Technology

Pixelworks Reports First Quarter 2025 Financial Results

Published

1 year ago

May 13, 2025

PORTLAND, Ore., May 13, 2025 /PRNewswire/ — Pixelworks, Inc. (NASDAQ: PXLW), a leading provider of innovative video and display processing solutions, today announced financial results for the first quarter ended March 31, 2025.

First Quarter and Recent Highlights

Total revenue of $7.1 million, with revenue from the mobile market increasing 140% sequentiallyAnnounced joint development with Tencent’s PerfDog and the introduction of new ‘Frame Generation’ benchmarking tool to evaluate and boost mobile gaming performanceFormalized new collaborative partnership with a market-leading post production company, expanding the ecosystem for Pixelworks’ TrueCut Motion platformPixelworks continued to advance discussions with key prospective third-parties related to potential strategic options following previous expressed interest in the Company’s Pixelworks Shanghai subsidiary

“First quarter results were consistent with our expectations, as revenue reflected anticipated first quarter seasonality in the home and enterprise market, partially offset by an initial recovery and sequential growth in mobile business,” commented Todd DeBonis, President and CEO of Pixelworks. “Notably, our reported results demonstrated significant realized benefits from our previous and ongoing actions to streamline our cost structure, with first quarter operating expenses down more than $2 million year-over-year.

“Driving renewed growth in mobile remains among our top priorities, and we continue to be encouraged by the depth of our current program engagements with mobile OEM customers, particularly those targeted at incorporating our new, low-cost mobile graphics accelerator solution in mid- and entry-level smartphones. In addition to our focused efforts in mobile, we are in active discussions with customers on adjacent revenue opportunities, including ASIC design services and IP licensing, which we expect to capitalize on over the coming quarters. Separately, during the quarter we formalized a strategic partnership for TrueCut Motion with a market-leading post production company, further expanding our TrueCut Motion ecosystem and facilitating broader industry adoption.

“Looking ahead, we are focused on executing our strategic and operational objectives in a dynamic global macroeconomic environment, while remaining committed to a streamlined cost structure and maintaining a path for our Pixelworks Shanghai subsidiary reaching profitability in the second half of 2025.”

First Quarter 2025 Financial Results
Revenue in the first quarter of 2025 was $7.1 million, compared to $9.1 million in the fourth quarter of 2024 and $16.1 million in the first quarter of 2024. The sequential decrease in first quarter revenue was driven by a combination of anticipated seasonality in the home and enterprise market as well as the prior quarter including higher sales of end-of-life products, partially offset by sequential revenue growth in the Company’s mobile business.

On a GAAP basis, gross profit margin in the first quarter of 2025 was 48.7%, compared to 54.6% in the fourth quarter of 2024 and 50.5% in the first quarter of 2024. First quarter 2025 GAAP operating expenses were $11.5 million, compared to $11.5 million in the fourth quarter of 2024 and $13.6 million in the year-ago quarter.

On a non-GAAP basis, first quarter 2025 gross profit margin was 49.9%, compared to 54.8% in the fourth quarter of 2024 and 50.7% in the year-ago quarter. First quarter 2025 non-GAAP operating expenses were $10.4 million, compared to $10.4 million in the fourth quarter of 2024 and $12.6 million in the year-ago quarter.

For the first quarter of 2025, the Company recorded a GAAP net loss of $7.8 million, or ($0.13) per share, compared to a GAAP net loss of $5.4 million, or ($0.09) per share, in the fourth quarter of 2024, and a GAAP net loss of $5.1 million, or ($0.09) per share, in the year-ago quarter. Note, the Company refers to “net loss attributable to Pixelworks, Inc.” as “net loss”.

For the first quarter of 2025, the Company recorded a non-GAAP net loss of $6.5 million, or ($0.11) per share, compared to a non-GAAP net loss of $4.3 million, or ($0.07) per share, in the fourth quarter of 2024, and a non-GAAP net loss of $4.0 million, or ($0.07) per share, in the first quarter of 2024.

Adjusted EBITDA in the first quarter of 2025 was a negative $5.8 million, compared to a negative $3.6 million in the fourth quarter of 2024 and a negative $3.2 million in the year-ago quarter.

Business Outlook
The Company’s current business outlook, including guidance for the second quarter of 2025, will be discussed as part of the scheduled conference call.

Conference Call Information
Pixelworks will host a conference call today, May 13, 2025, at 2:00 p.m. Pacific Time. Analysts and investors are invited to join the Company’s conference call using the following information:

First Quarter 2025 Conference Call
Date: Tuesday, May 13, 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. 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 potential strategic options with respect to Pixelworks Shanghai, adjacent revenue opportunities, the adoption of our TrueCut Motion technology, and the potential for Pixelworks Shanghai reaching profitability in the second half of 2025. 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, including the trade dispute and negotiations between the United States and other nations, including China; 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, 2024, 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

March 31,

December 31,

March 31,

2025

2024

Revenue, net

$ 7,094

$ 9,090

$ 16,054

Cost of revenue (1)

3,642

4,124

7,940

Gross profit

3,452

4,966

8,114

Operating expenses:

Research and development (2)

6,523

6,916

8,073

Selling, general and administrative (3)

4,632

4,425

5,534

Restructuring

393

115

—

Total operating expenses

11,548

11,456

13,607

Loss from operations

(8,096)

(6,490)

(5,493)

Interest income and other, net

141

434

Government subsidies received

1,100

—

Total other income, net

110

1,241

434

Loss before income taxes

(7,986)

(5,249)

(5,059)

Provision for income taxes

216

105

Net loss

(8,020)

(5,465)

(5,164)

Less: Net loss attributable to non-controlling interests and redeemable non-controlling interests

259

102

Net loss attributable to Pixelworks Inc.

$ (7,761)

$ (5,363)

$ (5,066)

Net loss attributable to Pixelworks Inc. per share – basic and diluted

$ (0.13)

$ (0.09)

Weighted average shares outstanding – basic and diluted

60,587

59,228

57,472

——————

(1) Includes:

Restructuring

—

Stock-based compensation

(2) Includes stock-based compensation

222

266

330

(3) Includes stock-based compensation

519

638

727

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

Three Months Ended

March 31,

December 31,

March 31,

2025

2024

Reconciliation of GAAP and non-GAAP gross profit

GAAP gross profit

$ 3,452

$ 4,966

$ 8,114

Restructuring

—

Stock-based compensation

Total reconciling items included in gross profit

Non-GAAP gross profit

$ 3,537

$ 4,978

$ 8,132

Non-GAAP gross profit margin

49.9 %

54.8 %

50.7 %

Reconciliation of GAAP and non-GAAP operating expenses

GAAP operating expenses

$ 11,548

$ 11,456

$ 13,607

Reconciling item included in research and development:

Stock-based compensation

222

266

330

Reconciling items included in selling, general and administrative:

Stock-based compensation

519

638

727

Restructuring

393

115

—

Total reconciling items included in operating expenses

1,134

1,019

1,057

Non-GAAP operating expenses

$ 10,414

$ 10,437

$ 12,550

Reconciliation of GAAP and non-GAAP net loss attributable to Pixelworks, Inc.

GAAP net loss attributable to Pixelworks Inc.

$ (7,761)

$ (5,363)

$ (5,066)

Reconciling items included in gross profit

Reconciling items included in operating expenses

1,134

1,019

1,057

Non-GAAP net loss attributable to Pixelworks Inc.

$ (6,542)

$ (4,332)

$ (3,991)

Non-GAAP net loss attributable to Pixelworks Inc. per share – basic and diluted

$ (0.11)

$ (0.07)

Non-GAAP weighted average shares outstanding – basic and diluted

60,587

59,228

57,472

*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

March 31,

December 31,

March 31,

2025

2024

Dollars per share

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.

$ (0.13)

$ (0.09)

Reconciling items included in gross profit

0.00

Reconciling items included in operating expenses

0.02

Non-GAAP net loss attributable to Pixelworks Inc.

$ (0.11)

$ (0.07)

*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

March 31,

December 31,

March 31,

2025

2024

Reconciliation of GAAP and non-GAAP gross profit margin

GAAP gross profit margin

48.7 %

54.6 %

50.5 %

Restructuring

1.1 %

— %

Stock-based compensation

0.1 %

Total reconciling items included in gross profit

1.2 %

0.1 %

Non-GAAP gross profit margin

49.9 %

54.8 %

50.7 %

*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

March 31,

December 31,

March 31,

2025

2024

Reconciliation of GAAP net loss attributable to Pixelworks Inc. and adjusted EBITDA

GAAP net loss attributable to Pixelworks Inc.

$ (7,761)

$ (5,363)

$ (5,066)

Stock-based compensation

751

916

1,075

Restructuring

468

115

—

Non-GAAP net loss attributable to Pixelworks Inc.

$ (6,542)

$ (4,332)

$ (3,991)

EBITDA adjustments:

Depreciation and amortization

$ 828

$ 691

$ 1,109

Interest income and other, net

(97)

(141)

(434)

Non-GAAP provision for income taxes

216

105

Adjusted EBITDA

$ (5,777)

$ (3,566)

$ (3,211)

*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)

March 31,
2025

December 31,
2024

ASSETS

Current assets:

Cash and cash equivalents

$ 18,504

$ 23,647

Accounts receivable, net

5,371

5,804

Inventories

5,004

4,210

Prepaid expenses and other current assets

1,714

1,191

Total current assets

30,593

34,852

Property and equipment, net

5,860

6,500

Operating lease right of use assets

2,907

3,368

Other assets, net

693

945

Goodwill

18,407

Total assets

$ 58,460

$ 64,072

LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND SHAREHOLDERS’

EQUITY

Current liabilities:

Accounts payable

$ 1,655

$ 1,400

Accrued liabilities and current portion of long-term liabilities

7,043

6,581

Current portion of income taxes payable

136

365

Total current liabilities

8,834

8,346

Long-term liabilities, net of current portion

217

375

Deposit liability

12,998

13,109

Operating lease liabilities, net of current portion

1,123

1,450

Income taxes payable, net of current portion

824

914

Total liabilities

23,996

24,194

Redeemable non-controlling interest

27,533

27,396

Total Pixelworks, Inc. shareholders’ equity

(15,975)

(10,568)

Non-controlling interest

22,906

23,050

Total shareholders’ equity

6,931

12,482

Total liabilities, redeemable non-controlling interest and shareholders’ equity

$ 58,460

$ 64,072

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SOURCE Pixelworks, Inc.

Technology

Alcott HR Appoints Michael Pascucci as Director of Strategic Projects

Published

11 seconds ago

June 20, 2026

FARMINGDALE, N.Y., June 19, 2026 /PRNewswire/ — Alcott HR announces Michael Pascucci as Director of Strategic Projects. Michael brings over ten years of experience in HR operations and project management.

Before joining Alcott HR, he held senior roles leading technology upgrades and launching new employee benefits programs. This experience supports Alcott’s initiatives, helping the company grow while putting clients first.

As Director, Michael drives operational excellence at Alcott HR by leading strategic projects. He maintains processes to ensure Alcott stays flexible and personalized during growth. Michael focuses on projects that further enhance client support.

Improving Data Accuracy: Michael connects Alcott’s main systems with partners. Automating these connections streamlines onboarding and enrollment, ensuring benefits and payroll are accurate and secure. This gives clients confidence their information is in good hands.

Creating a Seamless Client Experience: Michael is improving how Alcott manages projects and client renewals. With consistency in these processes, Alcott delivers a seamless, dependable experience, especially during year-end reporting and enrollment.

Building for Growth: By replacing manual tasks with digital solutions, Michael helps Alcott grow with its clients. This allows the team to focus on building relationships and offering expert HR guidance to help clients achieve their goals.

“Michael doesn’t just manage projects, he builds systems that help our team excel,” said Kristen Bartolotta, Sr. Director of Operations at Alcott HR. “His ability to transform complex processes into streamlined solutions has improved our efficiency and enhanced our client service.”

“Working with the talented Alcott team has been a great experience,” said Michael Pascucci. “I’m excited to continue working across departments to improve our processes, boost efficiency, and help the company keep growing.”

Through these efforts, Michael helps Alcott deliver even greater value to clients by driving innovation, strengthening relationships, and ensuring every organization can reach its potential.

About Alcott HR: Alcott HR is an IRS Certified* and ESAC Accredited, Professional Employer Organization that provides a comprehensive range of human resources solutions to small and mid-sized businesses. With nearly four decades of experience, Alcott HR offers customized services that allow businesses to manage their workforce more effectively while staying compliant with state and federal regulations. Their services include payroll, benefits, risk management, and HR support, designed to help businesses grow and succeed.

The IRS does not endorse any particular certified professional employer organization.

Media Contact:
Sarah Zulawski
Marketing Specialist
szulawski@alcotthr.com
(716) 241-8893

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SOURCE Alcott HR

Technology

Alcott HR Appoints Michael Pascucci as Director of Strategic Projects

Published

11 seconds ago

June 20, 2026

Through these efforts, Michael helps Alcott deliver even greater value to clients by driving innovation, strengthening relationships, and ensuring every organization can reach its potential.

The IRS does not endorse any particular certified professional employer organization.

Media Contact:
Sarah Zulawski
Marketing Specialist
szulawski@alcotthr.com
(716) 241-8893

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SOURCE Alcott HR

Technology

Vaultzy and Miracle University Pilot Demonstrates AI-Powered Document Management for Students. Expansion Planned for California Foster Youth Programs

Published

1 hour ago

June 19, 2026

A successful student pilot demonstrates how secure digital records and AI guidance can help them access education, employment, housing, and life opportunities

SACRAMENTO, Calif., June 19, 2026 /PRNewswire-PRWeb/ — Vaultzy, an AI-powered document management and life assistant platform, today announced the successful completion of a pilot with Miracle University, demonstrating how secure digital records and intelligent guidance can help students overcome barriers to education, employment, and economic mobility.

California State Treasurer Fiona Ma, CPA, noted, “Never expired. Never lost. Your vital documents, all in one secure place.”

For many students, particularly those facing economic hardship or life disruptions, lost identification, unavailable transcripts, and scattered paperwork can delay enrollment, employment, housing applications, financial aid, and access to public services. Vaultzy was created to address this challenge by providing a secure, user-controlled platform for lifelong document management.

Beyond document storage, Vaultzy recently launched the first version of its AI-powered Life Agent. The platform allows users to interact with their personal records and receive guidance related to major life transitions. By understanding what documents a user has available, the Life Agent can help identify requirements and next steps for education, employment, healthcare, government services, financial planning, and other important milestones.

The pilot was conducted in partnership with Miracle University, a Sacramento-based nonprofit organization dedicated to helping students who have left the traditional education system earn their high school diplomas and achieve academic and career success. The initiative focused on helping students digitize, organize, and securely manage their most important records while introducing them to emerging technologies that can support their long-term success.

“Our mission is to help students overcome barriers and unlock their full potential,” said Dr. Kadhir Raja, Founder of Miracle University. “Students need access to their documents, confidence in managing important life transitions, and guidance on what comes next. Vaultzy helps bring all of these together, empowering students to navigate education, employment, housing, and other life opportunities with greater confidence and independence.”

The pilot demonstrated the importance of giving individuals lifelong access to trusted records while providing the tools and guidance needed to use them effectively. As California State Treasurer Fiona Ma, CPA, noted, “Never expired. Never lost. Your vital documents, all in one secure place.”

Looking ahead, Vaultzy plans to continue expanding its AI-powered capabilities. “We envision a future where every individual has a trusted AI companion that not only safeguards their records but also helps guide them through life’s most important transitions,” said Avanti Ramraj, Co-Founder and Chief Product Officer of Vaultzy.

The success of the Miracle University pilot is helping inform broader discussions with educational institutions, nonprofit organizations, financial institutions, and public-sector leaders interested in modernizing how individuals manage and access trusted records while receiving guidance through important life transitions. One of the most promising opportunities is the potential application of Vaultzy within programs serving foster youth, seniors, and other underserved populations.

About Vaultzy

Vaultzy is an AI-powered document management and life assistant platform that helps individuals securely store, manage, and share important records throughout their lives. Combining secure document management, document intelligence, multilingual assistance, and agentic AI capabilities, Vaultzy is building the infrastructure for lifelong document ownership and trusted digital identity.

About Miracle University

Miracle University is a Sacramento-based nonprofit organization dedicated to helping students overcome educational barriers and achieve academic, personal, and professional success. Through mentorship, education, and community support, Miracle University equips students with the skills, confidence, and opportunities needed to transform their futures.

Media Contact
Anupriya Ramraj, Vaultzy, 1 510-255-0657, contact@vaultzy.ai, www.vaultzy.ai

Twitter, LinkedIn

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SOURCE Vaultzy