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Pixelworks Reports Fourth Quarter and Fiscal Year 2024 Financial Results

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PORTLAND, Ore., Feb. 12, 2025 /PRNewswire/ — Pixelworks, Inc. (NASDAQ: PXLW), a leading provider of innovative video and display processing solutions, today announced financial results for the fourth quarter and fiscal year ended December 31, 2024.

Fourth Quarter and Recent Highlights

Total revenue of $9.1 million, with revenue from the home & enterprise market increasing 14% sequentially and 5% year-over-yearPixelworks Shanghai subsidiary awarded $1.8 million in cash subsidies associated with its previous certification and ongoing participation in China’s “Little Giant” programvivo 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 marketPixelworks 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 55%, and our previously implemented cost reduction actions contributed to achieving meaningfully lower operating expenses for the quarter.

“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 $9.1 million, compared to $9.5 million in the third quarter of 2024 and $20.1 million in the fourth quarter of 2023. The sequential and year-over-year decrease in fourth quarter revenue was driven by lower sales in the Company’s mobile business, partially offset by increased sales in the home and enterprise market. For the full year 2024, total revenue was $43.2 million compared to $59.7 million in 2023. The year-over-year decrease primarily reflected lower revenue contribution from the Company’s mobile business.

On a GAAP basis, gross profit margin in the fourth quarter of 2024 was 54.6%, compared to 51.2% in the third quarter of 2024 and 44.7% in the fourth quarter of 2023. GAAP gross profit margin for the full year 2024 was 51.6% compared to 43.1% in the prior year. Fourth quarter 2024 GAAP operating expenses were $11.5 million, compared to $13.5 million in the third quarter of 2024 and $13.1 million in the year-ago quarter. For the full year 2024, GAAP operating expenses were $53.6 million compared to $54.3 million in the prior year.

On a non-GAAP basis, fourth quarter 2024 gross profit margin was 54.8%, compared to 51.3% in the third quarter of 2024 and 44.8% in the year-ago quarter. Non-GAAP gross profit margin for the full year 2024 was 51.7% compared to 43.2% in the prior year. Fourth quarter 2024 non-GAAP operating expenses were $10.4 million, compared to $12.4 million in the third quarter of 2024 and $12.0 million in the year-ago quarter. Non-GAAP operating expenses for the full year 2024 were $48.1 million compared to $49.6 million in the prior year.

For the fourth quarter of 2024, the Company recorded a GAAP net loss of $5.4 million, or ($0.09) per share, compared to a GAAP net loss of $8.1 million, or ($0.14) per share, in the third quarter of 2024, and a GAAP net loss of $3.7 million, or ($0.07) per share, in the year-ago quarter. GAAP net loss for the full year 2024 was $28.7 million, or ($0.49) per share, compared to a net loss $26.2 million, or ($0.47) per share, in the prior year. Note, the Company refers to “net loss attributable to Pixelworks, Inc.” as “net loss”.

For the fourth quarter of 2024, the Company recorded a non-GAAP net loss of $4.3 million, or ($0.07) per share, compared to a non-GAAP net loss of $7.1 million, or ($0.12) per share, in the third quarter of 2024, and a non-GAAP net loss of $2.6 million, or ($0.05) per share, in the fourth quarter of 2023. For the full year 2024, non-GAAP net loss was $23.1 million, or ($0.40) per share, compared to a non-GAAP net loss of $21.4 million, or ($0.38) per share, in the prior year.

Adjusted EBITDA in the fourth quarter of 2024 was a negative $3.6 million, compared to a negative $6.3 million in the third quarter of 2024 and a negative $1.9 million in the year-ago quarter. For the full year 2024, adjusted EBITDA was a negative $20.1 million compared to a negative $18.8 million in the prior year.

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.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

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.
RECONCILIATION OF GAAP AND NON-GAAP  FINANCIAL  INFORMATION *
(In thousands, except per share data)
(Unaudited)

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.
RECONCILIATION OF GAAP AND NON-GAAP  NET LOSS PER SHARE *
(Figures may not sum due to rounding)
(Unaudited)

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.
RECONCILIATION OF GAAP AND NON-GAAP  GROSS PROFIT MARGIN *
(Figures may not sum due to rounding)
(Unaudited)

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.
RECONCILIATION OF GAAP AND NON-GAAP  FINANCIAL  INFORMATION *
(In thousands)
(Unaudited)

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.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

December 31,
2024

December 31,
2023

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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Technology

Global AI Leader and Enterprise Transformation Visionary Zeya Ottomone Appointed Chief Executive Officer of Integrow

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Author of Empowered to Execute in the Agentic Era to Lead Next Generation of AI-Powered Enterprise Innovation

ATLANTA, July 24, 2026 /PRNewswire-PRWeb/ — Integrow announced the appointment of Zeya Ottomone as Chief Executive Officer, marking a significant milestone in the company’s evolution as it accelerates its vision to become a global leader in Agentic AI-powered enterprise software and business transformation.

Integrow announced the appointment of Zeya Ottomone as Chief Executive Officer, marking a significant milestone in the company’s evolution as it accelerates its vision to become a global leader in Agentic AI-powered enterprise software and business transformation.

With more than three decades of executive leadership spanning Fortune 500 enterprises, global technology organizations, and enterprise software innovation, Ottomone joins Integrow at a defining moment in the evolution of artificial intelligence.

Widely recognized for helping organizations modernize operations, simplify complex business ecosystems, and deliver measurable transformation outcomes, Ottomone has led some of the industry’s largest enterprise modernization initiatives across ERP, CRM, workforce management, cloud computing, cybersecurity, artificial intelligence, and intelligent automation. His appointment signals Integrow’s commitment to redefining how enterprises execute strategy in the era of autonomous AI.

“Artificial Intelligence is no longer about automation alone, it’s about empowering organizations to execute faster, make smarter decisions, and fundamentally rethink how work gets done,” said Zeya Ottomone, Chief Executive Officer of Integrow. “We’re entering the Agentic Era, where intelligent AI agents become trusted digital teammates capable of planning, reasoning, collaborating and executing alongside people. At Integrow, we’re building the enterprise platform that makes that future practical, secure and measurable for every organization.”

Ottomone is internationally recognized as a leader in enterprise technology, SaaS transformation, digital modernization and AI-enabled business strategy. Throughout his career he has held executive leadership and C-level positions with ABB, Honeywell, AmerisourceBergen, Cable & Wireless, Chicago Tribune and Rimini Street, leading global organizations through large-scale transformation initiatives across North America, Europe, Asia-Pacific and the Middle East. His expertise spans enterprise applications, Salesforce ecosystems, ServiceNow, ERP modernization, customer experience, intelligent operations, data strategy, and the emerging field of Agentic AI.

Before joining Integrow, Ottomone led global SaaS Centers of Excellence focused on enterprise transformation, helping organizations modernize critical business operations while reducing technology complexity and accelerating innovation. A certified Lean Six Sigma Master Black Belt and recognized executive advisor, Ottomone has consistently delivered operational excellence by combining strategic leadership with emerging technologies to create sustainable business value.

His appointment also coincides with the upcoming publication of his new book, Empowered to Execute in the Agentic Era, which explores how organizations can bridge the gap between strategy and execution by leveraging AI, empowering people, and building intelligent enterprises capable of continuous innovation. The book reflects many of the same principles that will guide Integrow’s next phase of growth: human-centered AI, intelligent automation, operational excellence, and measurable business outcomes.

Under Ottomone’s leadership, Integrow will accelerate investment across:

Agentic AIEnterprise AI PlatformsIntelligent ERPAI-powered CRMHuman Capital ManagementIT Service ManagementPredictive AnalyticsAutonomous WorkflowsEnterprise CopilotsIndustry-specific AI Solutions

The company’s vision is to deliver a unified enterprise platform where AI is embedded into every business process, enabling organizations to eliminate operational silos, automate decision-making, increase productivity, and create competitive advantage through intelligent execution. “Zeya represents exactly the type of visionary leader required for the next generation of enterprise software,” said Harvey Nicholson, Chair of Corporate Governance and Member of Integrow’s Board of Directors. “His global experience, deep understanding of enterprise technology, and forward-looking vision for Agentic AI position Integrow to become one of the industry’s most innovative AI-powered enterprise software companies.”

Wayne Gadson, Chair of Growth Strategy, added: “The future belongs to organizations that can execute strategy with intelligence, speed and confidence. Zeya has spent his career helping enterprises achieve exactly that. His appointment marks the beginning of an exciting new chapter for Integrow, our customers and our partners worldwide.” As enterprises face mounting pressure to modernize operations, reduce costs, improve workforce productivity and harness the power of artificial intelligence, Integrow is uniquely positioned to help organizations transform through a single AI-powered enterprise platform that unifies finance, operations, customer engagement, workforce management, projects and service delivery.

“Our mission is simple,” Ottomone concluded. “We don’t believe AI should replace people. We believe AI should elevate people. The organizations that will define the next decade won’t simply adopt AI—they’ll empower every employee to execute better decisions every day. That’s the future Integrow is building.”

About Integrow

Integrow is a global enterprise software company delivering next-generation AI-powered business applications built on Salesforce. The platform unifies ERP, CRM, Human Capital Management, IT Service Management, Project Management, Field Service, Finance and Operations into a single intelligent ecosystem enhanced by Agentic AI.

By embedding artificial intelligence into every workflow, Integrow enables organizations to modernize operations, accelerate innovation, improve decision-making and execute strategy with confidence.

For more information, visit www.integrow.com.

Media Contact

Media Team, Integrow, Inc., 1 855-333-4769, info@integrow.com, www.integrow.com 

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Lufax Announces Board and Management Changes

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SHANGHAI, July 24, 2026 /PRNewswire/ — Lufax Holding Ltd (“Lufax” or the “Company”) (NYSE: LU and HKEX: 6623), a leading financial services enabler for small business owners in China, today announced changes to its board of directors and senior management, effective July 25, 2026.

Ms. Fangfang Cai (“Ms. Cai”), Mr. Shibang Guo (“Mr. Guo”) and Mr. Peifeng Li (“Mr. Li”) have resigned as non-executive directors of the Company and from their respective positions on the Board’s committees. Mr. Tongzhuan Xi (“Mr. Xi”) has resigned as an executive director, the chief financial officer and the authorised representative of the Company (“Authorised Representative”) under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Hong Kong Listing Rules”), with effect from July 25, 2026. Each of the four directors cited personal work arrangements as the reason for their resignation and confirmed there is no disagreement with the Board and no matter relating to their departure that needs to be brought to shareholders’ attention.

The Company has begun a search for a new chief financial officer. During the transition, the CFO’s duties will be temporarily assumed by the Company’s internal team to ensure continuity of the Company’s financial functions. Mr. Xiang Ji, an executive director and the Company’s chief executive officer, has been appointed as the Authorised Representative, the Company’s designated liaison with the Stock Exchange under the Hong Kong Listing Rules, in place of Mr. Xi, with effect from July 25, 2026.

The Board has appointed Mr. Wai Kin Chim (“Mr. Chim”) as an independent non-executive director for an initial three-year term commencing July 25, 2026.

Mr. Chim, aged 65, has over 40 years of experience in international banking and extensive board experience in Asia Pacific, having worked in Hong Kong, Singapore and Beijing. He specializes in risk management and internal control, with a strong emphasis on corporate governance, credit risk, market risk and capital management.

Mr. Chim served as a loan officer at Standard Chartered Bank, Hong Kong Branch, from October 1985 to August 1988. He was then employed by Bankers Trust Company, Hong Kong Branch, as a vice president of the Asia Credit Department from September 1988 to October 1996. He subsequently served as the managing director and the chief credit officer for Deutsche Bank AG, a company listed on the Frankfurt Stock Exchange under ticker symbol DBK, for Asia Pacific (non-Japan Asia), from October 1996 to November 2006. He joined Bank of China Limited, a company listed on the Main Board of the Stock Exchange under stock code 3988, as the chief credit officer from March 2007 to March 2015.

Mr. Chim was an independent non-executive director of Standard Chartered Bank (China) Limited from October 2015 to October 2017. He served as an independent non-executive director of HDR Global Trading Limited, owner and operator of the BitMEX digital asset trading platform, from February 2021 to February 2022. Mr. Chim served as a non-executive director of China Chengtong Hong Kong Company Limited from July 2022 to June 2025. Mr. Chim is currently an independent non-executive director of OCBC Bank (Hong Kong) Limited, since November 2017; an independent non-executive director of Banco OCBC (Macau), S.A., since August 2023; an independent non-executive director of China Intellogis Technology Co., Ltd., since June 2024; and a director of Hong Kong Dance Company Limited since June 2026.

Mr. Chim obtained a Bachelor of Science degree from the Chinese University of Hong Kong in 1983 and an MBA degree from Indiana State University, USA, in 1985. He also graduated from the Senior Executive Program at Columbia University in 2000.

In connection with these changes, with effect from July 25, 2026, Ms. Cai will step down from the Nomination and Remuneration Committee, and Mr. Koon Wing Ernest Ip has been appointed as a member to that committee. The Company’s Special Committee will comprise Mr. Dicky Peter Yip, Mr. Koon Wing Ernest Ip and Mr. Siu Hong Cheng, continuing under the chairmanship of Mr. Dicky Peter Yip, with effect from July 25, 2026.

The Board would like to take this opportunity to thank Ms. Cai, Mr. Guo, Mr. Li and Mr. Xi for their service during the tenure of their office and warmly welcome Mr. Chim to the Board.

About Lufax

Lufax is a leading financial services enabler for small business owners in China. The Company offers financing products designed principally to address the needs of small business owners. In doing so, the Company has established relationships with 85 financial institutions in China as funding partners, many of which have worked with the Company for over three years.

Investor Relations Contact

Lufax Holding Ltd
Email: Investor_Relations@lu.com

ICR, LLC
Robin Yang
Tel: +1 (646) 308-0546
Email: lufax.ir@icrinc.com

 

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SOURCE Lufax Holding Ltd

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UMD Smith School Researchers Warn AI Security Lapses Highlight Urgent Need for Independent Oversight

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COLLEGE PARK, Md., July 24, 2026 /PRNewswire/ — A series of recent AI security lapses—including the OpenAI–Hugging Face breach—raises a fundamental question, say a pair of researchers at the University of Maryland’s Robert H. Smith School of Business: Can tech companies safely govern the powerful AI systems they build, or is stronger outside oversight now essential?

In its incident report, OpenAI confirmed that one of its experimental AI agents exploited a weakness in its testing environment while working on a routine benchmark task. The system wasn’t instructed to behave maliciously; instead, its persistence turned a small design flaw into a real escape. Earlier tests showed similar behavior, including agents that learned to bypass security checks by manipulating authentication tokens.

This pattern echoes findings from Dean’s Professor of Information Systems Siva Viswanathan at the Smith School, who studies how large technology platforms enforce rules. His research on mobile app privacy—published in Management Science—examined Google’s rollout of Android 6.0, which gave users more control over what data apps could collect. Developers were granted a flexible window to update their apps. Many used that flexibility to delay compliance for months, continuing to gather user data until Google imposed consequences such as lower search rankings and reduced visibility in its app store.

Viswanathan’s takeaway: when companies rely on voluntary compliance, self‑interested actors often exploit the slack. Real accountability requires pairing flexibility with firm, enforceable penalties.

That lesson now reverberates across the AI sector. As companies race to build increasingly capable systems, Viswanathan says oversight must treat these AI systems as strategic actors and must include strong safeguards that can pause or reverse a system before harm occurs.

He notes that a separate study from Anthropic underscores the stakes. In controlled tests, even an AI system designed to monitor another AI inherited the same flaws it was supposed to catch. In some cases, the “judge” model failed to flag clear sabotage because it agreed with the agent’s goals, allowing dangerous behavior to pass without human review.

Balaji Padmanabhan, Dean’s Professor of Decisions, Operations and Information Technologies and director of the Smith School’s Center for Artificial Intelligence in Business, extends Viswanathan’s governance argument into the realm of autonomous AI agents, warning that the same structural weaknesses now carry far higher stakes.

“The fact that this breach occurred organically without the AI agent being asked to be malicious is itself notable. Imagine what someone who actually intends to do harm can do. It’s also not terribly reassuring that the same firms we depend on for AI infrastructure, who are facing these issues, are the ones assuring enterprises that their systems with guardrails are perfectly safe,” says Padmanabhan. “We have to wake up to the fact that we’ve created capabilities that let software become as powerful as we want it to be—and then some. It’s time we seriously ask what’s needed to create an infrastructure to play defense well.”

Across the independent studies, the pattern is consistent, says Viswanathan: Voluntary compliance fails when the governed actor is more capable than the regulator. And AI systems cannot be governed by trust or good intentions alone. Oversight must be preventive, independent and capable of stopping harmful behavior before it spreads.

About the University of Maryland’s Robert H. Smith School of Business
The Robert H. Smith School of Business is an internationally recognized leader in management education and research. One of 12 colleges and schools at the University of Maryland, College Park, the Smith School offers undergraduate, full-time and flex MBA, executive MBA, online MBA, business master’s, PhD and executive education programs, as well as outreach services to the corporate community. The school offers its degree, custom and certification programs in learning locations in North America and Asia.

Contact: Greg Muraski, gmuraski@umd.edu

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SOURCE University of Maryland’s Robert H. Smith School of Business

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