Press release
CEVA, Inc. Announces First Quarter 2023 Financial Results
- Strategic agreements concluded with leading OEMs for 5G smartphones, Wi-Fi access points, and with a semiconductor player developing a 5G broadband IoT
About this update from Ceva, Inc.
[{"type":"text","content":"- Strategic agreements concluded with leading OEMs for 5G smartphones, Wi-Fi access points, and with a semiconductor player developing a 5G broadband IoT modem\n- Three new Wi-Fi 6 royalty payers in quarter, marking beginning of Wi-Fi 6 royalty cycle\n- Acquisition of RealSpace® 3D Spatial Audio business from VisiSonics Corporation, extending CEVA's embedded application software licensing business and enhancing the company's capabilities in the fast-growing hearables and IoT markets \nROCKVILLE, Md., May 10, 2023 /PRNewswire/ -- CEVA, Inc. (NASDAQ: CEVA), the leading licensor of wireless connectivity and smart sensing technologies and custom SoC solutions, today announced its financial results for the first quarter ended March 31, 2023.\n\n \n \n \n \n \n \n\n \nTotal revenue for the first quarter of 2023 was $28.7 million, a 16% decrease compared to $34.4 million reported for the first quarter of 2022. First quarter 2023 licensing, non-recurring engineering (NRE) and related revenue was $20.7 million, a decrease of 7% when compared to $22.4 million reported for the same quarter a year ago. Royalty revenue for the first quarter of 2023 was $8.0 million, a decrease of 33% when compared to $12.0 million reported for the first quarter of 2022.\nAmir Panush, Chief Executive Officer of CEVA, stated: \"Our licensing business continued to show resilience in the first quarter, underpinned by strategic agreements for our 5G DSPs with a leading Android smartphone OEM and a wireless semiconductor company, and for our Wi-Fi 6 platform with a global leader of Wi-Fi access points. Royalties were impacted by customer inventory adjustments and prolonged weak demand for smartphones and PCs. Beyond these verticals, we are excited by record high royalty revenue contributions from our cellular IoT and Wi-Fi customers in the quarter.\"\nMr. Panush added, \"With the acquisition of the VisiSonics 3D spatial audio business announced today, we have taken an additional step in building our future strategy, bolstering our OEM application software licensing business with a best-in-class solution that expands our offerings in the high-volume hearable and consumer IoT markets including earbuds, headphones, gaming headsets and beyond.\"\nDuring the quarter, thirteen IP license and NRE agreements were concluded, targeting a wide variety of end markets and appl...