PORTLAND, Ore., Aug. 7, 2024
/PRNewswire/ -- Pixelworks, Inc. (NASDAQ: PXLW), a leading provider
of innovative video and display processing solutions, today
announced financial results for the second quarter ended
June 30, 2024.
Second Quarter and Recent Highlights
- OPPO affiliate, OnePlus, launched the OnePlus Ace 3 Pro
smartphone, incorporating Pixelworks' X7 Gen 2 visual processor
featuring AI-based distributed computing architecture and enhanced
rendering capability
- Announced collaboration with Tencent's TiMi Studio group and
the integration of Pixelworks' IRX rendering acceleration
technology in the Honor of Kings mobile game
- Collaborated with Seasun Games
to optimize visual processing and bring detailed 120fps display
effects to JX3 Ultimate Mobile, making it the latest mobile
game to leverage IRX certified rendering acceleration
- Implemented reduction in workforce to better align operating
expense with near-term revenue levels, anticipated to contribute
approximately $4.0 million of
annualized savings beginning in the third quarter
"Second quarter revenue was at the midpoint guidance and largely
reflected the expected headwinds in our mobile business, primarily
related to the inventory correction at a large mobile OEM
customer," stated Todd DeBonis,
President and CEO of Pixelworks. "In response and to better align
expenses with near-term revenue levels, we implemented cost
reduction actions during the quarter, which are anticipated to
result in $4 million of annualized
cost saving beginning in the third quarter of 2024.
"During the quarter, we made continued progress on the expansion
of our IRX gaming ecosystem. Our recent announced collaborations
with Tencent on Honor of Kings
and Seasun Games on JX3 Ultimate
Mobile represent the latest additions to the growing list of
IRX certified mobile games. Coupled with one of Pixelworks'
X-series of visual processors, our IRX rendering accelerator
technology enables PC-quality visual performance on a smartphone
without generating excessive heat or battery consumption. Growing
this ecosystem remains a fundamental element of our multi-pronged
mobile strategy to drive broader adoption of our mobile visual
processors, and we currently engaged with multiple top gaming
studios to release several additional high-profile IRX mobile games
later this year.
"Looking ahead, we are confronting the recent challenges head-on
while remaining focused on strategic and operational execution
across all areas of the business. We are well positioned today for
renewed growth in mobile, as we increasingly target an expanded
served market for mid to lower tier smartphones. Additionally, the
size and influence of our IRX gaming ecosystem continues to grow
and will soon be further supported by the introduction of our
next-generation mobile visual processor. Together with stable
performance of our home and enterprise business, we expect to
deliver sequential revenue growth in the third quarter as we
continue to target improved operational results over the
intermediate-term."
Second Quarter 2024 Financial Results
Revenue in the second quarter of 2024 was $8.5 million, compared to $16.1 million in the first quarter of 2024 and
$13.6 million in the second quarter
of 2023. The sequential and year-over-year decline in revenue
primarily reflected the anticipated near-term headwinds in the
Company's mobile business.
On a GAAP basis, gross profit margin in the second quarter of
2024 was 50.7%, compared to 50.5% in the first quarter of 2024 and
40.3% in the second quarter of 2023. Second quarter 2024 GAAP
operating expenses were $15.1
million, compared to $13.6
million in the first quarter of 2024 and $12.0 million in the year-ago quarter.
On a non-GAAP basis, second quarter 2024 gross profit margin was
51.0%, compared to 50.7% in the first quarter of 2024 and 40.5% in
the year-ago quarter. Second quarter 2024 non-GAAP operating
expenses were $12.8 million, compared
to $12.6 million in the first quarter
of 2024 and $10.7 million in the
year-ago quarter.
For the second quarter of 2024, the Company recorded a GAAP net
loss of $10.1 million, or
($0.17) per share, compared to a GAAP
net loss of $5.1 million, or
($0.09) per share, in the first
quarter of 2024, and a GAAP net loss of $6.0
million, or ($0.11) per share,
in the year-ago quarter. Note, the Company refers to "net loss
attributable to Pixelworks, Inc." as "net loss".
For the second quarter of 2024, the Company recorded a non-GAAP
net loss of $7.7 million, or
($0.13) per share, compared to a
non-GAAP net loss of $4.0 million, or
($0.07) per share, in the first
quarter of 2024, and a non-GAAP net loss of $4.8 million, or ($0.09) per share, in the second quarter of
2023.
Adjusted EBITDA in the second quarter of 2024 was a negative
$7.0 million, compared to a negative
$3.2 million in the first quarter of
2024 and a negative $4.0 million in
the year-ago quarter.
Cash and cash equivalents at the end of the second quarter of
2024 were $37.8 million, compared to
$47.5 million as of the year ended
December 31, 2023.
Business Outlook
The Company's current business outlook, including guidance for
the third quarter of 2024, will be discussed as part of the
scheduled conference call.
Conference Call Information
Pixelworks will host a conference call today, August 7, 2024, at 2:00
p.m. Pacific Time. To join the conference call via phone,
participants are required to complete the following registration
form to receive a dial-in number and dedicated PIN for accessing
the conference call. Additionally, a live and archived audio
webcast of the conference call will be accessible via the investors
section of Pixelworks' website at www.pixelworks.com.
About Pixelworks, Inc.
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.
The Company has a 20-year history of delivering image processing
innovation to leading providers of consumer electronics,
professional displays, and video streaming services. For more
information, please visit the company's web site at
www.pixelworks.com.
Note: Pixelworks, MotionEngine, TrueCut Motion and the
Pixelworks logo are trademarks of Pixelworks, Inc.
Non-GAAP Financial Measures
This earnings release makes reference to non-GAAP gross
profit margins, non-GAAP operating expenses, non-GAAP net loss and
non-GAAP net loss per share, which exclude stock-based compensation
expense and restructuring expense which are both required under
GAAP. The press release also makes reference to and reconciles GAAP
net loss and adjusted EBITDA, which Pixelworks defines as GAAP
net loss attributable to Pixelworks Inc. before interest income and
other, net, income tax provision, depreciation and amortization, as
well as the specific item listed above.
Pixelworks management uses these non-GAAP financial measures
internally to understand, manage and evaluate the business and
establish its operational goals, review its operations on a
period-to-period basis, for compensation evaluations, to measure
performance, and for budgeting and resource allocation. Pixelworks
management believes it is useful for the Company and investors to
review, as applicable, both GAAP information and non-GAAP financial
measures to help assess the performance of Pixelworks' continuing
business and to evaluate Pixelworks' future prospects. These
non-GAAP measures, when reviewed together with the GAAP financial
information, provide additional transparency and information for
comparison and analysis of operating performance and trends. These
non-GAAP measures exclude certain items to facilitate management's
review of the comparability of our core operating results on a
period-to-period basis.
Because the Company's non-GAAP financial measures are not
calculated in accordance with GAAP, they may not necessarily be
comparable to similarly titled measures employed by other
companies. These non-GAAP financial measures should not be
considered in isolation or as a substitute for the comparable GAAP
measures and should be read only in conjunction with the Company's
consolidated financial results as presented in accordance with
GAAP. A reconciliation between GAAP and non-GAAP financial measures
is included in this earnings release which is available in the
investor relations section of the Pixelworks website.
Safe Harbor Statement
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These statements may be identified by use of terms such as "begin,"
"continue," "will," "expect", "believe," "anticipate" and similar
terms or the negative of such terms, and include, without
limitation, statements about future collaborations with game
studios, the expected growth of the IRX ecosystem, expected
adoption rates for our mobile visual processors, expansion into
mid- to low-tier smartphones, continued performance of our home and
enterprise business, and expected cost savings. All statements
other than statements of historical fact are forward-looking
statements for purposes of this release, including any projections
of revenue or other financial items or any statements regarding the
plans and objectives of management for future operations. Such
statements are based on management's current expectations,
estimates and projections about the Company's business. These
statements are not guarantees of future performance and involve
numerous risks, uncertainties and assumptions that are difficult to
predict. Actual results could vary materially from those contained
in forward looking statements due to many factors, including,
without limitation: the actual performance of the smartphone market
throughout 2024; our ability to execute on our strategy;
competitive factors, such as rival chip architectures, introduction
or traction by competing designs, or pricing pressures; the success
of our products in expanding markets; current global economic
challenges; changes in the digital display and projection markets;
seasonality in the consumer electronics market; our efforts
to achieve profitability from operations; our limited financial
resources; and our ability to attract and retain key personnel.
More information regarding potential factors that could affect the
Company's financial results and could cause actual results to
differ materially from those discussed in the forward-looking
statements is included from time to time in the Company's
Securities and Exchange Commission filings, including its Annual
Report on Form 10-K for the year ended December 31, 2023, as well as subsequent SEC
filings.
The forward-looking statements contained in this release are
as of the date of this release, and the Company does not undertake
any obligation to update any such statements, whether as a result
of new information, future events or otherwise.
[Financial Tables Follow]
PIXELWORKS,
INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
|
|
|
Three Months Ended
|
Six Months Ended
|
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
June 30,
|
|
2024
|
2024
|
2023
|
2024
|
2023
|
Revenue, net
|
$
8,535
|
$
16,054
|
$
13,605
|
$
24,589
|
$
23,571
|
Cost of revenue
(1)
|
4,209
|
7,940
|
8,121
|
12,149
|
13,720
|
Gross profit
|
4,326
|
8,114
|
5,484
|
12,440
|
9,851
|
Operating
expenses:
|
|
|
|
|
|
Research and
development (2)
|
7,943
|
8,073
|
6,507
|
16,016
|
15,173
|
Selling, general and
administrative (3)
|
5,722
|
5,534
|
5,468
|
11,256
|
11,540
|
Restructuring
|
1,403
|
—
|
—
|
1,403
|
—
|
Total operating
expenses
|
15,068
|
13,607
|
11,975
|
28,675
|
26,713
|
Loss from
operations
|
(10,742)
|
(5,493)
|
(6,491)
|
(16,235)
|
(16,862)
|
Interest income and
other, net
|
327
|
434
|
473
|
761
|
1,144
|
Loss before income
taxes
|
(10,415)
|
(5,059)
|
(6,018)
|
(15,474)
|
(15,718)
|
Provision for income
taxes
|
32
|
105
|
126
|
137
|
160
|
Net loss
|
(10,447)
|
(5,164)
|
(6,144)
|
(15,611)
|
(15,878)
|
Less: Net loss
attributable to non-controlling
interests and redeemable non-controlling interests
|
298
|
98
|
107
|
396
|
445
|
Net loss attributable
to Pixelworks Inc.
|
$
(10,149)
|
$
(5,066)
|
$
(6,037)
|
$
(15,215)
|
$
(15,433)
|
Net loss attributable
to Pixelworks Inc. per share - basic and
diluted
|
$
(0.17)
|
$
(0.09)
|
$
(0.11)
|
$
(0.26)
|
$
(0.28)
|
Weighted average shares
outstanding - basic and diluted
|
58,151
|
57,472
|
55,917
|
57,812
|
55,666
|
——————
|
|
|
|
|
|
(1)
Includes:
|
|
|
|
|
|
Restructuring
|
16
|
—
|
—
|
16
|
—
|
Stock-based
compensation
|
10
|
18
|
22
|
28
|
46
|
(2) Includes
stock-based compensation
|
316
|
330
|
527
|
646
|
1,018
|
(3) Includes
stock-based compensation
|
599
|
727
|
710
|
1,326
|
1,361
|
PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL
INFORMATION *
(In thousands, except per share data)
(Unaudited)
|
|
|
Three Months Ended
|
Six Months Ended
|
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
June 30,
|
|
2024
|
2024
|
2023
|
2024
|
2023
|
Reconciliation of GAAP and non-GAAP gross
profit
|
|
|
|
|
|
GAAP gross
profit
|
$
4,326
|
$
8,114
|
$
5,484
|
$
12,440
|
$
9,851
|
Restructuring
|
16
|
—
|
—
|
16
|
—
|
Stock-based
compensation
|
10
|
18
|
22
|
28
|
46
|
Total reconciling items
included in gross profit
|
26
|
18
|
22
|
44
|
46
|
Non-GAAP gross
profit
|
$
4,352
|
$
8,132
|
$
5,506
|
$
12,484
|
$
9,897
|
Non-GAAP gross profit
margin
|
51.0 %
|
50.7 %
|
40.5 %
|
50.8 %
|
42.0 %
|
|
|
|
|
|
|
Reconciliation
of GAAP and non-GAAP operating expenses
|
|
|
|
|
|
GAAP operating
expenses
|
$
15,068
|
$
13,607
|
$
11,975
|
$
28,675
|
$
26,713
|
Reconciling item
included in research and development:
|
|
|
|
|
|
Stock-based
compensation
|
316
|
330
|
527
|
646
|
1,018
|
Reconciling items
included in selling, general and administrative:
|
|
|
|
|
|
Stock-based
compensation
|
599
|
727
|
710
|
1,326
|
1,361
|
Restructuring
|
1,403
|
—
|
—
|
1,403
|
—
|
Total reconciling items
included in operating expenses
|
2,318
|
1,057
|
1,237
|
3,375
|
2,379
|
Non-GAAP operating
expenses
|
$
12,750
|
$
12,550
|
$
10,738
|
$
25,300
|
$
24,334
|
|
|
|
|
|
|
Reconciliation
of GAAP and non-GAAP net loss
attributable to Pixelworks,
Inc.
|
|
|
|
|
|
GAAP net loss
attributable to Pixelworks Inc.
|
$
(10,149)
|
$
(5,066)
|
$
(6,037)
|
$
(15,215)
|
$
(15,433)
|
Reconciling items
included in gross profit
|
26
|
18
|
22
|
44
|
46
|
Reconciling items
included in operating expenses
|
2,318
|
1,057
|
1,237
|
3,375
|
2,379
|
Tax effect of non-GAAP
adjustments
|
74
|
—
|
—
|
74
|
—
|
Non-GAAP net loss
attributable to Pixelworks Inc.
|
$
(7,731)
|
$
(3,991)
|
$
(4,778)
|
$
(11,722)
|
$
(13,008)
|
|
|
|
|
|
|
Non-GAAP net loss
attributable to Pixelworks Inc. per share -
basic and diluted
|
$
(0.13)
|
$
(0.07)
|
$
(0.09)
|
$
(0.20)
|
$
(0.23)
|
|
|
|
|
|
|
Non-GAAP weighted
average shares outstanding - basic and diluted
|
58,151
|
57,472
|
55,917
|
57,812
|
55,666
|
|
|
|
|
|
|
*Set forth above are
reconciliations of the non-GAAP financial measure to the most
directly comparable GAAP financial measure. The non-GAAP financial
measure disclosed by the company has limitations and should not be
considered a substitute for, or superior to, the financial measure
prepared in accordance with GAAP, and the reconciliations from GAAP
to Non-GAAP actuals should be carefully evaluated. Please refer to
"Non-GAAP Financial Measures" in this document for an explanation
of the adjustments made to the comparable GAAP measures, the ways
management uses the non-GAAP measures, and the reasons why
management believes the non-GAAP measures provide useful
information for investors.
|
PIXELWORKS,
INC.
RECONCILIATION OF GAAP AND NON-GAAP EARNINGS PER SHARE
*
(Figures may not sum due to rounding)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
Dollars per
share
|
|
Dollars per
share
|
|
Dollars per
share
|
|
Dollars per
share
|
|
Dollars per
share
|
|
|
|
Basic
|
|
Diluted
|
|
Basic
|
|
Diluted
|
|
Basic
|
|
Diluted
|
|
Basic
|
|
Diluted
|
|
Basic
|
|
Diluted
|
Reconciliation of
GAAP and non-GAAP net loss
attributable to Pixelworks, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
attributable to Pixelworks Inc.
|
|
|
$ (0.17)
|
|
$ (0.17)
|
|
$ (0.09)
|
|
$ (0.09)
|
|
$ (0.11)
|
|
$ (0.11)
|
|
$ (0.26)
|
|
$ (0.26)
|
|
$ (0.28)
|
|
$ (0.28)
|
Reconciling items
included in gross profit
|
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
Reconciling items
included in operating expenses
|
|
|
0.04
|
|
0.04
|
|
0.02
|
|
0.02
|
|
0.02
|
|
0.02
|
|
0.06
|
|
0.06
|
|
0.04
|
|
0.04
|
Non-GAAP net loss
attributable to Pixelworks Inc.
|
|
|
$ (0.13)
|
|
$ (0.13)
|
|
$ (0.07)
|
|
$ (0.07)
|
|
$ (0.09)
|
|
$ (0.09)
|
|
$ (0.20)
|
|
$ (0.20)
|
|
$ (0.23)
|
|
$ (0.23)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Set forth above are
reconciliations of the non-GAAP financial measure to the most
directly comparable GAAP financial measure. The non-GAAP financial
measure disclosed by the company has limitations and should not be
considered a substitute for, or superior to, the financial measure
prepared in accordance with GAAP, and the reconciliations from GAAP
to Non-GAAP actuals should be carefully evaluated. Please refer to
"Non-GAAP Financial Measures" in this document for an explanation
of the adjustments made to the comparable GAAP measures, the ways
management uses the non-GAAP measures, and the reasons why
management believes the non-GAAP measures provide useful
information for investors.
|
PIXELWORKS,
INC.
RECONCILIATION OF GAAP AND NON-GAAP GROSS PROFIT MARGIN
*
(Figures may not sum due to rounding)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Reconciliation of
GAAP and non-GAAP gross profit
margin
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
margin
|
|
50.7 %
|
|
50.5 %
|
|
40.3 %
|
|
50.6 %
|
|
41.8 %
|
Stock-based
compensation
|
|
0.1 %
|
|
0.1 %
|
|
0.2 %
|
|
0.1 %
|
|
0.2 %
|
Restructuring
|
|
0.2 %
|
|
— %
|
|
— %
|
|
0.1 %
|
|
— %
|
Total reconciling items
included in gross profit
|
|
0.3 %
|
|
0.1 %
|
|
0.2 %
|
|
0.2 %
|
|
0.2 %
|
Non-GAAP gross profit
margin
|
|
51.0 %
|
|
50.7 %
|
|
40.5 %
|
|
50.8 %
|
|
42.0 %
|
|
|
|
|
|
|
|
|
|
|
|
*Set forth above are
reconciliations of the non-GAAP financial measure to the most
directly comparable GAAP financial measure. The non-GAAP
financial measure disclosed by the company has limitations and
should not be considered a substitute for, or superior to, the
financial measure
prepared in accordance with GAAP, and the reconciliations from GAAP
to Non-GAAP actuals should be carefully evaluated. Please refer to
"Non-
GAAP Financial Measures" in this document for an explanation of the
adjustments made to the comparable GAAP measures, the ways
management
uses the non-GAAP measures, and the reasons why management believes
the non-GAAP measures provide useful information for
investors.
|
PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL
INFORMATION *
(In thousands)
(Unaudited)
|
|
|
Three Months Ended
|
Six Months Ended
|
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
June 30,
|
|
2024
|
2024
|
2023
|
2024
|
2023
|
Reconciliation of GAAP net loss attributable
to Pixelworks Inc. and adjusted EBITDA
|
|
|
|
|
|
GAAP net loss
attributable to Pixelworks Inc.
|
$
(10,149)
|
$
(5,066)
|
$
(6,037)
|
$
(15,215)
|
$
(15,433)
|
Restructuring
|
1,419
|
—
|
—
|
1,419
|
—
|
Stock-based
compensation
|
925
|
1,075
|
1,259
|
2,000
|
2,425
|
Tax effect of non-GAAP
adjustments
|
74
|
—
|
—
|
74
|
—
|
Non-GAAP net loss
attributable to Pixelworks Inc.
|
$
(7,731)
|
$
(3,991)
|
$
(4,778)
|
$
(11,722)
|
$
(13,008)
|
EBITDA
adjustments:
|
|
|
|
|
|
Depreciation and
amortization
|
$
1,059
|
$
1,109
|
$
1,077
|
$
2,168
|
$
2,158
|
Non-GAAP interest
income and other, net
|
(327)
|
(434)
|
(473)
|
(761)
|
(1,144)
|
Non-GAAP
provision (benefit) for income taxes
|
(42)
|
105
|
126
|
63
|
160
|
Adjusted
EBITDA
|
$
(7,041)
|
$
(3,211)
|
$
(4,048)
|
$
(10,252)
|
$
(11,834)
|
|
|
|
|
|
|
*Set forth above are
reconciliations of the non-GAAP financial measure to the most
directly comparable GAAP financial measure. The non-GAAP financial
measure
disclosed by the company has limitations and should not be
considered a substitute for, or superior to, the financial measure
prepared in accordance with GAAP, and the
reconciliations from GAAP to Non-GAAP actuals should be carefully
evaluated. Please refer to "Non-GAAP Financial Measures" in this
document for an explanation of the
adjustments made to the comparable GAAP measures, the ways
management uses the non-GAAP measures, and the reasons why
management believes the non-GAAP
measures provide useful information for investors.
|
PIXELWORKS,
INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
|
|
June 30,
2024
|
December 31,
2023
|
ASSETS
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$
37,824
|
$
47,544
|
Accounts receivable,
net
|
4,910
|
10,075
|
Inventories
|
5,021
|
3,968
|
Prepaid expenses and
other current assets
|
2,222
|
3,138
|
Total current
assets
|
49,977
|
64,725
|
Property and equipment,
net
|
7,051
|
5,997
|
Operating lease right
of use assets
|
4,547
|
4,725
|
Other assets,
net
|
1,652
|
2,115
|
Goodwill
|
18,407
|
18,407
|
Total assets
|
$
81,634
|
$
95,969
|
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND
SHAREHOLDERS'
EQUITY
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$
2,500
|
$
2,416
|
Accrued liabilities and
current portion of long-term liabilities
|
9,148
|
9,692
|
Current portion of
income taxes payable
|
220
|
189
|
Total current
liabilities
|
11,868
|
12,297
|
Long-term liabilities,
net of current portion
|
673
|
1,373
|
Deposit
liability
|
14,098
|
13,781
|
Operating lease
liabilities, net of current portion
|
2,463
|
2,567
|
Income taxes payable,
net of current portion
|
1,006
|
939
|
Total
liabilities
|
30,108
|
30,957
|
Redeemable
non-controlling interest
|
27,517
|
28,214
|
Total Pixelworks, Inc.
shareholders' equity
|
486
|
12,541
|
Non-controlling
interest
|
23,523
|
24,257
|
Total shareholders'
equity
|
24,009
|
36,798
|
Total liabilities,
redeemable non-controlling interest and shareholders' equity
|
$
81,634
|
$
95,969
|
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SOURCE Pixelworks, Inc.