UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On February 14, 2025 (Japanese Standard Time), Techpoint, Inc. (together with its wholly-owned subsidiaries, the “Company”) filed with the Tokyo Stock Exchange a Japanese report referred to as “Kessan Tanshin,” which contained the Company’s unaudited financial results for the year ended December 31, 2024 (the “Tanshin”). A copy of the English translation of the Tanshin is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
The information in this Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), except as shall be expressly set forth by specific reference in such a filing.
Item 7.01 Regulation FD Disclosure.
The information in Item 2.02 is incorporated by reference into this Item 7.01.
Non-GAAP Financial Information
The following tables contain a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP (generally accepted accounting principles in the United States) financial measures (dollars in thousands).
Year Ended December 31, 2024 |
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Income From |
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Net Income |
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GAAP |
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$ |
19,077 |
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$ |
19,181 |
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Stock-based compensation expense |
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1,587 |
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1,587 |
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Adjustment for taxes (1) |
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— |
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(214 |
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Non-GAAP |
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$ |
20,664 |
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$ |
20,554 |
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(1) Adjustment for taxes based on an 13.49% effective tax rate for fiscal year 2024. |
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Year Ended December 31, 2023 |
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Income From |
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Net Income |
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GAAP |
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$ |
18,025 |
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$ |
17,809 |
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Stock-based compensation expense |
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1,552 |
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1,552 |
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Adjustment for taxes (1) |
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— |
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(179 |
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Non-GAAP |
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$ |
19,577 |
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$ |
19,182 |
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(1) Adjustment for taxes based on an 11.56% effective tax rate for fiscal year 2023. |
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Note on non-GAAP financial information
The Company uses non-GAAP measures of adjusted income from operations and net income, which are adjusted from results based on GAAP to exclude certain expenses. These non-GAAP financial measures are provided to enhance the overall understanding of the Company’s current financial performance and its prospects for the future. Specifically, the Company’s management believes that non-GAAP results provide useful information to the Company’s board of directors, management and investors as these non-GAAP results exclude certain expenses that management believes are not indicative of the Company’s core operating results and can be impacted by factors beyond management’s direct control, such as the trading value of the Company’s shares. These non-GAAP results are some of the primary measurements management uses to assess the Company’s performance, allocate resources and plan for future periods. Reported non-GAAP results should only be considered as supplemental to results prepared in accordance with GAAP, and not considered as a substitute for, or superior to, GAAP results. These non-GAAP measures may differ from the non-GAAP measures reported by other companies in the Company’s industry. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures on a forward-looking basis is not available due to high variability and low visibility with respect to the charges which are excluded from these non-GAAP measures.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
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Description |
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99.1 |
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104 |
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Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Techpoint, Inc. |
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Date: February 14, 2025 |
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By: |
/s/ Fumihiro Kozato |
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Fumihiro Kozato |
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President and Chief Executive Officer (Principal Executive Officer) |
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