(Updated at 9:00 a.m., PT)
As 2021 draws to a close, I wanted to take some time to reflect on the past year and all that we have accomplished. I would also like to express my gratitude for all the hard work that went into those efforts and highlight how they have set the stage for what I believe will be an even better 2022.
Two years ago, we started a new path forward, pivoting away from being solely focused on customized and proprietary FPGA solutions for the mobile consumer market and moving into broader, more diverse markets leveraging an open-source approach, which I believe will fuel a once in a multi-decade opportunity to disrupt the mature FPGA market.
Going into this process, we recognized the challenges of changing direction and knew there could be bumps in the road. What nobody could have predicted was a global pandemic that brought economies to a halt, affected many of our key markets and customers, and disrupted the supply chains critical for our business.
In spite of these challenges, we exit 2021 stronger and on a clear pathway to deliver even better financial performance in 2022, with the goal of reaching breakeven or profitability in the first half of the year.
We had many key accomplishments in 2021 that will support our long-term upward trajectory. These include:
- Signed millions of dollars in new eFPGA contracts, including a $2 million design win, our largest ever
- Introduced the Australis eFPGA IP generator, ushering in a new era of mass FPGA and embedded FPGA customization by improving the time-to-IP-delivery to days or weeks from months or years
- Expanded the reach of our SensiML Analytics Toolkit, adding the leverage of the onsemi sales force to those of existing partners Silicon Labs, Microchip, NXP and STMicro
- Significantly expanded our global distribution partnerships for both QuickLogic and SensiML, adding Mouser and Digi-Key Electronics as new partners
- Strengthened our Board of Directors with Radhika Krishnan and Joyce Kim who bring incredible experience and depth in the AI/ML, IoT, SaaS, and open source technologies as well as in go-to-market strategies
- Created a pipeline of new opportunities for 2022 in the tens of millions of dollars
The open-source approach is gaining mindshare within the semiconductor industry. It is clear the movement is accelerating. QuickLogic, as the First Programmable Logic company to actively embrace and contribute to a fully open-source suite of FPGA development tools, is leading the way.
Further information supporting this transition can be found in two recent articles, which offer an overview of the current transition to open source and the promise it holds for the future.
We also want to thank our long-time shareholders for their patience and support during this transition. In particular, we express our gratitude that in September, two of these holders made a combined strategic investment of a little over $1 million*. Their understanding of the tremendous growth opportunities added to their conviction in QuickLogic’s future.
I want to close by thanking our QuickLogic team who has helped us get to this point. I am very proud of their incredible dedication and passion this past year. This is a new era for QuickLogic, and our future could not be brighter thanks to their efforts.
Stay safe and healthy. On behalf of the entire QuickLogic team we want to wish everyone a joyful holiday season and a prosperous 2022!
*The updated version accurately reflects that there were two investors that invested a total of a little over $1 million, not $1 million each.
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