Core Insights - Ceva, Inc. has been awarded the Cabin-Driving Integrated Technology Breakthrough Award for its Ceva-Waves UWB low-power ultra-wideband IP at the OFweek automotive industry awards in China [1][3] - The Ceva-Waves UWB platform is designed for various applications including automotive, consumer electronics, and IoT, providing secure, centimeter-level accuracy and robust location information [2][4] Company Overview - Ceva specializes in silicon and software IP that enables Smart Edge devices to connect, sense, and infer data efficiently, powering over 18 billion smart edge products globally [5][6] - The company offers a broad portfolio of wireless communication technologies, including Bluetooth, Wi-Fi, UWB, and 5G platform IP, along with Edge AI NPU IPs and sensor fusion solutions [5] Product Features - Ceva-Waves UWB is based on 802.15.4 HRP, FiRa 2.0, and CCC DK3.0 standards, featuring Time-of-Flight (ToF) ranging and Angle-of-Arrival (AoA) processing for accurate location tracking [2][4] - The platform supports various applications such as child presence detection in vehicles, indoor navigation, asset tracking, and tap-free payments, with advanced interference suppression capabilities [4] Industry Recognition - The OFweek China Automotive Industry Awards evaluate automotive products based on innovation, real-world applications, growth potential, and industry leadership, highlighting the significance of Ceva's UWB technology in the automotive semiconductor sector [3]

Group 1: Price Target Insights - CEVA's current stock price is $21.72, with a mean price target of $29, indicating a potential upside of 33.5% [1] - The short-term price targets range from a low of $25 to a high of $33, with a standard deviation of $2.76, suggesting a moderate agreement among analysts [1][4] - The lowest estimate suggests a 15.1% increase, while the highest points to a 51.9% upside [1] Group 2: Analyst Sentiment and Earnings Estimates - Analysts are optimistic about CEVA's earnings, with a positive trend in earnings estimate revisions, which historically correlates with stock price movements [5] - The Zacks Consensus Estimate for the current year has increased by 0.8% over the past month, with no negative revisions [5] - CEVA holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [5] Group 3: Caution on Price Targets - Solely relying on consensus price targets for investment decisions may not be wise, as analysts' price targets can often be misleading [2][3] - A low standard deviation in price targets indicates a high degree of agreement among analysts regarding price movement direction, but it does not guarantee the stock will reach the average target [4] - While price targets should not be ignored, they should be approached with skepticism and not be the sole basis for investment decisions [4][6]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS) Unaudited interim financial statements are presented, highlighting reduced net loss, increased revenues, and improved gross margins [Interim Condensed Consolidated Balance Sheets](index=6&type=section&id=Interim%20Condensed%20Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $207,267 | $209,371 | | **Total Assets** | $300,402 | $304,085 | | **Total Current Liabilities** | $24,982 | $26,887 | | **Total Liabilities** | $36,616 | $39,744 | | **Total Stockholders' Equity** | $263,786 | $264,341 | [Interim Condensed Consolidated Statements of Loss](index=8&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Loss) Q2 Performance Comparison (in thousands, except per share data) | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $28,437 | $22,922 | +24.1% | | Gross Profit | $25,504 | $19,398 | +31.5% | | Operating Loss | ($35) | ($5,343) | +99.3% | | Net Loss | ($291) | ($5,818) | +95.0% | | Diluted EPS | ($0.01) | ($0.25) | +96.0% | H1 Performance Comparison (in thousands, except per share data) | Metric | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $50,509 | $49,184 | +2.7% | | Gross Profit | $45,073 | $42,152 | +6.9% | | Operating Loss | ($4,995) | ($7,963) | +37.3% | | Net Loss | ($5,739) | ($10,690) | +46.3% | | Diluted EPS | ($0.24) | ($0.45) | +46.7% | [Interim Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Category | 2024 | 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | ($4,970) | ($9,863) | | Net cash provided by investing activities | $8,184 | $14,373 | | Net cash (used in) provided by financing activities | ($1,722) | $1,673 | | **Increase in cash and cash equivalents** | **$1,415** | **$6,226** | [Notes to the Interim Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on acquisitions, revenue recognition, stock-based compensation, and share repurchases - In January 2024, the company completed an asset acquisition of a Greek-based R&D company for approximately **$750k** paid at closing and up to **$2.1M** subject to continued employment and performance milestones[43](index=43&type=chunk) - The sale of the Intrinsix subsidiary in October 2023 is accounted for as a discontinued operation, with its financial results retroactively separated from continuing operations in all presented periods[45](index=45&type=chunk) Revenue by Geography - Six Months Ended June 30 (in thousands) | Region | 2024 | 2023 | | :--- | :--- | :--- | | United States | $3,903 | $4,100 | | Europe and Middle East | $8,954 | $4,893 | | Asia Pacific | $37,639 | $39,689 | | **Total** | **$50,509** | **$49,184** | - In H1 2024, the company repurchased **157,303** shares of common stock for an aggregate price of **$3.276 million**. As of June 30, 2024, **542,697** shares remained available for repurchase under the program[123](index=123&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses Q2 2024 revenue growth, full-year projections, improved gross margin, and the company's strong liquidity position [Business Overview and Current Trends](index=35&type=section&id=Business%20Overview%20and%20Current%20Trends) - The company's strategy focuses on enabling three main use cases for smart edge devices: connect, sense, and infer, targeting the consumer, automotive, industrial, and infrastructure markets[143](index=143&type=chunk) - Management projects full-year 2024 revenue growth of **4%** to **8%** over 2023, with the majority of this growth expected in the second half of the year[144](index=144&type=chunk) - In Q2 2024, the company signed **11** IP licensing agreements, including strategic deals for next-generation wireless infrastructure and a **significant** Bluetooth portfolio deal with a leading U.S. analog semiconductor company[131](index=131&type=chunk)[151](index=151&type=chunk) [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Q2 2024 vs. Q2 2023 Revenue Performance (in millions) | Revenue Stream | Q2 2024 | Q2 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Licensing & Related | $17.3 | $13.6 | +28% | | Royalties | $11.2 | $9.4 | +19% | | **Total Revenues** | **$28.4** | **$22.9** | **+24%** | - Chipset shipments incorporating Ceva's technologies increased by **24%** year-over-year to **461 million** units in Q2 2024, driven by market share gains in Bluetooth, Wi-Fi, and cellular IoT[152](index=152&type=chunk)[153](index=153&type=chunk) - Gross margin improved to **90%** in Q2 2024 from **85%** in Q2 2023, reflecting lower cost of revenues and higher total revenues[157](index=157&type=chunk) - Customer concentration increased, with the top three customers accounting for **66%** of total revenues in Q2 2024, compared to **49%** in Q2 2023[147](index=147&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2024, the company had a total of **$158.4 million** in cash, cash equivalents, bank deposits, and marketable securities[177](index=177&type=chunk) - Cash used in operating activities for H1 2024 was **$5.0 million**, a **significant improvement** from the **$9.9 million** used in H1 2023[181](index=181&type=chunk)[182](index=182&type=chunk) - During H1 2024, the company used **$3.3 million** to repurchase **157,303** shares of its common stock[177](index=177&type=chunk)[185](index=185&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=45&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risks are foreign currency fluctuations and interest rate risk on its investment portfolio - The company is exposed to foreign currency risk as the majority of its expenses are denominated in currencies other than the U.S. dollar, primarily the Israeli New Shekel (NIS) and the Euro[188](index=188&type=chunk) - A foreign currency cash flow hedging program is in place to protect against volatility in forecasted payroll expenses for non-U.S. employees[190](index=190&type=chunk) - The company's investment portfolio, consisting mainly of corporate bonds, had unrealized losses of approximately **$3.3 million** as of June 30, 2024, due to changes in the interest rate environment[192](index=192&type=chunk) [Item 4. Controls and Procedures](index=46&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded the company's disclosure controls and procedures were effective as of June 30, 2024, with no material changes - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective** as of the end of the period covered by this report[195](index=195&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company is not involved in any legal proceedings expected to materially affect its business or financial condition - The company is not currently involved in any legal proceedings that are expected to have a **material impact**[196](index=196&type=chunk) [Item 1A. Risk Factors](index=47&type=page&id=Item%201A.%20Risk%20Factors) No material changes have been identified in the risk factors previously disclosed in the company's 2023 Annual Report - **No material changes** to the Risk Factors disclosed in the 2023 Form 10-K have been identified[197](index=197&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's Q2 2024 share repurchase activity, including shares repurchased and remaining available Share Repurchases in Q2 2024 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2024 | 0 | N/A | | May 2024 | 77,359 | $19.86 | | June 2024 | 23,072 | $20.02 | | **Total Q2** | **100,431** | **$19.89** | - As of the end of Q2 2024, **542,697** shares remained available for repurchase under the company's publicly announced share repurchase program[200](index=200&type=chunk)[201](index=201&type=chunk)

CEVA, Inc. (NASDAQ:CEVA) Q2 2024 Results Conference Call August 7, 2024 8:30 AM ET Company Participants Richard Kingston - Vice President of Market Intelligence, Investor and Public Relations Amir Panush - Chief Executive Officer Yaniv Arieli - Chief Financial Officer Conference Call Participants Matt Ramsay - TD Cowen Kevin Cassidy - Rosenblatt Securities Chris Reimer - Barclays Suji Desilva - Roth Capital Martin Yang - Oppenheimer David O'Connor - BNP Paribas Gus Richard - Northland Operator Good day and ...

Exhibit 99.1 Ceva, Inc. Announces Second Quarter 2024 Financial Results ● Licensing and related revenues $17.3 million, up 28% year-over-year ● Royalty revenue $11.2 million, up 19% year-over-year, generated from 461 million shipped units, up 24% year-over-year ● Long-term roadmap deals signed with 2 infrastructure OEMs developing custom silicon driven by rise in AI-related traf ic on wireless networks ● Strategic deal signed with leading U.S. analog semiconductor company for Ceva-Waves Bluetooth portfolio ...

Ceva (CEVA) came out with quarterly earnings of $0.17 per share, beating the Zacks Consensus Estimate of $0.02 per share. This compares to loss of $0.02 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 750%. A quarter ago, it was expected that this chip designer would post earnings of $0.03 per share when it actually produced a loss of $0.05, delivering a surprise of -266.67%.Over the last four quarters, the company has surpass ...

Balletto BLE 5.3 and Matter Wireless Microcontroller family features Neural Co-Processor for AI/ML Workloads targeting wireless audio and the smart homeROCKVILLE, Md., July 23, 2024 /PRNewswire/ -- Ceva, Inc. (NASDAQ: CEVA), the leading licensor of silicon and software IP that enables Smart Edge devices to connect, sense and infer data more reliably and efficiently, today announced that Alif Semiconductor®, a leading global supplier of secure, connected, power efficient Artificial Intelligence and Machine L ...

Fully programmable certified ST87M01 LTE Cat-NB2 NB-IoT industrial module leverages Ceva-Waves Dragonfly NB-IoT platform IP to deliver ultra-reliable Low Power Wide Area Network (LPWAN) connectivityROCKVILLE, Md., July 10, 2024 /PRNewswire/ -- Ceva, Inc. (NASDAQ: CEVA), the leading licensor of silicon and software IP that enables Smart Edge devices to connect, sense and infer data more reliably and efficiently, announced today that STMicroelectronics has licensed and deployed the Ceva-Waves Dragonfly NB-IoT ...

ROCKVILLE, Md., July 9, 2024 /PRNewswire/ -- Ceva, Inc. (NASDAQ: CEVA), the leading licensor of silicon and software IP that enables Smart Edge devices to connect, sense and infer data more reliably and efficiently, will announce results for the second quarter 2024 on August 7, 2024 before the NASDAQ market opens.Following the release, Ceva management will conduct a conference call at 8:30 a.m. Eastern Time to discuss the operating performance for the quarter.The conference call will be available via the fo ...

- Ceva-NeuPro-Nano NPUs deliver optimal balance of ultra-low power and best performance in small area to efficiently execute TinyML workloads in consumer, industrial and general-purpose AIoT products- Ceva-NeuPro Studio complete AI SDK for the Ceva-NeuPro NPU family supports open AI frameworks including TensorFlow Lite for Microcontrollers and microTVM to simplify the rapid development of TinyML enabled applications - Optimized NPUs for embedded devices build on Ceva's market leadership in IoT connectivity ...