Q3 2024 CEVA Inc Earnings Call Transcript
Key Points
- CEVA Inc (CEVA) reported a 13% year-over-year increase in total revenue for the third quarter, reaching $27.2 million.
- Licensing revenue grew by 12% year-over-year, with 10 deals completed across various geographies and OEM customers.
- Royalty revenue increased by 15% year-over-year, marking the fourth consecutive quarter of growth.
- The company achieved significant milestones in licensing, including the first deal for its NeuPro-Nano embedded AI NPU and multiple deals for its PentaG2 5G platform.
- CEVA Inc (CEVA) raised its full-year 2024 guidance, reflecting confidence in its business momentum and pipeline.
- Gross margin came in below guidance at 85% on a GAAP basis, primarily due to customization work for key 5G advanced deals.
- Total operating expenses were at the higher end of guidance due to increased equity-based compensation expenses.
- The number of licensing deals in the quarter was slightly lower than the typical run rate, raising questions about potential deal slippage.
- Smartphone shipments were down moderately on a sequential and year-over-year basis, reflecting a softer environment for 5G operator OpEx.
- The company experienced a GAAP operating loss of $2.6 million for the third quarter, similar to the loss in the same period last year.
Good day and welcome to this Even Incorporated third quarter, 2024 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Richard Kingston, Vice President, Market Intelligence. Please go ahead.
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Thank you, Jason and Good morning, everyone. Welcome to Siva's third quarter, 2024 earnings conference call. Joining me today on the call are Amir Panush, Chief Executive Officer and Yaniv Arieli, Chief Financial Officer of Ceva.
Before handing over to Amir, I would like to remind everyone that today's discussion contains forward-looking statements that involve risks and uncertainties as well as assumptions that if they materialize or prove incorrect could cause the results of Ceva to differ materially from those expressed or implied by such forward-looking statements and assumptions.
Forward-looking statements include statements regarding our market positioning strategy and growth opportunities, market trends and dynamics,
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