The development of scalable cryogenic-compatible electronics capable of reading out very large numbers of silicon photomultipliers (SiPMs) would enhance current and future neutrino and dark matter experiments. The prototype LightPix system is an attempt to meet this need, and is based on slight adaptation of the LArPix system that has been proven in liquid argon time-projection chambers at the 100,000-channel scale. The first-generation LightPix ASIC reuses most of the LArPix design, adding a low-power TDC with 0.5 ns resolution. Additionally, LightPix-v1 features multi-channel coincidence triggering modes to suppress excess data from SiPM dark noise. Here we present an initial performance evaluation of the LightPix-v1 ASIC.