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CEVA, Inc. Announces First Quarter 2019 Financial Results
MOUNTAIN VIEW, Calif., May 6, 2019 /PRNewswire/ -- CEVA, Inc. (NASDAQ: CEVA), the leading licensor of signal processing platforms and artificial intelligence
About this update from Ceva, Inc.
[{"type":"text","content":"MOUNTAIN VIEW, Calif., May 6, 2019 /PRNewswire/ -- CEVA, Inc. (NASDAQ: CEVA), the leading licensor of signal processing platforms and artificial intelligence processors for smarter, connected devices, announced today its financial results for the first quarter ended March 31, 2019. \nTotal revenue for the first quarter of 2019 was $17.0 million, a 3% decrease compared to $17.6 million reported for the first quarter of 2018. First quarter 2019 licensing and related revenue was $11.0 million, an increase of 9% when compared to $10.1 million reported for the same quarter a year ago. Royalty revenue for the first quarter of 2019 was $6.0 million, a decrease of 20% when compared to $7.5 million reported for the first quarter of 2018. \nGideon Wertheizer, CEO of CEVA, stated: \"Our team executed another strong licensing quarter, including multiple strategic agreements signed. We achieved a major design win for our NeuPro AI processor with one of the world's largest automotive OEMs which positions us at the forefront of level 3 and above autonomous driving. We also expanded our 5G footprint, concluding three agreements with key players targeting 5G networking. Our royalty revenue from handsets suffered substantial headwinds due to excess channel inventory. Our royalties from our non-handset baseband customer base continued to expand, delivering 22% year-over-year growth.\" \nOf the eight license agreements completed during the quarter, three were for smart sensing products and five were for connectivity products. All of the licensing agreements signed during the quarter were for non-handset baseband applications and four were with first-time customers of CEVA. Customers' target markets include AI for autonomous cars, 5G for base station RAN, mmWave small cells and cellular V2X, Bluetooth earbuds, smart speakers and a range of IoT devices. Geographically, three of the deals signed were in China, one was in the U.S., one was in Europe and three were in the APAC region, including Japan.\nGAAP net loss for the first quarter of 2019 was $2.3 million, as compared to a net loss of $2.2 million reported for the same period in 2018. GAAP diluted loss per share for both first quarters of 2019 and 2018 was ($0.10).\nNon-GAAP net income and diluted earnings per share for the first quarter of 2019 were $0.3 million and $0.01, respectively, down fro...