Overview

• US cinematic visualization firm's Q1 revenue was $446,000 after Shanghai unit sale

• Net income for Q1 was $80.6 mln, reflecting discontinued operations gain

• Company authorized $5 mln stock repurchase program and completed restructuring

Outlook

• Company did not provide specific financial guidance for the current or future periods

Result Drivers

• SHANGHAI SUBSIDIARY SALE - Q1 results reflect sale of Shanghai semiconductor unit, with contribution to operating results described as immaterial

• RESTRUCTURING & FOCUS SHIFT - Company completed restructuring and refocused on global technology licensing business

• TRUECUT MOTION PROJECTS - Completed most technically challenging motion grading project to-date and expanded endorsements for TrueCut Motion platform

Company press release: ID:nPn9fkhqCa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$446,000	$200,000 (1 Analyst)
Q1 Net Income		$80.58 mln
Q1 Income from Operations		-$4.91 mln
Q1 Operating Expenses		$5.16 mln
Q1 Pretax Profit		-$4.59 mln

Analyst Coverage

• The one available analyst rating on the shares is "buy"

• The average consensus recommendation for the semiconductors peer group is "buy"

• Wall Street's median 12-month price target for Pixelworks Inc is $10.00, about 67.5% above its May 13 closing price of $5.97

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