Business
Pixelworks Reports First Quarter 2024 Financial Results
Total Revenue Increased 61% Year-over-Year; Mobile Revenue Grew nearly 200% Year-over-Year, Reaching a Record 61% of Total Revenue PORTLAND, Ore., May 14,
About this update from Pixelworks, Inc.
[{"type":"text","content":"Total Revenue Increased 61% Year-over-Year;\nMobile Revenue Grew nearly 200% Year-over-Year, Reaching a Record 61% of Total Revenue\nPORTLAND, Ore., May 14, 2024 /PRNewswire/ -- Pixelworks, Inc. (NASDAQ: PXLW), a leading provider of innovative video and display processing solutions, today announced financial results for the first quarter ended March 31, 2024.\nFirst Quarter and Recent Highlights\nTotal revenue increased 61% year-over-year, driven by strong growth in mobile revenueMobile revenue grew year-over-year to $9.8 million, reflecting increased shipments of X-series visual processors for smartphones and an expanded number of TrueCut Motion™ engagementsGAAP gross margin expanded almost 600 basis points sequentially and 670 basis point year-over-year to 50.5%, primarily driven by revenue mix comprised of newer generation mobile visual processorsTranssion, a global tier-one manufacturer of smart devices, launched the Infinix GT 20 Pro smartphone in emerging market geographies, incorporating Pixelworks' X5 Turbo visual processorvivo's newly launched iQOO Z9 Turbo smartphone incorporated the Pixelworks' X5 Turbo visual processor, extending a more immersive, high-frame-rate gaming experience to the mid-tier device marketDiablo® Immortal™, co-developed by Blizzard Entertainment® and NetEase, became latest AAA mobile game to integrate Pixelworks' IRX Rendering Accelerator SDK for superior visual experiences on IRX certified devicesLegendary Pictures' Godzilla x Kong: New Empire was released globally by Warner Bros. to select premium format theaters in TrueCut Motion formatUniversal Pictures released DreamWorks Animation's Kung Fu Panda 4 in TrueCut Motion format to both 3D and 2D premium theaters, showcasing the enhanced motion look of cinematic high-frame-rate\"First quarter revenue was slightly above the midpoint of guidance and reflected the anticipated March quarter seasonality following our record mobile revenue in the fourth quarter,\" stated Todd DeBonis, President and CEO of Pixelworks. \"Year-over-year, mobile revenue was up almost 3x and represented a record 61% of total revenue for the quarter. Additionally, gross margin expanded nearly 600 basis points sequentially, which together with well managed operating expenses, resulted in minimal cash used from operations during the first quarter.\n\"Our recently announced mob...