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Velo3D Announces First Quarter 2026 Financial Results

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56 minutes ago

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Revenue of $13.8 million, up 48% year-over-yearGross margin of 17.2%Reaffirms outlook for 2026 revenue between $60 million and $70 million and to turn EBITDA positive in the second half of 2026

FREMONT, Calif., May 12, 2026 /PRNewswire/ — Velo3D, Inc. (Nasdaq: VELO) (“Velo3D” or the “Company”), a leader in additive manufacturing (“AM”) technology known for transforming aerospace and defense supply chains through world-class metal AM, today announced financial results for its first quarter ended March 31, 2026. 

Recent Business Developments

Awarded a $9.8 million, five-year Indefinite Delivery Indefinite Quantity (IDIQ) contract supporting the Defense Logistics Agency’s (DLA) Joint Additive Manufacturing Acceptability (JAMA) Pilot Parts Program, an initiative aimed at accelerating adoption of additively manufactured components across Department of War sustainment operations.Appointed Jim Suva as Chief Financial Officer.Closed a firm commitment underwritten registered direct offering in April 2026 of 3,571,428 shares of common stock, with gross proceeds of approximately $50 million. 

“For the first quarter, we delivered a strong start to 2026 with revenue up 48% year‑over‑year, reflecting recent sales momentum and disciplined execution across our end markets,” said Arun Jeldi, CEO of Velo3D. “Importantly, we achieved positive gross margin this quarter, a key inflection point that validates our operating model as we scale production and continue to drive cost efficiency. With a robust pipeline of opportunities, we believe we have a solid foundation for continued growth.”

“Demand remains particularly strong in defense and aerospace, where customers are prioritizing scalable, high‑performance additive manufacturing solutions. To support this demand and accelerate our expansion, we completed a successful equity offering in April, securing additional capital to invest in talent and operational infrastructure. We believe our competitive position is strengthening as we deepen customer relationships and expand into new programs. We remain focused on executing our expansion plans to capture these opportunities and drive long‑term value creation.”

($ in Millions, except percentages and per-share data)

1st Quarter 2026

1st Quarter 2025

GAAP revenue

$13.8

$9.3

GAAP gross margin

17.2 %

7.5 %

GAAP net loss1

($7.0)

($25.0)

GAAP net loss per share  – basic and diluted

($0.28)

($1.87)

Non-GAAP net loss1,2

($5.1)

($9.0)

Non-GAAP net loss per share  – basic and diluted1,2

($0.20)

($0.67)

Information about Velo3D’s use of non-GAAP information, including a reconciliation to accounting principles generally accepted in the United States of America (“GAAP”), is provided at the end of this release under “Non-GAAP Financial Information”. The non-GAAP financial measures presented in this release should not be considered as the sole measure of the Company’s performance and should not be considered in isolation from, or as a substitute for, comparable financial measures calculated in accordance with GAAP.

Non-GAAP net loss and non-GAAP net loss per basic and diluted share exclude stock-based compensation expense, loss on warrant cancellation, fair value adjustments for the Company’s warrants and earnout liabilities, impairment of equipment subject to operating lease, and non-routine inventory adjustments for excess and obsolete inventory.

Summary of First Quarter 2026 Results 

Total Revenue was $13.8 million. 3D Printer and parts revenue increased 60% compared to the first quarter of 2025, driven by an increase in the average selling price, number of systems sold, and an increase in RPS revenues. While system sales are expected to remain the primary driver of revenue in 2026, the Company anticipates that, under its new go-to-market strategy, its RPS parts production business will contribute an increasing share of revenue. 

Gross margin for the first quarter was 17.2% compared to 7.5% in the first quarter of 2025. This change was primarily driven by the higher average selling price of Sapphire XC systems and increased RPS volume.

Operating expenses for the first quarter were $9.3 million compared to $12.2 million in the first quarter of 2025. Non-GAAP adjusted operating expenses, excluding stock-based compensation recorded in operating expenses of $1.2 million, were $8.1 million, down from $8.8 million in the first quarter of 2025. 

GAAP net loss for the first quarter was ($7.0) million compared to ($25.0) million in the first quarter of 2025. Non-GAAP net loss for the first quarter was ($5.1) million compared to ($9.0) million in the three months ended March 31, 2025. Adjusted EBITDA for the first quarter was ($3.6) million compared to ($6.9) million in the first quarter of 2025. For more information regarding the Company’s non-GAAP financial measures, see “Non-GAAP Financial Information” below.

As of March 31, 2026, the Company had $16.6 million of cash and cash equivalents, compared to $39.0 million as of December 31, 2025. As of March 31, 2026, the Company had $12 million in new bookings and ending backlog of $30 million.

“On April 27, 2026, the Company closed a firm commitment underwritten registered direct offering of 3,571,428 shares of its common stock, with gross proceeds of approximately $50 million,” said Jim Suva, CFO of Velo3D. “During the first quarter of 2026, the Company also completed debt-to-equity conversions totaling principal of $15 million, including $5 million converted at a premium to the Company’s share price on the date of conversion, and full repayment of the secured notes. As a result, we reduced our outstanding debt by approximately 70% to approximately $9 million.”

Guidance

Management reiterates expectations for the full year 2026 to include:

Revenue in the range of $60 million to $70 million.Sequential improvement in gross margin.Greater than 30% gross margin in second half of 2026.Non-GAAP adjusted operating expenses in the range of $45 million to $55 million.Capital expenditures in the range of $40 million to $50 million, primarily for RPS expansion, subject to the availability of sufficient financing.Positive EBITDA in the second half of 2026.

Conference Call

The Company will host a conference call for investors to discuss its first quarter 2026 financial results at 5 p.m. Eastern time / 2 p.m. Pacific time on May 12, 2026. The call will be webcast and can be accessed from the Events page of the Investor Relations section of Velo3D’s website at ir.velo3d.com.

About Velo3D:

Velo3D is a metal 3D printing technology company that enables customers to build mission-critical metal parts. The fully integrated solution includes the Flow print preparation software, the Sapphire® family of printers, and the Assure quality control system—all of which are powered by Velo3D’s Intelligent Fusion® manufacturing process.

Amounts herein pertaining to the Company’s first quarter ended March 31, 2026 results represent a preliminary estimate as of the date of this earnings release and may be revised upon filing of our Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission (the “SEC”). Additional information on our results of operations for the three months ended March 31, 2026 will be provided upon the filing of our Quarterly  Report on Form 10-Q with the SEC.

Forward-Looking Statements:

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “forecast”, “anticipate”, “intend”, “plan”, “may”, “will”, “could”, “should”, “believes”, “predicts”, “potential”, “continue”, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s guidance for fiscal year 2026 (including the Company’s estimates for revenue, gross margin, operating expenses, and capital expenditures), the Company’s expectations regarding its ability to achieve positive EBITDA in the second half of 2026,  the Company’s expectations about future demand, growth, profitability, long-term value, capacity requirements and operational efficiencies, scaled production, pipeline of opportunities, customer priorities, positive gross margins, the Company’s expectations regarding its liquidity and capital requirements, including plans to raise additional capital to support its expansion and the potential sources and uses of that capital, the Company’s expectations regarding its potential cost savings, the Company’s expectations about its market strategy and financial and operational position, the Company’s expectations that the RPS parts production business will contribute an increasing share of revenue, and the Company’s other expectations, beliefs, intentions or strategies for the future. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “FY 2025 10-K”) and its Quarterly Reports on Form 10-Q (“Quarterly Reports”) and the other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability of the Company to execute its business plan, which may be affected by, among other things, competition, the Company’s liquidity position/lack of available cash, the ability of the Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its key employees; (2) the Company’s ability to continue as a going concern; (3) the Company’s ability to service and comply with its indebtedness; (4) the Company’s ability to raise additional capital in the near-term; (5) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (6) changes in the applicable laws and regulations; (7) risks related to the Company’s exposure to government and defense contracts, including potential delays or reductions in government funding, government shutdowns, changes in defense procurement priorities or spending levels, and the timing and uncertainty of government contract awards and modifications; and (8) other risks and uncertainties described in the FY 2025 10-K and the Quarterly Reports, including those under “Risk Factors” therein, and in the Company’s other filings with the SEC. The Company cautions that the foregoing list of factors is not exclusive and not to place undue reliance upon any forward-looking statements, including projections, which speak only as of the date made. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by applicable law.

Non-GAAP Financial Information

The information in the table below sets forth the non-GAAP financial measures that the Company uses in this release. Because of the inherent limitations associated with these non-GAAP financial measures, “Non-GAAP Net Loss”, “Non-GAAP net loss per basic and diluted share”, “EBITDA”, “Adjusted EBITDA” and “Non-GAAP Adjusted Operating Expenses”, should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. In addition, these non-GAAP financial measures may differ from, and should not be compared to, similarly named measures used by other companies. The Company compensates for these limitations by relying primarily on its GAAP results and using Non-GAAP Net Loss, Non-GAAP net loss per basic and diluted share, EBITDA, Adjusted EBITDA, and Non-GAAP Adjusted Operating Expenses on a supplemental basis. You should review the reconciliation of the non-GAAP financial measures below and not rely on any single financial measure to evaluate the Company’s business.

Management believes adjusted “Non-GAAP Net Loss”, “Non-GAAP net loss per basic and diluted share”, “EBITDA”, “Adjusted EBITDA” and “Non-GAAP Adjusted Operating Expenses” are useful to investors because they allow for comparison to the Company’s performance in prior periods without the effect of items that, by their nature, tend to obscure the Company’s core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. As a result, management believes that these measures enhance the ability of investors to analyze trends in the Company’s business and evaluate the Company’s performance relative to peer companies.

Reconciliations of the differences between these non-GAAP financial measures and their most directly comparable financial measures calculated in accordance with GAAP are set forth below.

The Company’s non-GAAP adjusted operating expenses are calculated by excluding stock-based compensation recorded in operating expenses. The Company’s non-GAAP EBITDA is calculated by excluding interest expense, provision (benefit) for income taxes, and depreciation and amortization.  With respect to the Company’s 2026 financial guidance regarding non-GAAP adjusted operating expenses and non-GAAP EBITDA, the Company cannot provide a quantitative reconciliation to the most directly comparable GAAP measure without unreasonable effort due to its inability to make accurate projections and estimates related to certain information needed to calculate some of the adjustments as described above.

Velo3D, Inc.

Non-GAAP Net Loss Reconciliation

(Unaudited)

 

Three months ended

March 31, 2026

December 31, 2025

March 31, 2025

($ In thousands)

% of Rev

% of Rev

% of Rev

Revenue

$

13,816

100.0

%

$

9,441

100.0

%

$

9,320

100.0

%

Gross profit (loss)

2,381

17.2

%

(6,946)

(73.6)

%

697

7.5

%

Net Loss

$

(6,998)

(50.7)

%

$

(21,897)

(231.9)

%

$

(25,014)

(268.4)

%

Stock-based compensation

1,889

13.7

%

2,175

23.0

%

3,596

38.6

%

Loss on warrant cancellation

—

—

%

—

—

%

11,357

121.9

%

Loss on fair value of warrants

—

—

%

96

1.0

%

1,044

11.2

%

Impairment of equipment subject to operating lease

—

—

%

1,066

11.3

%

—

—

%

Gain on fair value of contingent earnout liabilities

—

—

%

(10)

(0.1)

%

—

—

%

Non-routine inventory adjustment for excess and obsolete inventory

—

—

%

6,979

73.9

%

—

—

%

Non-GAAP Net Loss

$

(5,109)

(37.0)

%

$

(11,591)

(122.8)

%

$

(9,017)

(96.7)

%

 

Velo3D, Inc.

Non-GAAP Adjusted EBITDA Reconciliation

(Unaudited)

 

Three months ended

March 31, 2026

December 31, 2025

March 31, 2025

($ In thousands)

% of Rev

% of Rev

% of Rev

Revenue

$

13,816

100.0

%

$

9,441

100.0

%

$

9,320

100.0

%

Net Loss

(6,998)

(50.7)

%

(21,897)

(231.9)

%

(25,014)

(268.4)

%

Interest expense

733

5.3

%

524

5.6

%

1,070

11.5

%

Provision (benefit) for income taxes

26

0.2

%

34

0.4

%

8

0.1

%

Depreciation and amortization

762

5.5

%

1,026

10.9

%

995

10.7

%

EBITDA

$

(5,477)

(39.6)

%

$

(20,313)

(215.2)

%

$

(22,941)

(246.1)

%

Stock-based compensation

1,889

13.7

%

2,175

23.0

%

3,596

38.6

%

Loss on warrant cancellation

—

—

%

—

—

%

11,357

121.9

%

Loss on fair value of warrants

—

—

%

96

1.0

%

1,044

11.2

%

Impairment of equipment subject to operating lease

—

—

%

1,066

11.3

%

—

—

%

Gain on fair value of contingent earnout liabilities

—

—

%

(10)

(0.1)

%

—

—

%

Non-routine inventory adjustment for excess and obsolete inventory

—

—

%

6,979

73.9

%

—

—

%

Non-GAAP Adjusted EBITDA

$

(3,588)

(26.0)

%

$

(10,007)

(106.0)

%

$

(6,944)

(74.5)

%

 

Velo3D, Inc.

Non-GAAP Adjusted Operating Expenses Reconciliation

(Unaudited)

 

Three months ended

March 31, 2026

December 31, 2025

March 31, 2025

($ In thousands)

% of Rev

% of Rev

% of Rev

Revenue

$

13,816

100.0

%

$

9,441

100.0

%

$

9,320

100.0

%

Operating expenses

Research and development

2,695

19.5

%

3,283

34.8

%

2,059

22.1

%

Selling and marketing

1,721

12.5

%

2,415

25.6

%

1,086

11.7

%

General and administrative

4,912

35.6

%

9,163

97.1

%

9,076

97.4

%

Total operating expenses

$

9,328

67.5

%

$

14,861

157.4

%

$

12,221

131.1

%

Stock-based compensation recorded in operating expenses

1,246

9.0

%

1,533

16.2

%

3,387

36.3

%

Non-GAAP Adjusted operating expenses

$

8,082

58.5

%

$

13,328

141.2

%

$

8,834

94.8

%

 

Velo3D, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except share and per share data)

 

The three months ended March 31,

2026

2025

Revenue

3D Printer and parts

$

12,021

$

7,523

Recurring payment

—

—

Support services

1,269

1,790

Other

526

7

Total Revenue

13,816

9,320

Cost of revenue

3D Printer and parts

10,225

7,540

Recurring payment

—

12

Support services

1,210

1,071

Total cost of revenue

11,435

8,623

Gross profit

2,381

697

Operating expenses

Research and development

2,695

2,059

Selling and marketing

1,721

1,086

General and administrative

4,912

9,076

Total operating expenses

9,328

12,221

Loss from operations

(6,947)

(11,524)

Interest expense

(733)

(1,070)

Loss on fair value of warrants

—

(1,044)

Loss on warrant cancellation

—

(11,357)

Other income (expense), net

708

(11)

Loss before income taxes

(6,972)

(25,006)

Provision for income taxes

(26)

(8)

Net loss

$

(6,998)

$

(25,014)

Net loss per share:

    Basic and Diluted

$

(0.28)

$

(1.87)

Shares used in computing net loss per share:

    Basic and Diluted

25,021,065

13,398,104

 

Velo3D, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share data)

 

March 31,

December 31,

2026

2025

Assets

Current assets:

Cash and cash equivalents

$

16,564

$

39,013

Accounts receivable, net

6,732

6,263

Inventories, net

28,104

27,083

Contract assets

4,120

2,039

Prepaid expenses and other current assets

9,650

5,722

Total current assets

65,170

80,120

Property and equipment, net

16,387

13,094

Equipment subject to operating lease, net

1,054

1,629

Other assets

9,793

10,505

Total assets

$

92,404

$

105,348

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

9,089

$

10,301

Accrued expenses and other current liabilities

6,655

7,915

Debt – current portion

3,135

6,305

Contract liabilities

7,739

9,281

Total current liabilities

26,618

33,802

Long-term debt – less current portion

6,037

24,710

Contingent earnout liabilities

1

1

Warrant liabilities

109

109

Other noncurrent liabilities

8,099

8,570

Total liabilities

40,864

67,192

Stockholders’ equity:

Common stock, $0.00001 par value  – 500,000,000 shares authorized at March 31, 2026 and December 31, 2025, 26,216,822 and 24,607,630 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

5

5

Additional paid-in capital

556,676

536,294

Accumulated deficit

(505,141)

(498,143)

Total stockholders’ equity

51,540

38,156

Total liabilities and stockholders’ equity

$

92,404

$

105,348

 

Velo3D, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)

 

The three months ended March 31,

2026

2025

Cash flows from operating activities

Net loss

$

(6,998)

$

(25,014)

Adjustments to reconcile net loss to net cash used in operating activities

Depreciation and amortization

762

995

Amortization of debt discount and deferred financing costs

17

48

Stock-based compensation

1,889

3,596

Loss on fair value of warrants

—

1,044

Loss on warrant cancellation

—

11,357

Non-cash lease expense

59

28

Changes in operating assets and liabilities

Accounts receivable

(469)

(846)

Inventories

672

1,989

Contract assets

(2,081)

(795)

Prepaid expenses and other current assets

(3,928)

(3,407)

Other assets

648

1,224

Accounts payable

(5,504)

(860)

Accrued expenses and other liabilities

(1,032)

1,195

Contract liabilities

(1,542)

(2,671)

Other noncurrent liabilities

(471)

(232)

Net cash used in operating activities

(17,978)

(12,349)

Cash flows from investing activities

Purchase of property and equipment

(940)

—

Net cash used in investing activities

(940)

—

Cash flows from financing activities

Proceeds from convertible secured notes

—

15,000

Repayment of 2025 equipment loan

(496)

—

Repayment of secured notes

(3,039)

—

Net cash (used in) provided by financing activities

(3,535)

15,000

Effect of exchange rate changes on cash and cash equivalents

(1)

7

Net change in cash and cash equivalents

(22,454)

2,658

Cash and cash equivalents and restricted cash at beginning of period

39,641

1,840

Cash and cash equivalents and restricted cash at end of period

$

17,187

$

4,498

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the total of such amounts shown on the condensed consolidated statements of cash flows:

The three months ended March 31,

2026

2025

Cash and cash equivalents

$

16,564

$

3,870

Restricted cash (Other assets)

623

628

Total cash and cash equivalents and restricted cash

$

17,187

$

4,498

 

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SOURCE Velo3D, Inc.

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Technology

QuickLogic Reports Fiscal First Quarter 2026 Financial Results

Published

56 minutes ago

on

May 12, 2026

By

SAN JOSE, Calif., May 12, 2026 /PRNewswire/ — QuickLogic Corporation (NASDAQ: QUIK) (“QuickLogic” or the “Company”), a developer of embedded FPGA (eFPGA) Hard IP, Strategic Radiation Hardened and Antifuse FPGAs, and ruggedized programmable logic solutions, today announced its financial results for the fiscal first quarter that ended March 29, 2026.

Recent Highlights

Demonstrated RadPro™ FPGA Dev Kit at the 41st Hardened Electronics and Radiation Technology (HEART) ConferenceInitial shipments now underway of its RadPro™ FPGA Dev KitSecured new 7-figure contract for Test Chip to be fabricated on GlobalFoundries 12LP processSecured a mid-6-figure contract to implement high density architectural enhancements to its eFPGA Hard IP targeting Intel 18A technologyAppointed Quantum Leap Solutions as an authorized sales representative for QuickLogic’s IP and chiplet offerings

“Our progress in 2026 continues to leverage our investments in Intel 18A technology and our internally funded RadPro™ FPGA,” said Brian Faith, CEO of QuickLogic. “With the initial shipments of our first RadPro™ Dev Kits, and other developments including our newly signed 12LP contract, our Storefront initiative is building momentum. We believe this progress and our continued execution of strategic objectives position us well to realize our growth objectives for 2026 and beyond.”

Fiscal First Quarter 2026 Financial Results

Total revenue from continuing operations for the first quarter of fiscal 2026 was $5.1 million, an increase of 16.8% compared with the first quarter of 2025 and an increase of 35.3% compared with the fourth quarter of 2025.

New product revenue from continuing operations was approximately $4.3 million in the first quarter of 2026, an increase of $0.5 million, or 14.5%, compared with the first quarter of 2025 and an increase of $1.4 million, or 50.7%, compared with the fourth quarter of 2025.

Mature product revenue from continuing operations was $0.8 million in the first quarter of 2026. This compares to $0.6 million in the first quarter of 2025 and $0.9 million in the fourth quarter of 2025.

First quarter 2026 GAAP gross margin from continuing operations was 36.5% compared with 43.4% in the first quarter of 2025 and 18.1% in the fourth quarter of 2025.

First quarter 2026 non-GAAP gross margin from continuing operations was 39.6% compared with 45.6% in the first quarter of 2025 and 20.8% in the fourth quarter of 2025.

First quarter 2026 GAAP operating expenses from continuing operations were $4.0 million compared with $3.9 million in the first quarter of 2025 and $4.2 million in the fourth quarter of 2025.

First quarter 2026 non-GAAP operating expenses from continuing operations were $3.2 million compared with $3.0 million in the first quarter of 2025 and $3.5 million in the fourth quarter of 2025.

First quarter 2026 GAAP net loss was ($2.2 million), or ($0.13) per share, compared with a net loss of ($2.2 million), or ($0.14) per share, in the first quarter of 2025, and a net loss of ($5.9 million), or ($0.35) per share, in the fourth quarter of 2025.

First quarter 2026 non-GAAP net loss was ($1.3 million), or ($0.08) per share, compared with a net loss of ($1.1 million), or ($0.07) per share, in the first quarter of 2025, and a net loss of ($2.8 million), or ($0.17) per share, in the fourth quarter of 2025.

Conference Call

QuickLogic will hold a conference call at 2:30 p.m. Pacific Time / 5:30 p.m. Eastern Time today, May 12, 2026, to discuss its current financial results. The conference call will be webcast on QuickLogic’s IR Site Events Page at https://ir.quicklogic.com/ir-calendar. To join the live conference, you may dial (877) 407-0792 and international participants should dial (201) 689-8263 by 2:20 p.m. Pacific Time. No Passcode is needed to join the conference call. A recording of the call will be available approximately one hour after completion. To access the recording, please call (844) 512-2921 and reference the passcode 13760179.

The call recording, which can be accessed by phone, will be archived through May 19, 2026, and the webcast will be available for 12 months on the Company’s website.

About QuickLogic

QuickLogic is a fabless semiconductor company specializing in embedded FPGA (eFPGA) Hard IP, Strategic Radiation Hardened and Antifuse FPGAs, and ruggedized programmable logic solutions. QuickLogic’s unique approach combines cutting-edge technology with open-source tools to deliver highly customizable low-power solutions for aerospace and defense, industrial, computing, and consumer markets. For more information, visit www.quicklogic.com.

QuickLogic uses its website (www.quicklogic.com), the company blog (https://www.quicklogic.com/blog/), corporate X account (@QuickLogic_Corp), Facebook page (https://www.facebook.com/QuickLogic), and LinkedIn page (https://www.linkedin.com/company/13512/) 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. Therefore, investors should monitor the Company’s website and its social media accounts in addition to following the Company’s press releases, SEC filings, public conference calls, and webcasts.

Non-GAAP Financial Measures

QuickLogic reports financial information in accordance with United States Generally Accepted Accounting Principles, or U.S. GAAP, but believes that non-GAAP financial measures are helpful in evaluating its operating results and comparing its performance to comparable companies. Accordingly, the Company excludes certain charges related to stock-based compensation, impairment charges, and restructuring costs, in calculating non-GAAP (i) income (loss) from operations, (ii) net income (loss), (iii) net income (loss) per share, and (iv) gross margin percentage. The Company provides this non-GAAP information to enable investors to evaluate its operating results in a manner like how the Company analyzes its operating results and to provide consistency and comparability with similar companies in the Company’s industry.

Management uses the non-GAAP measures, which exclude gains, losses, and other charges that are considered by management to be outside of the Company’s core operating results, internally to evaluate its operating performance against results in prior periods and its operating plans and forecasts. In addition, the non-GAAP measures are used to plan for the Company’s future periods and serve as a basis for the allocation of the Company’s resources, management of operations and the measurement of profit-dependent cash, and equity compensation paid to employees and executive officers.

Investors should note, however, that the non-GAAP financial measures used by QuickLogic may not be the same non-GAAP financial measures and may not be calculated in the same manner as that of other companies. QuickLogic does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures alone or as a substitute for financial information prepared in accordance with U.S. GAAP. A reconciliation of U.S. GAAP financial measures to non-GAAP financial measures is included in the financial statements portion of this press release. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of non-GAAP financial measures with their most directly comparable U.S. GAAP financial measures.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding our future profitability and cash flows, expectations regarding our future business and statements regarding the timing, milestones, and payments related to our government contracts, statements regarding the expected magnitude of potential contracts, and statements regarding expected adoption rates and/or orders by our customers, and actual results may differ due to a variety of factors including: delays in the market acceptance of the Company’s new products; the ability to convert design opportunities into customer revenue; our ability to replace revenue from end-of-life products; the level and timing of customer design activity; the market acceptance of our customers’ products; the risk that new orders may not result in future revenue; our ability to introduce and produce new products based on advanced wafer technology on a timely basis; our ability to adequately market the low power, competitive pricing, and short time-to-market of our new products; intense competition by competitors; our ability to hire and retain qualified personnel; changes in product demand or supply; general economic conditions; political events, international trade disputes, natural disasters, and other business interruptions that could disrupt supply or delivery of, or demand for, the Company’s products; and changes in tax rates and exposure to additional tax liabilities. These and other potential factors and uncertainties that could cause actual results to differ materially from the results contemplated or implied are described in more detail in the Company’s public reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risks discussed in the “Risk Factors” section in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and in the Company’s prior press releases, which are available on the Company’s Investor Relations website at http://ir.quicklogic.com/ and on the SEC website at www.sec.gov/. In addition, please note that the date of this press release is May 12, 2026, and any forward-looking statements contained herein are based on management’s current expectations and assumptions that we believe to be reasonable as of this date. We are not obliged to update these statements due to latest information or future events.

QuickLogic and logo are registered trademarks of QuickLogic. All other trademarks are the property of their respective holders and should be treated as such.

CODE: QUIK-E 

 –Tables Follow –

QUICKLOGIC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(Unaudited) 

Three Months Ended

March 29, 2026

March 30, 2025

December 28,
2025

Revenue

$

5,051

$

4,325

$

3,733

Cost of revenue

3,209

2,448

3,058

Gross profit (loss)

1,842

1,877

675

Operating expenses:

Research and development

1,512

1,268

1,436

Selling, general and administrative

2,437

2,536

2,728

Restructuring costs

11

54

—

Total operating expense

3,960

3,858

4,164

Operating income (loss)

(2,118)

(1,981)

(3,489)

Interest expense

(54)

(97)

(78)

Interest and other (expense) income, net

(33)

(7)

—

Income (loss) before income taxes

(2,205)

(2,085)

(3,567)

(Benefit from) provision for income taxes

(3)

5

13

Net income (loss) from continuing operations

(2,202)

(2,090)

(3,580)

Net income (loss) from discontinued operations, net of taxes and
     inclusive of $87 in restructuring costs for the three months ended
     March 30, 2025

(4)

(101)

(2,368)

Net income (loss)

$

(2,206)

$

(2,191)

$

(5,948)

Net income (loss) from continuing operations per share:

Basic

$

(0.13)

$

(0.14)

$

(0.21)

Diluted

$

(0.13)

$

(0.14)

$

(0.21)

Net income (loss) per share:

Basic

$

(0.13)

$

(0.14)

$

(0.35)

Diluted

$

(0.13)

$

(0.14)

$

(0.35)

Weighted average shares outstanding:

Basic

17,463

15,290

17,103

Diluted

17,463

15,290

17,103

Note: Net income (loss) equals total comprehensive income (loss) for all periods presented. Additionally, the Company notes that income taxes related to discontinued operations were immaterial in nature for the periods presented and as such, only net income (loss) from discontinued operations was reported herein.

QUICKLOGIC CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(Unaudited)

March 29, 2026

December 28,
2025

ASSETS

Current assets:

Cash, cash equivalents and restricted cash

$

6,047

$

18,840

Accounts receivable

1,723

2,809

Contract assets

1,183

217

Inventories

1,022

956

Prepaid expenses and other current assets

1,206

1,399

Assets of business held for disposal, net

—

2

Total current assets

11,181

24,223

Property and equipment, net

18,620

18,233

Capitalized internal-use software, net

1,210

1,117

Right of use assets, net

386

464

Intangible assets, net

330

339

Inventories, non-current

57

187

Other assets

607

241

TOTAL ASSETS

$

32,391

$

44,804

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Revolving line of credit

$

—

$

15,000

Trade payables

2,497

2,251

Accrued liabilities

2,077

1,779

Deferred revenue

78

64

Notes payable, current

1,654

1,870

Lease liabilities, current

331

321

Total current liabilities

6,637

21,285

Long-term liabilities:

Lease liabilities, non-current

32

126

Notes payable, non-current

1,467

926

Total liabilities

8,136

22,337

Commitments and contingencies

Stockholders’ equity:

Preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued and
outstanding

—

—

Common stock, $0.001 par value; 200,000 authorized; 17,724 and 17,290 shares issued
     and outstanding as of March 29, 2026 and December 28, 2025, respectively

18

17

Additional paid-in capital

350,655

346,662

Accumulated deficit

(326,418)

(324,212)

Total stockholders’ equity

24,255

22,467

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

32,391

$

44,804

QUICKLOGIC CORPORATION

SUPPLEMENTAL RECONCILIATIONS OF US GAAP AND NON-GAAP FINANCIAL MEASURES

(in thousands, except per share amounts and percentages)

(Unaudited)

Three Months Ended

March 29, 2026

March 30, 2025

December 28,
2025

US GAAP operating income (loss)

$

(2,118)

$

(1,981)

$

(3,489)

Adjustment for stock-based compensation within:

Cost of revenue

156

95

100

Research and development

208

205

194

Selling, general and administrative

494

636

450

Adjustment for restructuring costs

11

54

—

Non-GAAP operating income (loss)

$

(1,249)

$

(991)

$

(2,745)

US GAAP net income (loss) from continuing operations

$

(2,202)

$

(2,090)

$

(3,580)

Adjustment for stock-based compensation within:

Cost of revenue

156

95

100

Research and development

208

205

194

Selling, general and administrative

494

636

450

Adjustment for restructuring costs

11

54

—

Non-GAAP net income (loss) from continuing operations

$

(1,333)

$

(1,100)

$

(2,836)

US GAAP net income (loss) from discontinued operations

$

(4)

$

(101)

$

(2,368)

Adjustment for stock-based compensation within:

Research and development

—

(32)

—

Adjustment for impairment charges

—

—

2,355

Adjustment for restructuring costs

—

87

—

Non-GAAP net income (loss) from discontinued operations

$

(4)

$

(46)

$

(13)

Non-GAAP net income (loss)

$

(1,337)

$

(1,146)

$

(2,849)

US GAAP net income (loss) from continuing operations per share,
basic

$

(0.13)

$

(0.14)

$

(0.21)

Adjustment for stock-based compensation

0.05

0.06

0.04

Adjustment for restructuring costs

—

0.01

—

Non-GAAP net income (loss) from continuing operations per share,
basic

$

(0.08)

$

(0.07)

$

(0.17)

US GAAP net income (loss) from discontinued operations per share,
basic

$

—

$

(0.01)

$

(0.14)

Adjustment for stock-based compensation

—

—

—

Adjustment for impairment charges

—

—

0.14

Adjustment for restructuring costs

—

0.01

—

Non-GAAP net income (loss) from discontinued operations per
share, basic

$

—

$

—

$

—

Non-GAAP net income (loss) per share, basic

$

(0.08)

$

(0.07)

$

(0.17)

US GAAP net income (loss) from continuing operations per share,
diluted

$

(0.13)

$

(0.14)

$

(0.21)

Adjustment for stock-based compensation

0.05

0.06

0.04

Adjustment for restructuring costs

—

0.01

—

Non-GAAP net income (loss) from continuing operations per share,
diluted

$

(0.08)

$

(0.07)

$

(0.17)

US GAAP net income (loss) from discontinued operations per share,
diluted

$

—

$

(0.01)

$

(0.14)

Adjustment for stock-based compensation

—

—

—

Adjustment for impairment charges

—

—

0.14

Adjustment for restructuring costs

—

0.01

—

Non-GAAP net income (loss) from discontinued operations per
share, diluted

$

—

$

—

$

—

Non-GAAP net income (loss) per share, diluted

$

(0.08)

$

(0.07)

$

(0.17)

US GAAP gross margin percentage from continuing operations

36.5

%

43.4

%

18.1

%

Adjustment for stock-based compensation included in cost of revenue

3.1

%

2.2

%

2.7

%

Non-GAAP gross margin percentage from continuing operations

39.6

%

45.6

%

20.8

%

QUICKLOGIC CORPORATION

SUPPLEMENTAL DATA

(Unaudited)

Percentage of Revenue

Change in Revenue

Q1 2026

Q1 2025

Q4 2025

Q1 2026 to
Q1 2025

Q1 2026 to
Q4 2025

COMPOSITION OF REVENUE

Revenue by product: (1)

New products

85

%

87

%

76

%

15

%

51

%

Mature products

15

%

13

%

24

%

32

%

(14)

%

Discontinued Operations:

New products

—

%

—

%

—

%

(100)

%

—

%

Revenue by geography:

Asia Pacific

10

%

8

%

10

%

37

%

35

%

North America

88

%

90

%

81

%

15

%

48

%

Europe

2

%

2

%

9

%

9

%

(75)

%

Discontinued Operations:

Asia Pacific

—

%

—

%

—

%

(100)

%

—

%

North America

—

%

—

%

—

%

(100)

%

—

%

Europe

—

%

—

%

—

%

(100)

%

—

%

_____________________

(1)

New products include all products manufactured on 180 nanometer or smaller semiconductor processes, eFPGA IP and related professional services, and SensiML AI software as a service (SaaS) revenue. Mature products include all products produced on semiconductor processes larger than 180 nanometer. Associated royalty revenues are included within their respective device’s classification.

 

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SOURCE QuickLogic Corporation

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EARTHWORKS INDUSTRIES INC. PROVIDES MANAGEMENT CEASE TRADE ORDER UPDATE

Published

56 minutes ago

on

May 12, 2026

By

VANCOUVER, BC, May 12, 2026 /CNW/ – Earthworks Industries Inc. (TSXV: EWK) (OTCQB: EAATF) (the “Company”) is providing an update with respect to its previously announced management cease trade order (“MCTO”) issued by the British Columbia Securities Commission (the “BCSC”) under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”), as previous disclosed in the news releases of the Company dated March 19, 2026 (the “Default Announcement”) and March 31, 2026 (the “MCTO News Release”).

The Company and its auditors continue to work diligently to file the audited financial statements and related annual management’s discussion and analysis for the financial year ended November 30, 2025, as required under Part 4 and Part 5, respectively, of National Instrument 51-102 — Continuous Disclosure Obligations, and related certifications of such filings by the Company’s chief executive officer and chief financial officer as required under Part 4 of National Instrument 52-109 — Certification of Disclosure in Issuers’ Annual and Interim Filings (collectively, the “Annual Filings”). It is expected that the Company will be able to complete the Annual filings by no later than May 29, 2026.

The Company is providing this bi-weekly update in accordance with NP 12-203 and will continue to provide such bi-weekly updates until such time that it remains in default for failure to file the Annual Filings.

The Company confirms that as of the date herein, (a) there has been no material change to the information set out in the Default Announcement or the MCTO News Release that has not been generally disclosed; (b) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (c) there has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the Default Announcement; and (d) there is no other material information concerning the affairs of the Company that has not been generally disclosed.

About Earthworks Industries Inc.

Earthworks Industries Inc. is a publicly listed company focused on advancing innovative solutions across the materials recovery and infrastructure value chain, with an emphasis on efficiency, scalability, and long-term sustainability.

Cautionary Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has approved nor disapproved the contents of this news release, nor do they accept responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements 

Certain information contained in this release constitute forward-looking statements or information under Canadian securities legislation. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “will”, “expects”, “anticipates” or variations of such words and phrases or statements that certain actions, events or results “will” occur. In particular, ‎forward-looking ‎statements in this release include statements regarding: the anticipated timing for the filing of the Annual Filings; and the ability of the Company to comply with the requirements of NP12-203. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including that the Annual Filings may not be completed in the time anticipated or allowed for by the MCTO, in which case a general cease trade order may be issued with respect to the Company’s securities. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company cautions readers of this news release not to place undue reliance on the forward-looking statements contained in this release as many factors could cause actual results or conditions to differ materially from current expectations. Additional information on these and other risk factors that could affect the Company’s operations are outlined in the Company’s continuous disclosure documents that can be found on SEDAR+ (www.sedarplus.ca) under the Company’s issuer profile. The Company does not intend and disclaims any obligation, except as required by law, to update or revise any forward-looking statements, whether because of new information, future events, or otherwise. 

SOURCE Earthworks Industries Inc.

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Oracle Names Tomislav Mihaljevic, M.D., to the Board of Directors

Published

56 minutes ago

on

May 12, 2026

By

AUSTIN, Texas, May 12, 2026 /PRNewswire/ — Oracle Corporation (NYSE: ORCL) today announced that it unanimously elected Dr. Tomislav Mihaljevic to Oracle’s Board of Directors and increased the size of the Board to 13. The election is effective as of May 6, 2026.

Dr. Mihaljevic is the Chief Executive Officer and President, and Morton L. Mandel CEO Chair, of Cleveland Clinic, a nonprofit multispecialty academic medical center and global integrated healthcare system, a position he has held since January 2018. From 2015 to 2017, Dr. Mihaljevic served as Chief Executive Officer of Cleveland Clinic Abu Dhabi (CCAD). Prior to that, he was Chief of Staff and Chairman of the Heart & Vascular Institute at CCAD. Dr. Mihaljevic joined Cleveland Clinic in 2004 as a surgeon in the Department of Thoracic and Cardiovascular Surgery. He previously served as a director of GE HealthCare.

“Tom is one of the world’s leading healthcare executives, with deep experience managing complex clinical organizations, advancing patient care, and expanding access to high-quality healthcare around the world,” said Mike Sicilia, Oracle Chief Executive Officer.

Clay Magouyrk, Oracle’s Chief Executive Officer, added “Tom’s perspective will be invaluable as Oracle continues to help healthcare organizations use technology to improve outcomes for patients and providers.”

“Tom’s leadership at Cleveland Clinic gives him a unique understanding of the challenges facing healthcare systems globally. Oracle, along with its customers and shareholders, will benefit from Tom’s experience at the intersection of healthcare, technology and risk management,” said Bruce Chizen, Chair of Oracle’s Nomination and Governance Committee.

Members of Oracle’s Board of Directors serve one-year terms and will next stand for election at the company’s annual meeting of stockholders in November 2026.

About Oracle

Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.

Trademarks

Oracle, Java, MySQL and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.

“Safe Harbor” Statement:  Statements in this press release relating to Oracle’s future plans, expectations, beliefs, intentions, and prospects are “forward-looking statements” and are subject to material risks and uncertainties. A detailed discussion of these factors and other risks that affect our business is contained in Oracle’s Securities and Exchange Commission (SEC) filings, including our most recent reports on Form 10-K and Form 10-Q under the heading “Risk Factors.” These filings are available on the SEC’s website or on Oracle’s website at http://www.oracle.com/investor. All information in this press release is current as of May 12, 2026, and Oracle undertakes no duty to update any statement in light of new information or future events.

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SOURCE Oracle

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