13 unchanged sentences
On occasion, we have also licensed our technology.
−Removed: During 2021, we engaged in a strategic plan to re-align our Mobile and Home & Enterprise businesses to improve their focus on their Asia-centered customers and employee stakeholders.
+Added: During 2021, we engaged in a strategic plan to re-align our Mobile and Home & Enterprise businesses to improve their focus on their Asia-centered customers and employee stakeholders (the "Strategic Plan").
One of our Chinese subsidiaries, Pixelworks Semiconductor Technology (Shanghai) Co., Ltd.
2 unchanged sentences
Redeemable Non-Controlling Interest and Equity Interest of PWSH Sold to Employees" and "Note 16:
−Removed: Non-Controlling Interest", which are incorporated by reference into this section.
+Added: Non-Controlling Interest", below.
PWSH has a branch office located in Shenzhen, China (Pixelworks Semiconductor Technology (Shanghai) Co.
4 unchanged sentences
This subsidiary does not operate under PWSH, but rather is owned by Pixelworks through our Oregon limited liability company, Pixelworks Semiconductor Technology Company, LLC.
−Removed: We continue to prepare PWSH to file an application for an initial public offering of PWSH shares on the Shanghai Stock Exchange’s Science Technology Innovation Board, known as the STAR Market (the “Listing”) once market conditions in China are supportive.
−Removed: We believe that the Listing will have many benefits, including improved access to new capital markets and the funding of PWSH’s growth worldwide.
−Removed: The process of going public on the STAR Market is lengthy and includes several periods of review by various government agencies of the People’s Republic of China (“PRC”), such as the Shanghai Stock Exchange (“SSE”) and the China Securities Regulatory Commission (“CSRC”).
−Removed: There is no guarantee that PWSH will be approved for a Listing at any point in the future.
−Removed: The CSRC and the SSE have recently tightened the standards for the STAR Market and are currently advising companies that are not yet profitable under China GAAP standards against filing an IPO application in the present environment.
−Removed: The Company believes this is in large part due to the current economic conditions in China and the recent performance of companies already listed on the STAR Market that were not profitable at the time of their IPO.
−Removed: PWSH is not currently profitable under China GAAP standards.
−Removed: The CSRC and the SSE may relax the standards, but there is no guarantee that this will happen in any particular time frame.
−Removed: Any listing of PWSH on the STAR Market will not change the status of PXLW as a U.S.
−Removed: public company.
More than a majority of our operations are in China, but our executive officers and all of our directors but one are located in the United States (and he resides in Singapore).
2 unchanged sentences
The Holding Foreign Companies Accountable Act, as amended by the Consolidated Appropriations Act, 2023, and related regulations, therefore do not apply to our Company.
+Added: As part of the Strategic Plan we intended to qualify PWSH to file an application for an initial public offering on the Shanghai Stock Exchange’s Science Technology Innovation Board, known as the STAR Market (such initial public offering on the STAR Market, the “Listing,” and such application, an "IPO application"), a lengthy process that involves several reviews by various government agencies of China, such as the Shanghai Stock Exchange (“SSE”) and the China Securities Regulatory Commission (“CSRC”).
+Added: The market conditions and regulatory requirements continue to not be conducive to a successful listing by PWSH.
+Added: We continue to believe that the Listing could have many benefits, including improved access to new capital markets and the funding of PWSH’s growth worldwide, and thus remain prepared to re-engage with the various government agencies of China and our advisors involved in a Listing once those conditions and requirements sufficiently improve.
+Added: There is no guarantee that PWSH will be approved for a Listing at any point in the future.
+Added: The Listing of PWSH would not change the status of PXLW as a U.S.
+Added: public company.
+Added: Pixelworks continues to work with Morgan Stanley as financial advisor to assist with reviewing potential alternative strategic options specific to inbound interest in the Pixelworks Shanghai subsidiary.
We target three key markets with our products and services:
54 unchanged sentences
High-resolution (UHD/4K), sustained bitrate decoding (100Mbit), and advanced video formats (HDR10, HDR10+) are key requirements for advanced personal video recorder ("PVR") products sold in the Japanese market, where consumers rate video quality as a key acquisition criteria.
−Removed: The advanced PVR market in Japan is experiencing growth as products move from 2K to UHD/4K formats and support new broadcast technologies, like Advanced Digital Satellite Broadcast ("ADSB") in Japan.
+Added: The advanced PVR market in Japan is transitioning from 2K to UHD/4K formats and supports new broadcast technologies, like Advanced Digital Satellite Broadcast ("ADSB") in Japan.
Our Cinema market category is composed of applications and services for content creation, remastering and video streaming for cinematic video.
155 unchanged sentences
One of our distributors, Upstar Technology Limited represented more than 10% of revenue in each of 2024 and 2023, and accounted for more than 10% of accounts receivable as of December 31, 2024 and December 31, 2023.
−Removed: Another distributor, Tokyo Electron Device Ltd.
−Removed: accounted for more than 10% of revenue in 2022 and more than 10% of accounts receivable as of December 31, 2022.
+Added: One of our distributors, Tokyo Electron Device limited represented more than 10% of accounts receivable as of December 31, 2024.
No other distributor accounted for more than 10% of revenue in 2024 and 2023 or represented more than 10% of accounts receivable as of December 31, 2024 or 2023.
16 unchanged sentences
accounted for more than 10% of revenue in each of 2024 and 2023.
−Removed: Sales to Vivo Communication Technology Co.
−Removed: represented more than 10% of revenue in 2022.
−Removed: Vecima Networks represented more than 10% of accounts receivable as of December 31, 2022.
No other end customer accounted for more than 10% of revenue in 2024 or 2023 or represented more than 10% of accounts receivable as of December 31, 2024 or 2023.
38 unchanged sentences
Our research and development expenses were $31.3 million and $30.9 million in 2024 and 2023, respectively.
−Removed: During 2023 and 2022, we received reimbursements related to a co-development arrangement with a customer for costs incurred in connection with our development of an IC product.
−Removed: As a result of the reimbursements, our overall research and development expense was reduced by $3.2 million and $4.3 million in 2023 and 2022, respectively.
+Added: During 2023, we received reimbursements related to a co-development arrangement with a customer for costs incurred in connection with our development of an IC product.
+Added: As a result of the reimbursements, our overall research and development expense was reduced by $3.2 million in 2023.
+Added: There were no reductions to research and development expense related to co-development arrangements in 2024.
Manufacturing
31 unchanged sentences
Pixelworks was founded in 1997 and is incorporated under the laws of the state of Oregon.
−Removed: Our stock is traded on the Nasdaq Global Market under the symbol "PXLW".
+Added: Our stock is traded on the Nasdaq Capital Market under the symbol "PXLW".
Availability of Securities and Exchange Commission Filings
5 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.