CEVA Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CEVA Inc. has filed its Q1 2024 10-Q report detailing financial activities for the quarter ending March 31, 2024.</b>

AI Summary

CEVA INC (CEVA) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. CEVA Inc. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31. CEVA Inc. is incorporated in Delaware. The company's business and mailing address is located at 15245 Shady Grove Road, Suite 400, Rockville, MD 20850.

Why It Matters

For investors and stakeholders tracking CEVA INC, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and operational updates for CEVA Inc. Understanding the details within this report is crucial for assessing the company's current financial health and future prospects.

Risk Assessment

Risk Level: low — CEVA INC shows low risk based on this filing. The provided text is a header and does not contain detailed financial performance data, making a comprehensive risk assessment impossible.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management discussion, and risk factors to make informed investment decisions.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-09 — Filing Date (FILED AS OF DATE)
• 1231 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• CEVA INC (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-09 (date) — FILED AS OF DATE
• DE (jurisdiction) — STATE OF INCORPORATION
• 1231 (date) — FISCAL YEAR END
• 15245 SHADY GROVE ROAD SUITE 400 (address) — BUSINESS ADDRESS
• ROCKVILLE (location) — CITY
• MD (location) — STATE

FAQ

Industry Context

CEVA Inc. operates in the semiconductor and IP licensing sector, providing technology solutions for various communication and computing markets.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the full 10-Q for revenue, net income, and EPS figures.
2. Examine the balance sheet and cash flow statement for financial health indicators.
3. Review the 'Risk Factors' section for potential business challenges.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data provided, no prior filing information is available for comparison.

Key Financial Figures

• $0.001 — cable date: 23,582,142 of common stock, $0.001 par value, as of May 6, 2024. 1 Table
• $61 billion — nd conversational AI devices will reach $61 billion and $108 billion, respectively, by 2030
• $108 b — l AI devices will reach $61 billion and $108 billion, respectively, by 2030, indicatin

Filing Documents

• ceva20240331_10q.htm (10-Q) — 1247KB
• ex_668261.htm (EX-31.1) — 12KB
• ex_668262.htm (EX-31.2) — 12KB
• ex_668263.htm (EX-32) — 6KB
• 0001437749-24-015687.txt (&nbsp;) — 7336KB
• ceva-20240331.xsd (EX-101.SCH) — 78KB
• ceva-20240331_def.xml (EX-101.DEF) — 454KB
• ceva-20240331_lab.xml (EX-101.LAB) — 414KB
• ceva-20240331_pre.xml (EX-101.PRE) — 494KB
• ceva-20240331_cal.xml (EX-101.CAL) — 56KB
• ceva20240331_10q_htm.xml (XML) — 1264KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 33 PART II. OTHER INFORMATION 33 Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3 Defaults Upon Senior Securities 34 Item 4 Mine Safety Disclosures 34 Item 5 Other Information 34 Item 6 Exhibits 35

SIGNATURES

SIGNATURES 35 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA

FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA This Quarterly Report contains forward-looking statements that involve risks and uncertainties, as well as assumptions that if they materialize or prove incorrect, could cause the results of CEVA to differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Forward-looking statements are generally written in the future tense and/or are preceded by words such as "will," "may," "should," "could," "expect," "suggest," "believe," "anticipate," "intend," "plan," or other similar words. Forward-looking statements include the following: Our belief that our portfolio of wireless communications and sensing and edge AI technologies address some of the most important megatrends, including 5G, generative AI, industrial automation and vehicle electrification, and our belief in the continued interest in our IP portfolio due to these trends, in both traditional and new areas; Our belief that our Bluetooth, Wi-Fi, Ultra Wide Band (UWB) and cellular IoT IPs allow us to address the high volume IoT industrial, consumer and smart home markets, and our expectation that the overall addressable market size will be more than 15 billion devices annually by 2027 based on research from ABI Research; Our belief that Wi-Fi represents a significant royalty revenue opportunity in connection with our dominant market position in licensing Wi-Fi 6 and our leadership position in Wi-Fi 7 IP; Our belief that our PentaG2 platform and digital signal processors (DSPs) for 5G mobile broadband and 5G RedCap is the most comprehensive baseband processor IP platform in the industry today and provides newcomers and incumbents with a comprehensive solution to address the need for 5G processing for smartphones, fixed wireless access, satellite communications and a range of connected devices such as robo

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) U.S. dollars in thousands, except share and per share data March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 21,222 $ 23,287 Short-term bank deposits 10,662 10,556 Marketable securities 126,870 132,695 Trade receivables (net of allowance for credit losses of $ 288 at both March 31, 2024 and December 31, 2023) 33,635 30,307 Prepaid expenses and other current assets 13,378 12,526 Total current assets 205,767 209,371 Long-term assets: Severance pay fund 6,897 7,070 Deferred tax assets, net 1,239 1,609 Property and equipment, net 7,157 6,732 Operating lease right-of-use assets 6,704 6,978 Goodwill 58,308 58,308 Intangible assets, net 2,689 2,967 Investments in marketable equity securities 346 406 Other long-term assets 12,332 10,644 Total long-term assets 95,672 94,714 Total assets $ 301,439 $ 304,085 LIABILITIES AND STOCKHOLDERS ' EQUITY Current liabilities: Trade payables $ 1,804 $ 1,154 Deferred revenues 2,479 3,018 Accrued expenses and other payables 4,984 5,800 Accrued payroll and related benefits 14,854 14,402 Operating lease liabilities 2,634 2,513 Total current liabilities 26,755 26,887 Long-term liabilities: Accrued severance pay 7,339 7,524 Operating lease liabilities 3,525 3,943 Other accrued liabilities 1,471 1,390 Total long-term liabilities 12,335 12,857 Stockholders' equity: Preferred Stock: $ 0.001 par value: 5,000,000 shares authorized; none issued and outstanding — — Common Stock: $ 0.001 par value: 45,000,000 shares authorized; 23,695,190 shares issued at March 31, 2024 and December 31, 2023. 23,581,522 and 23,440,848 shares outstanding at March 31, 2024 and December 31, 2023, respectively 24 23 Additional paid in-capital 252,927 252,100 Treasury stock at cost (

BUSINESS

BUSINESS The financial information in this quarterly report includes the results of Ceva, Inc. and its subsidiaries (the "Company" or "Ceva"). Ceva is the leader in innovative silicon and software IP solutions that enable smart edge products to connect, sense, and infer data more reliably and efficiently. With the industry's only portfolio of comprehensive communications and scalable edge AI IP, Ceva powers the connectivity, sensing, and inference in today's most advanced smart edge products across consumer IoT, mobile, automotive, infrastructure, industrial, and personal computing. More than 17 billion of the world's most innovative smart edge products from AI-infused smartwatches, IoT devices and wearables to autonomous vehicles, 5G mobile networks and more are powered by Ceva. Ceva is a trusted partner to many of the leading semiconductor and original equipment manufacturer (OEM) companies targeting a wide variety of cellular and IoT end markets, including mobile, PC, consumer, automotive, smart-home, surveillance, robotics, industrial and medical. The customers incorporate Ceva's IP into application-specific integrated circuits (ASICs) and application-specific standard products (ASSPs) that they manufacture, market and sell to consumer electronics companies. Ceva's application software IP is licensed primarily to OEMs who embed it in their System on Chip (SoC) designs to enhance the user experience, and OEMs also license Ceva's hardware IP products and solutions for their SoC designs to create power-efficient, intelligent, secure and connected devices. Ceva's wireless communications, sensing and edge AI technologies are at the heart of some of today's most advanced smart edge products. From Bluetooth connectivity, Wi-Fi, ultra-wide band (UWB) and 5G platform IP for ubiquitous, robust communications, to scalable edge AI neural processing unit (NPU) IPs, sensor fusion processors and embedded application software that make devices smarter. Ceva licenses its p

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View this 10-Q filing on SEC EDGAR