In light of Silicon Valley Bank (SVB) making headlines yesterday, we wanted to let you know that QuickLogic had moved its line of credit from SVB to Heritage Bank in October 2018. Heritage remains strong and has assured its customers that it is not facing any of the ongoing challenges that affected SVB. QuickLogic’s cash assets remain secure and are closely managed as they’ve always been.
As I mentioned in my Q4 and fiscal year 2022 earning call, QuickLogic’s total cash at the end of Q4 was $19.2 million. The continued investment to support the new design wins we have discussed was offset by the approximately $3.2 million raised in September at near-market rates from existing shareholders. To reiterate, the large design wins and overall momentum in our business, coupled with our lean operating structure is driving QuickLogic to profitability.