Ceva, Inc. (Nasdq: CEVA), a chip designer, reported revenue of $28.4 million for the second quarter of 2024, compared to revenue of $22.9 million in the comparable quarter of 2023. Non-GAAP diluted earnings per share were $0.17. Royalty revenue was $11.2 million, up 19% year-over-year. Ceva shipped 461 million units, up 25% year-over-year. The company provides silicon and software intellectual property solutions to semiconductor and original equipment manufacturers.
GAAP gross margin for the second quarter of 2024 was 90%, compared to 85% in the second quarter of 2023. On a GAAP basis, Ceva reported a net loss for the second quarter of 2024 of $0.3 million, compared to a net loss of $4.9 million reported in the second quarter of 2023.
Intrinsix’s GAAP net loss for the second quarter of 2023 was $5.8 million. Diluted GAAP loss per share for the second quarter of 2023 was $0.25.
Non-GAAP net loss, including discontinued operations, for the second quarter of 2023 was $0.5 million. Non-GAAP diluted loss per share, including discontinued operations, was $0.02.
“We are pleased to report strong execution and Q2 results that exceeded our estimates, with licensing and royalty revenues growing 28% and 19%, respectively, year-over-year,” said Amir Panouche, CEO of Siva. “In licensing, customer demand for our IP portfolio is being driven by the increasing adoption of AI across every industry and every device.”
“We are encouraged by the strength of our licensing pipeline and the potential for revenue growth from our broad and diverse customer base, and as a reflection of that, we continued to repurchase Company shares during the quarter, repurchasing approximately 100,000 shares for approximately $2 million under our share repurchase program,” said CFO Yaniv Arieli. “At quarter-end, our cash and cash equivalents, marketable securities and bank deposits were approximately $158 million, which we can leverage to increase our shareholding in AI and other high-growth markets.”
Seva hasn’t changed its revenue growth forecast of 4-8% year-over-year, but says growth in 2024 is expected to be at the high end of expectations. The company expects its non-GAAP operating profit to more than double and its adjusted earnings per share to nearly double compared to 2023. It says it expects earnings per share to be above current market estimates.
Ceva’s stock price is currently up 5.38% at $20.49, giving the company a market cap of $483 million.
This article was published in Globes, Israeli Business News – en.globes.co.il – on August 8, 2024.
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