PIXELWORKS, INC PXLW
Pixelworks, Inc. (the "Company" or "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. Pixelworks has been delivering image processing innovations to leading providers of consumer electronics, professional displays, and video streaming services for more than 20 years.
On January 6, 2026 (the "Closing Date"), the Company completed the previously announced sale (the "Sale") of all of the shares of common stock of Pixelworks Semiconductor Technology (Shanghai) Co., Ltd. ("PWSH") held by Pixelworks Semiconductor Technology Company, LLC, a wholly owned subsidiary of the Company ("Pixelworks LLC"), to Tiansui Xinyuan Technology (Shanghai) Co., Ltd. (the "Buyer"). The terms of the Sale were set forth in a Purchase Agreement dated as of October 15, 2025 (the "Purchase Agreement"), among the Company, PWSH, Pixelworks LLC, all other shareholders of PWSH except VeriSilicon Microelectronics (Shanghai) Co., Ltd. (each, a "Selling Shareholder"), and the Buyer. Each Selling Shareholder and VeriSilicon Microelectronics (Shanghai) Co., Ltd. (collectively, the "Minority Shareholders") and Pixelworks LLC also entered into Support Agreements (the "Support Agreements"), and Pixelworks LLC, PWSH and each of the Minority Shareholders entered into a Termination and Release Agreement (the "Release Agreement"), in each case dated October 14, 2025. On the Closing Date: (i) Pixelworks LLC transferred to the Minority Shareholders shares of PWSH capital stock representing a total of approximately 29% of the total outstanding shares of PWSH capital stock; (ii) the Selling Shareholders sold and transferred all of their PWSH shares to the Buyer; (iii) Pixelworks LLC sold and transferred its remaining shares of PWSH capital stock, representing approximately 49% of the total outstanding shares of PWSH capital stock, to the Buyer; and (iv) the Buyer paid the Company approximately RMB 357 million, or approximately $51.0 million in U.S. dollars, net of transaction costs and withholding taxes paid in China. The remaining transaction expenses incurred by the Company in connection with the Sale, not including compensation that has been paid to the Company's executive officers and other employees, totaled approximately $1.0 million in U.S. dollars. Additionally, approximately RMB 8.7 million, or approximately $1.2 million in U.S. dollars, is being held in an escrow account to be released upon the resolution of certain tax matters in China.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $693.0K | $690.0K | $59.7M | $70.1M | $55.1M | $40.9M | $68.8M | $76.6M | $80.6M | $53.4M |
| Cost of revenue | $104.0K | $129.0K | $34.0M | $34.3M | $27.4M | $20.7M | $34.3M | $37.1M | $38.9M | $28.3M |
| Gross profit | $589.0K | $561.0K | $25.7M | $35.9M | $27.7M | $20.2M | $34.5M | $39.5M | $41.8M | $25.1M |
| R&D | $3.7M | $4.4M | $30.9M | $30.5M | $27.2M | $25.0M | $26.0M | $22.9M | $21.4M | $19.0M |
| SG&A | $8.4M | $8.9M | $23.5M | $22.2M | $20.4M | $19.8M | $21.2M | $20.0M | $20.4M | $13.8M |
| Total operating expenses | $12.1M | $13.5M | $54.3M | $52.7M | $47.7M | $46.9M | $47.6M | $44.3M | $43.8M | $35.4M |
| Operating income | -$11.6M | -$13.0M | -$28.6M | -$16.8M | -$20.0M | -$26.7M | -$13.1M | -$4.8M | -$2.0M | -$10.3M |
| Interest expense | — | $69.0K | $25.0K | $50.0K | $0 | $239.0K | $158.0K | $369.0K | $455.0K | $446.0K |
| Pre-tax income | -$8.4M | -$12.6M | -$26.6M | -$16.1M | -$19.5M | -$25.9M | -$8.6M | -$3.5M | -$3.1M | -$10.8M |
| Income tax | $184.0K | $44.0K | $357.0K | $884.0K | $133.0K | $598.0K | $453.0K | $448.0K | $493.0K | $355.0K |
| Net income | -$22.5M | -$28.7M | -$26.2M | -$16.0M | -$19.8M | -$26.5M | -$9.1M | -$3.9M | -$3.6M | -$11.1M |
| EPS, basic | -4.08 | -5.90 | -0.47 | -0.30 | -0.38 | -0.65 | — | — | — | — |
| EPS, diluted | -4.08 | -5.90 | -0.47 | -0.30 | -0.38 | -0.65 | -0.24 | -0.11 | -0.11 | -0.39 |
| Shares, diluted (wtd. avg.) | $5.5M | $4.9M | $56.2M | $54.3M | $52.5M | $40.7M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $11.2M | $5.5M | $47.5M | $56.8M | $61.6M | $31.3M | $7.3M | $17.9M | $27.5M | $19.6M |
| Short-term investments | — | — | — | — | $0 | $250.0K | $7.0M | $6.1M | $0 | — |
| Receivables | — | $5.8M | $10.1M | $10.0M | $8.7M | $4.7M | $10.9M | $7.0M | $4.6M | $3.1M |
| Inventory | — | $4.2M | $4.0M | $1.8M | $1.5M | $2.4M | $5.4M | $3.0M | $2.8M | $2.8M |
| Total current assets | $50.2M | $34.9M | $64.7M | $72.4M | $74.5M | $39.6M | $32.2M | $35.4M | $36.3M | $26.3M |
| Property, plant and equipment | $205.0K | $348.0K | $6.0M | $4.6M | $5.7M | $5.1M | $4.6M | $6.2M | $5.6M | $3.8M |
| Goodwill | — | $18.4M | $18.4M | $18.4M | $18.4M | $18.4M | $18.4M | $18.4M | $18.4M | $0 |
| Other intangibles | — | — | — | $0 | $90.0K | $1.2M | $2.7M | $4.2M | $5.9M | $0 |
| Total assets | $51.3M | $64.1M | $96.0M | $102.3M | $106.6M | $72.0M | $64.7M | $65.3M | $67.5M | $30.9M |
| Accounts payable | $0 | $260.0K | $2.4M | $3.1M | $2.7M | $995.0K | $818.0K | $2.1M | $1.4M | $1.7M |
| Total current liabilities | $20.0M | $8.3M | $12.3M | $12.5M | $16.4M | $10.6M | $9.7M | $12.6M | $18.3M | $9.7M |
| Long-term debt | — | — | — | — | — | — | — | $0 | $6.1M | $0 |
| Total liabilities | $20.9M | $24.2M | $31.0M | $30.1M | $35.5M | $19.2M | $17.1M | $16.0M | $28.1M | $11.8M |
| Retained earnings | -$528.4M | -$505.9M | -$477.2M | -$451.0M | -$435.0M | -$415.1M | -$388.6M | -$379.5M | -$379.5M | -$375.3M |
| Total equity | -$21.1M | -$10.6M | $36.8M | $43.3M | $40.2M | $52.9M | $47.5M | $49.4M | $43.3M | $22.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$20.6M | -$19.8M | -$18.8M | -$12.8M | -$9.2M | -$3.7M | -$10.4M | $955.0K | $12.2M | -$1.5M |
| Depreciation and amortisation | $2.6M | $3.8M | $4.3M | $4.7M | $3.6M | $3.7M | $3.8M | $3.6M | $3.6M | $3.5M |
| Stock-based compensation | $2.9M | $4.0M | $4.8M | $5.2M | $6.1M | $7.9M | $6.6M | $5.7M | $4.2M | $2.7M |
| Capital expenditure | $448.0K | $3.8M | $3.8M | $1.6M | $3.5M | $2.6M | $2.6M | $2.1M | $2.5M | $2.1M |
| Investing cash flow | $3.3M | -$3.1M | -$4.0M | -$3.0M | -$3.2M | $3.9M | -$51.0K | -$8.1M | -$583.0K | -$2.1M |
| Financing cash flow | $11.7M | -$971.0K | $13.5M | $11.1M | $42.7M | $23.8M | -$256.0K | -$2.4M | -$3.7M | -$3.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001040161-26-000024.
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