Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 06, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-30269 | |
Entity Registrant Name | PIXELWORKS, INC | |
Entity Central Index Key | 0001040161 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | OR | |
Entity Tax Identification Number | 91-1761992 | |
Entity Address, Address Line One | 16760 SW Upper Boones Ferry Rd., Ste. 101 | |
Entity Address, City or Town | Portland | |
Entity Address, State or Province | OR | |
Entity Address, Postal Zip Code | 97224 | |
City Area Code | 503 | |
Local Phone Number | 601-4545 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | PXLW | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 52,434,217 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 23,624 | $ 31,257 |
Short-term marketable securities | 0 | 250 |
Accounts receivable, net | 6,351 | 4,672 |
Inventories | 1,577 | 2,445 |
Prepaid expenses and other current assets | 1,888 | 1,010 |
Total current assets | 33,440 | 39,634 |
Property and equipment, net | 3,900 | 5,103 |
Operating lease right-of-use assets | 6,013 | 6,606 |
Other assets, net | 992 | 1,081 |
Acquired intangible assets, net | 631 | 1,207 |
Goodwill | 18,407 | 18,407 |
Total assets | 63,383 | 72,038 |
Current liabilities: | ||
Accounts payable | 2,664 | 995 |
Accrued liabilities and current portion of long-term liabilities | 8,745 | 9,452 |
Current portion of income taxes payable | 140 | 147 |
Total current liabilities | 11,549 | 10,594 |
Long-term liabilities, net of current portion | 569 | 1,007 |
Operating lease liabilities, net of current portion | 4,178 | 5,088 |
Income taxes payable, net of current portion | 2,673 | 2,479 |
Total liabilities | 18,969 | 19,168 |
Commitments and contingencies (Note 12) | ||
Shareholders’ equity: | ||
Preferred stock | 0 | 0 |
Common stock | 471,958 | 467,957 |
Accumulated other comprehensive income | 47 | 47 |
Accumulated deficit | (427,591) | (415,134) |
Total shareholders’ equity | 44,414 | 52,870 |
Total liabilities and shareholders’ equity | $ 63,383 | $ 72,038 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |||
Income Statement [Abstract] | ||||||
Revenue, net | $ 14,051 | $ 9,253 | $ 23,321 | $ 23,027 | ||
Cost of revenue | 6,940 | [1] | 4,204 | [1] | 12,485 | 11,203 |
Gross profit | 7,111 | 5,049 | 10,836 | 11,824 | ||
Operating expenses: | ||||||
Research and development | 6,671 | [2] | 6,314 | [2] | 13,456 | 12,581 |
Selling, general and administrative | 4,896 | [3] | 5,156 | [3] | 9,750 | 10,349 |
Restructuring | 0 | 0 | 0 | 592 | ||
Total operating expenses | 11,567 | 11,470 | 23,206 | 23,522 | ||
Loss from operations | (4,456) | (6,421) | (12,370) | (11,698) | ||
Interest income (expense) and other, net | 181 | (24) | 237 | 30 | ||
Total other income (expense), net | 181 | (24) | 237 | 30 | ||
Loss before income taxes | (4,275) | (6,445) | (12,133) | (11,668) | ||
Provision for income taxes | 107 | 107 | 324 | 283 | ||
Net loss | $ (4,382) | $ (6,552) | $ (12,457) | $ (11,951) | ||
Net loss per share - basic and diluted | $ (0.08) | $ (0.17) | $ (0.24) | $ (0.31) | ||
Weighted average shares outstanding - basic and diluted | 52,283 | 39,444 | 51,980 | 39,156 | ||
[1] | (1) Includes: Amortization of acquired intangible assets 218 298 463 596 Stock-based compensation 76 127 155 228 | |||||
[2] | (2) Includes stock-based compensation 610 806 1,191 1,454 | |||||
[3] | (3) Includes: Stock-based compensation 820 1,310 1,592 2,383 Amortization of acquired intangible assets 53 76 113 152 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Restructuring | $ 0 | $ 0 | $ 0 | $ 592 |
Stock-based compensation | (1,506) | (2,243) | ||
Cost of revenue | ||||
Stock-based compensation | 76 | 127 | 155 | 228 |
Cost of revenue | Acquired intangible assets | ||||
Amortization of acquired intangible assets | 218 | 298 | 463 | 596 |
Research and development | ||||
Stock-based compensation | 610 | 806 | 1,191 | 1,454 |
Selling, general and administrative | ||||
Amortization of acquired intangible assets | 53 | 76 | 113 | 152 |
Stock-based compensation | $ 820 | $ 1,310 | $ 1,592 | $ 2,383 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Other Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (4,382) | $ (6,552) | $ (12,457) | $ (11,951) |
Other comprehensive loss: | ||||
Unrealized gain on available-for-sale securities | 0 | 7 | 0 | 1 |
Total comprehensive loss | $ (4,382) | $ (6,545) | $ (12,457) | $ (11,950) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (12,457) | $ (11,951) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Stock-based compensation | 2,938 | 4,065 |
Depreciation and amortization | 1,922 | 1,893 |
Amortization of acquired intangible assets | 576 | 748 |
Deferred income tax expense (benefit) | (22) | 4 |
Reversal of uncertain tax positions | (2) | (10) |
Accretion on short-term marketable securities | 0 | (10) |
Gain on sale of marketable securities | 0 | (4) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (1,679) | 4,990 |
Inventories | 868 | 634 |
Prepaid expenses and other current and long-term assets, net | 497 | 1,343 |
Accounts payable | 1,418 | 191 |
Accrued current and long-term liabilities | (2,295) | (1,804) |
Income taxes payable | 189 | 77 |
Net cash provided by (used in) operating activities | (8,047) | 166 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (393) | (612) |
Proceeds from sales and maturities of short-term marketable securities | 250 | 7,498 |
Purchases of short-term marketable securities | 0 | (1,500) |
Net cash provided by (used in) investing activities | (143) | 5,386 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock under employee equity incentive plans | 1,063 | 337 |
Payments on asset financings | (506) | (328) |
Proceeds from line of credit | 0 | 4,329 |
Net proceeds from "at the market" equity offering | 0 | 2,474 |
Proceeds from Paycheck Protection Program loan | 0 | 796 |
Net cash provided by financing activities | 557 | 7,608 |
Net increase (decrease) in cash and cash equivalents | (7,633) | 13,160 |
Cash and cash equivalents, beginning of period | 31,257 | 7,257 |
Cash and cash equivalents, end of period | 23,624 | 20,417 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes, net of refunds received | 177 | 211 |
Cash paid during the period for interest | 69 | 107 |
Non-cash investing and financing activities: | ||
Acquisitions of property and equipment and other assets under extended payment terms | $ 0 | $ 1,392 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Thousands | Total | Common Stock | Accumulated Other Comprehensive Income | Accumulated Deficit |
Beginning Balance (in shares) at Dec. 31, 2019 | 38,434,488 | |||
Beginning Balance at Dec. 31, 2019 | $ 47,529 | $ 436,122 | $ 12 | $ (388,605) |
Stock issued under employee equity incentive plans (in shares) | 815,375 | |||
Stock issued under employee equity incentive plans | 325 | $ 325 | ||
Stock-based compensation expense | 1,822 | $ 1,822 | ||
Unrealized gain (loss) on available for sale securities | (6) | (6) | ||
Net income (loss) | (5,399) | (5,399) | ||
Ending Balance (in shares) at Mar. 31, 2020 | 39,249,863 | |||
Ending Balance at Mar. 31, 2020 | 44,271 | $ 438,269 | 6 | (394,004) |
Beginning Balance (in shares) at Dec. 31, 2019 | 38,434,488 | |||
Beginning Balance at Dec. 31, 2019 | 47,529 | $ 436,122 | 12 | (388,605) |
Net income (loss) | (11,951) | |||
Ending Balance (in shares) at Jun. 30, 2020 | 40,220,491 | |||
Ending Balance at Jun. 30, 2020 | 42,455 | $ 442,998 | 13 | (400,556) |
Beginning Balance (in shares) at Mar. 31, 2020 | 39,249,863 | |||
Beginning Balance at Mar. 31, 2020 | 44,271 | $ 438,269 | 6 | (394,004) |
At the market equity offering (in shares) | 803,528 | |||
At the market equity offering | 2,474 | $ 2,474 | ||
Stock issued under employee equity incentive plans (in shares) | 167,100 | |||
Stock issued under employee equity incentive plans | 12 | $ 12 | ||
Stock-based compensation expense | 2,243 | $ 2,243 | ||
Unrealized gain (loss) on available for sale securities | 7 | 7 | ||
Net income (loss) | (6,552) | (6,552) | ||
Ending Balance (in shares) at Jun. 30, 2020 | 40,220,491 | |||
Ending Balance at Jun. 30, 2020 | 42,455 | $ 442,998 | 13 | (400,556) |
Beginning Balance (in shares) at Dec. 31, 2020 | 51,078,942 | |||
Beginning Balance at Dec. 31, 2020 | 52,870 | $ 467,957 | 47 | (415,134) |
Stock issued under employee equity incentive plans (in shares) | 1,133,479 | |||
Stock issued under employee equity incentive plans | 1,063 | $ 1,063 | ||
Stock-based compensation expense | 1,432 | $ 1,432 | ||
Net income (loss) | (8,075) | (8,075) | ||
Ending Balance (in shares) at Mar. 31, 2021 | 52,212,421 | |||
Ending Balance at Mar. 31, 2021 | 47,290 | $ 470,452 | 47 | (423,209) |
Beginning Balance (in shares) at Dec. 31, 2020 | 51,078,942 | |||
Beginning Balance at Dec. 31, 2020 | 52,870 | $ 467,957 | 47 | (415,134) |
Net income (loss) | (12,457) | |||
Ending Balance (in shares) at Jun. 30, 2021 | 52,352,564 | |||
Ending Balance at Jun. 30, 2021 | 44,414 | $ 471,958 | 47 | (427,591) |
Beginning Balance (in shares) at Mar. 31, 2021 | 52,212,421 | |||
Beginning Balance at Mar. 31, 2021 | 47,290 | $ 470,452 | 47 | (423,209) |
Stock issued under employee equity incentive plans (in shares) | 140,143 | |||
Stock-based compensation expense | 1,506 | $ 1,506 | ||
Net income (loss) | (4,382) | (4,382) | ||
Ending Balance (in shares) at Jun. 30, 2021 | 52,352,564 | |||
Ending Balance at Jun. 30, 2021 | $ 44,414 | $ 471,958 | $ 47 | $ (427,591) |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION Nature of Business Pixelworks is a leading provider of high-performance and power-efficient visual processing solutions that bridge the gap between video content formats and rapidly advancing display capabilities. We develop and market semiconductor and software solutions that enable consistently high-quality, authentic viewing experiences in a wide variety of applications from cinema to smartphones. Our primary target markets include Mobile (smartphone, gaming and tablet), Home Entertainment (TV, personal video recorder ("PVR"), over-the-air ("OTA") and projector), Content (creation, remastering and delivery), and Business & Education (projector). As of June 30, 2021, we had an intellectual property portfolio of 335 patents related to the visual display of digital image data. We focus our research and development efforts on developing video algorithms that improve quality, and architectures that reduce system power, cost, bandwidth and increase overall system performance and device functionality. We seek to expand our technology portfolio through internal development and co-development with business partners, and we continually evaluate acquisition opportunities and other ways to leverage our technology into other high-value markets. Pixelworks was founded in 1997 and is incorporated under the laws of the state of Oregon. On August 2, 2017, we acquired ViXS Systems, Inc., a corporation organized in Canada ("ViXS"). The Company has engaged in a strategic plan to re-align its mobile, projector, and video delivery businesses to improve their focus on the Asia-centered customers and employee stakeholders of those businesses. The global center of the mobile, projector, and video delivery businesses continues to be in Asia, and the steps taken by the Company to date and going forward are intended to improve its ability to access capital, customers, and talent. The Company has operated its primary R&D center in Asia for over 15 years and feels that the time is right to take advantage of that existing footprint and develop its subsidiary, Pixelworks Semiconductor Technology (Shanghai) Co., Ltd. (or "PWSH") as a full profit-and-loss center underneath the Company for the mobile, projector, and video delivery businesses. Most of these steps have been completed or will be completed before the end of 2021. This plan will further enable PWSH to seek qualification to file an application for an initial public offering on the Shanghai Stock Exchange’s Sci-Tech innovAtion boaRd, known as the STAR Market (the “Listing”). The Company believes that the Listing will have many benefits, including improved access to new capital markets and the funding of its growth worldwide. The Company presently intends to qualify PWSH to apply for the Listing so that the Listing is consummated in the first half of 2023. The process of going public on the STAR Market includes several periods of review and, therefore, is a lengthy process. There is no guarantee that PWSH will be approved for a Listing at any point in the future. Condensed Consolidated Financial Statements The financial information included herein for the three and six month periods ended June 30, 2021 and 2020 is prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and is unaudited. Such information reflects all adjustments, consisting of only normal recurring adjustments, that are, in the opinion of management, necessary for a fair presentation of the Company's condensed consolidated financial statements for these interim periods. The financial information as of December 31, 2020 is derived from our audited consolidated financial statements and notes thereto for the fiscal year ended December 31, 2020, included in Item 8 of our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 10, 2021, and should be read in conjunction with such consolidated financial statements. The results of operations for the three and six month periods ended June 30, 2021 and 2020 are not necessarily indicative of the results expected for future periods or for the entire fiscal year ending December 31, 2021. Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2019-12, Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 removes certain exceptions to the general principles in Accounting Standards Codification ("ASC") 740 and also clarifies and amends existing guidance to provide for more consistent application. ASU 2019-12 became effective for us on January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on our financial position, results of operations and cash flows. In November 2018, the FASB issued Accounting Standards Update No. 2018-18, Collaborative Arrangements: Clarifying the Interaction Between Topic 808 and Topic 606 ("ASU 2018-18"). ASU 2018-18 requires transactions in collaborative arrangements to be accounted for under ASC 606 if the counterparty is a customer for a good or service (or bundle of goods and services) that is a distinct unit of account. The amendment also precludes entities from presenting consideration from transactions with a collaborator that is not a customer together with revenue recognized from contracts with customers. ASU 2018-18 became effective for us on January 1, 2020. The adoption of ASU 2018-18 did not have a material impact on our financial position, results of operations and cash flows. Use of Estimates |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | BALANCE SHEET COMPONENTS Accounts Receivable, Net Accounts receivable are contract assets that arise from the performance of our obligation pursuant to our contracts with our customers and represent our unconditional right to payment for the satisfaction of our performance obligations. They are recorded at invoiced amount and do not bear interest when recorded or accrue interest when past due. Accounts receivable are stated net of an allowance for doubtful accounts, which is maintained for estimated losses that may result from the inability of our customers to make required payments. Accounts receivable consists of the following: June 30, December 31, Accounts receivable, gross $ 6,374 $ 4,713 Less: allowance for doubtful accounts (23) (41) Accounts receivable, net $ 6,351 $ 4,672 The following is the change in our allowance for doubtful accounts: Six Months Ended June 30, 2021 2020 Balance at beginning of period $ 41 $ 23 Additions charged (reductions credited) (18) 11 Balance at end of period $ 23 $ 34 Inventories Inventories consist of finished goods and work-in-process, and are stated at the lower of standard cost (which approximates actual cost on a first-in, first-out basis) or market (net realizable value). Inventories consist of the following: June 30, December 31, Finished goods $ 741 $ 1,775 Work-in-process 836 670 Inventories $ 1,577 $ 2,445 Property and Equipment, Net Property and equipment, net consists of the following: June 30, December 31, Gross carrying amount $ 21,996 $ 22,291 Less: accumulated depreciation and amortization (18,096) (17,188) Property and equipment, net $ 3,900 $ 5,103 Acquired Intangible Assets, Net In connection with the acquisition of ViXS (the "Acquisition"), we recorded certain identifiable intangible assets. Acquired intangible assets resulting from this transaction were assigned to Pixelworks, Inc., and consist of the following: June 30, December 31, Developed technology $ 5,050 $ 5,050 Customer relationships 1,270 1,270 Backlog and tradename 410 410 6,730 6,730 Less: accumulated amortization (6,099) (5,523) Acquired intangible assets, net $ 631 $ 1,207 Developed technology and customer relationships are amortized over a useful life of 3 to 5 years. Backlog was fully amortized as of September 30, 2018 and tradename was fully amortized as of March 31, 2019. Amortization expense for intangible assets was $271 and $576 for the three and six months ended June 30, 2021, respectively, $218 and $463 were included in cost of revenue for the three and six months ended June 30, 2021, respectively, and $53 and $113 were included in selling, general and administrative for the three and six months ended June 30, 2021, respectively, in the condensed consolidated statements of operations. As of June 30, 2021, future estimated amortization expense is as follows: Six months ending December 31, 2021 $ 541 Year ending December 31, 2022 90 $ 631 Acquired intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Conditions that would trigger an impairment assessment include, but are not limited to, past, current, or expected cash flow or operating losses associated with the asset. There were no such triggering events requiring an impairment assessment of other intangible assets during the six months ended June 30, 2021. Goodwill Goodwill resulted from the Acquisition, whereby we recorded goodwill of $18,407. Goodwill is not amortized; however, we review goodwill for impairment annually and whenever events or changes in circumstances indicate that the fair value of the reporting unit may be less than it's carrying value. Conditions that would trigger an impairment assessment include, but are not limited to, a significant adverse change in our business climate or a current period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continued losses or adverse changes in legal factors, regulation or business environment. There were no such triggering events requiring a goodwill impairment assessment during the six months ended June 30, 2021. We perform our annual impairment assessment for goodwill on November 30 of each year. Accrued Liabilities and Current Portion of Long-Term Liabilities Accrued liabilities and current portion of long-term liabilities consist of the following: June 30, December 31, Accrued payroll and related liabilities $ 2,952 $ 2,867 Operating lease liabilities, current 2,402 2,039 Current portion of accrued liabilities for asset financings 614 786 Accrued interest payable 362 429 Accrued commissions and royalties 294 474 Deferred revenue 68 179 Accrued costs related to restructuring — 630 Other 2,053 2,048 Accrued liabilities and current portion of long-term liabilities $ 8,745 $ 9,452 Deferred revenues are contract liabilities that arise when cash payments are received or due in advance of the satisfaction of our performance obligations. Any increase in deferred revenues is driven by cash payments received or due in advance of satisfying our performance obligation pursuant to the contract with the customer. Any decrease in deferred revenues is due to the recognition of revenue related to satisfying our performance obligation. The change in deferred revenue is as follows: Six Months Ended June 30, 2021 2020 Deferred revenue: Balance at beginning of period $ 179 $ 146 Revenue recognized (683) (655) Revenue deferred 572 585 Balance at end of period $ 68 $ 76 Short-Term Line of Credit On December 21, 2010, we entered into a Loan and Security Agreement with Silicon Valley Bank (the "Bank"), which was amended on December 14, 2012, December 4, 2013, December 18, 2015, December 15, 2016, July 21, 2017, December 21, 2017, December 18, 2018, December 18, 2019, April 17, 2020 and December 14, 2020 (as amended, the "Revolving Loan Agreement"). The Revolving Loan Agreement provided a secured working capital-based revolving line of credit (the "Revolving Line") in an aggregate amount of up to the lesser of (i) $10,000, or (ii) $2,500 plus 80% of eligible domestic accounts receivable and certain foreign accounts receivable of both Pixelworks and ViXS Systems, Inc., subject to certain limitations on the amount of accounts receivables attributable to ViXS. In addition, the Revolving Loan Agreement provided for non-formula advances of up to $10,000 which may have been made solely during the last five business days of any fiscal month or quarter and which were required to be repaid by us on or before the fifth business day after the applicable fiscal month or quarter end. Due to their repayment terms, non-formula advances did not provide us with usable liquidity. The Revolving Loan Agreement, as amended, contained customary affirmative and negative covenants as well as customary events of default. The occurrence of an event of default could have resulted in the acceleration of our obligations under the Revolving Loan Agreement, as amended, and an increase to the applicable interest rate, and would have permitted the Bank to exercise remedies with respect to its security interest. The Revolving Line had a maturity date of March 26, 2021. We did not renew the Revolving Loan Agreement upon its maturity. |
Marketable Securities and Fair
Marketable Securities and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS Marketable Securities We had no marketable securities as of June 30, 2021. As of December 31, 2020, all of our marketable securities were classified as available-for-sale, had contractual maturities of one year or less and consisted of the following: Cost Unrealized Gain (Loss) Fair Value Short-term marketable securities: As of December 31, 2020: Corporate debt securities 253 (3) 250 $ 253 $ (3) $ 250 Unrealized holding gains and losses were recorded in accumulated other comprehensive income, a component of shareholders’ equity, in the condensed consolidated balance sheets. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Three levels of inputs may be used to measure fair value: Level 1: Valuations based on quoted prices in active markets for identical assets and liabilities. Level 2: Valuations based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Valuations based on unobservable inputs in which there is little or no market data available, which require the reporting entity to develop its own assumptions. The following table presents information about our assets measured at fair value on a recurring basis in the condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020: Level 1 Level 2 Level 3 Total As of June 30, 2021: Assets: Cash equivalents: Money market funds $ 15,123 $ — $ — $ 15,123 As of December 31, 2020: Assets: Cash equivalents: Money market funds $ 23,832 $ — $ — $ 23,832 Short-term marketable securities: Corporate debt securities — 250 — 250 We primarily use the market approach to determine the fair value of our financial assets. The fair value of our current assets and liabilities, including accounts receivable and accounts payable approximates the carrying value due to the short-term nature of these balances. We have currently chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with U.S. GAAP. |
Restructurings
Restructurings | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructurings | RESTRUCTURINGS In August 2020, we executed a restructuring plan to make the operation of the Company more efficient (the "August 2020 Plan"). The August 2020 Plan included an approximately 14% reduction in workforce, primarily in the areas of operations, research and development, sales and marketing. In January 2020, we executed a restructuring plan to make the operation of the Company more efficient (the "January 2020 Plan"). The January 2020 Plan included an approximately 4% reduction in workforce, primarily in the areas of research and development and sales. Total restructuring expense included in our condensed consolidated statements of operations for the three and six month periods ended June 30, 2021 and 2020 is comprised of the following: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Operating expenses — restructuring: Employee severance and benefits $ — $ — $ — $ 592 Total restructuring expense $ — $ — $ — $ 592 During the three and six months ended June 30, 2021, we did not record any restructuring expense. During the three months ended June 30, 2020, we did not record any restructuring expense. During the six months ended June 30, 2020 we recorded $592 in restructuring expense related to the January 2020 Plan. The following is a rollforward of the accrued liabilities related to restructuring for the six month period ended June 30, 2021: Balance as of December 31, 2020 Expensed Payments Balance as of Employee severance and benefits $ 630 $ — $ (630) $ — Accrued costs related to restructuring $ 630 $ — $ (630) $ — |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | LEASES We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Operating lease ROU assets also exclude lease incentives received. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. We have operating leases for office buildings and one vehicle. Our leases have remaining lease terms of 1 year to 6 years. Supplemental information related to lease expense and valuation of the ROU assets and lease liabilities was as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Operating lease cost: $ 586 $ 676 $ 1,286 $ 1,323 Six Months Ended June 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,321 $ 1,434 Leased assets obtained in exchange for new operating lease liabilities 629 3,052 Weighted average remaining lease term (in years) 3.27 4.01 Weighted average discount rate 4.91 % 5.07 % Future minimum lease payments under non-cancellable leases as of June 30, 2021 were as follows: Operating Lease Payments Six months ending December 31, 2021 $ 1,252 Years ending December 31: 2022 2,810 2023 1,382 2024 887 2025 374 2026 374 Thereafter 92 Total operating lease payments 7,171 Less imputed interest (591) Total operating lease liabilities $ 6,580 As of June 30, 2021, the Company had no operating lease liabilities that had not commenced. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Revenue is recognized when control of the promised good or service is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Our principal revenue generating activities consist of the following: Product Sales - We sell integrated circuit products, also known as “chips” or “ICs”, based upon a customer purchase order, which includes a fixed price per unit. We have elected to account for shipping and handling as activities to fulfill the promise to transfer the goods, and not evaluate whether these activities are promised services to the customer. We generally satisfy our single performance obligation upon shipment of the goods to the customer and recognize revenue at a point in time upon shipment of the underlying product. Our shipments are subject to limited return rights subject to our limited warranty for our products sold. In addition, we may provide other credits to certain customers pursuant to price protection and stock rotation rights, all of which are considered variable consideration when estimating the amount of revenue to recognize. We use the “most likely amount” method to determine the amount of consideration to which we are entitled. Our estimate of variable consideration is reassessed at the end of each reporting period based on changes in facts and circumstances. Historically, returns and credits have not been material. Engineering Services - We enter into contracts for professional engineering services that include software development and customization. We identify each performance obligation in our engineering services agreements (“ESAs”) at contract inception. The ESA generally includes project deliverables specified by the customer. The performance obligations in the ESA are generally combined into one deliverable, with the pricing for services stated at a fixed amount. Services provided under the ESA generally result in the transfer of control over time. We recognize revenue on ESAs based on the proportion of labor hours expended to the total hours expected to complete the contract performance obligation. ESAs could include substantive customer acceptance provisions. In ESAs that include substantive customer acceptance provisions, we recognize revenue upon customer acceptance. License Revenue - On occasion, we derive revenue from the license of our internally developed intellectual property ("IP"). Additionally, for certain IP license agreements, royalties are collected as customers sell their own products that incorporate the Company’s IP. IP licensing agreements that we enter into generally provide licensees the right to incorporate our IP components in their products with terms and conditions that vary by licensee. Fees under these agreements generally include license fees or royalty fees relating to our IP and support service fees, resulting in two performance obligations. We evaluate each performance obligation, which generally results in the transfer of control at a point in time for the license fee and over time for support services. Royalties are recognized as revenue is earned, generally when the customer sells its products that incorporate the Company’s IP. Other - From time-to-time, we enter into arrangements for other revenue generating activities, such as providing technical support services to customers through technical support agreements. In each circumstance, we evaluate such arrangements for our performance obligations which generally results in the transfer of control for such services over time. Historically, such arrangements have not been material to our operating results. The following table provides information about disaggregated revenue based on the preceding categories for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 IC sales $ 13,055 $ 8,840 $ 21,692 $ 21,958 Engineering services, license and other 996 413 1,629 1,069 Total revenues $ 14,051 $ 9,253 $ 23,321 $ 23,027 For segment information, including revenue by geographic region, see "Note 10: Segment Information". Our contract balances include accounts receivable and deferred revenue. For information concerning these contract balances, see "Note 2: Balance Sheet Components". Payment terms and conditions for goods and services provided vary by contract; however, payment is generally required within 30 to 60 days of invoicing. |
Interest Income (Expense) and O
Interest Income (Expense) and Other, Net | 6 Months Ended |
Jun. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Interest Income (Expense) and Other, Net | INTEREST INCOME AND OTHER, NET Interest income and other, consists of the following: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Other income $ 127 $ 37 $ 192 $ 81 Interest expense 50 (82) 36 (122) Interest income 4 21 9 71 Total interest income and other, net $ 181 $ (24) $ 237 $ 30 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Incomes Taxes | INCOME TAXES The provision for income taxes during the 2021 and 2020 periods is primarily comprised of current and deferred tax expense in profitable cost-plus foreign jurisdictions, accruals for tax contingencies in foreign jurisdictions and benefits for the reversal of previously recorded foreign tax contingencies due to the expiration of the applicable statutes of limitation. We recorded a benefit for the reversal of previously recorded foreign tax contingencies of $2 and $10 during the first six months of 2021 and 2020, respectively. As we do not believe that it is more likely than not that we will realize a benefit from our U.S. net deferred tax assets, including our U.S. net operating losses, we continue to provide a full valuation allowance against essentially all of those assets, therefore, we do not incur significant U.S. income tax expense or benefit. We have not recorded a valuation allowance against our other foreign net deferred tax assets, with the exception of Canada, as we believe that it is more likely than not that we will realize a benefit from those assets. As of June 30, 2021 and December 31, 2020, the amount of our uncertain tax positions was a liability of $1,650 and $1,610, respectively, as well as a contra deferred tax asset of $1,267 and $1,189, respectively. A number of years may elapse before an uncertain tax position is resolved by settlement or statute of limitation. Settlement of any particular position could require the use of cash. If the uncertain tax positions we have accrued for are sustained by the taxing authorities in our favor or if the statute of limitation expires, the reduction of the liability will reduce our effective tax rate. We reasonably expect reductions in the liability for unrecognized tax benefits and interest and penalties of approximately $138 within the next twelve months due to the expiration of statutes of limitation in foreign jurisdictions. We recognize interest and penalties related to uncertain tax positions in income tax expense in our condensed consolidated statements of operations. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | LOSS) PER SHARE The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net loss $ (4,382) $ (6,552) $ (12,457) $ (11,951) Weighted average shares outstanding - basic and diluted 52,283 39,444 51,980 39,156 Net loss per share - basic and diluted $ (0.08) $ (0.17) $ (0.24) $ (0.31) The following shares were excluded from the calculation of diluted net loss per share as their effect would have been anti-dilutive (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Employee equity incentive plans 4,039 4,023 3,958 3,979 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION We function as a single operating segment: the design and development of integrated circuits for use in electronic display devices. The majority of our assets are located in the United States. Geographic Information Revenue by geographic region, is as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Japan $ 7,415 $ 7,515 $ 10,959 $ 16,001 China 5,772 959 10,049 3,805 United States 417 433 1,183 2,099 Taiwan 376 161 1,042 899 Europe 71 185 71 190 Korea — — 17 33 $ 14,051 $ 9,253 $ 23,321 $ 23,027 Significant Customers The percentage of revenue attributable to our distributors, top five end customers, and individual distributors or end customers that represented 10% or more of revenue in at least one of the periods presented, is as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Distributors: All distributors 51 % 65 % 54 % 51 % Distributor A 24 % — % 28 % 4 % Distributor B 12 % 54 % 11 % 29 % End customers: 1 Top five end customers 79 % 73 % 76 % 61 % End customer A 39 % 25 % 34 % 37 % End customer B 20 % — % 19 % — % End customer C 6 % 11 % 4 % 6 % End customer D 4 % 14 % 5 % 7 % End customer E 1 % 13 % 1 % 5 % End customer F — % 10 % — % 5 % 1 End customers include customers who purchase directly from us, as well as customers who purchase our products indirectly through distributors. The following accounts represented 10% or more of total accounts receivable in at least one of the periods presented: June 30, December 31, Account X 56 % 39 % Account Y 24 % 20 % |
Risks and Uncertainties
Risks and Uncertainties | 6 Months Ended |
Jun. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Risks and Uncertainties | RISKS AND UNCERTAINTIES Concentration of Suppliers We do not own or operate a semiconductor fabrication facility and do not have the resources to manufacture our products internally. We rely on a limited number of foundries and assembly and test vendors to produce all of our wafers and for completion of finished products. We do not have any long-term agreements with any of these suppliers. In light of these dependencies, it is reasonably possible that failure to perform by one of these suppliers could have a severe impact on our results of operations. Additionally, the concentration of these vendors within Taiwan and the People’s Republic of China increases our risk of supply disruption due to natural disasters, economic instability, political unrest or other regional disturbances. Risk of Technological Change The markets in which we compete, or seek to compete, are subject to rapid technological change, frequent new product introductions, changing customer requirements for new products and features, and evolving industry standards. The introduction of new technologies and the emergence of new industry standards could render our products less desirable or obsolete, which could harm our business. Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist of cash equivalents and accounts receivable. We limit our exposure to credit risk associated with cash equivalent balances by holding our funds in high quality, highly liquid money market accounts. We limit our exposure to credit risk associated with accounts receivable by carefully evaluating creditworthiness before offering terms to customers. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Indemnifications Certain of our agreements include indemnification provisions for claims from third-parties relating to our intellectual property. It is not possible for us to predict the maximum potential amount of future payments or indemnification costs under these or similar agreements due to the conditional nature of our obligations and the unique facts and circumstances involved in each particular agreement. We have not made any payments under these agreements in the past, and as of June 30, 2021, we have not incurred any material liabilities arising from these indemnification obligations. In the future, however, such obligations could materially impact our results of operations. Legal Proceedings We are subject to legal matters that arise from time to time in the ordinary course of our business. Although we currently believe that resolving such matters, individually or in the aggregate, will not have a material adverse effect on our financial position, our results of operations, or our cash flows, these matters are subject to inherent uncertainties and our view of these matters may change in the future. Other Contractual Obligation |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | SUBSEQUENT EVENTS On July 26, 2021, we entered into an agreement with a customer to defray a portion of the research and development expenses expected to be incurred by us in connection with our development of an integrated circuit product. Under the agreement, we will receive $5,800 from the customer within 60 days of the date of the agreement, and may receive up to an additional $4,800 upon completion of certain development milestones. We currently believe that such amounts will be treated as a reduction to research and development expenses related to the product for accounting purposes. Development work on the product is currently expected to be performed through 2022. The specific dates and final amounts of our expenses and payments by the customer cannot be determined at this time, and there is no assurance that all amounts will be received by us. In any event, we expect our research and development expenses will exceed the amounts received from the customer. Upon the completion of the development, we expect to sell units of the product to the customer. However, there is no commitment or agreement from the customer for such sales at this time or assurance that the development will be successful. On August 6, 2021, the Company and its subsidiary, PWSH, entered into a Capital Increase Agreement with certain private equity and strategic investors based in China (collectively, the “Investors”) and certain entities which collectively are owned by approximately 75% of the employees of PWSH and its subsidiaries (collectively, the “ESOP”) (none of the employees are a named executive officer of the Company) (See Exhibit 10.1a). An affiliate of the MTM entities, MTM-Xinhe Investment Limited, purchased shares of common stock from the Company on December 15, 2020, pursuant to an Amended and Restated Securities Purchase Agreement. Under this Capital Increase Agreement, the purchasers have agreed to pay to PWSH, subject to certain closing conditions, certain amounts in RMB in exchange for an equity position in PWSH. More specifically: (a) The ESOP have agreed to pay a total of RMB 79,700 ($12,300 USD) in exchange for an equity interest in PWSH of 5.95%, based on a pre-money valuation of PWSH of RMB 1,120,000 ($172,700 USD), a discount of 30% from the valuation paid by the Investors. (b) The Investors have agreed to pay a total of RMB 200,000 ($30,800 USD) in exchange for an equity interest in PWSH of 10.45%, based on a pre-money value of PWSH of RMB 1,600,000 ($246,800 USD). The closing conditions include receipt of all required governmental approvals and the completion of certain elements of the PWSH realignment plan described above in Note 1. Following the closing, which is expected in August of 2021, the Company would continue to hold 83.6% of PWSH. The total net proceeds raised by PWSH would be RMB 279,700 ($43,100 USD). |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidated Financial Statements | Condensed Consolidated Financial Statements The financial information included herein for the three and six month periods ended June 30, 2021 and 2020 is prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and is unaudited. Such information reflects all adjustments, consisting of only normal recurring adjustments, that are, in the opinion of management, necessary for a fair presentation of the Company's condensed consolidated financial statements for these interim periods. The financial information as of December 31, 2020 is derived from our audited consolidated financial statements and notes thereto for the fiscal year ended December 31, 2020, included in Item 8 of our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 10, 2021, and should be read in conjunction with such consolidated financial statements. The results of operations for the three and six month periods ended June 30, 2021 and 2020 are not necessarily indicative of the results expected for future periods or for the entire fiscal year ending December 31, 2021. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2019-12, Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 removes certain exceptions to the general principles in Accounting Standards Codification ("ASC") 740 and also clarifies and amends existing guidance to provide for more consistent application. ASU 2019-12 became effective for us on January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on our financial position, results of operations and cash flows. In November 2018, the FASB issued Accounting Standards Update No. 2018-18, Collaborative Arrangements: Clarifying the Interaction Between Topic 808 and Topic 606 ("ASU 2018-18"). ASU 2018-18 requires transactions in collaborative arrangements to be accounted for under ASC 606 if the counterparty is a customer for a good or service (or bundle of goods and services) that is a distinct unit of account. The amendment also precludes entities from presenting consideration from transactions with a collaborator that is not a customer together with revenue recognized from contracts with customers. ASU 2018-18 became effective for us on January 1, 2020. The adoption of ASU 2018-18 did not have a material impact on our financial position, results of operations and cash flows. |
Use of Estimates | Use of EstimatesThe preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect amounts reported in the financial statements and accompanying notes. Our significant estimates and judgments include those related to revenue recognition, valuation of excess and obsolete inventory, lives and recoverability of equipment and other long-lived assets, valuation of goodwill, valuation of share-based payments, income taxes, litigation and other contingencies. The actual results experienced could differ materially from our estimates. |
Receivables, Policy | Accounts receivable are contract assets that arise from the performance of our obligation pursuant to our contracts with our customers and represent our unconditional right to payment for the satisfaction of our performance obligations. They are recorded at invoiced amount and do not bear interest when recorded or accrue interest when past due. Accounts receivable are stated net of an allowance for doubtful accounts, which is maintained for estimated losses that may result from the inability of our customers to make required payments. |
Inventory, Policy | Inventories consist of finished goods and work-in-process, and are stated at the lower of standard cost (which approximates actual cost on a first-in, first-out basis) or market (net realizable value). |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Accounts Receivable, Net | Accounts receivable consists of the following: June 30, December 31, Accounts receivable, gross $ 6,374 $ 4,713 Less: allowance for doubtful accounts (23) (41) Accounts receivable, net $ 6,351 $ 4,672 |
Allowance for Doubtful Accounts | The following is the change in our allowance for doubtful accounts: Six Months Ended June 30, 2021 2020 Balance at beginning of period $ 41 $ 23 Additions charged (reductions credited) (18) 11 Balance at end of period $ 23 $ 34 |
Inventories | Inventories consist of the following: June 30, December 31, Finished goods $ 741 $ 1,775 Work-in-process 836 670 Inventories $ 1,577 $ 2,445 |
Property and Equipment, Net | Property and equipment, net consists of the following: June 30, December 31, Gross carrying amount $ 21,996 $ 22,291 Less: accumulated depreciation and amortization (18,096) (17,188) Property and equipment, net $ 3,900 $ 5,103 |
Acquired Intangible Assets, Net | Acquired intangible assets resulting from this transaction were assigned to Pixelworks, Inc., and consist of the following: June 30, December 31, Developed technology $ 5,050 $ 5,050 Customer relationships 1,270 1,270 Backlog and tradename 410 410 6,730 6,730 Less: accumulated amortization (6,099) (5,523) Acquired intangible assets, net $ 631 $ 1,207 |
Future Amortization Expense | As of June 30, 2021, future estimated amortization expense is as follows: Six months ending December 31, 2021 $ 541 Year ending December 31, 2022 90 $ 631 |
Accrued Liabilities and Current Portion of Long-Term Liabilities | Accrued liabilities and current portion of long-term liabilities consist of the following: June 30, December 31, Accrued payroll and related liabilities $ 2,952 $ 2,867 Operating lease liabilities, current 2,402 2,039 Current portion of accrued liabilities for asset financings 614 786 Accrued interest payable 362 429 Accrued commissions and royalties 294 474 Deferred revenue 68 179 Accrued costs related to restructuring — 630 Other 2,053 2,048 Accrued liabilities and current portion of long-term liabilities $ 8,745 $ 9,452 |
Deferred Revenue | The change in deferred revenue is as follows: Six Months Ended June 30, 2021 2020 Deferred revenue: Balance at beginning of period $ 179 $ 146 Revenue recognized (683) (655) Revenue deferred 572 585 Balance at end of period $ 68 $ 76 |
Marketable Securities and Fai_2
Marketable Securities and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | s of June 30, 2021. As of December 31, 2020, all of our marketable securities were classified as available-for-sale, had contractual maturities of one year or less and consisted of the following: Cost Unrealized Gain (Loss) Fair Value Short-term marketable securities: As of December 31, 2020: Corporate debt securities 253 (3) 250 $ 253 $ (3) $ 250 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents information about our assets measured at fair value on a recurring basis in the condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020: Level 1 Level 2 Level 3 Total As of June 30, 2021: Assets: Cash equivalents: Money market funds $ 15,123 $ — $ — $ 15,123 As of December 31, 2020: Assets: Cash equivalents: Money market funds $ 23,832 $ — $ — $ 23,832 Short-term marketable securities: Corporate debt securities — 250 — 250 |
Restructurings (Tables)
Restructurings (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Expense by Components | Total restructuring expense included in our condensed consolidated statements of operations for the three and six month periods ended June 30, 2021 and 2020 is comprised of the following: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Operating expenses — restructuring: Employee severance and benefits $ — $ — $ — $ 592 Total restructuring expense $ — $ — $ — $ 592 |
Schedule of Accrued Restructuring Liabilities | The following is a rollforward of the accrued liabilities related to restructuring for the six month period ended June 30, 2021: Balance as of December 31, 2020 Expensed Payments Balance as of Employee severance and benefits $ 630 $ — $ (630) $ — Accrued costs related to restructuring $ 630 $ — $ (630) $ — |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Supplemental Information Related to Leases | Supplemental information related to lease expense and valuation of the ROU assets and lease liabilities was as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Operating lease cost: $ 586 $ 676 $ 1,286 $ 1,323 |
Future Minimum Payments Under Non-cancellable Leases | Future minimum lease payments under non-cancellable leases as of June 30, 2021 were as follows: Operating Lease Payments Six months ending December 31, 2021 $ 1,252 Years ending December 31: 2022 2,810 2023 1,382 2024 887 2025 374 2026 374 Thereafter 92 Total operating lease payments 7,171 Less imputed interest (591) Total operating lease liabilities $ 6,580 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table provides information about disaggregated revenue based on the preceding categories for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 IC sales $ 13,055 $ 8,840 $ 21,692 $ 21,958 Engineering services, license and other 996 413 1,629 1,069 Total revenues $ 14,051 $ 9,253 $ 23,321 $ 23,027 |
Interest Income (Expense) and_2
Interest Income (Expense) and Other, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Interest Income (Expense) and Other, net | Interest income and other, consists of the following: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Other income $ 127 $ 37 $ 192 $ 81 Interest expense 50 (82) 36 (122) Interest income 4 21 9 71 Total interest income and other, net $ 181 $ (24) $ 237 $ 30 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net loss $ (4,382) $ (6,552) $ (12,457) $ (11,951) Weighted average shares outstanding - basic and diluted 52,283 39,444 51,980 39,156 Net loss per share - basic and diluted $ (0.08) $ (0.17) $ (0.24) $ (0.31) |
Antidilutive Securities Excluded from Computation of Earnings Per Share | The following shares were excluded from the calculation of diluted net loss per share as their effect would have been anti-dilutive (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Employee equity incentive plans 4,039 4,023 3,958 3,979 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Geographic Region | Revenue by geographic region, is as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Japan $ 7,415 $ 7,515 $ 10,959 $ 16,001 China 5,772 959 10,049 3,805 United States 417 433 1,183 2,099 Taiwan 376 161 1,042 899 Europe 71 185 71 190 Korea — — 17 33 $ 14,051 $ 9,253 $ 23,321 $ 23,027 |
Schedule of Revenue from Significant Customers | The percentage of revenue attributable to our distributors, top five end customers, and individual distributors or end customers that represented 10% or more of revenue in at least one of the periods presented, is as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Distributors: All distributors 51 % 65 % 54 % 51 % Distributor A 24 % — % 28 % 4 % Distributor B 12 % 54 % 11 % 29 % End customers: 1 Top five end customers 79 % 73 % 76 % 61 % End customer A 39 % 25 % 34 % 37 % End customer B 20 % — % 19 % — % End customer C 6 % 11 % 4 % 6 % End customer D 4 % 14 % 5 % 7 % End customer E 1 % 13 % 1 % 5 % End customer F — % 10 % — % 5 % 1 End customers include customers who purchase directly from us, as well as customers who purchase our products indirectly through distributors. |
Schedule of Accounts Receivable Percentage from Significant Customers | The following accounts represented 10% or more of total accounts receivable in at least one of the periods presented: June 30, December 31, Account X 56 % 39 % Account Y 24 % 20 % |
Basis of Presentation (Details)
Basis of Presentation (Details) | Jun. 30, 2021patent |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of patents held | 335 |
Balance Sheet Components - Acco
Balance Sheet Components - Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | ||||
Accounts receivable, gross | $ 6,374 | $ 4,713 | ||
Less: allowance for doubtful accounts | (23) | (41) | $ (34) | $ (23) |
Accounts receivable, net | $ 6,351 | $ 4,672 |
Balance Sheet Components - Allo
Balance Sheet Components - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 41 | $ 23 |
Additions charged (reductions credited) | (18) | 11 |
Balance at end of period | $ 23 | $ 34 |
Balance Sheet Components - Inve
Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Finished goods | $ 741 | $ 1,775 |
Work-in-process | 836 | 670 |
Inventories | $ 1,577 | $ 2,445 |
Balance Sheet Components - Prop
Balance Sheet Components - Property Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Gross carrying amount | $ 21,996 | $ 22,291 |
Less: accumulated depreciation and amortization | (18,096) | (17,188) |
Property and equipment, net | $ 3,900 | $ 5,103 |
Balance Sheet Components - Acqu
Balance Sheet Components - Acquired Intangible Assets, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets, gross | $ 6,730 | $ 6,730 | $ 6,730 |
Less: accumulated amortization | (6,099) | (6,099) | (5,523) |
Acquired intangible assets, net | 631 | 631 | 1,207 |
Amortization of acquired intangible assets including backlog | 271 | ||
Cost of revenue | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of acquired intangible assets including backlog | 218 | ||
Selling, general and administrative | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of acquired intangible assets including backlog | 53 | ||
Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets, gross | 5,050 | $ 5,050 | 5,050 |
Developed technology | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful lives | 3 years | ||
Developed technology | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful lives | 5 years | ||
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets, gross | 1,270 | $ 1,270 | 1,270 |
Backlog and tradename | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets, gross | $ 410 | $ 410 | $ 410 |
Balance Sheet Components - Futu
Balance Sheet Components - Future Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
2021 | $ 541 | |
2022 | 90 | |
Acquired intangible assets, net | $ 631 | $ 1,207 |
Balance Sheet Components - Good
Balance Sheet Components - Goodwill (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Aug. 02, 2017 |
Goodwill [Line Items] | |||
Goodwill | $ 18,407 | $ 18,407 | |
ViXS Systems, Inc. | |||
Goodwill [Line Items] | |||
Goodwill | $ 18,407 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Liabilities and Current Portion of Long-Term Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||||
Accrued payroll and related liabilities | $ 2,952 | $ 2,867 | ||
Operating lease liabilities, current | 2,402 | 2,039 | ||
Current portion of accrued liabilities for asset financings | 614 | 786 | ||
Accrued interest payable | 362 | 429 | ||
Accrued commissions and royalties | 294 | 474 | ||
Deferred revenue | 68 | 179 | $ 76 | $ 146 |
Accrued costs related to restructuring | 0 | 630 | ||
Other | 2,053 | 2,048 | ||
Accrued liabilities and current portion of long-term liabilities | $ 8,745 | $ 9,452 |
Balance Sheet Components - Defe
Balance Sheet Components - Deferred Revenue (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Deferred Revenue [Abstract] | ||
Balance at beginning of period | $ 179 | $ 146 |
Revenue recognized | (683) | (655) |
Revenue deferred | 572 | 585 |
Balance at end of period | $ 68 | $ 76 |
Balance Sheet Components - Shor
Balance Sheet Components - Short-Term Line of Credit (Narrative) (Details) $ in Thousands | Dec. 14, 2020USD ($) |
Balance Sheet Related Disclosures [Abstract] | |
Maximum borrowing capacity | $ 10,000 |
Line of credit facility, component of calculation for maximum borrowing amount under formula advances | $ 2,500 |
Line of credit facility maximum borrowing capacity limited by eligible AR | 80.00% |
Line of credit facility, maximum borrowing capacity under non-formula advances | $ 10,000 |
Marketable Securities and Fai_3
Marketable Securities and Fair Value Measurements - Schedule of Short Term Marketable Securities (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Cost | $ 253 |
Unrealized Gain (Loss) | (3) |
Fair Value | 250 |
Corporate debt securities | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Cost | 253 |
Unrealized Gain (Loss) | (3) |
Fair Value | $ 250 |
Marketable Securities and Fai_4
Marketable Securities and Fair Value Measurements - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Short-term marketable securities: | $ 250 | |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents: | $ 15,123 | 23,832 |
Money market funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents: | 15,123 | 23,832 |
Money market funds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents: | 0 | 0 |
Money market funds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents: | $ 0 | 0 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Short-term marketable securities: | 250 | |
Corporate debt securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Short-term marketable securities: | 0 | |
Corporate debt securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Short-term marketable securities: | 250 | |
Corporate debt securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Short-term marketable securities: | $ 0 |
Restructurings (Details)
Restructurings (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Aug. 31, 2020 | Jan. 31, 2020 | Jun. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | $ 0 | ||
August 2020 Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Reduction in workforce | 14.00% | ||
January 2020 Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Reduction in workforce | 4.00% | ||
Restructuring expense | $ 592 |
Restructurings - Components of
Restructurings - Components of Restructuring Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring expense | $ 0 | $ 0 | $ 0 | $ 592 |
Total Restructuring Expense | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring expense | 0 | 0 | 0 | 592 |
Operating expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Employee severance and benefits | $ 0 | $ 0 | $ 0 | $ 592 |
Restructurings - Restructuring
Restructurings - Restructuring Reserve Rollforward (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Restructuring Reserve [Roll Forward] | |
Balance as of December 31, 2020 | $ 630 |
Expensed | 0 |
Payments | (630) |
Balance as of June 30, 2021 | 0 |
Employee severance and benefits | |
Restructuring Reserve [Roll Forward] | |
Balance as of December 31, 2020 | 630 |
Expensed | 0 |
Payments | (630) |
Balance as of June 30, 2021 | $ 0 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease liabilities | $ 6,580,000 | |
Operating lease right-of-use assets | 6,013,000 | $ 6,606,000 |
Lease liabilities not yet commenced | $ 0 | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Remaining lease terms on operating leases | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Remaining lease terms on operating leases | 6 years |
Leases - Supplemental informati
Leases - Supplemental information related to leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease cost: | $ 586 | $ 676 | $ 1,286 | $ 1,323 |
Operating cash flows from operating leases | 1,321 | 1,434 | ||
Leased assets obtained in exchange for new operating lease liabilities | $ 629 | $ 3,052 | ||
Weighted average remaining lease term (in years) | 3 years 3 months 7 days | 4 years 3 days | 3 years 3 months 7 days | 4 years 3 days |
Weighted average discount rate | 4.91% | 5.07% | 4.91% | 5.07% |
Leases - Future minimum lease p
Leases - Future minimum lease payments under noncancellable leases (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Leases [Abstract] | |
Six months ending December 31, 2021 | $ 1,252 |
Years ending December 31: | |
2022 | 2,810 |
2023 | 1,382 |
2024 | 887 |
2025 | 374 |
2026 | 374 |
Thereafter | 92 |
Total operating lease payments | 7,171 |
Less imputed interest | (591) |
Total operating lease liabilities | $ 6,580 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue from External Customer [Line Items] | ||||
Revenues | $ 14,051 | $ 9,253 | $ 23,321 | $ 23,027 |
IC sales | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 13,055 | 8,840 | 21,692 | 21,958 |
Engineering services, license and other | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | $ 996 | $ 413 | $ 1,629 | $ 1,069 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Unsatisfied performance obligations | $ 90 |
Expected timing of satisfaction of performance obligations | which we expect to recognize ratably over the next 9 months |
Interest Income (Expense) and_3
Interest Income (Expense) and Other, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other Income and Expenses [Abstract] | ||||
Other income | $ 127 | $ 37 | $ 192 | $ 81 |
Interest expense | 50 | (82) | 36 | (122) |
Interest income | 4 | 21 | 9 | 71 |
Total interest income and other, net | $ 181 | $ (24) | $ 237 | $ 30 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Reversal of uncertain tax positions | $ 2 | $ 10 | |
Liability for uncertain tax positions | 1,650 | $ 1,610 | |
Reduction to deferred tax assets | 1,267 | $ 1,189 | |
Estimated decrease in total gross unrecognized tax benefits as a result of resolutions of global tax examinations and expiration of applicable statutes of limitations, including interest and penalties | $ 138 |
Earnings Per Share - Earnings P
Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||||
Net income (loss) | $ (4,382) | $ (8,075) | $ (6,552) | $ (5,399) | $ (12,457) | $ (11,951) |
Weighted average shares outstanding - basic and diluted | 52,283 | 39,444 | 51,980 | 39,156 | ||
Net loss per share - basic and diluted | $ (0.08) | $ (0.17) | $ (0.24) | $ (0.31) |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Effect on Weighted Average Shares (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Employee equity incentive plans | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 4,039 | 4,023 | 3,958 | 3,979 |
Segment Information - Geographi
Segment Information - Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue, net | $ 14,051 | $ 9,253 | $ 23,321 | $ 23,027 |
Japan | ||||
Revenue, net | 7,415 | 7,515 | 10,959 | 16,001 |
China | ||||
Revenue, net | 5,772 | 959 | 10,049 | 3,805 |
United States | ||||
Revenue, net | 417 | 433 | 1,183 | 2,099 |
Taiwan | ||||
Revenue, net | 376 | 161 | 1,042 | 899 |
Europe | ||||
Revenue, net | 71 | 185 | 71 | 190 |
Korea | ||||
Revenue, net | $ 0 | $ 0 | $ 17 | $ 33 |
Segment Information - Revenue b
Segment Information - Revenue by Major Customer (Details) - Revenue Benchmark - Customer Concentration Risk | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |||
All distributors | ||||||
Revenue, Major Customer | ||||||
Percentage of revenue | 51.00% | 65.00% | 54.00% | 51.00% | ||
Distributor A | ||||||
Revenue, Major Customer | ||||||
Percentage of revenue | 24.00% | 0.00% | 28.00% | 4.00% | ||
Distributor B | ||||||
Revenue, Major Customer | ||||||
Percentage of revenue | 12.00% | 54.00% | 11.00% | 29.00% | ||
Top five end customers | ||||||
Revenue, Major Customer | ||||||
Percentage of revenue | 79.00% | [1] | 73.00% | [1] | 76.00% | 61.00% |
End customer A | ||||||
Revenue, Major Customer | ||||||
Percentage of revenue | 39.00% | [1] | 25.00% | [1] | 34.00% | 37.00% |
End customer B | ||||||
Revenue, Major Customer | ||||||
Percentage of revenue | 20.00% | [1] | 0.00% | [1] | 19.00% | 0.00% |
End customer C | ||||||
Revenue, Major Customer | ||||||
Percentage of revenue | 6.00% | 11.00% | 4.00% | 6.00% | ||
End customer D | ||||||
Revenue, Major Customer | ||||||
Percentage of revenue | 4.00% | 14.00% | 5.00% | 7.00% | ||
End customer E | ||||||
Revenue, Major Customer | ||||||
Percentage of revenue | 1.00% | 13.00% | 1.00% | 5.00% | ||
End customer F | ||||||
Revenue, Major Customer | ||||||
Percentage of revenue | 0.00% | 10.00% | 0.00% | 5.00% | ||
[1] | End customers include customers who purchase directly from us, as well as customers who purchase our products indirectly through distributors. |
Segment Information - Accounts
Segment Information - Accounts Receivable by Major Customer (Details) - Accounts Receivable - Customer Concentration Risk | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Account X | ||
Segment Reporting Information | ||
Percentage of accounts receivable | 56.00% | 39.00% |
Account Y | ||
Segment Reporting Information | ||
Percentage of accounts receivable | 24.00% | 20.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - ViXS Systems, Inc. - Research And Development Expense Payment $ in Thousands | Jun. 30, 2021USD ($) |
Accrued Liabilities And Current Portion Of Long Term Debt | |
Other Commitments [Line Items] | |
Other Commitment | $ 516 |
Long-term Debt | |
Other Commitments [Line Items] | |
Other Commitment | $ 171 |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event ¥ in Thousands, $ in Thousands | Aug. 06, 2021USD ($) | Aug. 06, 2021CNY (¥) | Aug. 31, 2021USD ($) | Aug. 31, 2021CNY (¥) | Jul. 26, 2021USD ($) |
ESOP | |||||
Subsequent Event [Line Items] | |||||
Percentage of PWSH and subsidiary employees with ownership in certain entities | 0.75 | 0.75 | |||
PWSH Capital Increase Agreement | Pixelworks Shanghai | |||||
Subsequent Event [Line Items] | |||||
Equity interest by parent after completion of agreement | 0.836 | 0.836 | |||
PWSH Capital Increase Agreement | ESOP | |||||
Subsequent Event [Line Items] | |||||
Considerations paid in agreement | $ 12,300 | ¥ 79,700 | |||
Equity interest acquired in agreement | 5.95% | 5.95% | |||
Pre-money valuation | $ 172,700 | ¥ 1,120,000 | |||
PWSH Capital Increase Agreement | Investors | |||||
Subsequent Event [Line Items] | |||||
Considerations paid in agreement | $ 30,800 | ¥ 200,000 | |||
Equity interest acquired in agreement | 10.45% | 10.45% | |||
Pre-money valuation | $ 246,800 | ¥ 1,600,000 | |||
PWSH Capital Increase Agreement | Pixelworks Shanghai | |||||
Subsequent Event [Line Items] | |||||
PWSH net proceeds | $ 43,100 | ¥ 279,700 | |||
Major Customer | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-26 | |||||
Subsequent Event [Line Items] | |||||
Collaborative agreement, period of receivable recognition | 60 days | ||||
Investors | PWSH Capital Increase Agreement | ESOP | |||||
Subsequent Event [Line Items] | |||||
Percent discount in valuation paid | 0.30 | 0.30 | |||
License | Major Customer | |||||
Subsequent Event [Line Items] | |||||
Collaborative agreement, upfront cash received | $ 5,800 | ||||
Collaborative agreement, additional milestone payments receivable | $ 4,800 |