Pixelworks, Inc. (PXLW): Business Model Canvas [Dec-2025 Updated]

As someone who's seen a few tech pivots in my time, you're probably looking at Pixelworks, Inc. right now and wondering how this shift to an asset-light, IP-centric model is actually playing out financially, especially given their estimated $34.3 million in Fiscal Year 2025 revenue and a cash position of $22 million as of October 31, 2025. Honestly, the story here is about trading heavy manufacturing for high-margin licensing, centered around core IP like TrueCut Motion, and this Business Model Canvas details exactly where their Key Resources-like that specialized engineering talent-are being deployed to support their Value Propositions of superior visual quality across all screens. Let's dig into the nine blocks to see the mechanics of this strategy, from their Customer Segments like Mobile Device OEMs to their Revenue Streams built on both chip sales and licensing fees.

Pixelworks, Inc. (PXLW) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships Pixelworks, Inc. (PXLW) is managing in late 2025 as it pivots its business structure. These partnerships are key to monetizing its intellectual property (IP) and securing volume for its remaining visual processing solutions.

VeriSilicon Microelectronics for the sale of the Shanghai subsidiary

Pixelworks, Inc. signed a definitive agreement to sell its controlling interest in Pixelworks Semiconductor Technology (Shanghai) Co., Ltd. to an entity led by VeriSilicon Microelectronics (Shanghai) Co., Ltd. The total purchase price for 100% of Pixelworks Shanghai is set at RMB 950 million, which is approximately $133 million USD. After accounting for transfers to other shareholders, transaction costs, and withholding taxes in China, Pixelworks expects to receive net cash proceeds in the range of $50 million to $60 million. This transaction is expected to close by the end of 2025 and requires approval from holders of 67% of Pixelworks' outstanding common stock. The CEO stated this move is to unlock and repatriate value, sharpen focus on core IP, and derisk the balance sheet.

Mobile OEMs like realme for visual processor integration

The partnership with realme is central to Pixelworks, Inc.'s mobile strategy, targeting the mid-range segment. The newly launched realme P4 5G and P4 Pro 5G smartphones integrate the X7 Gen 2 visual processor. This collaboration targets the $500 USD segment, which is a $370M+ annual market by 2025. The P4 Pro 5G supports a 144Hz refresh rate and 4608Hz high frequency dimming. realme itself has expanded to achieve over 300 million users by 2025. In Q1 2025, mobile revenue showed a 140% sequential increase, though it was off a small base.

Here's a look at the key specifications driven by this OEM partnership:

Film Studios (e.g., Universal, DreamWorks) for TrueCut Motion adoption

The TrueCut Motion technology, which Pixelworks, Inc. retains 100% ownership of following the subsidiary sale, is seeing adoption in major film productions. Universal Pictures agreed to employ TrueCut Motion in multiple upcoming titles, debuting with DreamWorks Animation's The Wild Robot. Additionally, the technology was showcased in Universal Pictures' Nobody 2, set for release on August 15, 2025. The premium theater footprint utilizing this technology is reported to be over 1,500 locations.

Post-Production Houses for TrueCut Motion ecosystem expansion

Expanding the TrueCut Motion ecosystem involves formalizing relationships in post-production. Pixelworks, Inc. formalized a partnership with a market-leading post-production house. The company is also close to securing a strategic ecosystem partner to scale TrueCut Motion into consumer devices, which could shift the revenue model toward recurring licensing fees.

Foundry/OSAT partners for semiconductor manufacturing (fabless model)

Pixelworks, Inc. operates on a fabless model, relying on external partners for manufacturing. While specific foundry or OSAT partners aren't named, the company's financial results reflect the challenges of this model. For instance, Q2 2025 non-GAAP gross margin guidance was compressed to 40-42% (call color: 41-43%) due to lower initial yields on a new projector chip. By Q3 2025, non-GAAP gross profit margin improved sequentially to 49.9%, signaling better yield management or product mix shift.

The company's overall financial structure in Q3 2025 shows a GAAP gross profit margin of 49.8% on revenue of $8.8 million.

Pixelworks, Inc. (PXLW) - Canvas Business Model: Key Activities

IP Licensing and custom ASIC design services development

Pixelworks, Inc. is actively pursuing a transformation toward a technology licensing entity, evidenced by the definitive purchase agreement to sell its Shanghai subsidiary for an expected net cash gain between $50 million and $60 million. Furthermore, the company completed the sale of $3 million of non-strategic patents. Custom ASIC design services represent a significant portion of the product-focused revenue, with one report indicating this activity generates 62% of revenue from 47 major technology clients across mobile and display sectors. A full turnkey design services project, depending on IP and services included, has a potential revenue range between $10 million and $20 million.

Visual Processor and SoC (System-on-Chip) product design and engineering

The core product design and engineering activity resulted in the launch of smartphones incorporating the X7 Gen 2 visual processor, featuring MotionEngine® technology. The company also enabled advanced distributed rendering solutions with the realme GT8 series R1 gaming chip. Revenue contribution from product segments for the third quarter of 2025 was detailed as follows:

The cumulative revenue for the first three quarters of 2025 reached $24.12 million, compared to the full-year 2024 revenue of $34.42 million.

TrueCut Motion platform development and ecosystem certification

Development and ecosystem expansion for the TrueCut Motion platform is a key activity, with plans to double the number of theatrical titles supported from five to ten in 2025. The platform secured tangible traction in the second quarter of 2025:

• Accredited with 3 new theatrical releases in Q2 2025.
• These releases achieved a total box office achievement of over $4 billion.
• Completed device certification for home entertainment engagement.

R&D focused on advanced display and video processing algorithms

Research and development efforts are supported by ongoing cost management. GAAP operating expenses for the third quarter of 2025 were $10.0 million. Management previously targeted a total year-over-year decrease in operating expenses of approximately $10 million for the full year of 2025 due to cost reduction actions.

Global Supply Chain management for chip distribution

The foundation for chip distribution relies on significant intellectual property assets. Pixelworks, Inc. holds 115 patents related to digital image data display. The company is also focused on incorporating its new, low-cost mobile graphics accelerator solution in mid- and entry-level smartphones.

Pixelworks, Inc. (PXLW) - Canvas Business Model: Key Resources

You're looking at the core assets Pixelworks, Inc. (PXLW) relies on to execute its strategy, especially as it pivots toward an asset-light, IP-focused model. Honestly, the tangible resources are shrinking as they divest, but the intangible ones-the brainpower and patents-are what they're betting the future on.

The financial foundation is lean but supported by recent activities. As of October 31, 2025, the company reported Cash and Equivalents of $22 million. This figure is critical, especially given the ongoing strategic review and the planned divestiture of the Shanghai subsidiary, which is expected to bring in a net cash gain between $50 million and $60 million upon closing. That planned cash infusion is a massive resource for the IP licensing focus.

Government support has also played a role in offsetting operating costs. For instance, during the second quarter of 2025, the Pixelworks Shanghai subsidiary secured approximately $1.6 million in cash subsidies from China's Little Giant program. To be fair, only $800,000 of the total subsidies received in Q2 2025 was recognized as other income, with the rest allocated as offsetting credits.

The heart of Pixelworks, Inc.'s value remains its technology portfolio. You see this in the product wins and the focus on licensing.

The engineering talent is specialized, focusing on video and display processing, which is non-trivial to replace. While I don't have a current headcount, their expertise is directly tied to the success of the IP they are retaining and licensing. This talent is what develops and maintains the core visual processing IP.

The retained IP portfolio centers on high-value areas, which is why the company is making this strategic shift. You can see the focus areas:

• TrueCut Motion for cinematic visualization solutions.
• Advanced distributed rendering solutions, used in the realme GT8 series R1 gaming chip.
• Video and display processing IP for licensing.

The company's Q3 2025 revenue breakdown shows where the current product business (which supports the engineering team) is landing: Home and enterprise revenue was approximately $7.4 million, while mobile revenue was approximately $1.4 million for that quarter. Finance: draft the cash flow impact analysis for the Shanghai sale by next Tuesday.

Pixelworks, Inc. (PXLW) - Canvas Business Model: Value Propositions

You're looking at the core value delivered by Pixelworks, Inc. (PXLW) across its product lines as of late 2025. This is what the technology is actually doing for customers and end-users, grounded in recent performance metrics.

Superior Visual Quality and color accuracy across all screens

Pixelworks, Inc. provides solutions enabling highly authentic viewing experiences with superior visual quality across all screens, spanning from cinema to smartphone and beyond. The company has a 20-year history delivering image processing innovation.

Ultra-Low Latency and smooth motion (MotionEngine) for mobile gaming

The MotionEngine technology is a key differentiator in mobile gaming. It boosts the frame rate of games by up to 4x, which helps deliver superior picture quality for lower-frame-rate content and stabilizes performance for high-frame-rate titles. Furthermore, Pixelworks, Inc. announced a joint development with Tencent's PerfDog, introducing a new 'Frame Generation' benchmarking tool designed specifically to enhance mobile gaming performance.

Here are some context points around the mobile segment:

Cinematic Visualization Solutions for premium large-format (PLF) cinema and home

The TrueCut Motion platform is gaining traction in premium viewing environments. As of the first quarter of 2025, the exhibition ecosystem included over 1,500+ TrueCut premium theaters globally. Management is targeting to double the number of theatrical titles utilizing the platform in 2025, aiming for 10 titles, up from 5 titles in 2024. Recent content releases leveraging this technology include The Bad Guys 2, Nobody 2, and Jurassic World Rebirth on CINITY premium screens.

The ecosystem momentum is clear:

• TrueCut premium theaters (count) reached 1,500+ in Q1 2025.
• Targeting 10 TrueCut titles in 2025, up from 5 in 2024.
• The company recognized approximately $1.6 million in cash subsidies for the Shanghai subsidiary in Q2 2025.

AI-Based Super Resolution and image enhancement for display devices

For mobile devices, the visual processor enables high frame rate gaming experiences. Specifically, the technology supports 104 frame per second gaming across over 100 mobile games. This is achieved with real-time frame generation and AI-enhanced 1.5K resolution upscaling. This level of performance is noted to eliminate overheating and the need for performance throttling.

Custom ASIC Design and IP differentiation for premium mobile OEMs

Pixelworks, Inc. is engaging in deeper collaborations for customer-optimized solutions, moving beyond standard merchant products. The company is actively exploring new revenue streams, including ASIC design services, with its Shanghai subsidiary initiating a new framework for these services. The Average Selling Prices (ASPs) in the mobile segment are reported to be sub $2.

Here's a look at the overall financial context surrounding these value drivers:

Finance: review the Q3 2025 guidance for non-GAAP gross margin, which is set between 47% and 49%, against the Q2 actual of 46.0%.

Pixelworks, Inc. (PXLW) - Canvas Business Model: Customer Relationships

You're looking at how Pixelworks, Inc. (PXLW) manages its connections with customers as they pivot toward a more asset-light, IP-focused model late in 2025. The relationship strategy is clearly segmented, blending deep technical collaboration with broader licensing efforts.

Co-development with large projector and mobile OEM customers

Pixelworks, Inc. maintains tight, collaborative relationships with key Original Equipment Manufacturers (OEMs), especially in the mobile space where they are pushing new graphics accelerator solutions. This isn't just selling a chip; it's about integrating deeply into their product roadmaps. For instance, in Q3 2025, the home and enterprise segment, which includes projectors, generated approximately $7.4 million in revenue, showing this segment remains the core revenue driver.

The mobile segment, while smaller in Q3 2025 at approximately $1.4 million, shows high-potential engagement points. We saw a massive sequential jump in mobile revenue of 140% in Q1 2025, indicating successful new product introductions with partners. Specific examples of this deep co-development include the launch of the realme P4 5G and P4 Pro 5G smartphones, which incorporate Pixelworks' X7 Gen 2 visual processor. Furthermore, the company collaborated with realme on the GT8 series, featuring the R1 gaming chip and advanced distributed rendering. On the projector side, management noted yield improvements on a ramping new co-development projector SoC during Q2 2025, which helped the gross margin performance.

Here's a quick look at the revenue mix as of the third quarter of 2025:

Dedicated Engineering Support for complex chip integration and tuning

For OEMs integrating their display processing solutions, Pixelworks, Inc. provides hands-on engineering support. This is crucial because their technology, like the Iris mobile display processors, brings features like mobile HDR and blur-free sports to smartphones, which requires careful tuning for each device. The success of the projector SoC ramp mentioned earlier suggests this dedicated support is actively being used to ensure high picture quality across a wide range of customer hardware. This level of support helps customers differentiate their final products in competitive markets.

Strategic Licensing agreements for IP and custom design services

The strategic shift for Pixelworks, Inc. heavily relies on monetizing its intellectual property (IP) through licensing and custom design services, moving away from pure merchant silicon sales. As early as Q1 2025, the company established a framework for providing Application-Specific Integrated Circuit (ASIC) design services, targeting a large international OEM as the first customer for turnkey services and potential display IP licensing. They are actively advancing discussions with several unrelated parties for IP licensing. This focus is central to their plan to become a technology licensing entity, which is expected to be more scalable and less capital-intensive.

Direct Sales and technical consultation for Home/Enterprise SoCs

For the established Home/Enterprise market, which includes digital projection systems for Large Venue, Education, Business, and Consumer applications, the relationship is managed through direct sales channels supported by technical consultation. Pixelworks' integrated display processing platforms enable these OEMs to develop highly differentiated projectors. The company's solutions provide a solid building block for next-generation products, leveraging technologies like HDR10 and UltraHD 4K support. The sequential revenue increase in Q3 2025 was led by this market, suggesting the direct sales and consultation model for these SoCs is currently effective.

Ecosystem Building with film studios and post-production partners

A distinct relationship track focuses on building the ecosystem for their TrueCut Motion platform, which targets cinematic quality across cinema, mobile, and home entertainment. This involves securing buy-in from content creators. In Q1 2025, Pixelworks, Inc. formalized a new collaborative partnership with a market-leading post-production company to expand this ecosystem. This effort is yielding tangible results, as evidenced by major theatrical releases utilizing the technology:

• Universal Pictures' Nobody 2 released globally in TrueCut Motion.
• DreamWorks Animation's The Bad Guys 2 released in TrueCut Motion for premium large format theaters.
• Jurassic World Rebirth was showcased on CINITY premium screens using TrueCut Motion in China.

This strategy aims to achieve critical mass for broader adoption, linking content creation directly to device integration.

Pixelworks, Inc. (PXLW) - Canvas Business Model: Channels

You're looking at how Pixelworks, Inc. gets its technology and products into the hands of customers as of late 2025. The company is clearly pivoting, so the channels reflect both the legacy semiconductor business and the emerging focus on intellectual property (IP) and cinematic visualization.

Direct Sales Force to Mobile and Home/Enterprise OEMs

The direct sales force remains critical for pushing the core visual processing chips into high-volume consumer electronics. For the third quarter of 2025, the revenue split clearly shows where the bulk of the current hardware business lies. Home and enterprise revenue hit approximately $7.4 million, which was the primary driver for the total quarterly revenue of $8.8 million. Mobile revenue, on the other hand, was significantly smaller at about $1.4 million for the same period. This structure means your sales teams are heavily weighted toward securing and managing relationships with large Original Equipment Manufacturers (OEMs) in the display and projector space.

Here's the quick math on the Q3 2025 revenue distribution:

What this estimate hides is the increasing complexity of mobile engagement; for instance, the company is co-developing a low-cost graphics accelerator targeting broader adoption in mid/entry devices, which requires a different kind of OEM channel engagement than the flagship products.

IP Licensing agreements for technology transfer

The strategic shift toward an asset-light, IP-rich technology licensing model means the channel for technology transfer is becoming paramount. This is directly tied to the pending sale of the Shanghai subsidiary, which is expected to net cash proceeds between $50 million and $60 million. This transaction is designed to free up resources to focus on high-margin IP licensing across end markets. Management has been exploring IP licensing agreements for use in other products, which is expected to provide high-margin upside, potentially seeing advanced discussions turn into tangible revenue by the second half of 2025.

Channel Partners for distribution of chips to smaller customers

While the direct sales force targets the largest OEMs, channel partners are essential for reaching smaller customers or specific geographic niches for chip distribution. The company is actively working to accelerate device licensee adoption for its cinematic technology through strategic partnerships. Specifically, Pixelworks, Inc. is close to completing an agreement with a strategic ecosystem partner to license the broader distribution of TrueCut Motion content to consumer devices in their home. If successful, this prospective partner can open and accelerate the path to device licensees, effectively expanding the distribution channel beyond direct negotiation.

Direct Engagement with Film Studios and Post-Production for TrueCut Motion

The TrueCut Motion platform uses a very specific, high-touch direct engagement channel: film studios and post-production houses. This is about getting the content mastered correctly before it ever reaches a consumer device. In 2024, the platform achieved milestones with agreements with Walt Disney Studios and Universal Pictures, featuring in five major theatrical releases. For 2025, the target was to double that number of titles. The ecosystem momentum is visible in the Q2 2025 results, where the platform was accredited with three new theatrical releases, contributing to a total box office achievement of over $4 billion across those accredited titles.

The TrueCut Motion ecosystem metrics as of mid-2025 include:

• Formalized partnership with a market-leading post-production house.
• Completed certification testing with one major device brand.
• Premium theater footprint now greater than 1,500 locations.

Web/Technical Documentation for developer and partner support

As the business moves toward licensing and custom ASIC design services, the reliance on high-quality web and technical documentation for developer and partner support becomes a key channel for technology adoption. This channel supports the custom ASIC design services framework, which management noted could contribute meaningful revenue as soon as the third quarter of 2025. The technical documentation serves as the primary interface for partners looking to integrate Pixelworks' IP or utilize their design services, helping to onboard new licensees efficiently without requiring direct, continuous engineering support for every integration.

Pixelworks, Inc. (PXLW) - Canvas Business Model: Customer Segments

You're looking at the customer base for Pixelworks, Inc. (PXLW) as the company actively transitions its focus, especially following the Q3 2025 results. The customer mix is clearly weighted toward the Home and Enterprise segment right now, but the strategic intent is shifting.

Here is a look at the revenue contribution by segment for the third quarter of 2025, which gives you a clear picture of where the dollars are currently coming from:

Mobile Device OEMs (e.g., realme) for visual processors in smartphones

This segment is seeing a strategic pivot, focusing on both high-end and lower-cost devices. The Average Selling Price (ASP) for mobile chips was noted as being sub $2 in Q1 2025. You see direct engagement with major players, for instance, the realme P4 series adopting X7 Gen 2 was highlighted in the context of Q3 2025 commercial catalysts. Revenue from mobile was $1.3 million in Q1 2025, growing sequentially to approximately $1.4 million in Q3 2025, though this is a small portion of the total revenue.

Home and Enterprise Projector OEMs for video processing SoCs

This is the core revenue driver for Pixelworks, Inc. (PXLW) currently. For Q3 2025, this segment generated approximately $7.4 million out of the total $8.8 million revenue. The business outlook for the full fiscal year 2025 was reaffirmed as being similar to 2024, suggesting stability in this area despite the company's strategic shift.

Film Studios and Exhibitors adopting the TrueCut Motion format

This represents the high-value content ecosystem customer. The adoption metric shows growth, with the count of TrueCut premium theaters reaching 1,500+ as of Q1 2025. The content pipeline is expanding, with the company targeting 10 titles in 2025, up from 5 in 2024. Specific studio adoption includes Universal Pictures releases like Nobody 2 and DreamWorks Animation's The Bad Guys 2 utilizing the format globally.

Semiconductor Companies and OEMs seeking IP licensing or custom ASIC design

This segment is becoming increasingly important as Pixelworks, Inc. (PXLW) moves toward a global technology licensing model. The company is increasing its emphasis on IP licensing and custom designs. The strategic review of the Shanghai subsidiary, which is central to much of the current product development, is expected to result in a new strategic direction, potentially accelerating this licensing focus. The expected net cash gain from the sale of the Shanghai subsidiary is projected to be $50-$60 million, which will fund this pivot.

Transcoding Customers for one-time, end-of-life chip orders

This segment is inherently transitional due to the definitive agreement to sell substantially all of the assets of Pixelworks Shanghai. While specific revenue from pure transcoding/end-of-life orders isn't itemized, the sale of the subsidiary signals a planned wind-down or transition of these manufacturing-heavy customer relationships. The company is electing not to provide Q4 2025 financial guidance specifically because of this pending sale.

• The company completed the sale of $3 million of non-strategic patents.
• A registered direct offering generated approximately $6.5 million net proceeds.
• The combined corporate actions raised roughly $10 million in cash/proceeds around the Q3 2025 reporting period.

Pixelworks, Inc. (PXLW) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive the engine at Pixelworks, Inc. as of late 2025. The cost structure is heavily influenced by the shift in strategy, which is reflected in the reduced operating expenses compared to the prior year.

Non-GAAP Operating Expenses for the third quarter of 2025 were reported at $9.2 million. This reflects the realized benefits from previous cost reduction actions, as this figure is down from $12.4 million in the third quarter of 2024. That's a year-over-year decrease of $3.1 million in non-GAAP operating expenses for the quarter. For context, the GAAP total operating expenses for Q3 2025 were $10.0 million.

The Cost Structure components are detailed below, using the latest available quarterly data to represent the current run-rate.

Cost of Goods Sold (COGS) for semiconductor manufacturing and testing is represented by the Cost of Sales figure. For the third quarter of 2025, Cost of Sales was $4.40 million on total revenue of $8.8 million, resulting in a non-GAAP gross profit margin of 49.9%.

Research and Development (R&D) expenses for new IP and chip design, along with Sales, General, and Administrative (SG&A) costs, are embedded within the total Operating Expenses. While specific breakdowns aren't explicitly itemized for R&D versus SG&A in the provided data, the overall trend shows cost discipline. The company completed the sale of $3 million of non-strategic patents in Q3 2025, which offsets some IP-related costs or capitalizes on existing assets.

Personnel Costs for specialized engineering and sales teams form the largest part of the operating expenses. The management noted that the reduction in operating expenses reflects cumulative actions taken to streamline the overall cost structure. The company holds 115 patents related to digital image data display, which implies ongoing, though managed, costs for maintenance and defense.

The cost structure reflects a focus on efficiency:

• Non-GAAP Operating Expenses for the first three quarters of 2025 totaled $28.9 million (Q1 $10.4M + Q2 $9.7M + Q3 $9.2M).
• The Q1 2025 non-GAAP OpEx reduction was approximately $2.2 million year-over-year.
• Management guided toward an approximate $10 million year-over-year OpEx reduction for the full 2025 fiscal year from cumulative actions.
• The non-GAAP net loss for Q3 2025 was $3.8 million.

Finance: draft 13-week cash view by Friday.

Pixelworks, Inc. (PXLW) - Canvas Business Model: Revenue Streams

You're looking at the core ways Pixelworks, Inc. (PXLW) brings in money, which is heavily weighted toward selling specialized silicon, supplemented by growing software/IP monetization efforts. Honestly, the revenue profile shows a company in transition, moving from primarily hardware sales to incorporating higher-margin services and royalties.

Mobile Visual Processor chip sales remain a key component, though volume has been lumpy due to product cycles. For instance, in the first quarter of 2025, mobile revenue saw a significant sequential rebound, increasing by 140% quarter-over-quarter, albeit off a small base, with Average Selling Prices (ASPs) reported as sub $2. Shipments include the X7 Gen 2 visual processor, which was incorporated into the realme P4 5G and P4 Pro 5G smartphones launched in the third quarter of 2025. Also, collaborations on a low-cost graphics accelerator targeting mid/entry devices are in progress.

Home and Enterprise SoC sales for projector markets provide a more stable base, though subject to seasonality. Revenue from this segment was $5.8 million in the first quarter of 2025, bouncing back to approximately $7.1 million in the second quarter of 2025, driven by a ramp in shipments to a major projector partner. The third quarter of 2025 saw continued growth across all end markets, leading to a total Q3 2025 revenue of $8.8 million.

IP Licensing and custom ASIC design service fees represent an adjacent revenue opportunity that management is actively pursuing. The Shanghai subsidiary initiated a new framework for ASIC design services, potentially contributing to revenue growth by mid-2025. Furthermore, the company is exploring IP licensing agreements for use in other products, which could provide high-margin upside.

TrueCut Motion platform licensing/royalties from studios and device makers is a high-potential, though currently smaller, stream. The ecosystem momentum is building, with the premium theater footprint now exceeding 1,500+ locations. The company targeted doubling the number of titles utilizing the technology in 2025, aiming for 10 titles compared to 5 in 2024. The platform was accredited with 3 new theatrical releases in the second quarter of 2025 alone, including major studio productions.

Here's a look at the actual revenue recognized across the first three quarters of fiscal 2025, which anchors the full-year expectation:

Total 2025 Fiscal Year Revenue is estimated at $34.3 million (consensus). What this estimate hides is the Q4 contribution needed to reach that figure, given the cumulative revenue through Q3 2025 was $24.12 million.