Ceva, Inc. reported a total revenue of $77.7 million for the nine months ended September 30, 2024, reflecting a 6% increase from $73.3 million in the same period of 2023. The revenue growth was driven by higher licensing and royalty revenues, with licensing and related revenues at $44.3 million and royalties at $33.5 million. In Q3 2024, total revenue reached $27.2 million, a 13% increase compared to $24.1 million in Q3 2023. The company’s five largest customers accounted for 48% of total revenues in Q3 2024, down from 53% in the prior year.
The gross profit for the nine months ended September 30, 2024, was $68.3 million, up from $63.9 million in 2023. The operating loss improved to $(7.6) million from $(10.7) million year-over-year. The net loss for the nine months was $(7.1) million, significantly reduced from $(15.6) million in the same period last year. Basic and diluted net loss per share from continuing operations improved to $(0.30) from $(0.44).
Ceva's strategic focus includes wireless communications, sensing, and edge AI technologies, targeting markets such as 5G, generative AI, and industrial automation. The company anticipates significant royalty revenue opportunities from its leadership in licensing Wi-Fi 6 and Wi-Fi 7 IP technologies. The PentaG2 platform, featuring the Ceva-XC22 multi-thread DSP, is positioned as a comprehensive baseband processor IP for 5G communications.
In terms of cash flow, Ceva reported cash and cash equivalents of $13.2 million as of September 30, 2024, down from $23.3 million at the end of 2023. The company has sufficient capital to fund operations for at least the next 12 months. Notably, Ceva repurchased 343,604 shares of common stock for approximately $7.5 million during the first nine months of 2024.
The company also made strategic acquisitions, including a Greek-based company for approximately $2.85 million and the sale of its subsidiary Intrinsix for $35 million, which closed in October 2023. The results of Intrinsix are classified as discontinued operations, with revenues of $7.9 million and a net loss of $(5.3) million for the nine months ended September 30, 2023.
Overall, Ceva's performance in 2024 reflects a positive trajectory in revenue growth and improved profitability metrics, alongside strategic initiatives aimed at expanding its market presence in high-demand technology sectors.
About CEVA INC
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