Seeking Alpha

Pixelworks, Inc. (PXLW)

  • Wed, May 20, 1:48 PM
    • Pixelworks (NASDAQ:PXLW) has surged on volume of 505K shares (far above a 3-month daily average of 188K). No news has yet hit the wires to explain the move.
    • The video processor developer has recovered the losses seen 3 weeks ago after it posted a Q1 miss and issued soft Q2 guidance. Shares go for 1.6x 2015E sales and 1.3x 2016E sales.
  • Thu, Apr. 30, 7:26 PM
    • In addition to missing Q1 estimates, Pixelworks (NASDAQ:PXLW) guided on its CC (webcast) for Q2 revenue of $14M-$15M and EPS of -$0.04 to -$0.14, below a consensus of $18.1M and -$0.01.
    • The continued ramp of projector SoC shipments to Pixelworks' co-development project partner is expected to be offset by a "temporary shift in order patterns" at other projector clients. New designs were seen in Q1 for Pixelworks' Iris mobile video processor; a second-gen Iris chip is expected to enter mass-production by year's end.
    • Q1 chip sales rose 35% Y/Y to $14.4M; Pixelworks thinks it gained projector chip share. Licensing revenue was "negligible." Gross margin (non-GAAP) was 48.8% vs. 50.3% in Q4 and 60.1% a year ago; the Y/Y drop has to do with a mix shift towards chip revenue. Q2 GM guidance is at 48%-50%
    • GAAP operating.expenses fell by $200K Y/Y to $10.2M - $6.3M was spent on R&D, and $3.9M on SG&A. Pixelworks ended Q1 with $15.6M in cash, and a $3M short-term credit line.
    • Shares have fallen to $4.00 AH.
    • Q1 results, PR.
    | 1 Comment
  • Mon, Apr. 20, 3:12 PM
    • With the Nasdaq up 1.3%, many tech companies are posting big gains, and only a few are seeing major losses.
    • Notable gainers include audio codec chipmaker Cirrus Logic (CRUS +4%), gaming headset maker Turtle Beach (HEAR +11.4%), video processor developer Pixelworks (PXLW +6%), U.S. solar installer Vivint (VSLR +5.4%), CDN owner Limelight (LLNW +5.9%), cloud revenue management software firm ServiceSource (SREV +4.9%), language software firm Rosetta Stone (RST +4.6%), and storage hardware maker Quantum (QTM +5.3%).
    • Notable decliners include craft goods marketplace/recent IPO Etsy (ETSY -8%) and touch sensor developer UniPixel (UNXL -12.2%).
    • Cirrus, a major beneficiary of strong iPhone 6 sales, has made fresh 52-week highs; the company reports on April 28, a day after Apple. Beaten-down Turtle Beach is up 52% from an early April low of $1.85; new executive hires and product launches might be helping. Quantum (also making new 52-week highs) is up 38% since pre-announcing strong March quarter sales on April 9. Pixelworks reports on April 30.
    • Etsy is now down 18% from last Thursday's post-IPO opening trade of $31.00, as investors balance strong growth and a fervently loyal user base with steep multiples; shares are still up 60% from their $16 IPO price. Likewise, UniPixel is down 18% since announcing a deal to buy Atmel's XSense touch sensor assets on Friday morning.
    • Previously covered: Microsoft, Manhattan Associates, Ascent Solar, Check Point/FireEye, Rovi, FARO Technologies
    | Comment!
  • Fri, Feb. 20, 2:43 PM
    • Pixelworks (NASDAQ:PXLW) says it will use the Mobile World Congress (runs from March 2-5) to show off image quality-enhancing tech (referred to as True Clarity) it has developed for its Iris mobile video processor line.
    • The planned tech demos are said to cover "Internet video, cinema mode for premium content, backlight management for optimal viewing in any lighting and enhanced performance for gaming," and to represent "the foundation for the company's future expansion" of its Iris lineup.
    • CEO Bruce Walicek mentioned during the Feb. 5 Q4 CC Pixelworks plans to show off new Iris technology at MWC, and that the company has seen "some early design wins" for Iris. Shares had surged after earnings, but had given back most of their gains prior to today.
    | 1 Comment
  • Fri, Feb. 6, 10:37 AM
    • Pixelworks (NASDAQ:PXLW) guided on its Q4 CC (transcript) for Q1 revenue of $14M-$16M and EPS of -$0.03 to -$0.13 vs. a consensus of $15.9M and -$0.06.
    • However, the company also said it "delivered high volume production of the advanced SoC we developed under co-development partnership and expect this project to continue to ramp into 2015 and drive year-on-year growth in our overall product business for large-screen applications." There has been speculation Apple is the SoC partner in question.
    • Also: During the Q&A, CEO Bruce Walicek mentioned Pixelworks has seen "some early [design] wins" for its Iris mobile video processors, while cautioning such wins don't always lead to production volumes. New Iris offerings will be previewed at the Mobile World Congress (runs from March 2-5).
    • While total revenue was nearly flat Y/Y in Q4, chip sales rose 27%, thanks to growing demand from the digital projector market. Digital projection accounted for 89% of chip sales, and TVs/panels 11%. Licensing revenue (lumpy) totaled just $200K.
    • Q4 gross margin was 50.3% - down from 50.4% in Q3 and 57.8% a year ago, but above guidance of 48%-50% and contributing to the EPS beat. Q1 GM guidance is also at 48%-50%. GAAP operating expenses rose 24% Y/Y to $10.2M, with R&D spend totaling $6.4M.
    • Q4 results, PR
    • Update: SA commenter hedgeguySF states the co-development partnership doesn't involve Apple, and is for a projector SoC.
  • Wed, Jan. 28, 1:03 PM
    • Himax (HIMX +6.7%), QuickLogic (QUIK +7.4%), and Pixelworks (PXLW +5.4%) are posting big gains on a day that has seen many mobile chipmakers rally in the wake of Apple's strong FQ1 iPhone sales print.
    • Himax's LCD driver ICs and QuickLogic's sensor hubs go into Android devices rather than Apple's mobile hardware. Pixelworks counts Apple as a client, but details about the business relationship are limited. Many think an SoC being developed by Pixelworks for large-screen applications (through a "co-development partnership") is meant for Apple.
    • Possibly helping Pixelworks' cause: Tim Cook stated on Apple's (NASDAQ:AAPL) CC (transcript) 25M Apple TV units have now been cumulatively shipped, up from 20M last April, and that the product is one which Apple "[continues] to look at and work on and find a way that we can make even greater contribution than what we’re doing."
    • QuickLogic reports on Feb. 4, Pixelworks on Feb. 5, and Himax on Feb. 12.
  • Thu, Jan. 22, 12:17 PM
    • Pixelworks (PXLW +3.1%) will report Q4 and full-year results after the close on Thursday, February 5th. The conference call will begin at 5.00pm ET.
    • Consensus views for Q4 and 2014 are for EPS of -$0.09 and -$0.23 and revenue of $15.05M (+0.4% Y/Y) and $60.86M (+26.5%), respectively.
    | Comment!
  • Wed, Jan. 21, 6:36 PM
    • Pixelworks (NASDAQ:PXLW) rose 7.1% today on volume of 554K shares (well above a 3-month daily average of 286K), leaving the video processor developer at its highest levels since late November.
    • Shares are up 11% since CEO Bruce Walicek and CFO Steven Moore presented at a Needham conference on Jan. 14 (webcast). They're still down 10% from where they traded before Pixelworks provided soft Q4 guidance on Oct. 30.
    | 1 Comment
  • Wed, Jan. 14, 1:20 PM
    • A slew of tech companies have posted steep losses on a day the Nasdaq is down 1%.
    • Major decliners include Pandora (P -5%), LED giant Cree (CREE -5.9%), cloud HR software leader Workday (WDAY -4.1%), chipmakers Ambarella (AMBA -5.3%), Pixelworks (PXLW -3.7%), Audience (ADNC -3.6%), Spansion (CODE -4.4%), and Cypress (CY -3.9%) (the last two are merger partners), OLED materials/IP provider Universal Display (OLED -4.2%), industrial automation tech provider Echelon (ELON -4.8%), and P2P lending giant/recent IPO LendingClub (LC -4.8%).
    • Possibly affecting OLED: LG Display (NYSE:LPL) has been ordered to halt operations at an OLED TV panel production line following a gas leak that killed two workers.
    • Cree and Pandora aren't far removed from their 52-week lows; the former reports on Jan. 20, and the latter on Feb. 5. LendingClub, whose selloff follows a volatile Tuesday, could be affected by a neutral coverage launch from Susquehanna.
  • Nov. 19, 2014, 9:19 AM
    • Taiwanese OEM BenQ is licensing Pixelworks' (NASDAQ:PXLW) VueMagic wireless projection software for use in its projectors. BenQ will re-brand the offering as QPresenter Pro.
    • VueMagic allows content from Android/iOS devices to be transmitted via Wi-Fi to projectors sporting compatible Wi-Fi dongles. In addition BenQ's products, the software works with Sony, Hitachi, Panasonic, and Optoma projectors.
    | Comment!
  • Oct. 31, 2014, 9:21 AM
    • While its Q3 results were nearly in-line, Pixelworks (NASDAQ:PXLW) guided on its CC (transcript) for Q4 revenue of $14M-$16M and EPS of -$0.11 to -$0.21, below a consensus of $18.6M and $0.02.
    • Digital projection chip sales rose 34% Q/Q in Q3 to $14.9M due to the ramping of sales of both new and older platforms, but TV/panel chip sales fell 44% due to "inventory adjustments at certain customers." CEO Bruce Walicek adds TV segment customers are "moderating and managing their inventories a little more carefully just going into the end of the year."
    • The SoC Pixelworks has been creating for large-screen applications through a co-development agreement "ramped into high-volume production," and is expected to "drive significant year-on-year growth in 2015" for Pixelworks' large-screen chip business. The first chip for the company's Iris mobile video processor line began sampling.
    • Gross margin fell to 50.4% from 51% in Q2 and 61.6% a year ago (a mix shift away from licensing). Q4 GM guidance is at 48%-50%. Opex rose 7% Y/Y to $9.3M; Q4 guidance is at $8.5M-$9.5M.
    • Q3 results, PR
    | Comment!
  • Sep. 22, 2014, 1:45 PM
    • High-beta tech stocks are selling off hard as the Nasdaq registers a 1.3% decline. The selling is broad-based, with Internet, solar, and enterprise tech stocks all well-represented among the ranks of major decliners.
    • Major Internet decliners: BIDU -4.7%. ANGI -7%. YELP -5.9%. AWAY -5.1%. CHGG -5.9%. GRUB -5.8%. P -5.2%. Z -4.6%. TRLA -4.8%. ATHM -7.9%. BITA -7%. DANG -5.9%. WB -5.3%.
    • Solar: FSLR -4.5%. SCTY -7.5%. SPWR -4.5%. DQ -7.6%. JKS -5.5%. ASTI -6.3%. ENPH -5.5%. CSIQ -4.8%.
    • Enterprise: WDAY -5.4%. GIMO -6.7%. VMEM -7.7%. IMPV -4.8%. MKTO -4.9%. SPRT -5.1%. CSOD -5.5%.
    • Others: HIMX -4.6%. SIGM -5.6%. WATT -9.7%. CYNI -5.3%. ADNC -5.7%. PXLW -5%. SWIR -5.8%. MITK -6%. OCLR -6%.
  • Aug. 29, 2014, 5:35 PM
    • Top gainers, as of 5:15 p.m.: APH +10.1%. OTIV +4.4%. SCI +3.6%. TRX +3.6%. UEPS +1.5%.
    • Top losers, as of 5:15 p.m.: ERJ -6.3%. PXLW -5.7%. CTLT -4.7%. RIO -2.1%. LZB -1.8%.
    | Comment!
  • Aug. 1, 2014, 12:46 PM
    | 1 Comment
  • Aug. 1, 2014, 9:29 AM
    • Pixwlworks (NASDAQ:PXLW) guided on its Q2 CC (transcript) for Q3 revenue of $16M-$18M and EPS of -$0.11 to $0.00; the sole analyst estimate is for revenue of $18.6M and EPS of $0.07.
    • A Roth analyst asked Pixelworks if its Q3 guidance doesn't include any license/royalty revenue (carries higher-margins). CFO Steve Moore admitted "there is not a large amount" included, and noted the company's IP revenue has been historically lumpy.
    • CEO Bruce Walicek mentioned Pixelworks began "shipping the mass production version of the advanced SoC for large-screen applications we developed under our co-development partnership" in Q2; some believe Apple is the client.
    • He added volume production of the company's PA168 video processor continued, and that samples of its Iris mobile video processor were delivered in June.
    • Q2 gross margin was 51%, down from 60.1% in Q1 due to a mix shift towards chip sales, but in-line with guidance. Q3 GM is expected to be in a 49%-52% range.
    • Q2 results, PR
    | 1 Comment
  • Aug. 1, 2014, 9:15 AM
    | Comment!
Visit Seeking Alpha's
PXLW vs. ETF Alternatives
Company Description
Pixelworks Inc designs, develops & markets video & pixel processing semiconductors, intellectual property cores, software & custom ASIC solutions for digital video applications. Itsproducts can be used in a various devices.