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Sep 30, 2024
Ceva Q3 2024 Earnings Report
Ceva reported strong Q3 2024 results with double-digit year-over-year revenue growth, driven by both licensing and royalties.
Key Takeaways
Ceva's Q3 2024 revenue increased by 13% year-over-year to $27.2 million, with growth in both licensing and royalties. The company signed strategic licensing deals and achieved a milestone in embedded AI with the first NeuPro-Nano NPU licensing deal. Ceva raised its full-year revenue guidance and expanded its share repurchase program.
Total revenue reached $27.2 million, a 13% increase year-over-year.
Ceva-powered device shipments totaled 522 million units, with over 400 million from Bluetooth, Wi-Fi, and cellular IoT.
Strategic licensing deals were signed with a satellite OEM for a 5G-Advanced platform and a smartphone OEM for Spatial Audio software.
The first licensing deal was signed for the NeuPro-Nano embedded AI NPU, targeting consumer AIoT.
Ceva
Ceva
Ceva Revenue by Segment
Revenue by Segment
Licensing & related Revenue
CapyFin.comRoyalties Revenue
CapyFin.com Forward Guidance
Ceva expects overall revenues to be higher than previous guidance, projecting a 7%-9% growth for the full year 2024. Non-GAAP fully diluted EPS is expected to double year-over-year.
Positive Outlook
- Overall revenues expected to grow by 7%-9% for the full year 2024.
- Non-GAAP fully diluted EPS is expected to double year-over-year.
- Strong third quarter earnings with non-GAAP net income and diluted income per share more than doubled year-over-year.
- Continued stock repurchase program with an additional 700,000 shares authorized.
- Cash and cash equivalents, marketable securities and bank deposits were approximately $158 million.
Challenges Ahead
- Intense industry competition.
- The ability of Ceva's technologies and products incorporating Ceva's technologies to achieve market acceptance.
- Ceva's ability to meet changing needs of end-users and evolving market demands.
- The cyclical nature of and general economic conditions in the semiconductor industry.
- Instability and disruptions related to the ongoing Israel-Gaza conflict
Revenue & Expenses
Visualization of income flow from segment revenue to net income