The London-based design disruptor teams up with Ceva to power enhanced listening experiences across the Nothing and CMF sub-brand audio product lines, including the newly announced Nothing Headphone (1) Ceva RealSpace is a complete Spatial Audio software solution combining precise 3D rendering and accurate, low-latency head tracking. RealSpace supports multiple system architectures, giving you the flexibility to render content directly on TWS earbuds, headphones, XR headsets, or speakers for the lowest late ...

CEVA (CEVA) FY Conference Summary Company Overview - CEVA is an IP licensing company, similar to ARM, focusing on technology licensing and earning royalties for each unit sold [3][4] - The company enables three primary use cases: Connect, Sense, and Infer, with a strong emphasis on wireless connectivity, DSP capabilities, and AI accelerators [3][4][6] Core Offerings - CEVA's technology supports a wide range of wireless connectivity including Wi-Fi, Bluetooth, cellular, IoT, and 5G [3][4] - The company has enabled over 20 billion devices, with an annual shipment of approximately 2 billion devices [4] - CEVA's Smart Edge technology integrates connectivity, sensing, and inference capabilities into edge devices [6][7] Market Segmentation and Growth Outlook - CEVA targets six end markets: PC, mobile, automotive, wireless infrastructure, consumer IoT, and industrial IoT [13] - The mobile segment is expected to see significant growth, with a new large U.S. mobile OEM adopting CEVA's technology for their 5G modem [14] - CEVA is currently shipping over 1 billion Bluetooth devices annually, with growth anticipated in Wi-Fi and cellular IoT [15] - The company holds approximately 15% market share in mobile, with expectations to exceed 20% [16] Competitive Landscape - CEVA faces competition primarily from the "make versus buy" decision of customers, with limited direct competition in wireless communication IP [19][20] - The company aims to become the de facto standard for wireless communication, similar to ARM's position in the CPU market [20] Growth Drivers - Short-term growth drivers include increased licensing for next-generation Bluetooth and Wi-Fi technologies [23] - Long-term growth is expected from the transition to smart devices with AI inference capabilities, moving from cloud-based to hybrid models [24] - CEVA anticipates growth in the automotive sector as their Vision AI DSP technologies ramp up in production [27][28] Software Portfolio and Integration - CEVA provides a complete software stack alongside its silicon IP, enhancing interoperability and user experience [31][32] - Investments in embedded software applications for sensor fusion and contextual awareness are aimed at differentiating CEVA's offerings [32] Geographic Strategy and Tariff Impact - CEVA benefits from localization trends, as it does not ship final products and thus is less impacted by tariffs [39][42] - The company serves both Western and Eastern markets successfully, with an increasing demand for IP [40] Financial Performance and Margins - CEVA maintains gross margins above 85%, with a focus on high-margin IP business [44][45] - The company is committed to organic and inorganic growth, with potential M&A opportunities to expand its IP portfolio [48][50] Conclusion - CEVA is positioned for significant growth in the coming years, driven by its strong market presence in mobile and wireless technologies, innovative software solutions, and strategic geographic positioning. The company aims to maintain high gross margins while expanding its IP offerings to meet the evolving needs of its customers [49][51]

Group 1 - The company operates on a principle that emphasizes simplicity and common sense as drivers of success [1] - The hedge fund is built with a clear purpose, disciplined focus, and aims for consistent alpha generation [1] - The investment approach is fully quantitative, relying on a model that provides stock recommendations without human interference [1] Group 2 - The motto "invest first, investigate later" reflects the company's strategy of purchasing based on model suggestions before conducting further research [1] - The company discourages human influence in stock selection to ensure decisions are data-driven and free from individual bias [1]

Revenue Performance - Total revenues for Q1 2025 were $24.2 million, representing a 10% increase compared to Q1 2024[95]. - The five largest customers accounted for 56% of total revenues in Q1 2025, up from 45% in Q1 2024[96]. - Licensing and related revenues increased, while royalty revenues decreased, impacting overall revenue growth[95]. - Licensing and related revenues increased by 32% to $15.0 million in Q1 2025, accounting for 62% of total revenues, up from 52% in Q1 2024[98][102]. - Royalty revenues decreased by 14% to $9.2 million in Q1 2025, representing 38% of total revenues, down from 48% in Q1 2024[103][105]. Market Outlook - The addressable market for Bluetooth, Wi-Fi, UWB, and cellular IoT is expected to exceed 16.5 billion devices annually by 2029[89]. - The company anticipates a low-single digits revenue growth for 2025, down from a high-single digits range due to macroeconomic conditions[93]. - The company expects continued growth in connectivity products, particularly in Bluetooth, Wi-Fi, and cellular IoT business lines[92]. Product Development and Innovation - In Q1 2025, the company signed eleven IP licensing deals, including significant agreements for Wi-Fi 7 and NeuPro-M Edge AI NPU[87]. - The PentaG2 platform and DSPs for 5G mobile broadband are positioned as comprehensive solutions for various connected devices[89]. - The NeuPro-M AI NPUs are designed to enable generative and classic AI across a wide range of devices, with a projected shipment of over 6 billion Edge AI hardware units annually by 2030[89]. - The MotionEngine software has shipped in over 400 million devices, indicating strong market traction[90]. - Eleven IP licensing agreements were concluded in Q1 2025, including deals for Edge AI NPU and Wi-Fi 7 connectivity[101]. Financial Performance - The company reported sales of 420 million chipsets incorporating its technologies in Q1 2025, a 13% increase from Q1 2024[104]. - Gross margin for Q1 2025 was 86%, down from 89% in Q1 2024, primarily due to higher cost of revenues[108]. - Total operating expenses rose to $25.1 million in Q1 2025, compared to $24.5 million in Q1 2024, driven by higher salaries and professional services costs[109]. - Research and development expenses decreased to $17.6 million in Q1 2025, representing 73% of total revenues, down from 82% in Q1 2024[110]. - Financial income, net increased to $2.10 million in Q1 2025, up from $1.26 million in Q1 2024, with a foreign exchange gain of $0.60 million[117][119]. Cash and Investments - The company had approximately $158.3 million in cash, cash equivalents, bank deposits, and marketable securities as of March 31, 2025, down from $163.6 million at the end of 2024[131]. - Total cash, cash equivalents, bank deposits, and marketable securities amounted to $158.3 million, with $134.3 million held by foreign subsidiaries[132]. - Cash used in operating activities for Q1 2025 was $7.4 million, consisting of a net loss of $3.3 million and adjustments for non-cash items of $4.4 million[135]. - Net cash provided by investing activities for Q1 2025 was $6.2 million, compared to $5.1 million for the same period in 2024[138]. - Net cash provided by financing activities for Q1 2025 was $1.4 million, an increase from $0.3 million in Q1 2024[139]. - Unrealized losses associated with investments were approximately $0.8 million as of March 31, 2025, due to changes in the interest rate environment[148]. - Interest income and net gains and losses from marketable securities were $1.50 million for Q1 2025, reflecting higher yields compared to $1.45 million in Q1 2024[149]. - Cash flows from operating activities are primarily affected by payroll-related costs and obligations under property leases and design tool licenses[137]. - The company believes its cash and cash equivalents, short-term bank deposits, and marketable securities will provide sufficient capital for at least the next 12 months[142]. - The company occasionally evaluates potential acquisitions, which may require substantial capital resources and additional financing[143]. - A foreign exchange gain of $600,000 was recorded for Q1 2025, compared to a loss of $193,000 for the same period in 2024[145]. Workforce and R&D - The number of research and development personnel decreased to 325 as of March 31, 2025, from 331 a year earlier[111].

CEVA (CEVA) Q1 2025 Earnings Call May 07, 2025 08:30 AM ET Company Participants Richard Kingston - VP, Market Intelligence, Investor & Public RelationsAmir Panush - Chief Executive OfficerYaniv Arieli - CFO Conference Call Participants Kevin Cassidy - Senior Research AnalystDavid O'Connor - AnalystChris Reimer - AnalystSuji Desilva - Managing Director, Senior Research Analyst Operator Good day, and welcome to the CEVA, Inc. First Quarter twenty twenty five Earnings Conference Call. All participants will be ...

CEVA (CEVA) Q1 2025 Earnings Call May 07, 2025 08:30 AM ET Company Participants Richard Kingston - VP, Market Intelligence, Investor & Public RelationsAmir Panush - Chief Executive OfficerYaniv Arieli - CFO Conference Call Participants Kevin Cassidy - Senior Research AnalystDavid O'Connor - AnalystChris Reimer - AnalystSuji Desilva - Managing Director, Senior Research Analyst Operator Good day, and welcome to the CEVA, Inc. First Quarter twenty twenty five Earnings Conference Call. All participants will be ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $24.2 million, representing a 10% increase year over year from $22.2 million in Q1 2024 [13] - Licensing revenue increased by 32% to $15 million, accounting for 62% of total revenues, compared to $11.4 million in Q1 2024 [13] - Royalty revenue decreased by 14% to $9.2 million, reflecting 38% of total revenue, down from $10.7 million in the same quarter last year [14] - GAAP net loss for Q1 2025 was $3.3 million, with a diluted loss per share of $0.14, compared to a net loss of $5.4 million and a diluted loss per share of $0.23 in Q1 2024 [17] Business Line Data and Key Metrics Changes - Royalty revenue from WiFi increased by 183% year over year, driven by a 12% increase in unit shipments, particularly in the consumer and industrial IoT markets [10][19] - Shipments of Bluetooth units were 233 million, up 15% from 202 million in Q1 2024 [18] - Cellular IoT shipments increased by 31% year over year to 48 million units [18] Market Data and Key Metrics Changes - Shipments in the consumer IoT market rose by 19% to 337 million units, while industrial IoT shipments increased by 26% to 30 million units [18] - The overall market for low-cost smartphones experienced a slowdown, impacting royalty revenue expectations [19] Company Strategy and Development Direction - The company aims to continue innovating for customers, deepen technology leadership, and build a strong future royalty stream while managing expenses [12] - The focus remains on expanding market share in wireless communication IP and diversifying the royalty customer base [2][12] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious outlook for the remainder of the year, lowering 2025 revenue guidance from a high single-digit range to a low single-digit range for growth over 2024 [21] - The company anticipates sequential growth in royalties due to seasonality and the expansion of CEVA-powered 5G smartphone modems [20] Other Important Information - The company reported a cash balance of approximately $158 million as of March 2025 [19] - Total gross operating expenses for Q1 were at the low end of guidance at $25.1 million [14] Q&A Session Summary Question: Can you clarify the significance of the AI NPU ADAS win? - The design win is with a tier one supplier that has secured OEM customers, indicating potential for multiple platforms [26] Question: Is there an increase in ASPs with WiFi 7? - The transition from WiFi 6 to WiFi 7 is expected to bring a significant uplift in ASPs, similar to the previous transition [28] Question: What is the competitive environment around the ADAS win? - The competitive landscape includes a shift towards advanced models using vision transformers, with CEVA's technology excelling in power efficiency and low latency [34][35] Question: What caused the softness in the low-end smartphone market? - The slowdown was attributed to supply chain issues and is expected to recover as customers ramp up production [41][42] Question: How is the licensing pipeline looking? - The licensing pipeline remains strong, with no significant postponements in deals despite macroeconomic concerns [46][76] Question: Are there any impacts from tariffs on licensing? - There is no direct impact from tariffs, but customers are exhibiting cautious behavior due to uncertainty in the market [75][76] Question: How are WiFi royalty units tracking? - WiFi royalty units are ramping up successfully, with many customers integrating technology into production [78]

Revenue Performance - Total revenue for Q1 2025 was $24.2 million, a 10% increase from $22.1 million in Q1 2024[3] - Licensing and related revenue for Q1 2025 was $15.0 million, up from $11.4 million in the same quarter last year[3] - Royalty revenue for Q1 2025 was $9.2 million, down from $10.7 million in Q1 2024[3] Profitability Metrics - GAAP gross margin for Q1 2025 was 86%, compared to 89% in Q1 2024[5] - GAAP net loss for Q1 2025 was $3.3 million, an improvement from a net loss of $5.4 million in Q1 2024[5] - Non-GAAP net income for Q1 2025 was $1.4 million, compared to a non-GAAP net loss of $1.3 million in Q1 2024[7] Business Development - Eleven IP licensing agreements were concluded in the quarter, including significant deals in Wi-Fi 7 and edge AI technologies[4] - The company powered 420 million devices in the quarter, a 13% increase year-over-year[6] - The CEO highlighted successful implementation of IP in a leading U.S. OEM's in-house 5G modem launched during the quarter[4] Revenue Challenges - The CFO noted a shortfall in royalty revenue due to soft low-cost smartphone shipments and slower product ramp-up from an industrial customer[8] Balance Sheet Highlights - Total current assets increased slightly to $216,985 thousand from $216,341 thousand, reflecting a growth of 0.3%[27] - Unbilled receivables rose to $25,731 thousand, up 21.7% from $21,240 thousand[27] - Total liabilities decreased to $40,859 thousand from $42,392 thousand, a reduction of 3.6%[27] - Retained earnings decreased to $7,359 thousand from $11,193 thousand, a decline of 34.5%[27] - Total stockholders' equity increased to $269,132 thousand from $266,556 thousand, showing a growth of 1.0%[27] - Cash and cash equivalents increased to $18,814 thousand from $18,498 thousand, a rise of 1.7%[27] - Marketable securities and short-term bank deposits decreased to $139,534 thousand from $145,146 thousand, a decline of 3.9%[27] - Trade receivables decreased to $15,088 thousand from $15,969 thousand, a drop of 5.5%[27] - Total assets increased to $309,991 thousand from $308,948 thousand, reflecting a growth of 0.3%[27] - Operating lease liabilities decreased to $2,829 thousand from $2,963 thousand, a reduction of 4.5%[27]

Financial Performance - Ceva, Inc. reported Q1 2025 revenue of $24.2 million, representing a 10% increase year-over-year from $22.1 million in Q1 2024 [2][4] - Non-GAAP diluted EPS for Q1 2025 was $0.06, up from a loss of $0.05 in the same quarter last year [2][7] - GAAP gross margin for Q1 2025 was 86%, down from 89% in Q1 2024 [6] - GAAP operating loss for Q1 2025 was $4.4 million, an improvement from a loss of $5.0 million in Q1 2024 [6] - GAAP net loss for Q1 2025 was $3.3 million, compared to a net loss of $5.4 million in Q1 2024 [6] Licensing and Revenue Streams - The company concluded 11 licensing agreements in Q1 2025, including deals for Wi-Fi 7, edge AI NPU for automotive ADAS, and spatial audio software for wireless headsets [5][8] - Licensing and related revenue for Q1 2025 was $15.0 million, up from $11.4 million in Q1 2024 [4] - Royalty revenue for Q1 2025 was $9.2 million, down from $10.7 million in Q1 2024 [4] Product and Market Developments - Ceva-powered shipments reached 420 million units in Q1 2025, marking a 13% increase year-over-year [8] - The company highlighted the successful ramp-up of a leading U.S. OEM's in-house 5G modem that integrates Ceva's IP [5][8] - The adoption of Wi-Fi 7 and new licensees for edge AI and spatial audio IPs are expected to drive future royalty growth [5] Management Commentary - The CEO expressed satisfaction with the progress in the licensing business and emphasized the importance of customer engagements across the IP portfolio [5] - The CFO noted a shortfall in royalty revenue due to lower low-cost smartphone shipments and slower product ramp-up from an industrial customer [8]

Financial Data and Key Metrics Changes - The company reported a quorum of 18,860,260 shares present, representing a significant level of shareholder engagement [7] - The election of directors received overwhelming support, with at least 99% of shares voting in favor of the motions [13][14] Business Line Data and Key Metrics Changes - The meeting included discussions on the approval of amendments to employee stock purchase and equity incentive plans, indicating ongoing adjustments to employee compensation structures [15][22] Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting [0] Company Strategy and Development Direction and Industry Competition - The company is focused on maintaining strong governance through the election of directors and the approval of compensation plans, which reflects a commitment to aligning management interests with shareholder value [10][26] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting [0] Other Important Information - The company ratified the selection of Ernst and Young Global as independent auditors for the fiscal year ending December 31, 2025, which is a standard practice to ensure financial oversight [30] Q&A Session Summary Question: Were there any discussions on the company's future strategies? - There were no specific discussions or questions regarding future strategies during the meeting [0] Question: What was the outcome of the director elections? - The elections resulted in all nominated directors being approved with significant majority votes, indicating strong shareholder support [13][14] Question: Were there any concerns raised by shareholders? - No concerns were raised during the meeting, and all motions passed with overwhelming support [0]