Liquidity remains under pressure as evidenced by a 2026Q1 OCF/NI ratio of -0.33 and a capital-intensive model that saw CapEx/Revenue reach 75.5% in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Cash from Operations | -415K | -3.26M | 27K | 4.85M | -4.06M | -2.86M | -6.74M | -11.59M | -12.64M | -12.94M | -15.26M | -11.83M | -10.75M | -9.06M | -8.66M | -2.5M | -147K | -5.69M | 1.1M | -2.71M | -4.14M | 5.67M | 410K | 4.82M | -8.65M | -20.56M | 4.31M | -3.16M | 2.3M |
| Operating CF Margin % | - | -23.68% | 0.13% | 22.87% | -25.07% | -22.58% | -78.11% | -112.45% | -100.07% | -106.49% | -133.6% | -62.4% | -38.62% | -34.73% | -57.97% | -11.9% | -0.56% | -37.73% | 3.45% | -7.87% | -11.84% | 11.75% | 0.92% | 11.48% | -26.56% | -63.65% | 8.08% | -7.94% | 7.67% |
| Operating CF Growth % | -295.5% | -12181.48% | -99.44% | 219.5% | -41.62% | 57.53% | 41.83% | 8.26% | 2.32% | 15.21% | -29% | -10% | -18.75% | -4.54% | -247.21% | -1597.28% | 97.42% | -616.62% | 140.66% | 34.53% | -172.95% | 1282.93% | -91.49% | 155.69% | 57.91% | -576.88% | 236.59% | -237.26% | - |
| Net Income | -14.85M | 0 | -3.84M | -263K | -4.27M | -6.62M | -11.15M | -15.44M | -13.78M | -14.13M | -19.15M | -17.85M | -13.08M | -12.28M | -12.31M | -7.59M | 123K | -9.75M | -9.36M | -11.13M | -9.21M | 2.35M | -8.83M | -4.72M | -31.29M | -26.48M | 9.63M | 3.16M | 200K |
| Depreciation & Amortization | 4.58M | -2.31M | 3.88M | 2.15M | 1.49M | 1.32M | 817K | 1.2M | 1.28M | 1.37M | 1.33M | 1.41M | 1.51M | 1.34M | 1.22M | 1.22M | 1.24M | 1.75M | 2.21M | 2.95M | 3.12M | 2.64M | 4.3M | 4.48M | 3.98M | 3.65M | 2.94M | 2.15M | 1.7M |
| Stock-Based Compensation | 1.67M | 0 | 4.61M | 2.52M | 2.04M | 2.53M | 1.74M | 3.14M | 1.9M | 1.44M | 1.58M | 1.94M | 2.24M | 1.98M | 2M | 1.68M | 2.42M | 2.38M | 2.34M | 0 | 1.45M | 0 | 145K | 145K | 330K | 400K | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -185K | 0 | 0 | 0 | 237K | 0 | 273K | -63K | 7.59M | -1.18M | 150K | 2.01M | 0 | -915K | 0 | -145K | -145K | -330K | -400K | 0 | 0 | 0 |
| Other Non-Cash Items | 4.43M | -225K | 78K | 622K | 215K | -906K | 243K | 98K | 329K | 244K | 664K | 87K | 124K | 473K | 482K | -6.78M | 100K | 972K | 3.46M | 7.04M | 4.33M | 2.22M | 5.81M | 1.51M | 17.99M | 6.85M | -116K | 7.1M | 5.1M |
| Working Capital Changes | 1.37M | -722K | -4.7M | -189K | -3.53M | 807K | 1.61M | -408K | -2.37M | -1.86M | 309K | 2.35M | -1.55M | -843K | 6K | 1.4M | -2.84M | -1.19M | 431K | -1.56M | -2.9M | -1.54M | -868K | 3.55M | 659K | -4.59M | -8.14M | -15.56M | -4.7M |
| Change in Receivables | 2.81M | 2.09M | 120K | -574K | -3.4M | 332K | 303K | 218K | -1.28M | -86K | 762K | -49K | 1.71M | -2M | 333K | 2.56M | -1.69M | -711K | 844K | 0 | 2.72M | -770K | 976K | 976K | -1.8M | 3.48M | 0 | 0 | 0 |
| Change in Inventory | -327K | -98K | 289K | -142K | -639K | 385K | 373K | 483K | -662K | -1.77M | 565K | 1.84M | -935K | -1.66M | 289K | -1.13M | -1.34M | -637K | 2.27M | -647K | -4.08M | -1.5M | -2.18M | 1.17M | 4.1M | -1.98M | -5.98M | -1.47M | 3M |
| Change in Payables | -563K | -1.83M | -3.6M | 91K | 1.46M | -2K | 298K | -456K | 223K | -145K | -1.34M | 260K | -2M | 1.38M | -654K | 312K | -352K | 273K | -2.16M | 0 | -849K | 770K | -976K | -976K | 1.8M | -3.48M | 0 | 0 | 0 |
| Cash from Investing | -2.99M | -3.69M | -6.46M | -6.34M | -814K | -713K | -1.05M | -921K | -288K | -642K | -1.95M | -346K | -1.04M | -992K | -1.24M | -896K | 270K | -124K | -530K | -2.19M | -2.17M | -1.77M | -1.32M | 125K | -9.03M | -22.37M | -6.7M | -3.25M | -700K |
| Capital Expenditures | -2.99M | -3.69M | -6.46M | -6.34M | -814K | -713K | -1.05M | -941K | -351K | -642K | -1.95M | -346K | -1.05M | -1.26M | -1.24M | -896K | -829K | 0 | 0 | -2.29M | -2.26M | -1.77M | -1.32M | -2M | -1.7M | -7.79M | -6.7M | -3.25M | -700K |
| CapEx % of Revenue | 20.64% | 26.78% | 32.15% | 29.9% | 5.03% | 5.62% | 12.21% | 9.13% | 2.78% | 5.28% | 17.11% | 1.83% | 3.76% | 4.82% | 8.3% | 4.27% | 3.16% | - | - | 6.65% | 6.47% | 3.66% | 2.97% | 4.76% | 5.2% | 24.12% | 12.56% | 8.18% | 2.33% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20K | 63K | 0 | 0 | 0 | 0 | 265K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 63K | -642K | -1.95M | -346K | 2K | 265K | -1.24M | -896K | 1.1M | -124K | -530K | 95K | 95K | -1.77M | -2.12M | -2M | -7.33M | -14.58M | 0 | 0 | 0 |
| Cash from Financing | -8.1M | 3.91M | 3.71M | 6.9M | 4.47M | 434K | 9M | 7.6M | 22.86M | 15.24M | 12.95M | 1.26M | 4.44M | 24.88M | 12.28M | 1.64M | 3.64M | 4.63M | -2.06M | 1.15M | 2.64M | -535K | -616K | 8.5M | 1.83M | 1.58M | 38.04M | 33.37M | -1.4M |
| Debt Issued (Net) | -17.48M | -5.15M | -3.38M | 4.4M | -452K | -378K | 921K | -365K | 8.59M | -344K | 3.72M | 707K | -300K | 784K | -452K | -408K | -2.39M | -1.01M | -2.27M | -306K | 89K | -3.88M | -2.87M | -2.89M | 9.46M | -100K | -470K | -933K | -1.5M |
| Equity Issued (Net) | 9.51M | 9.06M | 7.12M | 2.51M | 4.93M | 1.34M | 9.3M | 9.44M | -308K | 17.55M | 10.6M | 692K | 4.74M | 26.31M | 12.73M | 2.05M | 6.03M | 5.64M | 208K | 1.46M | 2.55M | 3.34M | 2.26M | 2.38M | 1.38M | 1.68M | 38.39M | 34.31M | 100K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -774K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -125K | 0 | -24K | -20K | -17K | -530K | -1.22M | -1.47M | 14.58M | -1.97M | -1.38M | -138K | 0 | -2.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9M | -9M | 0 | 121K | 0 | 0 |
| Net Change in Cash | -11.5M | -3.02M | -2.73M | 5.41M | -404K | -3.14M | 1.2M | -4.92M | 9.94M | 1.66M | -4.27M | -10.91M | -7.36M | 14.83M | 2.38M | -1.75M | 3.76M | -1.18M | -1.49M | -3.75M | -3.66M | 3.37M | -1.53M | 13.44M | -15.85M | -41.36M | 35.65M | 26.96M | 300K |
| Free Cash Flow | -3.19M | -6.43M | -6.44M | -1.49M | -4.87M | -3.58M | -7.8M | -12.54M | -12.99M | -13.58M | -17.21M | -12.18M | -11.8M | -10.31M | -9.9M | -3.39M | -976K | -5.69M | 1.1M | -5M | -6.4M | 3.9M | -913K | 2.82M | -10.35M | -28.35M | -2.39M | -6.41M | 1.6M |
| FCF Margin % | -21.99% | -46.65% | -32.01% | -7.04% | -30.1% | -28.2% | -90.32% | -121.58% | -102.85% | -111.78% | -150.71% | -64.23% | -42.38% | -39.56% | -66.27% | -16.17% | -3.73% | -37.73% | 3.45% | -14.52% | -18.32% | 8.09% | -2.05% | 6.72% | -31.76% | -87.77% | -4.48% | -16.11% | 5.33% |
| FCF Growth % | 66.61% | 0.19% | -331.5% | 69.36% | -36.15% | 54.13% | 37.79% | 3.5% | 4.35% | 21.11% | -41.38% | -3.18% | -14.42% | -4.13% | -192.07% | -247.44% | 82.84% | -616.62% | 122.03% | 21.87% | -263.86% | 527.6% | -132.36% | 127.26% | 63.5% | -1087.35% | 62.75% | -500.69% | - |
| FCF per Share | -0.18 | -0.40 | -0.44 | -0.11 | -0.39 | -0.31 | -0.80 | -1.64 | -2.04 | -2.46 | -0.26 | -0.22 | -0.21 | -0.23 | -0.24 | -0.09 | -0.03 | -0.19 | 0.04 | -0.17 | -0.22 | 0.14 | -0.04 | 0.12 | -0.44 | -1.32 | -0.11 | -5.47 | 1.79 |
| FCF Conversion (FCF/Net Income) | 0.21x | 0.22x | -0.01x | -18.43x | 0.95x | 0.43x | 0.60x | 0.75x | 0.92x | 0.92x | 0.80x | 0.66x | 0.82x | 0.74x | 0.70x | 0.33x | -1.20x | 0.58x | -0.12x | 0.24x | 0.45x | 2.41x | -0.05x | -1.02x | 0.28x | 0.78x | 0.45x | -1.00x | 11.50x |
| Interest Paid | 259K | 368K | 344K | 81K | 86K | 77K | 277K | 300K | 89K | 106K | 183K | 77K | 85K | 44K | 50K | 43K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 20K | 23K | 33K | 14K | 16K | 73K | 24K | 126K | 171K | 157K | 128K | 121K | 48K | 100K | 12K | 21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Cash Burn Risk
As reported in recent financial filings, the persistent disconnect between net income and operating cash flow, highlighted by an OCF/NI ratio of -0.33 in 2026Q1, suggests that the company's reported losses are not being mitigated by meaningful cash generation from core operational activities.
The frequent divergence between net income and operating cash flow indicates that the company's earnings quality is heavily impacted by non-cash items and working capital volatility. Investors should monitor this relationship closely, as the inability to convert operational activity into positive cash flow suggests a fundamental struggle to achieve self-sustaining profitability.
Based on the company's quarterly cash flow statements, the free cash flow trajectory has been erratic, with a 2026Q1 margin of 1.2% following a -26.0% margin in 2025Q4, indicating that the firm lacks a consistent path toward generating sustainable cash surplus from its operations.
The erratic nature of free cash flow suggests that the company's transition to an IP-licensing model is subject to significant timing risks and project-based revenue lulls. This inconsistency makes it difficult to forecast when the company might achieve a stable, positive cash flow profile independent of external financing.
According to recent financial data, the company's capital intensity remains high, with CapEx/Revenue ratios reaching as high as 75.5% in 2025Q3, which appears disproportionate for a firm attempting to pivot toward a less capital-intensive intellectual property licensing business model.
The elevated level of capital expenditure relative to revenue suggests that the company is still heavily investing in infrastructure or development assets despite its strategic shift. This high capital intensity may be hindering the company's ability to reach a break-even point, as fixed costs continue to consume a significant portion of available liquidity.
As indicated by the quarterly cash flow statements, working capital changes have been highly volatile, swinging from a $1.9 million inflow in 2025Q3 to a $1.9 million outflow in 2025Q1, which complicates the assessment of the company's underlying operational efficiency and cash collection cycles.
These significant fluctuations in working capital suggest that the company's cash position is highly sensitive to the timing of customer payments and inventory management. Such volatility warrants further investigation into whether these swings are indicative of structural inefficiencies in the company's order-to-cash process.
Based on the provided financial data, stock-based compensation has consistently been a factor in the company's expense structure, reaching $1.2 million in 2024Q3, which effectively masks the true extent of the cash burn required to retain engineering talent during this difficult transition period.
While stock-based compensation is a non-cash expense, its prevalence suggests that the company is relying on equity to preserve cash, which ultimately dilutes existing shareholders. Investors should consider the impact of this compensation on the company's long-term capital structure and its ability to attract talent without further cash depletion.
Quick answers to the most common questions about buying QUIK stock.
QuickLogic Corporation (QUIK) generated $-3.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
QuickLogic Corporation (QUIK) reported negative free cash flow of $6.4M in 2025, indicating capital requirements exceeded cash from operations.
QuickLogic Corporation (QUIK) spent $3.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.