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Pixelworks Inc. (PXLW+0.49%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. filing
The company reported net revenue of $43.2 million, a decrease from $59.7 million in 2023. The decline was primarily due to decreased sales in the Mobile market, which fell by 54% year-over-year.
Gross profit for the year was $22.3 million, with a gross profit margin of 52%, up from 43% in 2023. The increase in margin was attributed to higher average selling prices and lower costs in the Home & Enterprise market.
Operating expenses totaled $53.6 million, slightly down from $54.3 million in 2023. The company executed a restructuring plan in June 2024, resulting in a $1.6 million restructuring expense.
Pixelworks recorded a net loss of $29.5 million for the year, compared to a net loss of $26.9 million in 2023. The loss was partially offset by $1.1 million in government subsidies received during the year.
Cash and cash equivalents decreased to $23.6 million as of December 31, 2024, from $47.5 million at the end of 2023. The decrease was mainly due to cash used in operating activities and capital expenditures.
The company continues to focus on its strategic plan to improve operations in Asia, with its subsidiary Pixelworks Semiconductor Technology (Shanghai) Co., Ltd. operating as a full profit-and-loss center.
Pixelworks is exploring an initial public offering of its Shanghai subsidiary on the STAR Market, although current market conditions in China have delayed these plans.
The company faces risks related to global economic conditions, competition, technological changes, and its operations in China. These risks could materially impact its financial condition and results of operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pixelworks Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.