SAN JOSE, Calif. - QuickLogic (NASDAQ:QUIK) Corporation (NASDAQ: QUIK), a prominent player in the field of embedded FPGA (eFPGA) IP, ruggedized FPGAs, and Endpoint AI/ML solutions, has confirmed the resignation of Radhika Krishnan from its Board of Directors. Krishnan, who has been a part of QuickLogic's board since 2021, stepped down on Sunday to dedicate more time to her operational responsibilities at Amazon (NASDAQ:AMZN) Web Services.
During her tenure, Krishnan contributed as a member of the Compensation Committee and the Nominating and Corporate Governance Committee and held the position of a Class III Director. Mike Farese, Chairman of the Board of QuickLogic, expressed the company's gratitude for her leadership and strategic guidance, particularly her expertise in Artificial Intelligence, which has been instrumental in the company's progress over the past years.
Krishnan's departure has led to the reduction of the Board of Directors from seven to six members. According to the company's statement, this change does not affect QuickLogic's compliance with Nasdaq Listing Rules regarding the board's composition and governance.
QuickLogic, known for its fabless semiconductor production, continues to innovate in the eFPGA space, providing solutions for various applications across industrial, aerospace and defense, AI at the edge and endpoint, consumer, and computing segments. The company's subsidiary, SensiML Corporation, complements its offerings with AI/ML software that enhances AI capabilities at the edge/endpoint.
This shift in the company's board structure comes as QuickLogic positions itself to meet the increasing demand for eFPGA technology in new System on Chip (SoC) designs, as noted by Krishnan in her statement. The company's focus remains on advancing its comprehensive eFPGA IP ecosystem.
The information for this report is based on a press release statement from QuickLogic Corporation.
InvestingPro Insights
As QuickLogic Corporation (NASDAQ: QUIK) navigates the change in its board composition, investors and stakeholders are closely monitoring the company's financial health and market performance. Recent data from InvestingPro offers insights into QuickLogic's current valuation and market sentiment.
The company's market capitalization stands at a modest $231.62 million, reflecting its position in the niche market of eFPGA technology. Despite not being profitable over the last twelve months, QuickLogic's revenue has shown a significant uptick, with a growth of 31.01% in the last twelve months as of Q4 2023, and an even more impressive quarterly revenue growth of 83.13% in Q4 2023. These figures suggest a strong demand for QuickLogic's products and potential for future profitability.
InvestingPro Tips indicate that QuickLogic's stock price movements have been quite volatile, which may attract investors looking for high-growth opportunities. Additionally, the company has seen a strong return over the last year with a 169.87% price total return, and analysts predict that the company will be profitable this year. This aligns with the company's strategic focus on expanding its eFPGA IP ecosystem to meet the rising demand in SoC designs.
While QuickLogic operates with a moderate level of debt, it is trading at high valuation multiples, including a Price / Book multiple of 13.71. This could suggest that investors are willing to pay a premium for the company's growth prospects. The company does not pay a dividend, which is common for growth-oriented tech companies that prefer to reinvest earnings back into the company.
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The information provided here is a snapshot of QuickLogic's current financial standing and market performance, which could be valuable for investors considering the company's potential in a rapidly evolving tech landscape.
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