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CEVA(CEVA) - 2024 Q3 - Earnings Call Transcript
2024-11-08 04:04
CEVA, Inc. (NASDAQ:CEVA) Q3 2024 Earnings Conference Call November 7, 2024 8:30 AM ET Company Participants Richard Kingston - Vice President-Market Intelligence, Investor & Public Relations Amir Panush - Chief Executive Officer Yaniv Arieli - Chief Financial Officer Conference Call Participants Kevin Cassidy - Rosenblatt Securities Chris Reimer - Barclays Gus Richard - Northland Martin Yang - Oppenheimer Warren Darilek - D.A. Davidson Operator Good day, and welcome to the Ceva Inc. Third Quarter 2024 Earnin ...
CEVA(CEVA) - 2024 Q3 - Quarterly Results
2024-11-07 14:21
Exhibit 99.1 Ceva, Inc. Announces Third Quarter 2024 Financial Results ● Total revenue of $27.2 million, up 13% year-over-year ● Ceva-powered device shipments of 522 million units in the quarter, driven by a record of more than 400 million Bluetooth, Wi-Fi and cellular IoT combined shipments ● Strategic licensing deals signed with satellite OEM for 5G-Advanced platform and smartphone OEM for Spatial Audio software ● First licensing deal signed for NeuPro-Nano embedded AI NPU targeting consumer AIoT ● Raises ...
Ceva, Inc. Announces Third Quarter 2024 Financial Results
Prnewswire· 2024-11-07 10:00
- Total revenue of $27.2 million, up 13% year-over-year - Ceva-powered device shipments of 522 million units in the quarter, driven by a record of more than 400 million Bluetooth, Wi-Fi and cellular IoT combined shipments - Strategic licensing deals signed with satellite OEM for 5G-Advanced platform and smartphone OEM for Spatial Audio software - First licensing deal signed for NeuPro-Nano embedded AI NPU targeting consumer AIoT - Raises financial guidance for full year 2024 - Announces expansion of existin ...
Ceva, Inc. Announces Expansion of Existing Share Repurchase Program
Prnewswire· 2024-11-07 09:59
ROCKVILLE, Md., Nov. 7, 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 its Board of Directors authorized the expansion of the company's share repurchase program with an additional 700,000 shares of common stock available for repurchase. As of September 30, 2024, Ceva had approximately 356,000 shares of common stock available for repurchase unde ...
Ceva and Edge Impulse Join Forces to Enable Faster, Easier Development of Edge AI Applications
Prnewswire· 2024-09-24 11:00
Core Insights - Ceva, Inc. and Edge Impulse have announced a collaboration to enhance the Ceva-NeuPro-Nano NPUs with support for the Edge Impulse Platform, enabling faster development and deployment of embedded ML applications pre-silicon [1][2][3] Group 1: Partnership and Collaboration - The collaboration allows AI developers to train, optimize, and deploy embedded ML models on the Ceva-NeuPro-Nano NPU IP before physical hardware is available, significantly accelerating time-to-market for AIoT devices [1][2] - This partnership is the first of its kind focused on NPU IP, ensuring accurate benchmarking and performance refinement of edge AI models [1][3] Group 2: Product Features and Benefits - The Ceva-NeuPro-Nano NPU IP is designed for embedded ML applications, offering a balance of ultra-low power consumption and high performance in a compact form factor, suitable for various AIoT product categories [2][3] - Edge Impulse Platform complements the NeuPro-Nano hardware by providing 'no code' AI tools, simplifying the deployment and benchmarking of embedded ML applications [2][3] Group 3: Market Demand and Future Outlook - There is a growing demand for on-device AI across multiple industries, necessitating efficient and cost-effective solutions for integrating embedded ML applications into products [3] - The combination of Edge Impulse Platform and NeuPro-Nano is positioned as a winning solution for AI developers, facilitating rapid design and deployment of silicon-optimized AI applications [3]
CEVA Wins Prestigious OFweek China Automotive Industry Award 2024
Prnewswire· 2024-08-28 11:00
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]
Can Ceva (CEVA) Climb 33.52% to Reach the Level Wall Street Analysts Expect?
ZACKS· 2024-08-14 14:56
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]
CEVA(CEVA) - 2024 Q2 - Quarterly Report
2024-08-08 20:16
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(CEVA) - 2024 Q2 - Earnings Call Transcript
2024-08-07 17:50
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 ...
CEVA(CEVA) - 2024 Q2 - Quarterly Results
2024-08-07 13:15
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 ...