Ceva Inc ( (CEVA) ) has released its Q3 earnings. Here is a breakdown of the information Ceva Inc presented to its investors.
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Ceva Inc., a leading licensor of silicon and software IP, focuses on enabling smart edge devices across various sectors including wireless communications and Edge AI. The company recently reported a 13% year-over-year increase in total revenue for the third quarter of 2024, reaching $27.2 million. This growth was mainly attributed to robust licensing and royalty revenues, as well as strategic deals in the 5G-Advanced and spatial audio markets.
Ceva achieved significant milestones in the third quarter, including the signing of a licensing deal for its NeuPro-Nano AI NPU targeting consumer AIoT and securing strategic partnerships with major OEMs. The company also reported a substantial increase in shipments of Ceva-powered Bluetooth, Wi-Fi, and cellular IoT devices, totaling more than 400 million units.
Financially, Ceva showed strong performance, with non-GAAP net income increasing by 137% to $3.4 million, and non-GAAP diluted income per share rising to $0.14. Despite a GAAP net loss of $1.3 million, Ceva’s non-GAAP operating income saw a 30% increase, reflecting healthy operational efficiency. The company also expanded its share repurchase program, signaling confidence in its financial health.
Looking ahead, Ceva has raised its financial guidance for the full year of 2024, expecting overall revenue growth between 7% and 9%. With a robust cash position and ongoing strategic initiatives, the company is well-positioned to explore further growth opportunities in the smart edge technology space.
