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PXLW Pixelworks

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 more than 20 years of history delivering image processing innovation to leading providers of consumer electronics, professional displays and video streaming services. Pixelworks is headquartered in San Jose, CA.

Company profile

Ticker
PXLW
Exchange
CEO
Todd DeBonis
Employees
Incorporated
Location
Fiscal year end
Former names
PIXELWORKS INC
SEC CIK
IRS number
911761992

PXLW stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

7 May 21
2 Aug 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Pixelworks earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 25.44M 25.44M 25.44M 25.44M 25.44M 25.44M
Cash burn (monthly) 1.94M (positive/no burn) 2.64M 2.45M 2.22M 938.5K
Cash used (since last report) 7.93M n/a 10.78M 10M 9.06M 3.83M
Cash remaining 17.51M n/a 14.66M 15.43M 16.38M 21.6M
Runway (months of cash) 9.0 n/a 5.6 6.3 7.4 23.0

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
10 May 21 Heneghan Daniel Common Stock Grant Aquire A No No 0 23,686 0 301,323
10 May 21 Bunszel Amy L Common Stock Grant Aquire A No No 0 23,686 0 76,762
10 May 21 Sanquini Richard L Common Stock Grant Aquire A No No 0 23,686 0 242,789
10 May 21 C Scott Gibson Common Stock Grant Aquire A No No 0 23,686 0 217,149
10 May 21 Tupman David J. Common Stock Grant Aquire A No No 0 23,686 0 159,885

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

33.5% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 76 75 +1.3%
Opened positions 11 15 -26.7%
Closed positions 10 5 +100.0%
Increased positions 31 32 -3.1%
Reduced positions 23 18 +27.8%
13F shares
Current Prev Q Change
Total value 76.18M 75.52M +0.9%
Total shares 17.48M 18.33M -4.6%
Total puts 46.2K 0 NEW
Total calls 69.5K 0 NEW
Total put/call ratio 0.7
Largest owners
Shares Value Change
BLK Blackrock 2.68M $8.88M +4.7%
Vanguard 2.45M $8.11M +5.6%
Baird Financial 1.58M $5.22M +1483.2%
Renaissance Technologies 938.07K $3.11M -38.9%
Dimensional Fund Advisors 924.23K $3.06M -3.4%
CloudAlpha Capital Management Limited/Hong Kong 724.29K $2.4M 0.0%
Geode Capital Management 722.07K $2.39M +18.4%
STT State Street 616.14K $2.04M +7.0%
Russell Investments 579.3K $1.92M +11.2%
Two Sigma Investments 575.99K $1.91M +21.5%
Largest transactions
Shares Bought/sold Change
Baird Financial 1.58M +1.48M +1483.2%
Kennedy Capital Management 0 -850.09K EXIT
AIGH Capital Management 0 -667.12K EXIT
Renaissance Technologies 938.07K -596.05K -38.9%
Roubaix Capital 0 -490.9K EXIT
Acadian Asset Management 0 -296.07K EXIT
GS Goldman Sachs 341.8K +254.43K +291.2%
Assenagon Asset Management 397.88K -252.25K -38.8%
Jacobs Levy Equity Management 219.61K -219.96K -50.0%
Penn Capital Management 388.77K +198.73K +104.6%

Financial report summary

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Risks
  • The ongoing effects of the COVID-19 pandemic could disrupt our business or the business of our customers or suppliers, and as such, may adversely affect our financial condition.
  • The continued uncertain global economic environment and volatility in global credit and financial markets could materially and adversely affect our business and results of operations.
  • If we fail to meet the evolving needs of our markets, identify new products, services or technologies, or successfully compete in our target markets, our revenue and financial results will be adversely impacted.
  • Our product strategy, which is targeted at markets demanding superior video and digital image quality as well as efficient video delivery, may not address the demands of our target customers and may not lead to increased revenue in a timely manner or at all, which could materially adversely affect our results of operations and limit our ability to grow.
  • Achieving design wins involves lengthy competitive selection processes that require us to incur significant expenditures prior to generating any revenue or without any guarantee of any revenue related to this business. If we fail to generate revenue after incurring substantial expenses to develop our products, our business and operating results would suffer.
  • System security and data protection breaches, as well as cyber-attacks, could disrupt our operations, reduce our expected revenue and increase our expenses, which could adversely affect our stock price and damage our reputation.
  • If we fail to retain or attract the specialized technical and management personnel required to successfully operate our business, it could harm our business and may result in lost sales and diversion of management resources.
  • We may not fully realize the estimated savings from our restructurings in a timely manner or at all, and our restructuring programs may result in business disruptions and decrease productivity. Any of the foregoing would negatively affect our financial condition and results of operations.
  • We have significantly fewer financial resources than most of our competitors, which limits our ability to implement new products or enhancements to our current products and may require us to implement additional future restructuring plans, which in turn could adversely affect our future sales and financial condition.
  • If we are not profitable in the future, we may be unable to continue our operations.
  • A significant amount of our revenue comes from a limited number of customers and distributors and from time to time we may enter into exclusive deals with customers, exposing us to increased credit risk and subjecting our cash flow to the risk that any of our customers or distributors could decrease or cancel its orders.
  • We generally do not have long-term purchase commitments from our customers and if our customers cancel or change their purchase commitments, our revenue and operating results could suffer.
  • Our revenue and operating results can fluctuate from period to period, which could cause our share price to decline.
  • If we are unable to generate sufficient cash from operations and are forced to seek additional financing alternatives, or in the event we acquire or make an investment in companies that complement our business, our working capital may be adversely affected and our shareholders may experience dilution or our operations may be impaired.
  • We license our intellectual property, which exposes us to risks of infringement or misappropriation, and may cause fluctuations in our operating results.
  • Our net operating loss carryforwards may be limited or they may expire before utilization.
  • We face a number of risks as a result of the concentration of our operations and customers in Asia.
  • Our operations in Asia expose us to heightened risks due to natural disasters.
  • We face additional risks associated with our operations in China and our results of operations and financial position may
  • Our international operations expose us to risks resulting from the fluctuations of foreign currencies.
  • Failure to comply with anti-bribery, anti-corruption, and anti-money laundering laws could subject us to penalties and other adverse consequences.
  • Our reported financial results may be materially and adversely affected by changes in accounting principles generally accepted in the United States.
  • If we are unable to maintain effective disclosure controls and internal controls over financial reporting, investors may lose confidence in the accuracy and completeness of our financial reports, and the market price of our common stock may be materially and adversely affected.
  • Our dependence on selling to distributors and integrators increases the complexity of managing our supply chain and may result in excess inventory or inventory shortages.
  • We may be unable to successfully manage any future growth, including the integration of any acquisition or equity investment, which could disrupt our business and severely harm our financial condition.
  • Continued compliance with regulatory and accounting requirements will be challenging and will require significant resources.
  • Regulations related to conflict minerals may adversely impact our business.
  • Our effective income tax rate is subject to unanticipated changes in, or different interpretations of, tax rules and regulations, and forecasting our effective income tax rate is complex and subject to uncertainty.
  • We rely upon certain critical information systems for the operation of our business, and the failure of any critical information system may result in serious harm to our business.
  • Environmental laws and regulations may cause us to incur significant expenditures to comply with applicable laws and regulations, and we may be assessed considerable penalties for noncompliance.
  • Dependence on a limited number of sole-source, third-party manufacturers for our products exposes us to possible shortages based on low manufacturing yield, errors in manufacturing, uncontrollable lead-times for manufacturing, capacity allocation, price increases with little notice, volatile inventory levels and delays in product delivery, any of which could result in delays in satisfying customer demand, increased costs and loss of revenue.
  • Our highly integrated products and high-speed mixed signal products are difficult to manufacture without defects and the existence of defects could result in increased costs, delays in the availability of our products, reduced sales of products or claims against us.
  • The development of new products is extremely complex and we may be unable to develop our new products in a timely manner, which could result in a failure to obtain new design wins and/or maintain our current revenue levels.
  • Intense competition in our markets may reduce sales of our products, reduce our market share, decrease our gross profit and result in large losses.
  • If we are not able to respond to the rapid technological changes and evolving industry standards in the markets in which we compete, or seek to compete, our products may become less desirable or obsolete.
  • We use a customer-owned tooling process for manufacturing most of our products, which exposes us to the possibility of poor yields and unacceptably high product costs.
  • We depend on manufacturers of our semiconductor products not only to respond to changes in technology and industry standards but also to continue the manufacturing processes on which we rely.
  • Because of our long product development process and sales cycles, we may incur substantial costs before we earn associated revenue and ultimately may not sell as many units of our products as we originally anticipated.
  • Our developed software may be incompatible with industry standards and challenging and costly to implement, which could slow product development or cause us to lose customers and design wins.
  • The competitiveness and viability of our products could be harmed if necessary licenses of third-party technology are not available to us on terms that are acceptable to us or at all.
  • Our limited ability to protect our IP and proprietary rights could harm our competitive position by allowing our competitors to access our proprietary technology and to introduce similar products.
  • Others may bring infringement or indemnification actions against us that could be time-consuming and expensive to defend.
  • Our products are characterized by average selling prices that can decline over relatively short periods of time, which will negatively affect our financial results unless we are able to reduce our product costs or introduce new products with higher average selling prices.
  • The cyclical nature of the semiconductor industry may lead to significant variances in the demand for our products and could harm our operations.
  • The price of our common stock has and may continue to fluctuate substantially.
  • The interest of our current or potential significant shareholders may conflict with other shareholders and they may attempt to effect changes or acquire control, which could adversely affect our results of operations and financial condition.
  • Future sales of our equity could result in significant dilution to our existing shareholders and depress the market price of our common stock.
  • We may be unable to maintain compliance with Nasdaq Marketplace Rules which could cause our common stock to be delisted from the Nasdaq Global Market. This could result in the lack of a market for our common stock, cause a decrease in the value of our common stock, and adversely affect our business, financial condition and results of operations.
  • The anti-takeover provisions of Oregon law and in our articles of incorporation could adversely affect the rights of the holders of our common stock, including by preventing a sale or takeover of us at a price or prices favorable to the holders of our common stock.
Management Discussion
  • Item 2.         Management’s Discussion and Analysis of Financial Condition and Results of Operations.
  • 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 impact of the COVID-19 pandemic (including any changes in laws or regulations in reaction to same) on Company personnel, on revenue, on Company suppliers, and on Company customers and their respective end markets; the Company’s restructuring plan, its expectations and estimates regarding the workforce reduction, the objectives of the restructuring plan and the timing thereof, amounts and timing of the charges and savings to be incurred in connection with the restructuring plan, and the potential impact of the restructuring plan; the anticipated features, benefits and market opportunities for our products; our technologies and intellectual property; 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; our restructuring programs, including estimates, timing and impact thereof, as well as 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 our business of certain risks, including the concentration of our suppliers, risks of technological change, concentration of credit risk, changes in the markets in which we operate, our international operations, including in Asia and our exchange rate risks, our indemnification obligations and litigation risks. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict and which may cause actual outcomes and results to differ materially from what is expressed or forecasted in such forward-looking statements. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements, including risks related to COVID-19, risks related to our business, risks related to our industry, is included in Part II, Item 1A of this Quarterly Report on Form 10-Q. These forward-looking statements speak only as of the date on which they are made, and we do not intend to update any forward-looking statement to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q unless required by law. If we do update or correct one or more forward-looking statements, you should not conclude that we will make additional updates or corrections with respect thereto or with respect to other forward-looking statements. Except where the context otherwise requires, in this Quarterly Report on Form 10-Q, the "Company," "Pixelworks," "we," "us" and "our" refer to Pixelworks, Inc., an Oregon corporation, and its wholly-owned subsidiaries.
  • In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, and the virus continues to spread in areas where we operate and sell our products and services. Several public health organizations have recommended, and many local governments have implemented, certain measures to slow and limit the transmission of the virus, including shelter in place and social distancing ordinances, which has resulted in a significant deterioration of economic conditions in many of the countries in which we operate.
Content analysis
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Positive
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Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Good
New words: accredited, headcount, infrequently, registered, renew, royalty, underwriter, underwriting, underwritten
Removed: activity, agreed, algorithm, back, border, borrow, California, classification, consent, devoting, director, Drew, Easement, enabled, exemption, expedient, extensive, focused, identification, initial, land, lieu, lock, model, modified, package, pattern, penalty, permit, pertaining, practical, presence, prolonged, recovery, reopened, restated, retrospective, salary, separate, set, slowly, subsequent, subsequently, Suspended, today, virtual

Patents

GRANT
Utility
Accurate display panel calibration with common color space circuitry
30 Mar 21
A method of calibrating a display panel includes making measurements of color components produced by the display panel, receiving an input image signal consisting of one or more pixel represented by input color component values, applying a first non-linear transform to the input color component values of the pixel to produce transformed color component values, wherein the first non-linear transform is either based upon the measurements and the panel design or a ratio of values of color components based upon the measurements, applying a crosstalk correction transform to the transformed color component values to produce crosstalk corrected color component values, applying a second non-linear transform to the crosstalk corrected color component values to produce final color component values, and sending the final color component values to the display panel.
GRANT
Utility
Temporal stability for single frame super resolution
9 Nov 20
A method includes receiving, at a processor, at least one frame of input image data, producing motion vector fields between the frames of input image data, and applying temporal stability to the at least one frame of the input image data to produce noise reduced image data, wherein applying temporal stability comprises separating pixel data into frequency bands.
APP
Utility
Panel Calibration Using Multiple Non-linear Models
11 Mar 20
A method of calibrating a display panel including making measurements of color components displayed on the display panel, using the measurements to generate at least two non-linear models for each color component, receiving an input image consisting of one or more pixels represented by input color values, calculating a crosstalk gain for a given value of the color components using the generated non-linear models and the input values of a pixel, applying the crosstalk gain to the color components of the pixel to create crosstalk compensated component values, and displaying an image using the crosstalk compensated component values.
GRANT
Utility
Panel calibration using multiple non-linear models
2 Mar 20
A method of calibrating a display panel including making measurements of color components displayed on the display panel, using the measurements to generate at least two non-linear models for each color component, receiving an input image consisting of one or more pixels represented by input color values, calculating a crosstalk gain for a given value of the color components using the generated non-linear models and the input values of a pixel, applying the crosstalk gain to the color components of the pixel to create crosstalk compensated component values, and displaying an image using the crosstalk compensated component values.
GRANT
Utility
Low frequency compensated encoding
3 Feb 20
A method of encoding a non-linear, color space video signal includes converting the non-linear video signal to a linear video signal, transforming the non-linear signal to produce a transformed non-linear signal, transforming the linear signal to product a transformed linear signal, using the transformed linear signal to determine errors, applying the errors to the non-linear, color space video signal to produce a compensated non-linear color space signal, and encoding the compensated signal.