UPDATED. 2024-07-19 07:49 (금)
PixelPlus faces KOSDAQ delisting from COVID-19
PixelPlus faces KOSDAQ delisting from COVID-19
  • Jane Lee
  • 승인 2020.05.26 18:40
  • 댓글 0
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Double trouble from cars, China due to outbreak
Image: PixelPlus
Image: PixelPlus

South Korean image sensor company PixelPlus is facing the possibility of being delisted from the country's secondary bourse KOSDAQ from the impact of the COVID-19 pandemic.

The company has posted four-straight years of losses as of last year and is already on the stock exchange’s management list due to the poor performances.

PixelPlus was planning to push image sensors for automobiles this year for a turnaround but the virus outbreak has put a break on these plans, sources within the company told TheElec Tuesday.

Image sensors for automobiles accounted for 70% to 80% of the company’s sales, while China accounted for 80% of its sales on a regional bases, a PixelPlus official said. But the automobile market in the world’s second largest economy has “frozen over” due to the virus, making it difficult to predict the company’s second quarter outlook, they said.

PixelPlus was formed in 2000 and saw stellar growth from image sensors for handsets, succeeding in being listed on the US NASDAQ in 2005.

But as quickly as it rose, it fell down hard from tech giants Sony and Samsung Electronics entering the sector. It was delisted from the US exchange on May, 2009.

PixelPlus made a return with image sensors for security cameras afterwards, succeeding in being listed on KOSDAQ in 2015.

But with rise of new Chinese players in the image sensor market with price-competitive goods has put the company in danger again. It has been in the red every year since 2016.

PixelPlus has since effectively given up on the sensor market for security cameras and has been attempting to pivot towards the highly lucrative market for automobiles. In 2016, the company reported 22.4 billion won in cash and cash equivalents, but this has fallen to 6.5 billion won as of the first quarter this year. However, the firm has a debt ratio below 10%, very sound a company that posted yearly losses.

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