(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
PIXELWORKS, INC. | ||||||||
(Registrant) | ||||||||
Dated: | August 7, 2024 | /s/ Haley F. Aman | ||||||
Haley F. Aman Chief Financial Officer |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||
2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||
Revenue, net | $ | 8,535 | $ | 16,054 | $ | 13,605 | $ | 24,589 | $ | 23,571 | ||||||||||||||||||||||
Cost of revenue (1) | 4,209 | 7,940 | 8,121 | 12,149 | 13,720 | |||||||||||||||||||||||||||
Gross profit | 4,326 | 8,114 | 5,484 | 12,440 | 9,851 | |||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Research and development (2) | 7,943 | 8,073 | 6,507 | 16,016 | 15,173 | |||||||||||||||||||||||||||
Selling, general and administrative (3) | 5,722 | 5,534 | 5,468 | 11,256 | 11,540 | |||||||||||||||||||||||||||
Restructuring | 1,403 | — | — | 1,403 | — | |||||||||||||||||||||||||||
Total operating expenses | 15,068 | 13,607 | 11,975 | 28,675 | 26,713 | |||||||||||||||||||||||||||
Loss from operations | (10,742) | (5,493) | (6,491) | (16,235) | (16,862) | |||||||||||||||||||||||||||
Interest income and other, net | 327 | 434 | 473 | 761 | 1,144 | |||||||||||||||||||||||||||
Loss before income taxes | (10,415) | (5,059) | (6,018) | (15,474) | (15,718) | |||||||||||||||||||||||||||
Provision for income taxes | 32 | 105 | 126 | 137 | 160 | |||||||||||||||||||||||||||
Net loss | (10,447) | (5,164) | (6,144) | (15,611) | (15,878) | |||||||||||||||||||||||||||
Less: Net loss attributable to non-controlling interests and redeemable non-controlling interests | 298 | 98 | 107 | 396 | 445 | |||||||||||||||||||||||||||
Net loss attributable to Pixelworks Inc. | $ | (10,149) | $ | (5,066) | $ | (6,037) | $ | (15,215) | $ | (15,433) | ||||||||||||||||||||||
Net loss attributable to Pixelworks Inc. per share - basic and diluted | $ | (0.17) | $ | (0.09) | $ | (0.11) | $ | (0.26) | $ | (0.28) | ||||||||||||||||||||||
Weighted average shares outstanding - basic and diluted | 58,151 | 57,472 | 55,917 | 57,812 | 55,666 | |||||||||||||||||||||||||||
—————— | ||||||||||||||||||||||||||||||||
(1) Includes: | ||||||||||||||||||||||||||||||||
Restructuring | 16 | — | — | 16 | — | |||||||||||||||||||||||||||
Stock-based compensation | 10 | 18 | 22 | 28 | 46 | |||||||||||||||||||||||||||
(2) Includes stock-based compensation | 316 | 330 | 527 | 646 | 1,018 | |||||||||||||||||||||||||||
(3) Includes stock-based compensation | 599 | 727 | 710 | 1,326 | 1,361 | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||
2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||
Reconciliation of GAAP and non-GAAP gross profit | ||||||||||||||||||||||||||||||||
GAAP gross profit | $ | 4,326 | $ | 8,114 | $ | 5,484 | $ | 12,440 | $ | 9,851 | ||||||||||||||||||||||
Restructuring | 16 | — | — | 16 | — | |||||||||||||||||||||||||||
Stock-based compensation | 10 | 18 | 22 | 28 | 46 | |||||||||||||||||||||||||||
Total reconciling items included in gross profit | 26 | 18 | 22 | 44 | 46 | |||||||||||||||||||||||||||
Non-GAAP gross profit | $ | 4,352 | $ | 8,132 | $ | 5,506 | $ | 12,484 | $ | 9,897 | ||||||||||||||||||||||
Non-GAAP gross profit margin | 51.0 | % | 50.7 | % | 40.5 | % | 50.8 | % | 42.0 | % | ||||||||||||||||||||||
Reconciliation of GAAP and non-GAAP operating expenses | ||||||||||||||||||||||||||||||||
GAAP operating expenses | $ | 15,068 | $ | 13,607 | $ | 11,975 | $ | 28,675 | $ | 26,713 | ||||||||||||||||||||||
Reconciling item included in research and development: | ||||||||||||||||||||||||||||||||
Stock-based compensation | 316 | 330 | 527 | 646 | 1,018 | |||||||||||||||||||||||||||
Reconciling items included in selling, general and administrative: | ||||||||||||||||||||||||||||||||
Stock-based compensation | 599 | 727 | 710 | 1,326 | 1,361 | |||||||||||||||||||||||||||
Restructuring | 1,403 | — | — | 1,403 | — | |||||||||||||||||||||||||||
Total reconciling items included in operating expenses | 2,318 | 1,057 | 1,237 | 3,375 | 2,379 | |||||||||||||||||||||||||||
Non-GAAP operating expenses | $ | 12,750 | $ | 12,550 | $ | 10,738 | $ | 25,300 | $ | 24,334 | ||||||||||||||||||||||
Reconciliation of GAAP and non-GAAP net loss attributable to Pixelworks, Inc. | ||||||||||||||||||||||||||||||||
GAAP net loss attributable to Pixelworks Inc. | $ | (10,149) | $ | (5,066) | $ | (6,037) | $ | (15,215) | $ | (15,433) | ||||||||||||||||||||||
Reconciling items included in gross profit | 26 | 18 | 22 | 44 | 46 | |||||||||||||||||||||||||||
Reconciling items included in operating expenses | 2,318 | 1,057 | 1,237 | 3,375 | 2,379 | |||||||||||||||||||||||||||
Tax effect of non-GAAP adjustments | 74 | — | — | 74 | — | |||||||||||||||||||||||||||
Non-GAAP net loss attributable to Pixelworks Inc. | $ | (7,731) | $ | (3,991) | $ | (4,778) | $ | (11,722) | $ | (13,008) | ||||||||||||||||||||||
Non-GAAP net loss attributable to Pixelworks Inc. per share - basic and diluted | $ | (0.13) | $ | (0.07) | $ | (0.09) | $ | (0.20) | $ | (0.23) | ||||||||||||||||||||||
Non-GAAP weighted average shares outstanding - basic and diluted | 58,151 | 57,472 | 55,917 | 57,812 | 55,666 | |||||||||||||||||||||||||||
*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. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | $ | (0.17) | $ | (0.17) | $ | (0.09) | $ | (0.09) | $ | (0.11) | $ | (0.11) | $ | (0.26) | $ | (0.26) | $ | (0.28) | $ | (0.28) | |||||||||||||||||||||||||||||||||||||||||||||
Reconciling items included in gross profit | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciling items included in operating expenses | 0.04 | 0.04 | 0.02 | 0.02 | 0.02 | 0.02 | 0.06 | 0.06 | 0.04 | 0.04 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP net loss attributable to Pixelworks Inc. | $ | (0.13) | $ | (0.13) | $ | (0.07) | $ | (0.07) | $ | (0.09) | $ | (0.09) | $ | (0.20) | $ | (0.20) | $ | (0.23) | $ | (0.23) | |||||||||||||||||||||||||||||||||||||||||||||
*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. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June, 30 | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||
2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||
Reconciliation of GAAP and non-GAAP gross profit margin | ||||||||||||||||||||||||||||||||
GAAP gross profit margin | 50.7 | % | 50.5 | % | 40.3 | % | 50.6 | % | 41.8 | % | ||||||||||||||||||||||
Stock-based compensation | 0.1 | 0.1 | 0.2 | 0.1 | 0.2 | |||||||||||||||||||||||||||
Restructuring | 0.2 | — | — | 0.1 | — | |||||||||||||||||||||||||||
Total reconciling items included in gross profit | 0.3 | 0.1 | 0.2 | 0.2 | 0.2 | |||||||||||||||||||||||||||
Non-GAAP gross profit margin | 51.0 | % | 50.7 | % | 40.5 | % | 50.8 | % | 42.0 | % | ||||||||||||||||||||||
*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. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||
2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||
Reconciliation of GAAP net loss attributable to Pixelworks Inc. and adjusted EBITDA | ||||||||||||||||||||||||||||||||
GAAP net loss attributable to Pixelworks Inc. | $ | (10,149) | $ | (5,066) | $ | (6,037) | $ | (15,215) | $ | (15,433) | ||||||||||||||||||||||
Restructuring | 1,419 | — | — | 1,419 | — | |||||||||||||||||||||||||||
Stock-based compensation | 925 | 1,075 | 1,259 | 2,000 | 2,425 | |||||||||||||||||||||||||||
Tax effect of non-GAAP adjustments | 74 | — | — | 74 | — | |||||||||||||||||||||||||||
Non-GAAP net loss attributable to Pixelworks Inc. | $ | (7,731) | $ | (3,991) | $ | (4,778) | $ | (11,722) | $ | (13,008) | ||||||||||||||||||||||
EBITDA adjustments: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 1,059 | $ | 1,109 | $ | 1,077 | $ | 2,168 | $ | 2,158 | ||||||||||||||||||||||
Non-GAAP interest income and other, net | (327) | (434) | (473) | (761) | (1,144) | |||||||||||||||||||||||||||
Non-GAAP provision (benefit) for income taxes | (42) | 105 | 126 | 63 | 160 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | (7,041) | $ | (3,211) | $ | (4,048) | $ | (10,252) | $ | (11,834) | ||||||||||||||||||||||
*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 |
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 | |||||||||
Redeemable non-controlling interest | 27,517 | 28,214 | |||||||||
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 |
Cover Page |
Aug. 07, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 07, 2024 |
Entity Registrant Name | PIXELWORKS, INC |
Entity Central Index Key | 0001040161 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | OR |
Entity File Number | 000-30269 |
Entity Tax Identification Number | 91-1761992 |
Entity Address, Address Line One | 16760 SW Upper Boones Ferry Rd., Suite 101 |
Entity Address, City or Town | Portland |
Entity Address, State or Province | OR |
Entity Address, Postal Zip Code | 97224 |
City Area Code | 503 |
Local Phone Number | 601-4545 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | PXLW |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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