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CEVA

CEVA, Inc.

CEVA

CEVA, Inc. • NASDAQ
$21.59 ▲ 4.75% (+0.98)
Market Cap $518.54 M
52w High $38.94
52w Low $18.23
Dividend Yield 0%
P/E -215.9
Volume 287.08K
Outstanding Shares 24.02M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $28.384M ▲ $27.076M ▲ $-2.509M ▲ -8.839% ▲ $-0.1 ▲ $317K ▲
Q2-2025 $25.678M ▲ $26.611M ▲ $-3.704M ▼ -14.425% ▼ $-0.15 ▼ $-3.376M ▲
Q1-2025 $24.245M ▼ $25.14M ▼ $-3.327M ▼ -13.722% ▼ $-0.14 ▼ $-3.523M ▼
Q4-2024 $29.223M ▲ $25.778M ▼ $-1.736M ▼ -5.941% ▼ $-0.073 ▼ $1.22M ▲
Q3-2024 $27.207M $25.87M $-1.311M -4.819% $0.097 $-1.634M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $152.058M ▼ $306.014M ▲ $37.295M ▲ $268.719M ▲
Q2-2025 $157.504M ▼ $302.842M ▼ $36.95M ▼ $265.892M ▼
Q1-2025 $158.348M ▼ $309.991M ▲ $40.859M ▼ $269.132M ▲
Q4-2024 $163.644M ▲ $308.948M ▲ $42.392M ▲ $266.556M ▲
Q3-2024 $158.112M $304.891M $39.121M $265.77M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-2.509M ▲ $-5.859M ▼ $-6.181M ▼ $606K ▲ $-11.812M ▼ $-6.285M ▼
Q2-2025 $-3.704M ▼ $1.183M ▲ $14.554M ▲ $-5.89M ▼ $10.268M ▲ $492K ▲
Q1-2025 $-3.327M ▼ $-7.404M ▼ $6.232M ▲ $1.358M ▲ $316K ▼ $-7.715M ▼
Q4-2024 $-1.736M ▼ $8.042M ▲ $-1.385M ▲ $-1M ▲ $5.27M ▲ $7.013M ▲
Q3-2024 $-1.311M $399K $-9.245M $-2.851M $-11.474M $-15K

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
License
License
 $30.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
Royalty
Royalty
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly steady over the past several years, with only modest ups and downs, and gross margins are very strong – most of each dollar of sales still falls through after direct costs. The challenge is further down the income statement: operating profit has hovered around break-even and has recently slipped into small losses, and net income has been negative for several years in a row. That pattern suggests the core business has attractive economics but the company is not yet large enough, or not yet efficient enough, to fully cover its spending on R&D, sales, and overhead. Losses are not huge, but they point to execution risk in converting a solid technology and licensing model into consistent profitability.

Balance Sheet

Balance Sheet The balance sheet looks conservative and stable. Total assets and shareholder equity have stayed in a similar range over the last five years, indicating no major balance sheet shocks. Debt is very low, so financial leverage risk is limited. Cash levels are modest rather than abundant, but they have not collapsed, which suggests the company has been able to sustain its operations without heavy borrowing. Overall, the financial foundation appears sound, but there is not an obvious surplus of cash to absorb a long stretch of weak performance.

Cash Flow

Cash Flow Cash generation has been uneven. In some years, the business produced positive cash from operations and free cash flow; in the most recent period it was closer to break-even, with a prior year showing a small outflow. Capital spending needs are very light, which helps preserve cash. Still, the stop‑start pattern of operating cash flow indicates that the licensing and royalty model can be lumpy, and that the company does not yet have a consistently self-funding cash engine. The current profile looks manageable but leaves limited room for prolonged downturns without drawing on the existing cash cushion.

Competitive Edge

Competitive Edge CEVA operates in a favorable niche: it licenses specialized chip designs and related IP rather than manufacturing chips, which gives it an asset-light model with high gross margins. Its portfolio covers digital signal processing, edge AI, and wireless connectivity, making it a one‑stop provider for many chip designers. The IP business tends to be sticky – once a customer designs CEVA’s IP into a chip, switching is costly – which supports long customer relationships and recurring royalties. At the same time, the company operates alongside large, well-funded IP and chip design rivals and must compete against customers’ own in‑house designs. Its position is strong in several sub‑niches, but it is not immune to the broader semiconductor cycle or to design wins and losses at a relatively small number of key customers.

Innovation and R&D

Innovation and R&D The company’s strategy is clearly driven by R&D. It is investing heavily in edge AI processors, advanced DSP cores, and multi‑standard wireless platforms, targeting fast‑growing areas like IoT, automotive electronics, AR/VR, and future wireless standards. Tools such as its AI development environment and application‑specific platforms add value beyond the raw IP and help lock in customers. These investments are a major reason current profits are thin: spending is being pushed into new products and partnerships today in hopes of larger licensing and royalty streams later. The upside is a strong, modern portfolio aligned with key industry trends; the risk is that design cycles are long and not all technology bets will pay off at scale.

Summary

CEVA combines a high‑margin, asset‑light IP licensing model with a disciplined, low‑debt balance sheet, but it has yet to translate these structural strengths into durable, bottom‑line profitability. Financially, it sits near break-even with small recurring losses and uneven cash generation, supported by a modest but adequate cash position. Strategically, it holds a solid niche in DSP, edge AI, and wireless IP, with sticky customer relationships and meaningful exposure to long‑term themes like connected devices, automotive intelligence, and next‑generation wireless. The central question going forward is less about technology potential and more about execution: can the company scale its design wins and royalty base enough to cover its elevated R&D and operating costs and deliver consistent positive earnings and cash flow over time.

NEWS

November 18, 2025 · 9:34 PM UTC

CEVA ANNOUNCES THE PRICING OF UNDERWRITTEN PUBLIC OFFERING OF COMMON STOCK

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November 17, 2025 · 5:50 PM UTC

CEVA ANNOUNCES COMMENCEMENT OF UNDERWRITTEN PUBLIC OFFERING OF COMMON STOCK

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November 17, 2025 · 7:00 AM UTC

Ceva Receives 2025 IoT Edge Computing Excellence Award from IoT Evolution World

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November 13, 2025 · 4:00 AM UTC

IntelPro Licenses Ceva Wi-Fi 6 and Bluetooth 5 IPs to Launch AIoT Matter-Ready SoCs

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November 11, 2025 · 7:00 AM UTC

United Micro Technology and Ceva Collaborate for 5G RedCap SoC to Accelerate Connected Vehicle Adoption

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