Exhibit 99.1
pixelworkslogo22.jpg

Pixelworks Reports First Quarter 2020 Financial Results
Mobile Revenue Increases Year-over-Year, Driven by Expanded Customers and Adoption in Smartphones
SAN JOSE, Calif., April 30, 2020
- Pixelworks, Inc. (NASDAQ: PXLW), a leading provider of innovative video and display processing solutions, today announced financial results for the first quarter ended March 31, 2020.
First Quarter Financial Highlights
Mobile revenue increased 64% year-over-year, driven by shipments of 5th generation visual processors and Soft Iris solutions in support of a growing number of newly launched smartphones
Implemented cost containment measures in proactive response to COVID-19 pandemic, reducing cash operating expenses by more than 10% from the midpoint of guidance while retaining 100% of employees
Secured additional liquidity by drawing down $5.2 million from existing line of credit to end quarter with $20.4 million in cash, cash equivalents and short-term investments
First Quarter and Recent Business Highlights
Announced new collaboration with Qualcomm to integrate OTA local TV with 5G broadband video solutions
Black Shark incorporated Iris visual processor in newly launched gaming smartphones, the Black Shark 3 and Black Shark 3 Pro
OPPO launched Find X2 and Find X2 Pro smartphones, the first to feature 120 Hz variable refresh rate displays enabled by Pixelworks’ 5th generation visual processor and optimization software
HMD Global launched Nokia 8.3 5G smartphone with PureDisplay technology powered by Pixelworks
Extended partnership with TCL Communication, resulting in development and launch of the TCL 10 Pro, TCL 10L and TCL 10 5G smartphones
OnePlus 8 and OnePlus 8 Pro smartphones launched featuring 120 Hz Fluid Displays leveraging Pixelworks’ 5th generation visual processor and optimization software
President and CEO of Pixelworks, Todd DeBonis, commented, “As disclosed in our early April press release, first quarter results were in-line or above our original guidance despite the extremely challenging business environment. During the quarter, we proactively took action in response to the COVID-19 pandemic to protect our employees and successfully implemented remote working procedures in multiple geographies. We have remained fully operational following the extended Chinese New Year, including active engagement in support of our customers as well as ongoing new product development efforts. Additionally, we’ve further protected the Company’s financial position in preparation for a potentially prolonged economic recovery by reducing cash operating expenses by more than 10% compared to the midpoint of our guidance.
“Our team has remained focused and continued to aggressively execute on our mobile growth initiatives, which collectively have demonstrated substantial traction in recent months. Year-to-date, our Iris visual processors and software have been incorporated into a total of 10 smartphones launched by five OEM customers, two of which were first-time customers. In addition to many of these recently launched devices receiving excellent third-party reviews, Pixelworks’ advanced display technology enabled several of these new smartphones to achieve industry records for mobile display quality and performance.
“While we anticipate the near-term environment to remain challenging across our target markets as our customers struggle with heightened uncertainty related to the COVID-19 pandemic, end market demand and potential supply constraints, Pixelworks is well positioned to benefit from renewed momentum as the business landscape begins to normalize.”
First Quarter 2020 Financial Results
Revenue in the first quarter of 2020 was $13.8 million, compared to $16.0 million in the fourth quarter of 2019 and revenue of $16.6 million in the first quarter of 2019. The sequential and year-over-year decline in revenue reflected a combination of first quarter seasonality and inventory corrections in the digital projector and video delivery markets, coupled with continued year-over-year growth in the mobile market.



The following information was filed by Pixelworks, Inc (PXLW) on Thursday, April 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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