Operational viability remains questionable as the company burned $4.7 million in free cash flow during 2026Q1, relying on asset sales to maintain liquidity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | -18.47M | -20.61M | -19.81M | -18.81M | -12.83M | -9.16M | -3.71M | -10.38M | 955K | 12.2M | -1.53M | -3.85M | 1.69M | -1.18M | 1.78M | -735K | 637K | 1.99M | 14.96M | -1.33M | 17.07M | 534K | 27.56M | 11.03M | 6.68M | 10.41M | 12.43M | -5.03M |
| Operating CF Margin % | - | -2973.45% | -45.84% | -31.53% | -18.3% | -16.62% | -9.08% | -15.1% | 1.25% | 15.13% | -2.88% | -6.46% | 2.77% | -2.46% | 2.99% | -1.14% | 0.92% | 3.25% | 17.57% | -1.25% | 12.77% | 0.31% | 15.64% | 7.83% | 6.51% | 11.46% | 23.64% | -39.28% |
| Operating CF Growth % | 97.88% | -4.03% | -5.28% | -46.59% | -40.16% | -146.75% | 64.25% | -1186.91% | -92.17% | 894.72% | 60.1% | -327.9% | 242.81% | -166.26% | 342.72% | -215.38% | -67.93% | -86.73% | 1227.43% | -107.78% | 3095.88% | -98.06% | 149.9% | 65.1% | -35.81% | -16.3% | 347.08% | - |
| Net Income | 65.85M | -23.26M | -28.72M | -26.18M | -15.23M | -19.41M | -26.53M | -9.08M | -4.62M | -4.17M | -11.11M | -10.57M | -9.96M | -8.87M | -5.69M | -6.57M | 373K | 6.46M | 7.98M | -30.92M | -204.18M | -42.61M | 21.78M | -530K | -20.85M | -42.56M | -567K | -4.89M |
| Depreciation & Amortization | 1.84M | 2.6M | 3.78M | 4.29M | 4.75M | 4.77M | 5.23M | 5.34M | 5.15M | 4.24M | 3.47M | 4.26M | 4.51M | 4.41M | 4.74M | 5.11M | 5.59M | 6.94M | 9.68M | 17.84M | 23.02M | 20.43M | 9.22M | 6.7M | 9.76M | 28.88M | 4.64M | 1.87M |
| Stock-Based Compensation | 2.51M | 2.9M | 0 | 4.8M | 5.2M | 6.08M | 7.85M | 6.65M | 5.68M | 4.24M | 2.66M | 3.92M | 5.3M | 3.01M | 2.16M | 2.01M | 1.2M | 1.02M | 2.51M | 9.56M | 9.56M | 1.13M | 839K | 3.54M | 2.99M | 8.46M | 2.23M | 0 |
| Deferred Taxes | -532K | -38K | 101K | 299K | -1.74M | -770K | -62K | -79K | -81K | -187K | -148K | -300K | -181K | -298K | -1.56M | 23K | 247K | 68K | 291K | 512K | -967K | 13.64M | -1.1M | -1.17M | -646K | -2.26M | -2.23M | 0 |
| Other Non-Cash Items | -87.86M | -3.23M | 3.06M | -767K | 8K | 10K | -795K | -3.99M | -761K | 2.95M | 1.79M | 53K | 72K | 49K | 250K | -2.75M | -7.39M | -12.65M | -11.45M | -24K | 165.62M | 2.73M | 4.96M | 4.14M | 22.8M | 26.2M | 3.33M | 234K |
| Working Capital Changes | 71K | 415K | 1.97M | -1.25M | -5.81M | 165K | 10.59M | -9.22M | -4.42M | 5.13M | 1.8M | -1.21M | 1.94M | 520K | 1.89M | 1.43M | 619K | 149K | 5.95M | 1.71M | 24.01M | 5.22M | -8.13M | -1.66M | -7.38M | -8.31M | 5.03M | -2.25M |
| Change in Receivables | 890K | 1.32M | 4.27M | -28K | -1.34M | -4.04M | 6.24M | -3.93M | -2.34M | -554K | 2.87M | -1.34M | 113K | -989K | 785K | -70K | 1.13M | 530K | 74K | 10.61M | 10.61M | -858K | -6.14M | 1.95M | -3.84M | 230K | -4.13M | 0 |
| Change in Inventory | 1.52M | 726K | -242K | -2.21M | -291K | 976K | 2.96M | -2.46M | -531K | 1.38M | 179K | -368K | -1.24M | 1.04M | 1.41M | 751K | 1.3M | -1.18M | 6.28M | 2.54M | 12.77M | 2.81M | -8.1M | -3.69M | -1.79M | -896K | -1.88M | -1.36M |
| Change in Payables | -622K | -680K | -1.02M | -727K | 486K | 1.28M | 166K | -1.3M | 675K | -2.06M | -1.21M | -210K | 1.83M | -937K | -2.41M | -399K | -3.11M | 3.39M | 223K | -2.74M | -1.47M | -554K | 1.68M | -754K | 394K | -7.07M | 8.41M | 0 |
| Cash from Investing | 47.66M | 3.31M | -3.12M | -3.99M | -3.01M | -3.23M | 3.94M | -51K | -8.12M | -583K | -2.14M | -3.07M | -2.86M | -2.28M | -1.83M | 11.84M | -1.75M | -3.5M | 29.39M | 16.72M | -17.32M | 33.51M | -161.75M | -754K | 1.51M | -8.5M | -60.83M | -2.19M |
| Capital Expenditures | -536K | -448K | -3.76M | -3.83M | -3.01M | -3.48M | -2.64M | -3.15M | -2.1M | -2.48M | -2.14M | -3.07M | -2.86M | -2.29M | -1.83M | -2.74M | -2.27M | -1.58M | -2.16M | -2.89M | -5.25M | -7.92M | -13.58M | -4.38M | -5.62M | -4.99M | -4.16M | -1.71M |
| CapEx % of Revenue | -9% | 64.65% | 8.7% | 6.42% | 4.29% | 6.31% | 6.45% | 4.58% | 2.74% | 3.08% | 4.02% | 5.15% | 4.7% | 4.76% | 3.07% | 4.23% | 3.27% | 2.59% | 2.53% | 2.72% | 3.93% | 4.61% | 7.7% | 3.11% | 5.48% | 5.49% | 7.91% | 13.35% |
| Acquisitions | 44.44M | 0 | 0 | 0 | 10.74M | 0 | 0 | 521K | 0 | 1.9M | 0 | 0 | 0 | 0 | 0 | 0 | 14.64M | 102K | 0 | 26K | 36K | -104.74M | 12K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 3.75M | 3.75M | 641K | -156K | -10.74M | 0 | -152K | 3.38M | -6.03M | 0 | 0 | -55K | 0 | 13K | 0 | 1.61M | -16.48M | -100K | 20K | -7.02M | -17.46M | -1.87M | -3.22M | -10.25M | -1.42M | -9.6M | -2.62M | -480K |
| Cash from Financing | 10.13M | 11.72M | -971K | 13.53M | 11.07M | 42.71M | 23.77M | -256K | -2.41M | -3.71M | -3.29M | 15.58M | -1.71M | 10.86M | -1.64M | -12.88M | 186K | -33.84M | -65.78M | -3.92M | -5.26M | 1.98M | 150.28M | 2.74M | 676K | 1.7M | 85.88M | 13.3M |
| Debt Issued (Net) | 1.71M | 838K | -1.31M | -1.37M | -1.46M | 0 | 796K | 0 | -2.22M | -5.05M | -3M | 0 | 0 | 3M | 0 | -18.78M | 3M | -31.53M | -58.55M | 0 | -6.8M | 0 | 145.5M | -199K | -779K | 0 | -1.75M | 421K |
| Equity Issued (Net) | 9.03M | 7.93M | 180K | 299K | 1.79M | 320K | 23.38M | 570K | 1.68M | 3M | 0 | 16.36M | 1.31M | 10.11M | 444K | 8.66M | 201K | -149K | -2.58M | -3.92M | 1.54M | 1.99M | 5.11M | 2.94M | 1.46M | 1.7M | 87.64M | 12.88M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -167K | -2.63M | -4.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -604K | 2.95M | 157K | 14.6M | 10.74M | 42.39M | -407K | -826K | -1.87M | -1.67M | -290K | -777K | -3.01M | -2.24M | -2.08M | -2.76M | -3.02M | -2.16M | -4.65M | 0 | 0 | -7K | -331K | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 39.32M | -5.58M | -23.9M | -9.28M | -4.77M | 30.33M | 24M | -10.69M | -9.58M | 7.9M | -6.97M | 8.66M | -2.88M | 7.4M | -1.69M | -1.78M | -925K | -35.35M | -21.42M | 11.48M | -5.51M | 36.02M | 16.09M | 13.01M | 8.86M | 3.61M | 37.48M | 6.08M |
| Free Cash Flow | -19.01M | -21.05M | -23.57M | -22.65M | -15.84M | -12.63M | -6.5M | -13.53M | -1.14M | 9.71M | -3.68M | -6.91M | -1.17M | -3.47M | -51K | -3.47M | -1.64M | 403K | 12.8M | -4.21M | 11.81M | -7.38M | 13.98M | 6.64M | 1.06M | 5.42M | 8.27M | -6.74M |
| FCF Margin % | 319.21% | -3038.1% | -54.55% | -37.95% | -22.58% | -22.92% | -15.91% | -19.68% | -1.49% | 12.05% | -6.89% | -11.62% | -1.93% | -7.22% | -0.09% | -5.37% | -2.36% | 0.66% | 15.03% | -3.98% | 8.84% | -4.3% | 7.94% | 4.71% | 1.03% | 5.97% | 15.73% | -52.62% |
| FCF Growth % | 34.67% | 10.66% | -4.07% | -42.96% | -25.4% | -94.34% | 51.96% | -1085.8% | -111.74% | 364.07% | 46.79% | -489.43% | 66.23% | -6711.76% | 98.53% | -111.9% | -506.45% | -96.85% | 403.89% | -135.67% | 260.02% | -152.78% | 110.48% | 527.98% | -80.48% | -34.49% | 222.69% | - |
| FCF per Share | -2.94 | -3.82 | -4.84 | -0.40 | -0.29 | -0.24 | -0.16 | -0.36 | -0.03 | 0.31 | -0.13 | -0.28 | -0.05 | -0.18 | -0.00 | -0.21 | -0.12 | 0.03 | 0.89 | -0.26 | 0.73 | -0.47 | 0.81 | 0.44 | 0.07 | 0.40 | 0.97 | -10.16 |
| FCF Conversion (FCF/Net Income) | -0.29x | 0.92x | 0.69x | 0.72x | 0.80x | 0.46x | 0.14x | 1.14x | -0.21x | -2.92x | 0.14x | 0.36x | -0.17x | 0.13x | -0.31x | 0.11x | 1.71x | 0.31x | 1.88x | 0.04x | -0.08x | -0.01x | 1.27x | -20.81x | -0.32x | -0.24x | -21.93x | 1.03x |
| Interest Paid | 105K | 0 | 0 | 161K | 196K | 162K | 217K | 142K | 501K | 418K | 139K | 104K | 193K | 149K | 118K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 190K | 0 | 0 | 315K | 188K | 376K | 397K | 547K | 657K | 160K | 437K | 366K | 213K | 382K | 382K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and insolvency
As reported in recent financial statements, Pixelworks exhibits a chronic inability to convert net income into operating cash flow, with the OCF/NI ratio frequently fluctuating and failing to provide a reliable signal of underlying cash generation amidst the company's ongoing and severe operational contraction.
The persistent gap between net income and operating cash flow suggests that the company's reported earnings are heavily impacted by non-cash charges and working capital volatility. Investors should monitor this divergence as it indicates that the business model is not generating the cash required to sustain its current R&D-heavy cost structure.
Based on the provided quarterly data, Pixelworks' free cash flow trajectory has remained consistently negative, with FCF margins reaching as low as -94.9% in 2025Q1, reflecting a business model that is currently unable to fund its own operations through internal cash generation.
The consistent negative FCF trajectory underscores the structural challenges facing the company as it attempts to pivot its technology. This trend suggests that without external financing or a radical change in revenue recognition, the company's ability to remain a going concern is increasingly constrained.
According to historical cash flow filings, Pixelworks has experienced erratic working capital swings, including a $1.1 million outflow in 2025Q4, which further complicates the company's ability to manage its limited cash reserves during periods of extreme revenue decline and operational uncertainty.
The volatility in working capital changes suggests that the company is struggling to manage its inventory and payables effectively in a low-volume environment. This instability may indicate that the company is forced to prioritize short-term cash preservation over long-term operational efficiency.
As indicated by the 2026Q1 cash flow statement, Pixelworks utilized $44.4 million in net acquisition proceeds to offset its operational cash burn, highlighting a reliance on non-recurring asset sales to maintain liquidity rather than sustainable cash flow from its core semiconductor business operations.
The reliance on asset-related cash inflows to fund operations is a significant red flag for long-term viability. It appears that the company is liquidating its strategic assets to bridge the gap created by its inability to generate positive cash flow from its primary product lines.
Quick answers to the most common questions about buying PXLW stock.
Pixelworks, Inc. (PXLW) generated $-20.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Pixelworks, Inc. (PXLW) reported negative free cash flow of $21.1M in 2025, indicating capital requirements exceeded cash from operations.
Pixelworks, Inc. (PXLW) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.