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QuickLogic secures $5.26 million US government contract

QuickLogic Corporation (NASDAQ: QUIK) said on Monday that it had secured a $5.26 million contract to continue the development and demonstration of a Strategic Radiation Hardened high reliability Field Programmable Gate Array technology in support of identified and future Department of Defense strategic and space system requirements.

“QuickLogic is honored to have been chosen by the US Government to continue as the Prime Contractor for this highly specialized and mission critical program,” Brian Faith, President and CEO of QuickLogic Corp, said in a press release.

“This project builds on the company’s 30+ year heritage of delivering FPGA technology to Aerospace companies and Defense Industrial Base (DIB) and will extend our capabilities to support SRH design objectives,” the CEO added.

Stock Performance

The shares of QuickLogic Corporation (QUIK) closed 4.77% ($0.49) higher at $10.77 on Nasdaq on Monday, as they reversed a loss from the previous market session.

It has been the stock’s sharpest single-session gain since May 24th.

The company’s total market cap now stands at $155.346 million.

The shares of QuickLogic Corporation (QUIK) went up 169.65% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).

The company’s shares have retreated 22.29% so far this year.

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