Pixelworks, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Pixelworks, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and business operations.</b>

AI Summary

PIXELWORKS, INC (PXLW) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Pixelworks, Inc. filed a 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal business address is located at 16760 SW Upper Boones Ferry Rd., Suite 101, Portland, OR 97224. Pixelworks, Inc. is incorporated in Oregon and operates in the Semiconductors & Related Devices industry. The filing was made on May 14, 2024.

Why It Matters

For investors and stakeholders tracking PIXELWORKS, INC, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data and operational updates for Pixelworks, Inc. for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential future performance in the semiconductor market.

Risk Assessment

Risk Level: low — PIXELWORKS, INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial distress signals or major strategic shifts that would elevate the risk level.

Analyst Insight

Monitor future filings for revenue trends, R&D investments, and market segment performance to gauge Pixelworks' competitive position.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-14 — Filing Date (Filed as of date)
• 0001040161-24-000018 — Accession Number (Unique identifier for the filing)
• 3674 — SIC Code (Standard Industrial Classification for Semiconductors & Related Devices)

Key Players & Entities

• PIXELWORKS, INC (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-14 (date) — Filed as of date
• 16760 SW UPPER BOONES FERRY RD. SUITE 101 (address) — Business address
• PORTLAND (location) — Business address city
• OR (location) — Business address state
• 97224 (postal_code) — Business address zip
• SEMICONDUCTORS & RELATED DEVICES (industry) — Standard Industrial Classification

FAQ

Industry Context

Pixelworks operates in the semiconductor industry, specifically focusing on visual processing solutions for displays and digital video.

Regulatory Implications

This filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports to the SEC.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management's discussion and analysis.
2. Analyze segment revenues and cost of sales to understand profitability drivers.
3. Compare key financial metrics with previous periods and industry peers.

Key Dates

• 2024-03-31: Quarterly Period End — End date for the financial reporting period covered by the 10-Q.
• 2024-05-14: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 10-K annual report filed previously.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share PXLW The Nasdaq Global Market

Filing Documents

• pxlw-20240331.htm (10-Q) — 910KB
• pxlw-2024331_ex311.htm (EX-31.1) — 11KB
• pxlw-2024331_ex312.htm (EX-31.2) — 11KB
• pxlw-2024331_ex321.htm (EX-32.1) — 5KB
• pxlw-2024331_ex322.htm (EX-32.2) — 5KB
• 0001040161-24-000018.txt (&nbsp;) — 4577KB
• pxlw-20240331.xsd (EX-101.SCH) — 39KB
• pxlw-20240331_cal.xml (EX-101.CAL) — 57KB
• pxlw-20240331_def.xml (EX-101.DEF) — 111KB
• pxlw-20240331_lab.xml (EX-101.LAB) — 359KB
• pxlw-20240331_pre.xml (EX-101.PRE) — 259KB
• pxlw-20240331_htm.xml (XML) — 557KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 6 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Operations 7 Condensed Consolidated Statements of Comprehensive Loss 8 Condensed Consolidated Statements of Cash Flows 9 Consolidated Statements of Shareholders' Equity 10 Notes to Condensed Consolidated Financial Statements 11

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Controls and Procedures

Item 4. Controls and Procedures 31

– OTHER INFORMATION

PART II – OTHER INFORMATION

Risk Factors

Item 1A. Risk Factors 32

Other Information

Item 5. Other Information 53

Exhibits

Item 6. Exhibits 55 SIGNATURE 56 2 Table of Contents NOTE REGARDING FORWARD LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains "forward-looking statements" that are based on current expectations, estimates, beliefs, assumptions and projections about our business. Words such as "may," "will," "appears," "predicts," "continue," "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and the negative or other variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding: the redeemable non-controlling interests in our subsidiary, Pixelworks Semiconductor Technology (Shanghai) Co., Ltd. (" PWSH"), including the possible redemption thereof and the impact thereof, and any changes in carrying value of such interests that are attributable to foreign currency, and the rights related thereto; our strategic plan of re-aligning our Mobile and Home & Enterprise businesses and expectations related thereto, including the potential Listing and the timing and benefits thereof; our international operations; our strategy, including with respect to our intellectual property portfolio, research and development efforts and acquisition and investment opportunities; our gross profit margin; any future restructuring programs; our liquidity, capital resources and the sufficiency of our working capital and need for, or ability to secure, additional financing and the potential impact thereof; our contractual obligations, exchange rate and interest rate risks; our income taxes, including our ability to realize the benefit of net deferred tax assets, our uncertain tax position liability; accounting policies and use of estimates and potential impact of changes thereto; our revenue, the potential impact on our business of certain risks, including the concentration of our suppliers, risks of technological change, risks rela

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. PIXELWORKS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 46,193 $ 47,544 Accounts receivable, net 7,350 10,075 Inventories 3,357 3,968 Prepaid expenses and other current assets 2,104 3,138 Total current assets 59,004 64,725 Property and equipment, net 7,656 5,997 Operating lease right-of-use assets 4,929 4,725 Other assets, net 1,813 2,115 Goodwill 18,407 18,407 Total assets $ 91,809 $ 95,969 LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 3,821 $ 2,416 Accrued liabilities and current portion of long-term liabilities 8,347 9,692 Current portion of income taxes payable 182 189 Total current liabilities 12,350 12,297 Long-term liabilities, net of current portion 970 1,373 Deposit liability 13,683 13,781 Operating lease liabilities, net of current portion 2,777 2,567 Income taxes payable, net of current portion 981 939 Total liabilities 30,761 30,957 Commitments and contingencies (Note 12) Redeemable non-controlling interest 27,692 28,214 Shareholders' equity: Preferred stock — — Common stock 487,524 486,324 Accumulated other comprehensive income 4,153 3,378 Accumulated deficit ( 482,227 ) ( 477,161 ) Total Pixelworks, Inc. shareholders' equity 9,450 12,541 Non-controlling interest 23,906 24,257 Total shareholders' equity 33,356 36,798 Total liabilities, redeemable non-controlling interest and shareholders' equity $ 91,809 $ 95,969 See accompanying notes to condensed consolidated financial statements. 6 Table of Contents PIXELWORKS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2024 2023 Revenue, net $ 16,054 $ 9,966 Cost of revenue (1) 7,940 5,599 Gross profit 8,114 4,367 Operating expenses: Research and development (2)

View Full Filing

View this 10-Q filing on SEC EDGAR