Our Q1 GAAP net loss was 878,000 or $0.02 per share. Our GAAP results included stock-based compensation charges of 443,000.
Please see today’s press release for a detailed reconciliation of our GAAP to non-GAAP results.
Now I’ll turn it over to Andy who will update you on the status of our strategic efforts.
Thank you for joining us this afternoon.
To say I am disappointed in our first quarter results is an understatement. However, I must underscore that while I am disappointed, I am not discouraged.
On the Monday following the release of our preliminary Q1 results, I left for what was literally a trip around the world. It started in China where Brian Faith, QuickLogic’s new VP of Sales and Marketing and I called on existing and potential Tier 1 customers. From there, Brian went to Taiwan and South Korea and I went to Europe. Our goals were to audit our current position with customers, prioritize our near-term efforts, and move our best strategic opportunities forward.
Today, I’ll share the results of our audit, what we see as our near-term priorities, and the status of our tactical and strategic objectives. Following this and Ralph’s presentation of our Q2 guidance, we will welcome your questions.
In our preliminary Q1 announcement, we noted that shortfalls in our wireless data card market were responsible for roughly 60% of our new product revenue shortfall. Our forecast for wireless data card revenue was based on forecasts from our customers and our Silicon partner, Icera.
As recently as the first week of February, the alignment of these two data points gave us confidence in the guidance we presented. However, as we moved through the month of March, it became apparent that the dynamics of the wireless data card market were changing significantly. To clarify what changed and how it impacted us, I’m going to divide the market into two pieces; material markets, which were dominated by North American, Western Europe and emerging markets.
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