian.

Brian Faith

Thank you, Moriah, and thank you all for joining our Q3 2018 conference call. I have quite a bit of exciting news to share with you today that bolsters our outlook for 2019 and beyond. Since our last conference call, we have expanded the scope and value of our MOU with a leading Japanese smartphone company. We have broadened our involvement with the leading consumer electronics company we mentioned on our last conference call, that is designed in our EOS S3, and in AC-powered, always-on, always listening application. We have initiated a new EOS S3 engagement with a leading consumer goods company for our high-volume, AC-powered, always-on, always-listening application, in yet another new market sector for QuickLogic. And I am very proud to announce we are forecasting material QuickAI revenue for Q4 2018.

An important point for QuickLogic that I want to highlight, is the fact we are seeing mounting evidence of a broad industry shift from push-to-talk to always-on, always-listening voice interfaces. Our recent design wins and engagement activities suggest this trend is in the process of extending into a very wide range of end markets, many of which are totally new markets for QuickLogic. This shift to always-on, always-listening is important for QuickLogic because there is a focus on minimizing the power consumption of the interface, and that is where our multicore EOS S3 SoC has a clear competitive advantage.

We are even seeing a focus to minimize power consumption in AC-powered products, that are obviously not worried about battery life, but need to comply with new energy standards that limit standby