CEVA earnings call summary

Prepared Highlights

• Total revenue: $25.7M, down 10% YoY from $28.4M (CFO).
• Licensing & related revenue: $15.0M (59% of total), down 13% YoY; H1 2025 licensing $30.1M, up 5% vs H1 2024 $28.7M (CFO).
• Royalty revenue: $10.7M (41% of total), up 16% sequentially, down 5% YoY; H1 2025 royalty $19.9M vs H1 2024 $21.8M (CFO).
• Gross margin: GAAP 86%, non-GAAP 87% (CFO).
• Non-GAAP operating expenses: $21.6M, above high end of guidance due to higher employee-related benefit provision (CFO).
• Non-GAAP operating income: $0.8M, 3% of revenue (CFO).
• GAAP net loss: $3.7M, diluted loss per share $0.15 (CFO).
• Non-GAAP net income: $1.8M, diluted EPS $0.07 (CFO).
• Shipped units: 488M units, up 16% sequentially, up 6% YoY; consumer IoT 409M units (+16% YoY), industrial IoT 24M units (-16% YoY), mobile handset modems 55M units (11% of total) (CFO).
• Bluetooth shipments: 254M units, down 5% YoY (CFO).
• Cellular IoT shipments: 66M units (all-time record), up 66% YoY (CFO).
• Wi-Fi shipments: 62M units, up 80% YoY; Wi-Fi 6 shipments record high, up 113% YoY (CFO).
• Cash & equivalents: ~$157M at end of June 2025 (CFO).
• Share buyback: Repurchased 300,000 shares for ~$6.2M in Q2; ~725,000 shares remaining under repurchase program (CFO).
• Headcount: 435 people, 354 engineers (CFO).
• 20 billion CEVA-powered devices shipped milestone (CEO).

Official Guidance (Q3 2025):

• Total revenue: $26M–$30M (CFO).
• GAAP gross margin: ~87%; non-GAAP gross margin: ~88% (CFO).
• GAAP OpEx: $26M–$27M; non-GAAP OpEx: $21M–$22M (CFO).
• Net interest income: ~$1.3M (CFO).
• Taxes: ~$1.8M (CFO).
• Share count: 25.8M shares (CFO).
• Full-year: Maintain overall revenue growth guidance; reiterate double-digit percentage increase in non-GAAP net income and fully diluted non-GAAP EPS vs 2024 (CFO).

Mgmt Quotes:

• "This quarter was marked by strong licensing execution across all our core offering pillars, Connect, Sense, and Infer." (CEO)
• "We secured 4 strategic high-impact NPU customer agreements, validating the market's readiness and our innovative market-leading NPU portfolio." (CEO)
• "We view the $20 billion shipments milestone not as a finish line, but as a launch pad for CEVA's next chapter." (CEO)
• "We have demonstrated strong licensing execution in 2025, notably achieving 5 sequential quarters with about $15 million or above in licensing revenue." (CFO)
• "We reiterate our belief that we will reach a double-digit percentage increase of non-GAAP net income and fully diluted non-GAAP EPS relatively to 2024." (CFO)

Prepared Metrics