Press release
CEVA, Inc. Announces Third Quarter 2022 Financial Results
- Total revenue of $33.7 million, up 3% year-over-year- Consistent royalty revenue growth from 5G RAN helps to grow base station & IoT royalties 16%
About this update from Ceva, Inc.
[{"type":"text","content":"- Total revenue of $33.7 million, up 3% year-over-year- Consistent royalty revenue growth from 5G RAN helps to grow base station & IoT royalties 16% quarter-over-quarter to $8.2 million- Amir Panush announced as new CEO following Gideon Wertheizer's impending retirement at year end\nROCKVILLE, Md., Nov. 9, 2022 /PRNewswire/ -- CEVA, Inc. (NASDAQ: CEVA), the leading licensor of wireless connectivity and smart sensing technologies and co-creation solutions, today announced its financial results for the third quarter ended September 30, 2022.\n\n \n \n \n \n \n \n\n \nTotal revenue for the third quarter of 2022 was $33.7 million, a 3% increase compared to $32.8 million reported for the third quarter of 2021. Third quarter 2022 licensing, non-recurring engineering (NRE) and related revenue was $22.3 million compared to $21.6 million reported for the same quarter a year ago. Royalty revenue for the third quarter of 2022 was $11.4 million compared to $11.2 million reported for the third quarter of 2021.\nDuring the quarter, eighteen IP license and NRE agreements were concluded with customers targeting a wide variety of applications including ADAS, Wi-Fi access points and endpoints, wireless audio devices and satellite communications. Five of the agreements were with first-time customers. Geographically, nine of the deals signed were in China, seven were in the U.S., and two were in Japan.\nGideon Wertheizer, CEO of CEVA, stated: \"Despite the challenging demand environment, we delivered year-over-year revenue growth in both licensing and royalties in the third quarter. Our royalties from 5G RAN are benefiting from share gains in China and the consistent rollout of new base stations in the U.S., helping to grow our base station & IoT royalties 16% quarter-over-quarter to $8.2 million. Moreover, we expect 5G RAN royalties to grow further next year as 5G base station rollouts in India begin. Of note, our presence in the wearable space expanded during the quarter as a major OEM launched a new wearable device using our cellular technology.\"\nWertheizer concluded: \"CEVA is well-positioned to continue its track record of consistently delivering innovation, further cementing its industry leadership position. I have decided now is the right time for me to retire and to hand the reins to our next leader. Amir Panush brings strategic vision, m...