Revenue plummeted to $446,000 in 2026Q1, while the company continues to report operating losses of $2.9 million despite minimal sales volume.
| 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 |
|---|
| Sales/Revenue | -5.96M | 693K | 43.21M | 59.68M | 70.15M | 55.1M | 40.85M | 68.75M | 76.55M | 80.64M | 53.39M | 59.52M | 60.92M | 48.12M | 59.71M | 64.61M | 69.53M | 61.09M | 85.16M | 105.98M | 133.61M | 171.7M | 176.21M | 140.92M | 102.64M | 90.81M | 52.59M | 12.81M |
| Revenue Growth % | -117.39% | -98.4% | -27.6% | -14.92% | 27.3% | 34.87% | -40.58% | -10.19% | -5.06% | 51.03% | -10.29% | -2.31% | 26.61% | -19.41% | -7.58% | -7.08% | 13.81% | -28.26% | -19.64% | -20.68% | -22.19% | -2.56% | 25.04% | 37.3% | 13.03% | 72.66% | 310.5% | - |
| Cost of Goods Sold | -3.35M | 2.62M | 20.92M | 33.97M | 34.27M | 27.41M | 20.67M | 34.26M | 37.08M | 38.87M | 28.32M | 30.22M | 29.14M | 21.71M | 29.86M | 34.24M | 37.37M | 33.8M | 42.96M | 59.27M | 107.51M | 108.75M | 89.66M | 77.53M | 51.72M | 46.5M | 28.92M | 7.07M |
| COGS % of Revenue | - | 378.36% | 48.42% | 56.92% | 48.85% | 49.74% | 50.59% | 49.83% | 48.43% | 48.21% | 53.05% | 50.78% | 47.83% | 45.11% | 50.01% | 53% | 53.74% | 55.32% | 50.45% | 55.93% | 80.46% | 63.33% | 50.88% | 55.02% | 50.38% | 51.21% | 55% | 55.15% |
| Gross Profit | -2.61M | -1.93M | 22.29M | 25.71M | 35.88M | 27.69M | 20.18M | 34.49M | 39.48M | 41.76M | 25.07M | 29.29M | 31.78M | 26.41M | 29.85M | 30.37M | 32.16M | 27.3M | 42.2M | 46.71M | 26.1M | 62.96M | 86.56M | 63.39M | 50.93M | 44.31M | 23.67M | 5.75M |
| Gross Margin % | 43.83% | -278.36% | 51.58% | 43.08% | 51.15% | 50.26% | 49.41% | 50.17% | 51.57% | 51.79% | 46.95% | 49.22% | 52.17% | 54.89% | 49.99% | 47% | 46.26% | 44.68% | 49.55% | 44.07% | 19.54% | 36.67% | 49.12% | 44.98% | 49.62% | 48.79% | 45% | 44.85% |
| Gross Profit Growth % | - | -108.66% | -13.32% | -28.35% | 29.57% | 37.2% | -41.48% | -12.62% | -5.47% | 66.6% | -14.42% | -7.83% | 20.34% | -11.52% | -1.71% | -5.58% | 17.83% | -35.32% | -9.65% | 78.95% | -58.54% | -27.27% | 36.54% | 24.48% | 14.93% | 87.2% | 311.92% | - |
| Operating Expenses | 3.16M | 9.55M | 53.64M | 54.34M | 52.7M | 47.7M | 46.92M | 47.22M | 42.83M | 39.42M | 32.81M | 39.1M | 40.73M | 34.55M | 35.7M | 38.17M | 37.98M | 33.82M | 44.62M | 64.59M | 228.17M | 83.51M | 58.53M | 52.01M | 48.83M | 58.91M | 24.58M | 11.04M |
| OpEx % of Revenue | - | 1377.92% | 124.15% | 91.07% | 75.13% | 86.56% | 114.85% | 68.68% | 55.95% | 48.88% | 61.45% | 65.69% | 66.85% | 71.8% | 59.79% | 59.08% | 54.62% | 55.36% | 52.39% | 60.94% | 170.77% | 48.64% | 33.21% | 36.91% | 47.57% | 64.88% | 46.73% | 86.16% |
| Selling, General & Admin | 5.01M | 7.44M | 20.7M | 23.47M | 0 | 0 | 19.84M | 20.89M | 19.55M | 17.82M | 13.77M | 14.45M | 15.43M | 13.88M | 14.94M | 15.27M | 15.17M | 13.74M | 17.95M | 25.44M | 35.05M | 30.62M | 28.12M | 28.34M | 21.86M | 16.37M | 9.71M | 4.37M |
| SG&A % of Revenue | - | 1073.3% | 47.9% | 39.32% | - | - | 48.56% | 30.38% | 25.54% | 22.1% | 25.79% | 24.28% | 25.33% | 28.85% | 25.03% | 23.63% | 21.81% | 22.5% | 21.07% | 24% | 26.24% | 17.83% | 15.96% | 20.11% | 21.3% | 18.03% | 18.46% | 34.08% |
| Research & Development | -1.86M | 3.69M | 31.34M | 30.88M | 30.52M | 27.25M | 25.04M | 26.02M | 22.88M | 21.43M | 19.04M | 24.64M | 25.3M | 20.66M | 20.76M | 22.91M | 22.81M | 20.07M | 26.51M | 38.79M | 57.02M | 51.81M | 30.41M | 23.67M | 23.73M | 18.1M | 10.22M | 4.8M |
| R&D % of Revenue | - | 533.19% | 72.53% | 51.74% | 43.51% | 49.45% | 61.29% | 37.84% | 29.89% | 26.57% | 35.65% | 41.41% | 41.52% | 42.94% | 34.76% | 35.45% | 32.81% | 32.86% | 31.13% | 36.6% | 42.68% | 30.18% | 17.26% | 16.8% | 23.12% | 19.93% | 19.44% | 37.5% |
| Other Operating Expenses | -268K | -1.58M | 1.61M | 0 | 22.18M | 20.45M | 2.04M | 312K | 0 | 168K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 164K | 359K | 136.09M | 1.08M | 0 | 0 | 3.23M | 24.44M | 4.64M | 6.23M |
| Operating Income | -5.77M | -11.48M | -31.36M | -28.64M | -16.82M | -20M | -26.74M | -12.72M | -4.82M | -2.03M | -10.35M | -9.8M | -8.95M | -8.14M | -5.85M | -7.8M | -5.91M | -6.76M | -4.01M | -31.17M | -215.38M | -21.72M | 28.03M | -2.61M | -22.25M | -47M | -909K | -5.29M |
| Operating Margin % | 96.88% | -1656.28% | -72.58% | -47.98% | -23.97% | -36.3% | -65.44% | -18.51% | -6.3% | -2.52% | -19.38% | -16.47% | -14.69% | -16.91% | -9.8% | -12.08% | -8.5% | -11.07% | -4.71% | -29.41% | -161.2% | -12.65% | 15.91% | -1.85% | -21.67% | -51.76% | -1.73% | -41.31% |
| Operating Income Growth % | - | 63.4% | -9.5% | -70.28% | 15.92% | 25.19% | -110.11% | -164% | -137.09% | 80.35% | -5.53% | -9.55% | -9.98% | -39.02% | 25.01% | -32.11% | 12.6% | -68.62% | 87.14% | 85.53% | -891.63% | -177.49% | 1172.26% | 88.25% | 52.67% | -5070.85% | 82.83% | - |
| EBITDA | -3.93M | -8.88M | -27.58M | -24.35M | -13.57M | -16.45M | -21.5M | -7.38M | 331K | 2.21M | -6.88M | -5.54M | -4.43M | -3.73M | -1.12M | -2.69M | -321K | 183K | 5.67M | -13.33M | -192.36M | -1.29M | 37.24M | 4.09M | -12.48M | -18.13M | 3.74M | -3.42M |
| EBITDA Margin % | 66.05% | -1281.67% | -63.83% | -40.8% | -19.35% | -29.85% | -52.63% | -10.74% | 0.43% | 2.74% | -12.89% | -9.31% | -7.28% | -7.75% | -1.87% | -4.17% | -0.46% | 0.3% | 6.66% | -12.57% | -143.97% | -0.75% | 21.14% | 2.9% | -12.16% | -19.96% | 7.1% | -26.73% |
| EBITDA Growth % | 86.91% | 67.79% | -13.27% | -79.36% | 17.48% | 23.5% | -191.21% | -2330.82% | -85.02% | 132.11% | -24.17% | -24.94% | -18.96% | -233.45% | 58.45% | -738.32% | -275.41% | -96.78% | 142.58% | 93.07% | -14846.23% | -103.46% | 810.86% | 132.76% | 31.13% | -585.14% | 209.08% | - |
| D&A (Non-Cash Add-back) | 1.84M | 2.6M | 3.78M | 4.29M | 3.24M | 3.55M | 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 |
| EBIT | -5.49M | -11.48M | -28.99M | -26.56M | -16.82M | -20M | -25.69M | -8.47M | -3.03M | -2.75M | -10.35M | -9.8M | -8.95M | -8.14M | -5.85M | -5.96M | -4.52M | 6.22M | 9.66M | -17.88M | -202.06M | -20.56M | 28.03M | 11.38M | 2.1M | -14.6M | -909K | -5.29M |
| Net Interest Income | 436K | 123K | 1.2M | 1.93M | 620K | 211K | -152K | 169K | -142K | -1.25M | -406K | -446K | -493K | -405K | -412K | -484K | -511K | -398K | 407K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 471K | 123K | 1.27M | 1.95M | 670K | 211K | 87K | 327K | 296K | 141K | 0 | 0 | 0 | 4K | 5K | 15K | 63K | 242K | 2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 4.44M | 0 | 0 |
| Interest Expense | 35K | 0 | 69K | 25K | 50K | 0 | 239K | 158K | 438K | 1.07M | 406K | 446K | 493K | 409K | 417K | 468K | 500K | 640K | 1.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 731K | 3.04M | 2.3M | 2.05M | 700K | 457K | 805K | 4.5M | 1.35M | -1.65M | -406K | -446K | -493K | -405K | -412K | 1.38M | 886K | 12.34M | 11.98M | 2.48M | 10.25M | 1.53M | 1.74M | 1.18M | 2.27M | 4.44M | 342K | 409K |
| Pretax Income | -5.04M | -8.43M | -29.06M | -26.59M | -16.12M | -19.55M | -25.93M | -8.62M | -4.17M | -3.68M | -10.75M | -10.25M | -9.44M | -8.54M | -6.26M | -6.42M | -5.02M | 5.58M | 7.97M | -28.68M | -205.13M | -20.19M | 29.77M | -1.44M | -19.97M | -42.56M | -567K | -4.88M |
| Pretax Margin % | 84.6% | -1216.88% | -67.26% | -44.55% | -22.98% | -35.47% | -63.47% | -12.54% | -5.45% | -4.56% | -20.14% | -17.22% | -15.5% | -17.75% | -10.49% | -9.94% | -7.22% | 9.13% | 9.36% | -27.06% | -153.53% | -11.76% | 16.9% | -1.02% | -19.46% | -46.87% | -1.08% | -38.12% |
| Income Tax | -85.39M | -184K | 478K | 357K | -884K | -133K | 598K | 453K | 448K | 493K | 355K | 320K | 518K | 328K | -571K | 141K | -5.39M | -877K | -8K | 2.24M | -949K | 22.42M | 7.99M | -907K | 880K | 0 | 0 | 3K |
| Effective Tax Rate % | 1694.98% | 2.18% | -1.64% | -1.34% | 5.48% | 0.68% | -2.31% | -5.25% | -10.74% | -13.4% | -3.3% | -3.12% | -5.49% | -3.84% | 9.11% | -2.19% | 107.43% | -15.72% | -0.1% | -7.8% | 0.46% | -111.07% | 26.84% | 63.12% | -4.41% | 0% | 0% | -0.06% |
| Net Income | 65.85M | -22.5M | -28.72M | -26.18M | -16.03M | -19.82M | -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 |
| Net Margin % | -1105.73% | -3246.61% | -66.47% | -43.86% | -22.85% | -35.97% | -64.93% | -13.2% | -6.04% | -5.17% | -20.8% | -17.76% | -16.35% | -18.43% | -9.54% | -10.16% | 0.54% | 10.57% | 9.37% | -29.18% | -152.82% | -24.82% | 12.36% | -0.38% | -20.31% | -46.87% | -1.08% | -38.14% |
| Net Income Growth % | 309.61% | 21.66% | -9.71% | -63.29% | 19.13% | 25.29% | -192.27% | -96.43% | -10.74% | 62.43% | -5.08% | -6.12% | -12.29% | -55.78% | 13.28% | -1860.32% | -94.22% | -19.09% | 125.8% | 84.86% | -379.18% | -295.63% | 4209.62% | 97.46% | 51.01% | -7406% | 88.4% | - |
| Net Income (Continuing) | 80.36M | -8.25M | -29.54M | -26.94M | -15.23M | -19.41M | -26.53M | -9.08M | -3.91M | -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 |
| Discontinued Operations | 0 | -15.01M | 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 |
| Minority Interest | 0 | 51.5M | 50.45M | 52.47M | 39.83M | 30.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 10.18 | -4.08 | -5.90 | -0.47 | -0.29 | -0.37 | -0.65 | -0.24 | -0.11 | -0.13 | -0.39 | -0.42 | -0.44 | -0.45 | -0.31 | -0.40 | 0.03 | 0.47 | 0.55 | -1.92 | -12.68 | -2.70 | 1.35 | -0.04 | -1.44 | -3.14 | -0.07 | -7.37 |
| EPS Growth % | 352.04% | 30.85% | -1155.32% | -62.07% | 21.62% | 43.08% | -170.83% | -118.18% | 15.38% | 66.67% | 7.14% | 4.55% | 2.22% | -45.16% | 22.5% | -1433.33% | -93.62% | -14.55% | 128.65% | 84.86% | -369.63% | -300% | 3946.15% | 97.56% | 54.14% | -4621.8% | 99.1% | - |
| EPS (Basic) | - | -4.08 | -5.90 | -0.47 | -0.29 | -0.37 | -0.65 | -0.24 | -0.11 | -0.13 | -0.39 | -0.42 | -0.44 | -0.45 | -0.31 | -0.40 | 0.03 | 0.48 | 0.55 | -1.92 | -12.68 | -2.70 | 1.41 | -0.04 | -1.44 | -3.14 | -0.07 | -7.37 |
| Diluted Shares Outstanding | 6.47M | 5.51M | 4.87M | 56.16M | 55.35M | 53.49M | 40.71M | 37.85M | 35.96M | 31.51M | 28.28M | 25.09M | 22.77M | 19.82M | 18.25M | 16.33M | 13.44M | 13.69M | 14.41M | 16.07M | 16.1M | 15.78M | 17.35M | 15.11M | 14.47M | 13.55M | 8.52M | 663.42K |
| Basic Shares Outstanding | 6.35M | 5.51M | 4.87M | 56.16M | 55.12M | 53.49M | 40.71M | 37.85M | 35.96M | 31.51M | 28.28M | 25.09M | 22.77M | 19.82M | 18.25M | 16.33M | 13.44M | 13.32M | 14.4M | 16.07M | 16.1M | 15.78M | 15.56M | 15.11M | 14.47M | 13.55M | 8.52M | 663.42K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and insolvency risk
As reported in recent financial filings, Pixelworks experienced a severe revenue contraction, with quarterly figures plummeting to $446,000 in 2026Q1, representing a staggering 93.7% year-over-year decline that underscores the total loss of commercial momentum within its core mobile and home enterprise semiconductor segments.
The precipitous drop in top-line performance suggests that the company's design-win strategy with major OEMs has effectively stalled. Investors should monitor whether this represents a permanent exit from hardware markets or a temporary disruption, as the current revenue scale is insufficient to support the firm's existing operational footprint.
Based on the provided income statement data, Pixelworks' operating expenses consistently dwarf gross profit, with the company reporting a $2.9 million operating loss in 2026Q1 despite minimal revenue, indicating a complete lack of scalability in its current fabless semiconductor business model and cost structure.
The inability to align R&D and SG&A spending with the collapsing revenue base highlights a structural inefficiency that prevents the company from achieving operating leverage. This persistent disconnect suggests that the firm's fixed-cost burden is unsustainable without a radical reduction in headcount or a pivot to a lower-cost IP-licensing model.
According to the latest quarterly data, Pixelworks continues to incur significant R&D and SG&A expenses that far exceed its current gross profit generation, reflecting a cost structure that appears misaligned with the company's diminished market position and severely limited ability to generate meaningful sales volume.
The company's R&D spending remains high relative to its negligible revenue, which may indicate a commitment to legacy product development that no longer yields commercial returns. This expense discipline warrants further investigation, as the current burn rate appears to be rapidly depleting the company's remaining cash reserves.
While the company maintains a portfolio of proprietary visual processing IP, the 2026Q1 financial results suggest that the business is in a state of extreme distress, with negative operating margins and a revenue collapse that may signal the end of its viability as a standalone hardware entity.
Short-sellers would likely focus on the company's inability to convert its technical moat into sustainable cash flow, viewing the current valuation as disconnected from the reality of its operational insolvency. The potential for further dilution or asset liquidation appears high, as the current financial trajectory offers little evidence of a near-term turnaround.
Quick answers to the most common questions about buying PXLW stock.
For fiscal year 2025, Pixelworks, Inc. (PXLW) reported total revenue of $0.7M. This represents a 94.6% decline compared to $12.8M in 1999.
Pixelworks, Inc. (PXLW) reported a net loss of $22.5M for the fiscal year ending 2025.
Pixelworks, Inc. (PXLW) reported an operating income of $-11.5M, resulting in an operating profit margin of -1656.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Pixelworks, Inc. (PXLW) generated $-1.9M in gross profit for the year, representing a gross profit margin of -278.4%. This demonstrates the company's core pricing power and production efficiency.