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Pixelworks(PXLW) - 2024 Q3 - Quarterly Report
2024-11-12 22:04
Financial Performance - Net revenue for Q3 2024 was $9.5 million, a decrease of 41% compared to $16.0 million in Q3 2023, and for the first nine months of 2024, it was $34.1 million, down 14% from $39.6 million in the same period of 2023[105]. - Integrated circuit (IC) product sales in Q3 2024 decreased by approximately $6.3 million or 76% in the Mobile market due to decreased units sold[105]. - Gross profit margin increased to 51% in Q3 2024 from 43% in Q3 2023, attributed to higher average selling prices in the Home & Enterprise market and decreased costs on Mobile products[109]. - Total cost of revenue for Q3 2024 was $4.6 million, representing 49% of revenue, compared to $9.2 million or 57% of revenue in Q3 2023[107]. - Selling, general and administrative expenses decreased by $0.8 million, or 13%, in Q3 2024 compared to Q3 2023, primarily due to reduced accounting fees and compensation expenses[115]. Research and Development - Research and development expenses for Q3 2024 were $8.4 million, a decrease of 4% from $8.8 million in Q3 2023, primarily due to reduced headcount and cost control measures[113]. - The company recorded negligible benefits from the reversal of previously recorded foreign tax contingencies during the first nine months of 2024[117]. - The company has 263 patents and 13 pending patent applications as of September 30, 2024, to protect its significant technologies[235]. Cash and Liquidity - Total cash and cash equivalents decreased by $18.7 million to $28.8 million as of September 30, 2024, from $47.5 million at December 31, 2023, due to operating activities and capital expenditures[119]. - The company anticipates that existing working capital will be adequate to fund operations for at least the next twelve months, but may seek additional financing if necessary[126]. - The company received net proceeds of $42.3 million from a Capital Increase Agreement related to its subsidiary PWSH[123]. - An Equity Transfer Agreement resulted in net proceeds of $10.7 million for a 2.73% equity interest in PWSH[125]. Market and Sales - Sales into the Home & Enterprise market decreased by approximately $0.2 million or 3% in Q3 2024 compared to Q3 2023[105]. - Sales outside the U.S. accounted for approximately 97.9%, 99.7%, and 95.1% of revenue for the nine months ended September 30, 2024, and the years ended December 31, 2023, and 2022, respectively[171]. - Revenue from the top five end customers accounted for 88%, 87%, and 76% of revenue for the nine months ended September 30, 2024, and the years ended December 31, 2023 and 2022, respectively[156]. - The company relies on a limited number of customers and distributors, increasing credit risk and potential revenue volatility[155]. Operational Challenges - The company has experienced difficulty in hiring and retaining qualified engineering personnel, particularly in its Shanghai design center[148]. - The company faces challenges in managing its supply chain due to dependence on distributors and integrators, which may result in excess inventory or inventory shortages[186]. - The company is dependent on third-party technology licenses, which may not be available on acceptable terms, potentially harming product competitiveness[233]. - The company does not own semiconductor fabrication facilities and relies on foundries, which may lead to delays in satisfying customer demand and increased costs[204]. Strategic Initiatives - The strategic plan aims to qualify Pixelworks Semiconductor Technology (Shanghai) Co., Ltd. for an initial public offering on the STAR Market, although market conditions remain unfavorable[103]. - The company continues to evaluate acquisition opportunities to leverage its technology into high-value markets[102]. - The Company’s strategic plan aims to transform PWSH into a profit center to improve access to capital, customers, and talent in China, but success is uncertain due to regulatory risks and geopolitical tensions[258]. Risks and Compliance - The company is exposed to risks from fluctuations of foreign currencies, primarily those of Japan, Taiwan, China, and Canada, which could lead to a reduction in revenue[175]. - The company faces legal and operational risks related to the evolving PRC legal system, which may limit legal protections and adversely affect business operations[250][251]. - The effective income tax rate is subject to unanticipated changes and complex forecasting, which could materially affect future results of operations[194]. - The company is subject to the Foreign Corrupt Practices Act and other anti-corruption laws, which could result in penalties if violated[179]. Future Outlook - The company may seek additional financing, which could dilute existing shareholders and impose restrictions on operations[164]. - The company’s inability to expand PRC operations could materially limit revenue growth and overall business performance[261]. - Regulatory changes in China can occur quickly, potentially impacting the Company’s ability to conduct business and accept foreign investments[253]. - The STAR Market is relatively new, making it difficult to predict the effects of the proposed Listing on stock prices[269]. Stock and Shareholder Impact - The company received a Bid Price Deficiency Notice from Nasdaq on September 11, 2024, indicating non-compliance with the minimum bid price requirement of $1.00 per share[283]. - The company must meet at least one of the Nasdaq continued listing requirements, including a minimum of $50 million in total asset value or revenues[284]. - Future sales of equity could result in significant dilution to existing shareholders and depress the market price of common stock[279]. - The company completed a private placement of 3,200,000 shares at a price of $2.071 per share, which had a dilutive impact on existing shareholders[280].
Pixelworks(PXLW) - 2024 Q3 - Quarterly Results
2024-11-12 22:01
Financial Performance - Total revenue for Q3 2024 was $9.5 million, a 12% increase sequentially from $8.5 million in Q2 2024, but a decrease from $16.0 million in Q3 2023[5] - GAAP gross margin improved to 51.2%, up 50 basis points sequentially and 800 basis points year-over-year from 42.9% in Q3 2023[6] - GAAP operating expenses decreased to $13.5 million in Q3 2024, down from $15.1 million in Q2 2024 and $14.5 million in Q3 2023[6] - The company recorded a GAAP net loss of $8.1 million, or ($0.14) per share, compared to a net loss of $10.1 million, or ($0.17) per share in Q2 2024[8] - Adjusted EBITDA for Q3 2024 was a negative $6.3 million, an improvement from a negative $7.0 million in Q2 2024[9] - GAAP gross profit for the three months ended September 30, 2024, was $4,879 million, compared to $4,326 million for the same period in 2023, representing a 12.7% increase[20] - Non-GAAP net loss attributable to Pixelworks Inc. for the three months ended September 30, 2024, was $(7,083) million, compared to $(7,731) million for the same period in 2023[24] - Adjusted EBITDA for the nine months ended September 30, 2024, was $(16,512) million, compared to $(16,841) million for the same period in 2023[24] - Non-GAAP net loss per share for the three months ended September 30, 2024, was $(0.12), compared to $(0.13) for the same period in 2023[21] Cost Management - The company anticipates continued cost reduction actions will lead to improved operating results and renewed top-line momentum in mobile[4] - Total reconciling items included in operating expenses for the three months ended September 30, 2024, were $1,119 million, down from $2,318 million in the same period last year[20] - Stock-based compensation for the three months ended September 30, 2024, was $1,042 million, compared to $925 million for the same period in 2023[24] - GAAP operating expenses for the three months ended September 30, 2024, were $13,511 million, down from $15,068 million in the same period last year[20] Assets and Liabilities - Total current assets decreased from $64,725 thousand in December 2023 to $39,734 thousand in September 2024, a decline of approximately 38.7%[25] - Cash and cash equivalents dropped significantly from $47,544 thousand to $28,830 thousand, representing a decrease of about 39.5%[25] - Total liabilities decreased from $30,957 thousand in December 2023 to $26,968 thousand in September 2024, a reduction of approximately 12.8%[26] - Total shareholders' equity fell from $36,798 thousand to $15,649 thousand, a decline of about 57.5%[26] - Current liabilities decreased from $12,297 thousand to $9,896 thousand, a reduction of approximately 19.5%[26] - Accounts receivable decreased from $10,075 thousand to $4,497 thousand, a decline of about 55.4%[25] - Inventories increased from $3,968 thousand to $4,398 thousand, an increase of approximately 10.8%[25] - Operating lease liabilities decreased from $2,567 thousand to $2,065 thousand, a reduction of about 19.6%[26] - The company reported a net loss in shareholders' equity, indicating potential challenges in financial performance and stability[26] - Goodwill remained unchanged at $18,407 thousand, indicating no impairment or changes in this asset category[25] Strategic Partnerships and Developments - The company has entered into a multi-year agreement with Universal Pictures to utilize TrueCut Motion technology for future theatrical releases[2] - Production qualification of the next-generation mobile visual processor has been completed, with multiple customer engagements for upcoming smartphone programs[3] - Pixelworks Shanghai subsidiary received recognition with the "Little Giant" certification, indicating significant growth potential[2] Profitability Metrics - Non-GAAP gross profit margin for Q3 2024 was 51.3%, compared to 51.0% in Q2 2024 and 43.1% in Q3 2023[7] - Non-GAAP gross profit margin for September 30, 2024, was 51.3%, up from 43.1% in September 30, 2023[23] - GAAP net loss attributable to Pixelworks Inc. for the nine months ended September 30, 2024, was $(23,356) million, compared to $(22,432) million for the same period in 2023[24]
Pixelworks Reports Third Quarter 2024 Financial Results
Prnewswire· 2024-11-12 21:05
PORTLAND, Ore., Nov. 12, 2024 /PRNewswire/ -- Pixelworks, Inc. (NASDAQ: PXLW), a leading provider of innovative video and display processing solutions, today announced financial results for the third quarter ended September 30, 2024.Third Quarter and Recent Highlights Total revenue increased 12% sequentially GAAP gross margin expanded more than 50 basis points sequentially and 800 basis point year-over-year to 51.2%, primarily driven by favorable product mix and lower overhead expenses Entered into multi-ye ...
Pixelworks to Announce Third Quarter 2024 Financial Results on November 12
Prnewswire· 2024-10-24 12:00
PORTLAND, Ore., Oct. 24, 2024 /PRNewswire/ -- Pixelworks, Inc. (NASDAQ: PXLW), a leading provider of innovative video and display processing solutions, will release its third quarter 2024 financial results on Tuesday, November 12, 2024, after market close. Todd DeBonis, President and CEO, and Haley Aman, CFO, will host a conference call at 2:00 p.m. Pacific Time to discuss the Company's financial results.Analysts and investors are invited to join the Company's conference call using the following information ...
"The Wild Robot" from DreamWorks Animation to be Released with TrueCut Motion
Prnewswire· 2024-09-26 11:00
Premium Screens Worldwide Take Advantage of Pixelworks' Award-Winning Motion Technology LOS ANGELES, Sept. 26, 2024 /PRNewswire/ -- Pixelworks announced today that The Wild Robot from DreamWorks Animation will be presented with TrueCut Motion™ technology on premium screens worldwide. Working closely with, and under the direction of the filmmakers, the Pixelworks motion grading team utilized advanced TrueCut Motion technology to bring stunning motion clarity to the highly reviewed movie. Pixelworks' TrueCut ...
Pixelworks(PXLW) - 2024 Q2 - Quarterly Report
2024-08-12 20:00
Revenue and Sales Performance - Net revenue decreased by $5.1 million (37%) in Q2 2024 compared to Q2 2023, but increased by $1.0 million (4%) in the first half of 2024 compared to the first half of 2023[103] - Mobile market sales decreased by $4.8 million (70%) in Q2 2024 due to reduced units sold, while Home & Enterprise market sales decreased by $0.3 million (4%)[103] - The company's Mobile market sales increased by $1.3 million (13%) in the first half of 2024 compared to the first half of 2023, driven by higher unit sales in Q1 2024[103] - Pixelworks' revenue from its top distributor represented 44% of total revenue for the first six months of 2024[153] - Sales to the top distributor accounted for 48% and 29% of revenue for the years ended December 31, 2023 and 2022, respectively[153] - Revenue from the top five end customers represented 88%, 87%, and 76% of total revenue for the six months ended June 30, 2024, and the years ended December 31, 2023 and 2022, respectively[153] - Pixelworks' revenue is subject to seasonality, with higher revenue typically in the third quarter and lower revenue in the first quarter[156] - Sales outside the U.S. accounted for approximately 97.2%, 99.7%, and 95.1% of revenue for the six months ended June 30, 2024, and the years ended December 31, 2023, and 2022, respectively[168] Gross Profit and Margins - Gross profit margin increased to 51% in Q2 2024 from 40% in Q2 2023, and to 51% in the first half of 2024 from 42% in the first half of 2023[107] - The company's gross profit margin is influenced by factors such as revenue levels, product mix, average selling prices, and manufacturing ramp timing[107] - Licensing revenue has a higher margin compared to product sales, potentially causing disproportionate impact on gross profit and operational results[165] Expenses and Costs - Research and development expense increased by $1.4 million (22%) in Q2 2024 compared to Q2 2023, and by $0.8 million (6%) in the first half of 2024 compared to the first half of 2023[110] - Selling, general and administrative expenses increased by $0.3 million (5%) in Q2 2024 compared to Q2 2023, driven by foreign currency fluctuations and stock-based compensation changes[112] - Selling, general and administrative expenses decreased by $0.3 million (2%) in the first half of 2024 compared to the same period in 2023, primarily due to reduced professional fees related to strategic planning with subsidiary PWSH[112] - The company executed a restructuring plan in June 2024, resulting in a 16% workforce reduction and $1.4 million in restructuring expenses for Q2 and H1 2024[114] - Compliance with conflict minerals regulations may increase costs and affect the sourcing, supply, and pricing of materials used in the company's products[189] - Compliance with environmental laws and regulations may require significant expenditures, and noncompliance could result in penalties or customer refusal to purchase products[195][196] - Increasing attention on ESG matters may negatively impact the company's business, impose additional costs, and expose it to risks such as unfavorable investor sentiment and reputational damage[197][198][199] Intellectual Property and Technology - Pixelworks holds an intellectual property portfolio of 265 patents related to visual display technology as of June 30, 2024[100] - Pixelworks' core visual processing technology is applied across cinema, mobile, and home & enterprise markets, with a focus on improving quality and reducing system power and cost[100] - The company's product strategy focuses on visual display processing and high-quality video and digital image quality, targeting high-resolution markets[138] - Rapid technological changes and evolving industry standards could render the company's products less desirable or obsolete, impacting revenue and market acceptance[214][215] - Transition to newer manufacturing processes may require significant R&D costs and time, potentially leading to discontinuation of older technologies and inability to place last-time buy orders[222] - Product development cycles can take up to 18 months or more, including 9 months for customer testing and evaluation, and an additional 9 months before volume shipments commence[224] Strategic Initiatives and Subsidiaries - The company's strategic plan includes qualifying its Chinese subsidiary, PWSH, for an IPO on the Shanghai Stock Exchange's STAR Market, though market conditions remain unfavorable[101] - Pixelworks entered a co-development agreement in Q3 2021, with $5.8 million paid upfront and additional milestone payments totaling $5.7 million[109] - The company's Chinese subsidiary PWSH received net proceeds of RMB 279.7 million ($42.3 million USD) and RMB 99.0 million ($14.6 million USD) from capital increase agreements[121] - The company received $10.7 million in net proceeds from an equity transfer agreement involving a 2.73% equity interest in PWSH[122] - The company's strategic plan to list PWSH on the STAR Market may face delays or denials due to PRC regulatory approvals, geopolitical tensions, or profitability requirements under China GAAP[255] - PWSH is not currently profitable under China GAAP standards, which may delay its ability to file for an IPO on the STAR Market[256] - The STAR Market's relatively new status and differing accounting standards between PRC and US markets could lead to investor confusion and stock price volatility[268] - Potential conflicts of interest may arise between Pixelworks and PWSH post-listing, as PWSH will be managed by a separate board with fiduciary duties to other stakeholders[264] - Future capital-raising activities by PWSH could dilute Pixelworks' ownership interest in the subsidiary[265] Financial Position and Liquidity - Cash and cash equivalents decreased by $9.7 million to $37.8 million as of June 30, 2024, primarily due to $6.4 million used in operating activities and $2.9 million for property and equipment purchases[117] - Accounts receivable decreased to $4.9 million as of June 30, 2024, with days sales outstanding reduced to 52 days from 56 days at the end of 2023[118] - Inventories increased to $5.0 million as of June 30, 2024, with inventory turnover decreasing to 4.0 from 8.6 at the end of 2023 due to lower revenue and cost of goods sold[119] - The company anticipates its existing working capital of $37.8 million will be sufficient to fund operations for the next 12 months, but may pursue additional financing if needed[123] - Pixelworks had an accumulated deficit of $477.0 million as of December 31, 2023[150] - The company has incurred operating losses each fiscal year since 2010[150] - As of December 31, 2023, the company had federal, state, and foreign net operating loss carryforwards of approximately $154.5 million, $16.3 million, and $89.0 million, respectively, which began expiring in 2024[166] - If the company fails to negotiate extensions, it may need to repurchase shares from investors under the August 2021 Capital Increase Agreement, negatively impacting cash position[253] Risks and Challenges - The company relies heavily on a limited number of customers and distributors, increasing credit risk and potential revenue volatility[152][153] - The company faces intense competition in its target markets, which could lead to decreased demand for its products and technologies[135] - Pixelworks' ability to achieve profitability depends on factors such as product development, market acceptance, and effective inventory management[150] - The company's operations in Asia are exposed to risks such as health epidemics, political instability, and natural disasters, which could disrupt manufacturing and supply chains[168][170] - Fluctuations in foreign currencies, particularly the Japanese yen, Taiwanese dollar, Chinese yuan, and Canadian dollar, could negatively impact revenue and operating expenses[172][173] - The company may engage in financial hedging techniques to address foreign currency exchange rate fluctuations, but these may not be successful and could increase costs[175] - The company is subject to the Foreign Corrupt Practices Act (FCPA) and other anti-corruption laws, with potential liabilities for violations by third-party intermediaries[176] - The company's effective income tax rate is subject to changes in tax laws, interpretations, and the mix of earnings across jurisdictions, which could affect future results[191] - The company faces challenges in managing inventory due to reliance on distributors and integrators, which could lead to excess inventory or shortages[184][185] - The company relies on critical information systems, and any failure or security breach could harm its business operations, reputation, and financial results[193][194] - The company depends on a limited number of third-party manufacturers, exposing it to risks such as supply shortages, price increases, and delays in product delivery[200][201] - Shortages of critical materials and components could increase costs, delay shipments, and harm the company's ability to meet customer demand[203][204] - The company's highly integrated and mixed-signal products are difficult to manufacture without defects, which could lead to increased costs, delays, and potential liability claims[206][207][208] - Intense competition in the semiconductor industry may reduce sales, market share, and gross profit, with competitors having greater resources and operating histories[213] - The company's reliance on customer-owned tooling for manufacturing exposes it to risks of poor yields and higher product costs, potentially affecting competitiveness and gross margins[218][219] - Co-development agreements may limit the company's ability to sell developed products to other customers, increasing dependence on individual customers[225] - Declines in average selling prices (ASPs) for products could negatively impact financial results unless offset by increased sales volumes, cost reductions, or new higher-margin products[238] - The semiconductor industry's cyclical nature leads to significant demand fluctuations, impacting financial results due to changes in industry-wide conditions[240] - Natural disasters or man-made disruptions (e.g., earthquakes, cyberattacks, geopolitical unrest) could materially impact operations, supply chains, and financial targets[243] - Operations in China face risks from political, economic, and social changes, as well as U.S.-China relations, potentially harming financial performance and securities value[245] - Liquidity risks in China include difficulties converting RMB to foreign currencies and potential restrictions on transferring funds raised by subsidiaries to the parent company[246] - Legal and operational risks in China, including uncertainties in law enforcement and sudden regulatory changes, could adversely affect the company's business and securities value[247] - The PRC legal system's rapid evolution and inconsistent enforcement may limit legal protections for the company's Chinese subsidiaries, potentially impacting business operations and results[248] - Chinese subsidiaries require permits and licenses from PRC government agencies, and failure to obtain or maintain these could lead to investigations, fines, or operational suspensions[249] - Recent PRC regulatory actions, including enhanced supervision of overseas-listed companies and expanded anti-monopoly enforcement, could impact the company's business and ability to list on the STAR Market[250] Stock and Market Performance - The company's stock price has recently fallen below the Nasdaq Global Market's minimum requirement of $1.00 per share, risking potential delisting[280] - The company must maintain at least 400 total shareholders and meet one of three financial standards to remain listed on the Nasdaq Global Market[281] - As of June 30, 2024, the company was in compliance with Nasdaq listing requirements but remains susceptible to falling below the $50.0 million market value threshold for listed securities[281] - Delisting from Nasdaq could negatively impact the company's stock liquidity, trading volume, and price, as well as its ability to attract talent and raise capital[283] - The company's articles of incorporation and Oregon law include anti-takeover provisions that could delay or prevent mergers or acquisitions, potentially limiting shareholder value[285] - A supermajority (67%) shareholder vote is required to approve certain fundamental transactions, further complicating potential changes in control[285] - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the three months ended June 30, 2024[287] - The company completed a private placement of 3,200,000 shares of common stock at $2.071 per share in December 2020, resulting in shareholder dilution[277] - The company sold 4,900,000 shares of common stock in a registered offering at $2.45 per share in December 2020, with an additional 735,000 shares issued under an over-allotment option[277] - The company sold 1,808,484 shares of common stock under its "at the market" equity offering program, raising up to $25.0 million through June 30, 2024[277] - The company's stock price may fluctuate due to low trading volume, market conditions, and external factors such as economic changes or competitor announcements[271] Corporate Governance and Compliance - The company's disclosure controls and procedures were deemed effective as of June 30, 2024, based on evaluations by the CEO and CFO[125] - The company is subject to the Foreign Corrupt Practices Act (FCPA) and other anti-corruption laws, with potential liabilities for violations by third-party intermediaries[176] - The company's effective income tax rate is subject to changes in tax laws, interpretations, and the mix of earnings across jurisdictions, which could affect future results[191] - The company's income tax expense is complex and based on forecasted tax rates, which may differ materially from actual results due to numerous assumptions and forward-looking financial projections[192]
Pixelworks (PXLW) Reports Q2 Loss, Tops Revenue Estimates
ZACKS· 2024-08-07 23:05
Core Insights - Pixelworks reported a quarterly loss of $0.13 per share, which was better than the Zacks Consensus Estimate of a loss of $0.15, but worse than the loss of $0.09 per share from the previous year, indicating a 44.44% increase in loss year-over-year [1] - The company achieved an earnings surprise of 13.33% and has surpassed consensus EPS estimates three times over the last four quarters [1][2] - Revenue for the quarter ended June 2024 was $8.54 million, exceeding the Zacks Consensus Estimate by 0.41%, but down 37.06% from $13.61 million year-over-year [2] Financial Performance - Pixelworks has consistently topped consensus revenue estimates over the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is -$0.12 on revenues of $11.5 million, and for the current fiscal year, it is -$0.43 on revenues of $50 million [7] Market Position - Pixelworks shares have declined approximately 36.6% since the beginning of the year, contrasting with the S&P 500's gain of 9.9% [3] - The Zacks Rank for Pixelworks is currently 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Electronics - Semiconductors industry, to which Pixelworks belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Pixelworks' stock performance [5]
Pixelworks Reports Second Quarter 2024 Financial Results
Prnewswire· 2024-08-07 20:15
Core Insights - Pixelworks, Inc. reported a significant decline in revenue for Q2 2024, with revenue at $8.5 million, down from $16.1 million in Q1 2024 and $13.6 million in Q2 2023, primarily due to challenges in the mobile business [3][2] - The company is implementing cost reduction measures, including a workforce reduction, expected to save approximately $4 million annually starting in Q3 2024 [2][3] - Pixelworks continues to expand its IRX gaming ecosystem through collaborations with major gaming studios, aiming to enhance mobile visual processing capabilities [2][3] Financial Performance - Q2 2024 revenue was $8.5 million, a decrease of 47.1% sequentially and 37.0% year-over-year [3] - GAAP gross profit margin for Q2 2024 was 50.7%, slightly up from 50.5% in Q1 2024 and significantly higher than 40.3% in Q2 2023 [3][6] - The company recorded a GAAP net loss of $10.1 million, or ($0.17) per share, compared to a net loss of $5.1 million, or ($0.09) per share in Q1 2024 [3][7] Operational Developments - Pixelworks launched the X7 Gen 2 visual processor in the OnePlus Ace 3 Pro smartphone, enhancing rendering capabilities [2] - Collaborations with Tencent's TiMi Studio and Seasun Games aim to integrate Pixelworks' rendering acceleration technology into popular mobile games [2] - The company is targeting an expanded market for mid to lower-tier smartphones to drive future growth [2][3] Cash Position - Cash and cash equivalents at the end of Q2 2024 were $37.8 million, down from $47.5 million at the end of 2023 [3][11] - The decline in cash reserves reflects the company's ongoing operational challenges and net losses [3][11] Future Outlook - The company anticipates sequential revenue growth in Q3 2024, supported by the stable performance of its home and enterprise business [2][3] - Pixelworks is focused on strategic execution to navigate current challenges while expanding its mobile visual processor adoption [2][3]
Pixelworks to Announce Second Quarter 2024 Financial Results on August 7
Prnewswire· 2024-07-24 12:00
Advanced registration is required for dial-in participants. Please complete the linked registration form above to receive a dial-in number and dedicated PIN for accessing the conference call by phone. A live and archived audio webcast of the conference call will also be accessible via the investors section of Pixelworks' website: www.pixelworks.com. Pixelworks provides industry-leading content creation, video delivery and display processing solutions and technology that enable highly authentic viewing exper ...
Pixelworks Visual Processing Technology Brings Smooth and Detailed 120fps Display Effects to JX3 Ultimate Mobile
Prnewswire· 2024-07-12 01:00
SHANGHAI, July 11, 2024 /PRNewswire/ -- Pixelworks, Inc. (NASDAQ: PXLW), a leading provider of visual processing solutions, today announced its recent collaboration with Seasun Games to optimize the mobile visual processing for JX3 Ultimate Mobile. This large-scale massively multiplayer online ("MMO") game, supporting cross-platform data inheritance and interconnection, is this latest mobile game to integrate and be IRX rendering acceleration certified. When played leveraging the IRX rendering acceleration ...