Ceva Q3 2023 Earnings Report

Reported sequential improvements in both licensing and royalty revenues after refocusing efforts on driving the IP business following the sale of Intrinsix.

Key Takeaways

CEVA, Inc. reported a total revenue of $24.1 million for Q3 2023, a 20% decrease compared to $30.0 million in Q3 2022. The company experienced sequential improvements in both licensing and royalty revenues. GAAP gross margin reached 90%, and non-GAAP gross margin reached 92%. The company shipped 500 million CEVA-powered devices during the quarter, marking a 35% sequential increase and a 40% year-over-year increase.

Shipped 500 million CEVA-powered devices in the quarter, up 35% sequentially and up 40% year-over-year

GAAP and Non-GAAP gross margins reached 90% and 92%, respectively, reflecting the return to a pure IP licensing and royalty business model.

Expanded the existing share repurchase program with an additional 700,000 shares.

Strengthened focus on IP for high-growth smart edge technologies with the divestiture of the Intrinsix US Aerospace & Defense (A&D) design services business.

Total Revenue

$24.1M

Previous year: $33.7M

Previous year: $25.7M

-15.5%