Business
Pixelworks Reports Fourth Quarter and Fiscal Year 2022 Financial Results
Full Year Consolidated Revenue Increases 27%, Driven by Double-Digit Yr-Yr Growth in All Target End Markets; Full Year Mobile Revenue Grows 17% Yr-Yr to
About this update from Pixelworks, Inc.
[{"type":"text","content":"Full Year Consolidated Revenue Increases 27%, Driven by Double-Digit Yr-Yr Growth in All Target End Markets; \nFull Year Mobile Revenue Grows 17% Yr-Yr to Record $23 Million \nPORTLAND, Ore., Feb. 9, 2023 /PRNewswire/ -- Pixelworks, Inc. (NASDAQ: PXLW), a leading provider of innovative video and display processing solutions, today announced financial results for the fourth quarter and fiscal year ended December 31, 2022.\nFourth Quarter and Recent Highlights\nFourth quarter revenue increased year-over-year to $16.9 millionExpanded collaboration with MediaTek, incorporating Pixelworks' visual processing Pro Software in the newly released Dimensity 9200 5G smartphone chip to enable precision color in high frame rate displaysHONOR 80 GT smartphone launched with Pixelworks' advanced X5 Plus visual processor to deliver more authentic picture quality and excellent motion smoothness for a premium gaming experienceiQOO Neo7 Racing Edition smartphone launched with an upgraded X5 series visual processor and leveraging Pixelworks' patented MotionEngine® technology and HDR enhancement for superior high frame rate gamingOnePlus 11 and OnePlus Ace 2 smartphones incorporate Pixelworks X7 visual processor, featuring industry-first combination of ultra-low latency MotionEngine®, low power super-resolution and always-on HDR – redefining visual excellence for mobile gamingDisney initiated global theatrical release of James Cameron's Avatar: The Way of Water in 4K HDR and uniquely featuring cinematic high frame rate enabled by Pixelworks' TrueCut Motion platformCompleted significant development milestone on a next-generation IC for a large projector OEM customer, resulting in recognition of $2.5 million offsetting credit to research & development expenses in the quarterSecured third strategic investment in the Company's Shanghai subsidiary, generating proceeds of approximately $15.7 million USD, which closed in early February 2023 and further strengthened Pixelworks Shanghai's capital position in support of its plan to apply for a local public listing later this year.\"Revenue for the fourth quarter was largely in-line with our expectations and up slightly year-over-year, as increased sales of ICs into both our projector and video delivery end markets helped to offset weaker demand in the broader mobile market,\" stated Todd DeBonis, President and ...