Pixelworks Reports Fourth Quarter and Fiscal Year 2024 Financial Results
Pixelworks (NASDAQ: PXLW) reported Q4 2024 financial results with revenue of $9.1 million, down from $20.1 million in Q4 2023. Full-year 2024 revenue was $43.2 million compared to $59.7 million in 2023. The company's gross profit margin improved to 54.6% in Q4 2024.
Q4 GAAP net loss was $5.4 million ($0.09 per share), compared to a loss of $3.7 million ($0.07 per share) in Q4 2023. For full-year 2024, GAAP net loss was $28.7 million ($0.49 per share).
Notable developments include a $1.8 million cash subsidy for Pixelworks Shanghai, launch of vivo iQOO Z9 Turbo L smartphone with Pixelworks' X5 Turbo processor, and ongoing strategic review of the Shanghai subsidiary. The company expects renewed mobile growth starting Q1 2025, with accelerated production shipments in Q2.
Pixelworks (NASDAQ: PXLW) ha riportato i risultati finanziari del quarto trimestre 2024 con un fatturato di 9,1 milioni di dollari, in calo rispetto ai 20,1 milioni di dollari del quarto trimestre 2023. Il fatturato totale per l'anno 2024 è stato di 43,2 milioni di dollari rispetto ai 59,7 milioni di dollari del 2023. Il margine di profitto lordo dell'azienda è migliorato al 54,6% nel quarto trimestre 2024.
La perdita netta GAAP del quarto trimestre è stata di 5,4 milioni di dollari (0,09 dollari per azione), rispetto a una perdita di 3,7 milioni di dollari (0,07 dollari per azione) nel quarto trimestre 2023. Per l'intero anno 2024, la perdita netta GAAP è stata di 28,7 milioni di dollari (0,49 dollari per azione).
Sviluppi notevoli includono un sussidio in contante di 1,8 milioni di dollari per Pixelworks Shanghai, il lancio dello smartphone vivo iQOO Z9 Turbo L con il processore X5 Turbo di Pixelworks, e una revisione strategica in corso della filiale di Shanghai. L'azienda prevede una nuova crescita nel settore mobile a partire dal primo trimestre 2025, con spedizioni di produzione accelerate nel secondo trimestre.
Pixelworks (NASDAQ: PXLW) informó los resultados financieros del cuarto trimestre de 2024 con ingresos de 9,1 millones de dólares, en comparación con 20,1 millones de dólares en el cuarto trimestre de 2023. Los ingresos totales para el año 2024 fueron de 43,2 millones de dólares en comparación con 59,7 millones de dólares en 2023. El margen de utilidad bruta de la empresa mejoró al 54,6% en el cuarto trimestre de 2024.
La pérdida neta GAAP del cuarto trimestre fue de 5,4 millones de dólares (0,09 dólares por acción), en comparación con una pérdida de 3,7 millones de dólares (0,07 dólares por acción) en el cuarto trimestre de 2023. Para el año completo de 2024, la pérdida neta GAAP fue de 28,7 millones de dólares (0,49 dólares por acción).
Desarrollos notables incluyen un subsidio en efectivo de 1,8 millones de dólares para Pixelworks Shanghai, el lanzamiento del smartphone vivo iQOO Z9 Turbo L con el procesador X5 Turbo de Pixelworks, y una revisión estratégica en curso de la subsidiaria de Shanghai. La empresa espera un renovado crecimiento móvil a partir del primer trimestre de 2025, con envíos de producción acelerados en el segundo trimestre.
Pixelworks (NASDAQ: PXLW)는 2024년 4분기 재무 결과를 발표하며 수익이 910만 달러로 2023년 4분기의 2010만 달러에서 감소했다고 밝혔습니다. 2024년 전체 수익은 2023년의 5970만 달러에 비해 4320만 달러였습니다. 회사의 총 이익률은 2024년 4분기에 54.6%로 개선되었습니다.
4분기 GAAP 순손실은 540만 달러 (주당 0.09달러)로, 2023년 4분기의 370만 달러 (주당 0.07달러) 손실과 비교됩니다. 2024년 전체 GAAP 순손실은 2870만 달러 (주당 0.49달러)였습니다.
주목할 만한 개발 사항으로는 Pixelworks 상하이에 대한 180만 달러의 현금 보조금, Pixelworks의 X5 Turbo 프로세서를 탑재한 vivo iQOO Z9 Turbo L 스마트폰 출시, 상하이 자회사의 전략적 검토가 진행 중입니다. 회사는 2025년 1분기부터 모바일 성장이 재개될 것으로 예상하며, 2분기에는 생산 출하가 가속화될 것으로 보입니다.
Pixelworks (NASDAQ: PXLW) a annoncé les résultats financiers du quatrième trimestre 2024 avec un chiffre d'affaires de 9,1 millions de dollars, en baisse par rapport à 20,1 millions de dollars au quatrième trimestre 2023. Le chiffre d'affaires total pour l'année 2024 s'élevait à 43,2 millions de dollars contre 59,7 millions de dollars en 2023. La marge brute de l'entreprise s'est améliorée à 54,6 % au quatrième trimestre 2024.
La perte nette GAAP du quatrième trimestre était de 5,4 millions de dollars (0,09 dollar par action), contre une perte de 3,7 millions de dollars (0,07 dollar par action) au quatrième trimestre 2023. Pour l'année complète 2024, la perte nette GAAP était de 28,7 millions de dollars (0,49 dollar par action).
Les développements notables incluent une subvention en espèces de 1,8 million de dollars pour Pixelworks Shanghai, le lancement du smartphone vivo iQOO Z9 Turbo L avec le processeur X5 Turbo de Pixelworks, et un examen stratégique en cours de la filiale de Shanghai. L'entreprise prévoit une nouvelle croissance mobile à partir du premier trimestre 2025, avec des expéditions de production accélérées au deuxième trimestre.
Pixelworks (NASDAQ: PXLW) hat die finanziellen Ergebnisse für das vierte Quartal 2024 veröffentlicht, mit einem Umsatz von 9,1 Millionen Dollar, rückläufig von 20,1 Millionen Dollar im vierten Quartal 2023. Der Gesamtumsatz für das Jahr 2024 betrug 43,2 Millionen Dollar im Vergleich zu 59,7 Millionen Dollar im Jahr 2023. Die Bruttogewinnmarge des Unternehmens verbesserte sich im vierten Quartal 2024 auf 54,6 %.
Der GAAP-Nettoverlust im vierten Quartal betrug 5,4 Millionen Dollar (0,09 Dollar pro Aktie), im Vergleich zu einem Verlust von 3,7 Millionen Dollar (0,07 Dollar pro Aktie) im vierten Quartal 2023. Für das gesamte Jahr 2024 betrug der GAAP-Nettoverlust 28,7 Millionen Dollar (0,49 Dollar pro Aktie).
Bemerkenswerte Entwicklungen umfassen einen Barzuschuss von 1,8 Millionen Dollar für Pixelworks Shanghai, die Einführung des vivo iQOO Z9 Turbo L Smartphones mit dem X5 Turbo Prozessor von Pixelworks und die laufende strategische Überprüfung der Shanghai-Tochtergesellschaft. Das Unternehmen erwartet ab dem ersten Quartal 2025 ein erneutes Wachstum im Mobilbereich, mit beschleunigten Produktionslieferungen im zweiten Quartal.
- Gross profit margin expanded to 54.6% in Q4 2024, up from 44.7% in Q4 2023
- Home & enterprise market revenue increased 14% sequentially and 5% YoY
- Received $1.8 million in cash subsidies for Shanghai subsidiary
- Operating expenses reduced to $11.5 million in Q4 from $13.1 million year-ago
- Q4 2024 revenue declined to $9.1 million from $20.1 million in Q4 2023
- Full-year 2024 revenue decreased to $43.2 million from $59.7 million in 2023
- Q4 2024 net loss increased to $5.4 million from $3.7 million in Q4 2023
- Full-year net loss widened to $28.7 million from $26.2 million in 2023
Insights
The Q4 results reveal a company in transition, with both concerning trends and emerging opportunities. The 54.6% gross margin represents the fourth consecutive quarter of expansion and highest level in recent quarters, driven by improved product mix and cost optimization. However, the 55% year-over-year revenue decline to
The financial health metrics warrant attention: Operating expenses decreased to
Strategic developments provide some optimism:
- The
$1.8M subsidy from China's "Little Giant" program offers non-dilutive capital support - Entry into mid-tier smartphone market with cost-optimized solutions expands addressable market
- Exploration of strategic options for Shanghai subsidiary could unlock value
- New revenue streams from ASIC design services and IP licensing diversify income sources
The outlook suggests an inflection point in Q1 2025 with projected mobile growth, though execution risks remain high given the competitive mobile processor market and challenging macro environment. The company's ability to convert gross margin improvements and cost reductions into sustainable profitability will be important for shareholder value creation.
Fourth Quarter and Recent Highlights
- Total revenue of
$9.1 million 14% sequentially and5% year-over-year - Pixelworks Shanghai subsidiary awarded
$1.8 million China's "Little Giant" program - vivo launched the iQOO Z9 Turbo L smartphone incorporating Pixelworks' X5 Turbo visual processor, enabling optimized high-frame-rate gaming with reduced power consumption to the mid-tier device market
- Pixelworks continued to advance its in-depth review of potential strategic options related to inbound interest in the Company's Pixelworks Shanghai subsidiary
"Fourth quarter results reflected our expectations, with all financial metrics being within or better than our guided range," stated Todd DeBonis, President and CEO of Pixelworks. "Revenue from the home and enterprise market increased sequentially and year-over-year, helping to partially offset the anticipated product transition in our mobile business. Gross margin expanded for the fourth consecutive quarter to nearly
"During the fourth quarter and entering 2025, we have remained focused on positioning for a return to growth in our mobile business. We continue to be engaged on multiple customer programs to utilize our latest mobile visual processor solutions in new smartphone models targeted for launch this year. These program engagements include opportunities with our new cost-down visual processor solution targeting mid- and entry-level smartphones, representing expansion of our served target markets. We expect the start of renewed mobile growth in the first quarter, followed by an accelerating ramp of production shipments beginning in the second quarter. We are also encouraged by the growing mindshare and engagement activity with our TrueCut Motion platform and believe we are poised to demonstrate further ecosystem and commercial traction in 2025.
"In summary, we've made significant progress on reducing our overall cost structure, and we plan to further these efforts during the first half of 2025 as we simultaneously continue to execute on and deliver renewed growth in mobile. Together with multiple newly targeted revenue opportunities, including customer engagements for ASIC design services as well as IP licensing, we believe that our Pixelworks Shanghai subsidiary is on a clear path to achieve profitability for the full year 2025."
Fourth Quarter and Fiscal Year 2024 Financial Results
Revenue in the fourth quarter of 2024 was
On a GAAP basis, gross profit margin in the fourth quarter of 2024 was
On a non-GAAP basis, fourth quarter 2024 gross profit margin was
For the fourth quarter of 2024, the Company recorded a GAAP net loss of
For the fourth quarter of 2024, the Company recorded a non-GAAP net loss of
Adjusted EBITDA in the fourth quarter of 2024 was a negative
Business Outlook
The Company's current business outlook, including guidance for the first quarter of 2025, will be discussed as part of the scheduled conference call.
Conference Call Information
Pixelworks will host a conference call today, February 12, 2025, at 2:00 p.m. Pacific Time. Analysts and investors are invited to join the Company's conference call using the following information:
Fourth Quarter and Fiscal 2024 Conference Call
Date: Wednesday, February 12, 2025
Time: 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time)
Live Webcast Link: Click Here
Dial-in Participation Registration Link: Click Here
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, Inc.
Pixelworks provides industry-leading content creation, video delivery and display processing solutions and technology that enable highly authentic viewing experiences with superior visual quality, across all screens – from cinema to smartphone and beyond. The Company has a 20-year history of delivering image processing innovation to leading providers of consumer electronics, professional displays, and video streaming services. For more information, please visit the company's web site at www.pixelworks.com.
Note: Pixelworks, TrueCut Motion and the Pixelworks logo are trademarks of Pixelworks, Inc.
Non-GAAP Financial Measures
This earnings release makes reference to non-GAAP gross profit margins, non-GAAP operating expenses, non-GAAP net loss and non-GAAP net loss per share, which exclude stock-based compensation expense and restructuring expense which are both required under GAAP as well as the tax effect of the non-GAAP adjustments. The press release also makes reference to and reconciles GAAP net loss and adjusted EBITDA, which Pixelworks defines as GAAP net loss attributable to Pixelworks before interest income and other, net, income tax provision, depreciation and amortization, as well as the specific items listed above.
Pixelworks management uses these non-GAAP financial measures internally to understand, manage and evaluate the business and establish its operational goals, review its operations on a period-to-period basis, for compensation evaluations, to measure performance, and for budgeting and resource allocation. Pixelworks management believes it is useful for management and investors to review, as applicable, both GAAP information and non-GAAP financial measures to help assess the performance of Pixelworks' continuing business and to evaluate Pixelworks' future prospects. These non-GAAP measures, when reviewed together with the GAAP financial information, provide additional transparency and information for comparison and analysis of operating performance and trends. These non-GAAP measures exclude certain items to facilitate management's review of the comparability of our core operating results on a period-to-period basis.
Because the Company's non-GAAP financial measures are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures and should be read only in conjunction with the Company's consolidated financial results as presented in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial measures is included in this earnings release which is available in the investor relations section of the Pixelworks website.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be identified by use of terms such as "begin," "continue," "will," "expect", "believe," "anticipate" and similar terms or the negative of such terms, and include, without limitation, statements about adoption rates for our mobile visual processor solutions, expected traction for and ramping of production of our mobile products, launch dates of any mobile product, continued adoption of our TrueCut Motion platform, expected revenue from ASIC design services and IP licensing, results of cost savings, and expected path to profitability for Pixelworks Shanghai. All statements other than statements of historical fact are forward-looking statements for purposes of this release, including any projections of revenue or other financial items or any statements regarding the plans and objectives of management for future operations. Such statements are based on management's current expectations, estimates and projections about the Company's business. These statements are not guarantees of future performance and involve numerous risks, uncertainties and assumptions that are difficult to predict. Actual results could vary materially from those contained in forward looking statements due to many factors, including, without limitation: the actual adoption of TrueCut Motion platform; the actual performance of the smartphone market; our ability to execute on our strategy; competitive factors, such as rival chip architectures, introduction or traction by competing designs, or pricing pressures; the success of our products in new or expanding markets; current global economic challenges; changes in the digital display and projection markets; seasonality in the consumer electronics market; our efforts to achieve profitability from operations; our limited financial resources; and our ability to attract and retain key personnel. More information regarding potential factors that could affect the Company's financial results and could cause actual results to differ materially from those discussed in the forward-looking statements is included from time to time in the Company's Securities and Exchange Commission filings, including its Annual Report on Form 10-K for the year ended December 31, 2023, as well as subsequent SEC filings.
The forward-looking statements contained in this release are as of the date of this release, and the Company does not undertake any obligation to update any such statements, whether as a result of new information, future events or otherwise.
[Financial Tables Follow]
PIXELWORKS, INC. | |||||
Three Months Ended | Twelve Months Ended | ||||
December 31, | September 30, | December 31, | December 31, | December 31, | |
2024 | 2024 | 2023 | 2024 | 2023 | |
Revenue, net | $ 9,090 | $ 9,527 | $ 20,074 | $ 43,206 | $ 59,677 |
Cost of revenue (1) | 4,124 | 4,648 | 11,098 | 20,921 | 33,968 |
Gross profit | 4,966 | 4,879 | 8,976 | 22,285 | 25,709 |
Operating expenses: | |||||
Research and development (2) | 6,916 | 8,405 | 6,953 | 31,337 | 30,878 |
Selling, general and administrative (3) | 4,425 | 5,016 | 6,151 | 20,697 | 23,467 |
Restructuring | 115 | 90 | — | 1,608 | — |
Total operating expenses | 11,456 | 13,511 | 13,104 | 53,642 | 54,345 |
Loss from operations | (6,490) | (8,632) | (4,128) | (31,357) | (28,636) |
Government subsidies received | 1,100 | — | — | 1,100 | — |
Interest income and other, net | 141 | 296 | 435 | 1,198 | 2,050 |
Total other income, net | 1,241 | 296 | 435 | 2,298 | 2,050 |
Loss before income taxes | (5,249) | (8,336) | (3,693) | (29,059) | (26,586) |
Provision for income taxes | 216 | 125 | 39 | 478 | 357 |
Net loss | (5,465) | (8,461) | (3,732) | (29,537) | (26,943) |
Less: Net (income) loss attributable to non-controlling interests and redeemable non-controlling interests | 102 | 320 | (12) | 818 | 767 |
Net loss attributable to Pixelworks Inc. | $ (5,363) | $ (8,141) | $ (3,744) | $ (28,719) | $ (26,176) |
Net loss attributable to Pixelworks Inc. per share - basic and diluted | $ (0.09) | $ (0.14) | $ (0.07) | $ (0.49) | $ (0.47) |
Weighted average shares outstanding - basic and diluted | 59,228 | 58,717 | 56,895 | 58,395 | 56,163 |
____________ | |||||
(1) Includes: | |||||
Stock-based compensation | 12 | 13 | 22 | 53 | 89 |
Restructuring | — | — | — | 16 | — |
(2) Includes stock-based compensation | 266 | 327 | 396 | 1,239 | 1,866 |
(3) Includes stock-based compensation | 638 | 702 | 701 | 2,666 | 2,841 |
PIXELWORKS, INC. | |||||
Three Months Ended | Twelve Months Ended | ||||
December 31, | September 30, | December 31, | December 31, | December 31, | |
2024 | 2024 | 2023 | 2024 | 2023 | |
Reconciliation of GAAP and non-GAAP gross profit | |||||
GAAP gross profit | $ 4,966 | $ 4,879 | $ 8,976 | $ 22,285 | $ 25,709 |
Stock-based compensation | 12 | 13 | 22 | 53 | 89 |
Restructuring | — | — | — | 16 | — |
Total reconciling items included in gross profit | 12 | 13 | 22 | 69 | 89 |
Non-GAAP gross profit | $ 4,978 | $ 4,892 | $ 8,998 | $ 22,354 | $ 25,798 |
Non-GAAP gross profit margin | 54.8 % | 51.3 % | 44.8 % | 51.7 % | 43.2 % |
Reconciliation of GAAP and non-GAAP operating expenses | |||||
GAAP operating expenses | $ 11,456 | $ 13,511 | $ 13,104 | $ 53,642 | $ 54,345 |
Reconciling item included in research and development: | |||||
Stock-based compensation | 266 | 327 | 396 | 1,239 | 1,866 |
Reconciling items included in selling, general and administrative: | |||||
Stock-based compensation | 638 | 702 | 701 | 2,666 | 2,841 |
Restructuring | 115 | 90 | — | 1,608 | — |
Total reconciling items included in operating expenses | 1,019 | 1,119 | 1,097 | 5,513 | 4,707 |
Non-GAAP operating expenses | $ 10,437 | $ 12,392 | $ 12,007 | $ 48,129 | $ 49,638 |
Reconciliation of GAAP and non-GAAP net loss attributable to Pixelworks, Inc. | |||||
GAAP net loss attributable to Pixelworks Inc. | $ (5,363) | $ (8,141) | $ (3,744) | $ (28,719) | $ (26,176) |
Reconciling items included in gross profit | 12 | 13 | 22 | 69 | 89 |
Reconciling items included in operating expenses | 1,019 | 1,119 | 1,097 | 5,513 | 4,707 |
Tax effect of non-GAAP adjustments | — | (74) | — | — | — |
Non-GAAP net loss attributable to Pixelworks Inc. | $ (4,332) | $ (7,083) | $ (2,625) | $ (23,137) | $ (21,380) |
Non-GAAP net loss attributable to Pixelworks Inc. per share - basic and diluted | $ (0.07) | $ (0.12) | $ (0.05) | $ (0.40) | $ (0.38) |
Non-GAAP weighted average shares outstanding - basic and diluted | 59,228 | 58,717 | 56,895 | 58,395 | 56,163 |
*Set forth above are reconciliations of the non-GAAP financial measure to the most directly comparable GAAP financial measure. The non-GAAP financial measure disclosed by the company has limitations and should not be considered a substitute for, or superior to, the financial measure prepared in accordance with GAAP, and the reconciliations from GAAP to Non-GAAP actuals should be carefully evaluated. Please refer to "Non-GAAP Financial Measures" in this document for an explanation of the adjustments made to the comparable GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors. | |||||
PIXELWORKS, INC. | |||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||||
2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
Dollars per share | Dollars per share | Dollars per share | Dollars per share | Dollars per share | |||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||
Reconciliation of GAAP and non-GAAP net loss attributable to Pixelworks, Inc. | |||||||||||||||||||||
GAAP net loss attributable to Pixelworks Inc. | $ (0.09) | $ (0.09) | $ (0.14) | $ (0.14) | $ (0.07) | $ (0.07) | $ (0.49) | $ (0.49) | $ (0.47) | $ (0.47) | |||||||||||
Reconciling items included in gross profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||
Reconciling items included in operating expenses | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.09 | 0.09 | 0.08 | 0.08 | |||||||||||
Tax effect of non-GAAP adjustments | — | — | (0.00) | (0.00) | — | — | — | — | — | — | |||||||||||
Non-GAAP net loss attributable to Pixelworks Inc. | $ (0.07) | $ (0.07) | $ (0.12) | $ (0.12) | $ (0.05) | $ (0.05) | $ (0.40) | $ (0.40) | $ (0.38) | $ (0.38) | |||||||||||
*Set forth above are reconciliations of the non-GAAP financial measure to the most directly comparable GAAP financial measure. The non-GAAP financial measure disclosed by the company has limitations and should not be considered a substitute for, or superior to, the financial measure prepared in accordance with GAAP, and the reconciliations from GAAP to Non-GAAP actuals should be carefully evaluated. Please refer to "Non-GAAP Financial Measures" in this document for an explanation of the adjustments made to the comparable GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors. | |||||||||||||||||||||
PIXELWORKS, INC. | ||||||||||
Three Months Ended | Twelve Months Ended | |||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||
2024 | 2024 | 2023 | 2024 | 2023 | ||||||
Reconciliation of GAAP and non-GAAP gross profit margin | ||||||||||
GAAP gross profit margin | 54.6 % | 51.2 % | 44.7 % | 51.6 % | 43.1 % | |||||
Stock-based compensation | 0.1 % | 0.1 % | 0.1 % | 0.1 % | 0.1 % | |||||
Restructuring | — % | — % | — % | 0.0 % | — % | |||||
Total reconciling items included in gross profit | 0.1 % | 0.1 % | 0.1 % | 0.2 % | 0.1 % | |||||
Non-GAAP gross profit margin | 54.8 % | 51.3 % | 44.8 % | 51.7 % | 43.2 % | |||||
*Set forth above are reconciliations of the non-GAAP financial measure to the most directly comparable GAAP financial measure. The non-GAAP financial measure disclosed by the company has limitations and should not be considered a substitute for, or superior to, the financial measure prepared in accordance with GAAP, and the reconciliations from GAAP to Non-GAAP actuals should be carefully evaluated. Please refer to "Non-GAAP Financial Measures" in this document for an explanation of the adjustments made to the comparable GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors. | ||||||||||
PIXELWORKS, INC. | |||||
Three Months Ended | Twelve Months Ended | ||||
December 31, | September 30, | December 31, | December 31, | December 31, | |
2024 | 2024 | 2023 | 2024 | 2023 | |
Reconciliation of GAAP net loss attributable to Pixelworks Inc. and adjusted EBITDA | |||||
GAAP net loss attributable to Pixelworks Inc. | $ (5,363) | $ (8,141) | $ (3,744) | $ (28,719) | $ (26,176) |
Stock-based compensation | 916 | 1,042 | 1,119 | 3,958 | 4,796 |
Restructuring | 115 | 90 | — | 1,624 | — |
Tax effect of non-GAAP adjustments | — | (74) | — | — | — |
Non-GAAP net loss attributable to Pixelworks Inc. | $ (4,332) | $ (7,083) | $ (2,625) | $ (23,137) | $ (21,380) |
EBITDA adjustments: | |||||
Depreciation and amortization | $ 691 | $ 920 | $ 1,076 | $ 3,779 | $ 4,287 |
Interest income and other, net | (141) | (296) | (435) | (1,198) | (2,050) |
Non-GAAP provision for income taxes | 216 | 199 | 39 | 478 | 357 |
Adjusted EBITDA | $ (3,566) | $ (6,260) | $ (1,945) | $ (20,078) | $ (18,786) |
*Set forth above are reconciliations of the non-GAAP financial measure to the most directly comparable GAAP financial measure. The non-GAAP financial measure disclosed by the company has limitations and should not be considered a substitute for, or superior to, the financial measure prepared in accordance with GAAP, and the reconciliations from GAAP to Non-GAAP actuals should be carefully evaluated. Please refer to "Non-GAAP Financial Measures" in this document for an explanation of the adjustments made to the comparable GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors. | |||||
PIXELWORKS, INC. | ||
December 31, | December 31, | |
ASSETS | ||
Current assets: | ||
Cash and cash equivalents | $ 23,647 | $ 47,544 |
Accounts receivable, net | 5,804 | 10,075 |
Inventories | 4,210 | 3,968 |
Prepaid expenses and other current assets | 1,191 | 3,138 |
Total current assets | 34,852 | 64,725 |
Property and equipment, net | 6,500 | 5,997 |
Operating lease right of use assets | 3,368 | 4,725 |
Other assets, net | 945 | 2,115 |
Goodwill | 18,407 | 18,407 |
Total assets | $ 64,072 | $ 95,969 |
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND SHAREHOLDERS' EQUITY | ||
Current liabilities: | ||
Accounts payable | $ 1,400 | $ 2,416 |
Accrued liabilities and current portion of long-term liabilities | 6,581 | 9,692 |
Current portion of income taxes payable | 365 | 189 |
Total current liabilities | 8,346 | 12,297 |
Long-term liabilities, net of current portion | 375 | 1,373 |
Deposit liability | 13,109 | 13,781 |
Operating lease liabilities, net of current portion | 1,450 | 2,567 |
Income taxes payable, net of current portion | 914 | 939 |
Total liabilities | 24,194 | 30,957 |
Redeemable non-controlling interest | 27,396 | 28,214 |
Total Pixelworks, Inc. shareholders' equity | (10,568) | 12,541 |
Non-controlling interest | 23,050 | 24,257 |
Total shareholders' equity | 12,482 | 36,798 |
Total liabilities, redeemable non-controlling interest and shareholders' equity | $ 64,072 | $ 95,969 |
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SOURCE Pixelworks, Inc.
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