Pixelworks Reports Second Quarter 2021 Financial Results and Announces Realignment Plan and Strategic Equity Investments Into Pixelworks Shanghai

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,


2021

2021

2020

2021

2020

Revenue, net

$                14,051

$                  9,270

$                  9,253

$                23,321

$                23,027

Cost of revenue (1)

6,940

5,545

4,204

12,485

11,203

Gross profit

7,111

3,725

5,049

10,836

11,824

Operating expenses:






Research and development (2)

6,671

6,785

6,314

13,456

12,581

Selling, general and administrative (3)

4,896

4,854

5,156

9,750

10,349

Restructuring

-

-

-

-

592

Total operating expenses

11,567

11,639

11,470

23,206

23,522

Loss from operations

(4,456)

(7,914)

(6,421)

(12,370)

(11,698)

Interest income (expense) and other, net

181

56

(24)

237

30

Total other income (expense), net

181

56

(24)

237

30

Loss before income taxes

(4,275)

(7,858)

(6,445)

(12,133)

(11,668)

Provision for income taxes

107

217

107

324

283

Net loss

$                 (4,382)

$                 (8,075)

$                 (6,552)

$               (12,457)

$               (11,951)

Net loss per share - basic and diluted

$                   (0.08)

$                   (0.16)

$                   (0.17)

(0.24)

(0.31)

Weighted average shares outstanding - basic and diluted

52,283

51,673

39,444

51,980

39,156

——————






(1) Includes:






Amortization of acquired intangible assets

218

245

298

463

596

Stock-based compensation

76

79

127

155

228

(2) Includes stock-based compensation

610

581

806

1,191

1,454

(3) Includes:






Stock-based compensation

820

772

1,310

1,592

2,383

Amortization of acquired intangible assets

53

60

76

113

152


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