Pixelworks reported third quarter 2024 revenue of $9.5 million, an increase from $8.5 million in the second quarter of 2024, but a decrease from $16.0 million in the third quarter of 2023. The sequential increase was driven by the home and enterprise market, while the year-over-year decline reflected headwinds in the mobile business.
The company achieved a GAAP gross profit margin of 51.2% and a non-GAAP gross profit margin of 51.3% in Q3 2024, showing sequential and year-over-year expansion. GAAP operating expenses decreased to $13.5 million from $15.1 million in the prior quarter, reflecting initial benefits from cost reduction actions.
Pixelworks reported a GAAP net loss of $8.1 million, or ($0.14) per share, and a non-GAAP net loss of $7.1 million, or ($0.12) per share. A significant highlight was securing a multi-year agreement with Universal Pictures to utilize TrueCut Motion technology for several major theatrical releases, alongside completing production qualification for its next-generation flagship mobile visual processor.
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