Core Viewpoint - Ceva, Inc. and THX Ltd. have announced the launch of RealSpace® Tuned by THX™, a premium software solution designed to enhance spatial audio experiences across various consumer audio devices, including TWS earbuds, wireless headphones, smartphones, speakers, and soundbars [1][2][3] Company Overview - Ceva, Inc. is a leading licensor of silicon and software IP, focusing on enabling Smart Edge devices to connect, sense, and infer data efficiently [1][8] - THX Ltd., founded by George Lucas, is recognized for its high-fidelity audio and video standards, originally established for cinemas and now expanded to home theater, gaming, and mobile sectors [3][7] Product Features - RealSpace® Tuned by THX™ incorporates Ceva's spatial audio rendering and head tracking technology, providing an optimized audio experience tailored for each OEM device [2][4] - The software includes curated spatial audio presets for various content types such as gaming, movies, music, and speech, enhancing the overall user experience [2][4] Market Impact - The collaboration aims to help OEMs deliver higher fidelity immersive audio experiences, appealing to both existing and new audiences who demand superior audio reproduction [3][4] - Ceva plans to showcase RealSpace® Tuned by THX™ at CES 2024, demonstrating its capabilities in delivering immersive multichannel spatial audio [6] Software Versions - Ceva offers three versions of RealSpace® software for OEMs, all featuring the "Tuned by THX™" option: - RealSpace Personal for TWS earbuds and wireless headphones - RealSpace Mobile for smartphone systems delivering multi-channel sound - RealSpace Ambient for Bluetooth and USB speakers and soundbars [5]

Visionary.ai neural network software ISP for enhanced camera applications and ENOT.ai neural network optimization tools and AI assistance now available for Ceva's NeuPro-M NPU LAS VEGAS, Jan. 8, 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 it has expanded the AI ecosystem for its class-leading NeuPro-M NPU IP with the addition of two new par ...

Financial Data and Key Metrics Changes - Revenue for Q3 2023 was $24.1 million, down from $30 million in the same quarter last year, with licensing revenue at $13.9 million and royalty revenue at $10.1 million [18][21] - GAAP net loss for continuing operations was $2.7 million, compared to a net loss of $22.3 million in Q3 2022, with diluted EPS of $0.21 for Q3 2023 [21] - Non-GAAP operating income was $1.6 million, down from $7.3 million in the same period last year [20][21] Business Line Data and Key Metrics Changes - Licensing and related revenue accounted for 58% of total revenues, reflecting a 3% sequential increase [18] - Royalty revenue represented 42% of total revenues, marking the second sequential increase in royalties [19] - CEVA shipped 500 million units in Q3 2023, a 35% sequential increase and a 40% year-over-year increase [22] Market Data and Key Metrics Changes - Bluetooth shipments reached 313 million units, up from 210 million units in the previous quarter, driven by strong consumer demand [23] - Cellular IoT shipments hit an all-time high of over 35 million units, reflecting a maturing market [23] - Wireless infrastructure showed softness, with main customers reporting weaker-than-anticipated 5G network builds [15] Company Strategy and Development Direction - The company divested the Intrinsix business to focus on core strengths in wireless communications, edge AI, and sensing software IP [7][9] - CEVA aims to reinforce its leadership position as the world's number one supplier of wireless communication IP and pursue opportunities in edge AI [9][16] - The company plans to increase its share repurchase program by an additional 700,000 shares to enhance shareholder value [16][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in consumer demand and the strength of the licensing pipeline [15][26] - The company anticipates that the divestment of Intrinsix will lead to improved gross margins and a focus on high-volume IP licensing [8][26] - Future growth is expected to be driven by demand for WiFi 7 and continued strength in Bluetooth and cellular IoT markets [12][27] Other Important Information - The company established a corporate strategy function and appointed a Chief Strategy Officer to drive long-term growth [16] - CEVA's cash equivalent balances were approximately $132 million at the end of Q3 2023 [24] - The company reported a significant increase in shipments of smart edge devices and audio technologies [15] Q&A Session Summary Question: Why is CEVA outperforming in a tough IoT market? - Management attributed the performance to a larger customer base and competitive positioning, allowing for increased volume despite market challenges [31] Question: How are US sanctions affecting licensing deals in China? - Management indicated that sanctions have not significantly impacted their licensing activities in China, as their focus is on consumer markets [32][34] Question: What benefits are expected from the sale of Intrinsix? - The sale is expected to improve gross margins and allow for a more focused IP business model, enhancing overall profitability [35][37] Question: What are the drivers for revenue growth in 2024? - Key drivers include strong leadership in wireless communication, increased demand for UWB and 5G IoT technologies, and new edge AI products [44][45] Question: What is the outlook for wireless infrastructure in 2024? - Management noted that while the market is currently soft, there is potential for growth as demand for 5G continues to evolve [56][58] Question: What is the status of licensing activity in China? - Demand in China has stabilized, with customers seeking next-generation technologies, indicating potential for growth in 2024 [52][53]

Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $.001 per share CEVA The NASDAQ Stock Market LLC Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended: September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition pe ...

CEVA, Inc. (NASDAQ:CEVA) Q2 2023 Earnings Conference Call August 9, 2023 8:30 AM ET Company Participants Richard Kingston - Vice President of Market Intelligence & Investor 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 Operator Good day, and welcome to the CEVA Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note, today's even ...

Revenue Performance - Total revenues for Q2 2023 were $26.2 million, a decrease of 21% compared to Q2 2022, and $54.9 million for the first half of 2023, down 19% year-over-year [142]. - Licensing, NRE, and related revenues were $16.8 million for Q2 2023, a 24% decrease from Q2 2022, and $37.5 million for the first half of 2023, down 16% year-over-year [145]. - Royalty revenues were $9.4 million for Q2 2023, a 15% decrease from Q2 2022, and $17.4 million for the first half of 2023, down 25% year-over-year [146]. - Total revenues for the first half of 2023 were $39.7 million, a decrease from $50.0 million in the first half of 2022, reflecting a 20% decline [150]. - The five largest customers accounted for 43% of total revenues in Q2 2023, up from 36% in Q2 2022, indicating increased customer concentration [143]. Product and Market Insights - Connectivity products represented 77% of total revenues for the first half of 2023, compared to 74% in the same period of 2022 [145]. - CEVA shipped 1.7 billion devices in 2022, averaging over 50 devices per second, showcasing strong market presence [128]. - The addressable market for Bluetooth, Wi-Fi, UWB, and cellular IoT is projected to exceed 15 billion devices annually by 2027 [136]. - CEVA's technologies have been incorporated into over 16 billion chips shipped to date, highlighting the extensive reach of its product offerings [128]. Financial Metrics - CEVA's royalty revenues accounted for 36% of total revenues in Q2 2023, slightly up from 33% in Q2 2022, indicating a stable revenue stream [146]. - Cost of revenues for the second quarter of 2023 was $5.6 million, accounting for 21% of total revenues, compared to $6.8 million and 21% in the second quarter of 2022 [151]. - Gross margin for the first half of 2023 remained stable at 80%, consistent with the same period in 2022 [152]. - Research and development expenses for the first half of 2023 were $40.4 million, representing 74% of total revenues, up from 59% in the first half of 2022 [154]. - Operating expenses for the second quarter of 2023 were $26.9 million, slightly higher than $26.6 million in the second quarter of 2022 [153]. Cash Flow and Investments - Financial income, net, for the first half of 2023 was $2.58 million, significantly higher than $0.69 million in the first half of 2022 [159]. - The company recorded a foreign exchange gain of $0.36 million for the first half of 2023, compared to a loss of $0.26 million in the first half of 2022 [160]. - General and administrative expenses for the first half of 2023 were $8.2 million, up from $7.3 million in the first half of 2022, with a percentage of total revenues increasing from 11% to 15% [157]. - As of June 30, 2023, the company had approximately $135.6 million in cash, cash equivalents, short-term bank deposits, and marketable securities, a decrease from $147.7 million at December 31, 2022 [172]. - Cash used in operating activities for the first six months of 2023 was $9.9 million, consisting of a net loss of $10.7 million and adjustments for non-cash items of $10.7 million [176]. - The company invested $2.5 million in marketable securities during the first half of 2023, while cash inflow from marketable securities amounted to $21.7 million [174]. - Net cash provided by investing activities for the first six months of 2023 was $14.4 million, compared to a net cash outflow of $12.3 million for the same period in 2022 [179]. - The company had a cash outflow of $3.6 million for the acquisition of the VisiSonics business during the first half of 2023 [179]. - Interest income and gains from marketable securities for the second quarter of 2023 were $1.03 million, up from $0.58 million in the same period of 2022 [189]. - The unrealized losses associated with the company's investments were approximately $6.0 million as of June 30, 2023, due to changes in the interest rate environment [188]. - The company received $1.7 million from the exercise of stock-based awards during the first six months of 2023, consistent with the same period in 2022 [181]. - As of June 30, 2023, the company had 278,799 shares available for repurchase under its share repurchase program [180]. - The company expects its cash and cash equivalents, along with cash from operations, to be sufficient to fund operations for at least the next 12 months [181]. Workforce and Taxation - The number of research and development personnel increased to 339 as of June 30, 2023, from 333 a year earlier [155]. - The company is applying the Technological Preferred Enterprise tax track for its Israeli subsidiary, which is taxed at a rate of 12% on profits from intellectual property [168].

CEVA, Inc. (NASDAQ:CEVA) Q1 2023 Results Conference Call May 10, 2023 8:30 AM ET Company Participants Richard Kingston - Vice President, Market Intelligence and Investor Relations Amir Panush - Chief Executive Officer Yaniv Arieli - Chief Financial Officer Conference Call Participants Matt Ramsay - TD Cowen Kevin Cassidy - Rosenblatt Securities Martin Yang - Oppenheimer Suji Desilva - ROTH MKM Chris Reimer - Barclays David O'Connor - Exane BNP Paribas Operator Good day, and welcome to the CEVA, Inc., First ...

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) Presents CEVA, Inc.'s unaudited interim condensed consolidated financial statements and management's discussion for the quarter [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Presents CEVA, Inc.'s unaudited interim condensed consolidated financial statements, including balance sheets, statements of loss, and cash flows [Interim Condensed Consolidated Balance Sheets](index=6&type=section&id=Interim%20Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a slight increase in total assets to $311.1 million as of March 31, 2023, from $308.4 million at the end of 2022. Total stockholders' equity also saw a minor increase to $259.9 million Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $180,562 | $177,625 | | **Total assets** | $311,134 | $308,442 | | **Total current liabilities** | $35,037 | $33,278 | | **Total liabilities** | $51,264 | $49,571 | | **Total stockholders' equity** | $259,870 | $258,871 | [Interim Condensed Consolidated Statements of Loss](index=8&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Loss) Net loss increased to $4.9 million in Q1 2023, driven by a 16% revenue decrease to $28.7 million and a shift to an operating loss Statements of Loss Summary (in thousands, except per share data) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Total revenues | $28,735 | $34,391 | | Gross profit | $23,420 | $27,987 | | Operating income (loss) | $(4,793) | $468 | | Net loss | $(4,872) | $(1,696) | | Diluted net loss per share | $(0.21) | $(0.07) | [Interim Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow shifted to a $5.1 million use in Q1 2023, with net cash from investing activities positive at $6.5 million Cash Flow Summary (in thousands) | Activity | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $(5,076) | $9,824 | | Net cash provided by (used in) investing activities | $6,540 | $(4,813) | | Net cash provided by financing activities | $1,673 | $1,720 | | **Increase in cash and cash equivalents** | **$3,198** | **$6,625** | [Notes to the Interim Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the company's business, accounting policies, and specific financial statement items. Key disclosures include revenue disaggregation, major customer data, stock-based compensation details, and information on a subsequent acquisition - CEVA is a licensor of wireless connectivity and smart sensing technologies and a provider of chip design services, serving semiconductor and OEM companies across mobile, consumer, automotive, and IoT markets[26](index=26&type=chunk)[28](index=28&type=chunk) Revenue by Geography (Q1 2023 vs Q1 2022, in thousands) | Region | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | United States | $4,441 | $6,746 | | Europe and Middle East | $3,193 | $1,102 | | Asia Pacific | $20,626 | $26,543 | | Other | $475 | $— | - Customer concentration remains significant, with one customer (Customer A) accounting for **13% of total revenues** in Q1 2023. In Q1 2022, two different customers accounted for **12%** and **11%** of revenues, respectively[57](index=57&type=chunk) - In May 2023, subsequent to the quarter's end, the company entered into an agreement to acquire the VisiSonics 3D spatial audio business for an aggregate of **$3.6 million** at closing, plus potential additional payments[83](index=83&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2023 financial performance, noting a 16% revenue decrease to $28.7 million and a shift to operating loss and negative cash flow [Business Overview](index=31&type=section&id=Business%20Overview) CEVA is a leading licensor of wireless connectivity (5G, UWB, Bluetooth, Wi-Fi) and smart sensing technologies (DSPs, AI processors). The company sees significant growth drivers in mobile handsets, 5G infrastructure (PentaG2 platform), high-volume IoT applications, and smart devices like TWS earbuds and AR/VR headsets - In Q1 2023, the company signed a strategic licensing agreement with a leading Android smartphone OEM that is developing its own 5G modem, which could become a key future royalty source[92](index=92&type=chunk) - The company believes its broad IP portfolio for Bluetooth, Wi-Fi, UWB, and cellular IoT positions it to capitalize on an addressable market expected to exceed **15 billion devices** annually by 2027[95](index=95&type=chunk) - CEVA's Intrinsix chip design business unit extends its market reach into aerospace and defense and strengthens customer relationships by offering co-creation services[89](index=89&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Q1 2023 total revenues decreased 16% to $28.7 million, driven by a 33% drop in royalty revenue, resulting in an operating loss of $4.8 million Revenue Breakdown (in millions) | Revenue Type | Q1 2023 | Q1 2022 | % Change | | :--- | :--- | :--- | :--- | | Licensing, NRE and related | $20.7 | $22.4 | -7% | | Royalties | $8.0 | $12.0 | -33% | | **Total Revenues** | **$28.7** | **$34.4** | **-16%** | - The decrease in total revenues was mainly due to a pull-in of handset baseband shipments in Q4 2022, traditional seasonality, and inventory buildup in the smartphone and PC sectors[97](index=97&type=chunk)[103](index=103&type=chunk) - Thirteen IP license and NRE agreements were signed in Q1 2023, targeting diverse markets including 5G, Wi-Fi 6, Bluetooth, and automotive ADAS. Five of these were with first-time customers[101](index=101&type=chunk) Operating Expenses (in millions) | Expense Category | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Research and Development, Net | $20.8 | $20.2 | | Sales and Marketing | $3.0 | $2.9 | | General and Administrative | $4.0 | $3.6 | | Amortization of Intangibles | $0.3 | $0.8 | | **Total Operating Expenses** | **$28.2** | **$27.5** | [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) The company held $145.1 million in liquid assets as of March 31, 2023, with operating cash flow shifting to a $5.1 million use - Total cash, cash equivalents, bank deposits, and marketable securities stood at **$145.1 million** at the end of Q1 2023, down slightly from **$147.7 million** at year-end 2022[130](index=130&type=chunk) - The company used **$5.1 million** in cash from operations in Q1 2023, primarily due to the net loss and an increase in trade receivables and other prepaid assets[134](index=134&type=chunk) - No shares of common stock were repurchased during the first quarter of 2023. As of March 31, 2023, **278,799 shares** remained available for repurchase under the existing program[81](index=81&type=chunk)[139](index=139&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to market risks primarily from foreign currency exchange rate fluctuations and interest rate changes. A majority of expenses are in non-USD currencies (NIS, Euro), creating exposure that is partially managed through a hedging program. The investment portfolio, consisting mainly of corporate bonds, is exposed to interest rate risk, which resulted in unrealized losses of $6.2 million as of March 31, 2023 - The company uses foreign currency cash flow hedges to mitigate risks from payroll expenses denominated in currencies other than the U.S. dollar[144](index=144&type=chunk) - The investment portfolio of corporate bonds had unrealized losses of approximately **$6.2 million** as of March 31, 2023, due to significant changes in the interest rate environment[146](index=146&type=chunk) [Item 4. Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Based on an evaluation as of the end of the period, the company's Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of March 31, 2023. No material changes to internal control over financial reporting occurred during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2023[150](index=150&type=chunk) [PART II. OTHER INFORMATION](index=42&type=section&id=PART%20II.%20OTHER%20INFORMATION) Details legal proceedings, risk factors, equity sales, and other required disclosures for the period [Item 1. Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not a party to any litigation or other legal proceedings that are reasonably expected to have a material effect on its business, financial condition, or results of operations - CEVA is not currently involved in any material legal proceedings[152](index=152&type=chunk) [Item 1A. Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) This section notes no material changes to the risk factors disclosed in the Annual Report on Form 10-K, except for an expanded discussion on the risks associated with the company's broad discretion over its cash and investments. This highlighted risk pertains to potential non-returns on investments, exposure to interest rate fluctuations causing unrealized losses on corporate bonds, and solvency risks of financial institutions - The company highlights its significant exposure to U.S. interest rate fluctuations due to its concentration of investments in corporate bonds, which led to unrealized losses of approximately **$6.2 million** as of March 31, 2023[155](index=155&type=chunk) - The company is also exposed to risks related to the solvency of banks where it holds deposits and investments, as balances exceed FDIC or similar insurance limits[156](index=156&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports that there were no repurchases of its common stock during the three months ended March 31, 2023 - No common stock was repurchased during Q1 2023[158](index=158&type=chunk) [Other Items (3, 4, 5)](index=43&type=section&id=Other%20Items) Items 3 (Defaults Upon Senior Securities), 4 (Mine Safety Disclosures), and 5 (Other Information) are all reported as not applicable for this period - Items 3, 4, and 5 are not applicable[159](index=159&type=chunk)[160](index=160&type=chunk)[161](index=161&type=chunk) [Item 6. Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including management compensation plans, CEO and CFO certifications, and XBRL data files - The exhibits include certifications from the Chief Executive Officer and Chief Financial Officer as required by the Sarbanes-Oxley Act[163](index=163&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number: 000-49842 CEVA, INC. (Exact name of registrant as specified in its charter) Delaware 77-0556376 (State or other jurisdict ...

CEVA, Inc. (NASDAQ:CEVA) Q4 2022 Earnings Conference Call February 15, 2023 8:30 AM ET Company Participants Richard Kingston - Vice President, Market Intelligence and Investor Relations Amir Panush - Chief Executive Officer Yaniv Arieli - Chief Financial Officer Conference Call Participants Matt Ramsay - Cowen Kevin Cassidy - Rosenblatt Securities Suji Desilva - Roth Capital Chris Reimer - Barclays Martin Yang - Oppenheimer David O’Connor - BNP Paribas Gus Richard - Northland Operator Good day, and welcome ...