Pixelworks(US:PXLW)2025-05-13 21:02Revenue Performance - First quarter 2025 revenue was $7.1 million, down from $9.1 million in Q4 2024 and $16.1 million in Q1 2024, reflecting anticipated seasonality and prior quarter's higher sales of end-of-life products[6] - Mobile market revenue increased 140% sequentially, indicating a recovery and growth in this segment[9] Net Loss and Earnings - GAAP net loss for Q1 2025 was $7.8 million, or ($0.13) per share, compared to a net loss of $5.4 million, or ($0.09) per share in Q4 2024[10] - Non-GAAP net loss for Q1 2025 was $6.5 million, or ($0.11) per share, compared to a non-GAAP net loss of $4.3 million, or ($0.07) per share in Q4 2024[11] - GAAP net loss attributable to Pixelworks, Inc. was $(7,761,000) in Q1 2025, compared to $(5,363,000) in Q4 2024 and $(5,066,000) in Q1 2024[28] - Non-GAAP net loss attributable to Pixelworks, Inc. was $(6,542,000) in Q1 2025, an increase from $(4,332,000) in Q4 2024 and $(3,991,000) in Q1 2024[28] - Non-GAAP net loss per share was $(0.11) in Q1 2025, compared to $(0.07) in Q4 2024 and $(0.07) in Q1 2024[26] Operating Expenses and Profitability - Operating expenses decreased by more than $2 million year-over-year, with Q1 2025 operating expenses at $11.5 million, consistent with Q4 2024[4][7] - Adjusted EBITDA for Q1 2025 was a negative $5.8 million, compared to a negative $3.6 million in Q4 2024[11] - Adjusted EBITDA for Q1 2025 was $(5,777,000), worsening from $(3,566,000) in Q4 2024 and $(3,211,000) in Q1 2024[28] - The company is focused on achieving profitability for its Shanghai subsidiary in the second half of 2025[6] Gross Profit and Margins - Gross profit margin on a GAAP basis was 48.7% in Q1 2025, down from 54.6% in Q4 2024[7] - GAAP gross profit for Q1 2025 was $3,452,000, down from $4,966,000 in Q4 2024 and $8,114,000 in Q1 2024[24] - Non-GAAP gross profit margin decreased to 49.9% in Q1 2025 from 54.8% in Q4 2024 and 50.7% in Q1 2024[27] Assets and Liabilities - Total current assets decreased to $30,593,000 in Q1 2025 from $34,852,000 in Q4 2024[30] - Cash and cash equivalents fell to $18,504,000 in Q1 2025 from $23,647,000 in Q4 2024[30] - Total liabilities remained relatively stable at $23,996,000 in Q1 2025 compared to $24,194,000 in Q4 2024[30] - Total shareholders' equity decreased to $6,931,000 in Q1 2025 from $12,482,000 in Q4 2024[30] Strategic Initiatives - The company formalized a strategic partnership for TrueCut Motion with a leading post-production company, expanding its ecosystem[5] - The company is in active discussions regarding adjacent revenue opportunities, including ASIC design services and IP licensing[5]