CEVA Inc. Q3 2024 Revenues Rise Slightly to $100.2M

TL;DR

CEVA's Q3 revenue up slightly to $100.2M YTD. Holding steady.

AI Summary

CEVA Inc. reported its Q3 2024 results, with revenues for the nine months ended September 30, 2024, reaching $100.2 million. This represents a slight increase from the $98.1 million reported for the same period in 2023. The company's filing covers the period up to September 30, 2024, and was submitted on November 8, 2024.

Why It Matters

This filing provides insight into CEVA Inc.'s financial performance for the first nine months of 2024, indicating modest revenue growth compared to the previous year.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative developments.

Key Numbers

• $100.2M — Nine Months Revenue (YTD 2024) (Represents the total revenue generated by CEVA Inc. in the first nine months of 2024.)
• $98.1M — Nine Months Revenue (YTD 2023) (Represents the total revenue generated by CEVA Inc. in the first nine months of 2023, used for comparison.)

Key Players & Entities

• CEVA Inc. (company) — Filer of the 10-Q report.
• 20240930 (date) — End of the reporting period for the 10-Q.
• 20241108 (date) — Date the 10-Q was filed.
• $100.2 million (dollar_amount) — Total revenues for the nine months ended September 30, 2024.
• $98.1 million (dollar_amount) — Total revenues for the nine months ended September 30, 2023.

FAQ

Key Financial Figures

• $0.001 — cable date: 23,626,747 of common stock, $0.001 par value, as of November 5, 2024. 1
• $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
• $1 — 98 $ 256,700 (*) Amount less than $1. The accompanying notes are an integra

Filing Documents

• ceva20240930_10q.htm (10-Q) — 1811KB
• ex_742325.htm (EX-31.1) — 12KB
• ex_742326.htm (EX-31.2) — 12KB
• ex_742327.htm (EX-32) — 6KB
• 0001437749-24-034218.txt ( ) — 9146KB
• ceva-20240930.xsd (EX-101.SCH) — 82KB
• ceva-20240930_def.xml (EX-101.DEF) — 471KB
• ceva-20240930_lab.xml (EX-101.LAB) — 432KB
• ceva-20240930_pre.xml (EX-101.PRE) — 513KB
• ceva-20240930_cal.xml (EX-101.CAL) — 58KB
• ceva20240930_10q_htm.xml (XML) — 1915KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 36 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3 Defaults Upon Senior Securities 38 Item 4 Mine Safety Disclosures 38 Item 5 Other Information 38 Item 6 Exhibits 39

SIGNATURES

SIGNATURES 39 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, embedded 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 leading market position in licensing Wi-Fi 6 and our leadership position in Wi-Fi 7 IP; Our belief that our PentaG2 platform, including the recently announced CevaXC22 multi-thread DSP, ensures we offer the most comprehensive baseband processor IP platform in the industry today, and that our 5G IPs provide newcomers and incumbents with a customizable solution to address the need for 5G, 5G Advanced and other communications in data centers and infrastructure; Our belief that the

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 September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 13,228 $ 23,287 Short-term bank deposits 2,006 10,556 Marketable securities 142,878 132,695 Trade receivables (net of allowance for credit losses of $ 1,088 and $ 288 at September 30, 2024 and December 31, 2023, respectively) 38,630 30,307 Prepaid expenses and other current assets 13,970 12,526 Total current assets 210,712 209,371 Long-term assets: Severance pay fund 6,851 7,070 Deferred tax assets, net 1,685 1,609 Property and equipment, net 6,875 6,732 Operating lease right-of-use assets 5,625 6,978 Goodwill 58,308 58,308 Intangible assets, net 2,132 2,967 Investments in marketable equity securities 309 406 Other long-term assets 12,394 10,644 Total long-term assets 94,179 94,714 Total assets $ 304,891 $ 304,085 LIABILITIES AND STOCKHOLDERS ' EQUITY Current liabilities: Trade payables $ 1,960 $ 1,154 Deferred revenues 3,418 3,018 Accrued expenses and other payables 6,007 5,800 Accrued payroll and related benefits 13,763 14,402 Operating lease liabilities 2,571 2,513 Total current liabilities 27,719 26,887 Long-term liabilities: Accrued severance pay 7,304 7,524 Operating lease liabilities 2,627 3,943 Other accrued liabilities 1,471 1,390 Total long-term liabilities 11,402 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; 23,756,255 and 23,695,190 shares issued at September 30, 2024 and December 31, 2023, respectively. 23,626,747 and 23,440,848 shares outstanding at September 30, 2024 and December 31, 2023, respectively 24 23 Addition

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 18 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 OEMs and original design manufacturers. 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-Advanced 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. C

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View this 10-Q filing on SEC EDGAR