Pixelworks Q1 revenue $10M, GAAP net loss $9.4M (-$0.17); guides mobile recovery in Q2

PIXELWORKS, INC

2023-Q1 EPS reported -$0.17 revenue$9,966,000

Revenue $10.0M, down from $16.9M Q4'22 and $16.6M Q1'22; GAAP gross margin 43.8% vs 53.1%.
GAAP net loss $9.4M (-$0.17) vs Q4'22 loss $1.9M (-$0.04) and Q1'22 loss $4.6M (-$0.09).
Non-GAAP net loss $8.2M (-$0.15) vs Q4'22 loss $0.8M (-$0.01) and Q1'22 loss $3.5M (-$0.06).
Cash $62.8M, up from $56.8M Q4'22; includes $14.6M net proceeds from Shanghai subsidiary investment.
Management says Q1 was cyclical bottom; expects strong mobile revenue growth in Q2 and fourth tier-one customer design-in.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PIXELWORKS, INC reported first quarter ended March 31, 2023 results: revenue $10.0 million, net income $9.4 million, EPS ($0.17) per share.

Period: first quarter ended March 31, 2023
Revenue: $10.0 million
Net income: $9.4 million
EPS: ($0.17) per share
Result: reported results

Exact text from the filing

Revenue in the first quarter of 2023 was $10.0 million, compared to $16.9 million in the fourth quarter of 2022 and $16.6 million in the first quarter of 2022. The sequential and year-over-year decline in revenue reflected a combination of seasonality in the projector market and an inventory correction in the mobile market, as well as the lower anticipated revenue contribution from video delivery following the end-of-life implemented for certain products at the end of 2022. On a GAAP basis, gross profit margin in the first quarter of 2023 was 43.8%, compared to 53.1% in the fourth quarter of 2022 and 52.7% in the first quarter of 2022. First quarter 2023 GAAP operating expenses were $14.7 million, compared to $12.0 million in the fourth quarter of 2022 and $12.6 million in the year-ago quarter. On a non-GAAP basis, first quarter 2023 gross profit margin was 44.1%, compared to 53.3% in the fourth quarter of 2022 and 53.2% in the year-ago quarter. First quarter 2023 non-GAAP operating ex

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Source: SEC EDGAR

accession 0001040161-23-000020

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