Pixelworks Files Q2 2024 10-Q with Financial Updates

TL;DR

Pixelworks 10-Q filed: Q2 & H1 2024 financials are in. Check the numbers.

AI Summary

Pixelworks, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of the year, detailing revenues, costs, and expenses. Specific financial figures for the periods ending June 30, 2024, and June 30, 2023, were provided, along with comparative data for the fiscal years.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Pixelworks, Inc., crucial for understanding the company's operational health and future prospects.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but the semiconductor industry can be subject to significant market fluctuations and supply chain risks.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-01-01 — Fiscal Year Start Date (Marks the beginning of the fiscal year for which year-to-date data is presented.)
• 2023-12-31 — Previous Fiscal Year End (Provides a reference point for year-over-year comparisons.)

Key Players & Entities

• Pixelworks, Inc. (company) — Filer of the 10-Q report
• June 30, 2024 (date) — End of the reporting period for the 10-Q
• 20240812 (date) — Filing date of the 10-Q

FAQ

Key Financial Figures

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

Filing Documents

• pxlw-20240630.htm (10-Q) — 1158KB
• ex101amendedandrestated200.htm (EX-10.1) — 96KB
• pxlw-2024630_ex311.htm (EX-31.1) — 11KB
• pxlw-2024630_ex312.htm (EX-31.2) — 11KB
• pxlw-2024630_ex321.htm (EX-32.1) — 5KB
• pxlw-2024630_ex322.htm (EX-32.2) — 5KB
• 0001040161-24-000031.txt ( ) — 5780KB
• pxlw-20240630.xsd (EX-101.SCH) — 42KB
• pxlw-20240630_cal.xml (EX-101.CAL) — 58KB
• pxlw-20240630_def.xml (EX-101.DEF) — 127KB
• pxlw-20240630_lab.xml (EX-101.LAB) — 466KB
• pxlw-20240630_pre.xml (EX-101.PRE) — 326KB
• pxlw-20240630_htm.xml (XML) — 790KB

– 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 Condensed 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 25

Controls and Procedures

Item 4. Controls and Procedures 33

– OTHER INFORMATION

PART II – OTHER INFORMATION

Risk Factors

Item 1A. Risk Factors 34

Other Information

Item 5. Other Information 55

Exhibits

Item 6. Exhibits 57 SIGNATURE 58 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 the possible renegotiation of such redemption and any changes in carrying value of such interests that are attributable to foreign currency, and the rights related thereto; our restructuring plan and restructuring charges 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 ou

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. PIXELWORKS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 37,824 $ 47,544 Accounts receivable, net 4,910 10,075 Inventories 5,021 3,968 Prepaid expenses and other current assets 2,222 3,138 Total current assets 49,977 64,725 Property and equipment, net 7,051 5,997 Operating lease right-of-use assets 4,547 4,725 Other assets, net 1,652 2,115 Goodwill 18,407 18,407 Total assets $ 81,634 $ 95,969 LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,500 $ 2,416 Accrued liabilities and current portion of long-term liabilities 9,148 9,692 Current portion of income taxes payable 220 189 Total current liabilities 11,868 12,297 Long-term liabilities, net of current portion 673 1,373 Deposit liability 14,098 13,781 Operating lease liabilities, net of current portion 2,463 2,567 Income taxes payable, net of current portion 1,006 939 Total liabilities 30,108 30,957 Commitments and contingencies (Note 13) Redeemable non-controlling interest 27,517 28,214 Shareholders' equity: Preferred stock — — Common stock 488,449 486,324 Accumulated other comprehensive income 4,413 3,378 Accumulated deficit ( 492,376 ) ( 477,161 ) Total Pixelworks, Inc. shareholders' equity 486 12,541 Non-controlling interest 23,523 24,257 Total shareholders' equity 24,009 36,798 Total liabilities, redeemable non-controlling interest and shareholders' equity $ 81,634 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue, net $ 8,535 $ 13,605 $ 24,589 $ 23,571 Cost of revenue (1) 4,209 8,121 12,149 13,720 Gross prof

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