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PORTLAND - Pixelworks, Inc. (NASDAQ:PXLW), a technology company with a market capitalization of $37.6 million and strong liquidity position, announced Thursday that its Shanghai subsidiary has been awarded approximately $1.6 million in government subsidies from Chinese authorities. According to InvestingPro data, the company maintains more cash than debt on its balance sheet, though it has been rapidly depleting its cash reserves.
The cash subsidies were granted to Pixelworks Semiconductor Technology (Shanghai) Co., Ltd. in connection with its designation as a "Little Giant" enterprise by China’s Ministry of Industry and Information Technology in the fourth quarter of 2024.
According to the company’s press release statement, the funds are intended to offset a portion of previous investments in intellectual property, EDA software, and initial chip production related to the subsidiary’s research and development activities.
The "Little Giant" program identifies small and medium-sized enterprises that meet specific criteria related to innovation and R&D capabilities. Designated companies can qualify for various government subsidies, including grants and investment reimbursements.
Pixelworks Shanghai develops image processing solutions that integrate visual processing with AI enhancements and distributed rendering architecture to improve rendering performance for mobile devices and gaming applications.
Pixelworks, headquartered in Portland, Oregon, has been developing video and display processing solutions for over 25 years. The company provides technology to consumer electronics manufacturers, professional display providers, and video streaming services.
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