Ceva, Inc. Announces Fourth Quarter and Full Year 2025 Financial Results

Amir Panush, Chief Executive Officer of Ceva, commented: "2025 was a landmark year for Ceva and ended on a high note with record fourth-quarter revenue⁽¹⁾ and our strongest royalty quarter in more than four years. A key milestone in the quarter was a strategic NPU licensing agreement for our high-performance NeuPro NPUs with one of the world's leading PC OEMs. This win is a powerful validation of our AI strategy and reinforces our belief that dedicated NPUs will become a standard requirement across personal computing platforms and increasingly across intelligent devices.

"Importantly, our diversified, multi-IP engagements are building a growing licensing and royalty flywheel that supports sustained value creation over time," continued Panush. "As AI increasingly moves into real-world devices, we believe the industry is entering the era of Physical AI. With leadership across connectivity, sensing and inference, record Wi-Fi and cellular IoT shipments, and more than 20 billion Ceva-powered devices shipped to date, we enter 2026 in a position of strength."

In the fourth quarter, Ceva signed 18 IP licensing agreements spanning a broad range of end markets and applications, including three NPU licenses, highlighted by a strategic agreement with one of the world's leading PC OEMs. The quarter also included AI DSP agreements for automotive ADAS and consumer electronics, Wi-Fi 7 and Bluetooth High Data Throughput connectivity licenses, and a strategic software engagement with a leading TV platform.

Other fourth quarter financial data:*

• GAAP gross margin was 88%, in line with last year
• GAAP operating loss was $0.4 million, as compared to a GAAP operating profit of $0.1 million
• GAAP net loss was $1.1 million, as compared to a GAAP net loss of $1.7 million
• GAAP diluted loss per share was $0.04, as compared to GAAP diluted loss per share of $0.07
• Non-GAAP gross margin was 89%, in line with last year
• Non-GAAP operating income was $5.7 million, as compared to non-GAAP operating income of $4.5 million
• Non-GAAP net income and non-GAAP diluted income per share were $4.9 million and $0.18, respectively, compared with non-GAAP net income and non-GAAP diluted income per share of $2.7 million and $0.11, respectively

*Unless otherwise stated, all comparisons are to fourth quarter 2024

Yaniv Arieli, Chief Financial Officer of Ceva, added: "We delivered record fourth-quarter revenues and achieved 18% non-GAAP operating margins, reflecting disciplined execution and improving mix. For the full year, non-GAAP net income increased 20% year-over-year and non-GAAP diluted earnings per share grew 17%, demonstrating consistent financial progress throughout 2025. During the fourth quarter, we also strengthened our balance sheet through a successful follow-on offering, raising approximately $63 million net, enhancing our financial flexibility to support future growth initiatives."

In 2025, Ceva signed 54 licensing agreements across diversified smart edge markets, including 33 consumer, 10 industrial, 7 automotive, 3 PC, and 1 infrastructure agreements. 10 of the licensing agreements were with OEMs and 12 customers licensed multiple Ceva technologies, underscoring the strength of the company's broad portfolio spanning connectivity, sensing and inference. During the year, a record 2.1 billion Ceva-powered devices were shipped, up 6% year-over-year, including 1.1 billion Bluetooth devices, and record shipments of 266 million Wi-Fi devices, and record shipments of 241 million cellular IoT devices. These volumes were complemented by continued deployments across smartphones and other smart edge devices powered by Ceva's DSPs, AI accelerators and sensor fusion software, reinforcing the scale and durability of Ceva's diversified business model.

Other full year 2025 financial data:*

• GAAP operating loss was $11.3 million, as compared to a GAAP operating loss of $7.5 million
• GAAP net loss and diluted loss per share were $10.6 million and $0.44, respectively, compared to GAAP net loss and diluted loss per share of $8.8 million and $0.37, respectively
• Non-GAAP operating income was $9.9 million, compared with $10.2 million
• Non-GAAP net income and diluted earnings per share were $10.8 million and $0.42, respectively, compared to $9.0 million and $0.36

*Unless otherwise stated, all comparisons are to full year 2024

Ceva Conference Call

On February 17, 2026, Ceva management will conduct a conference call at 8:30 a.m. Eastern Time to discuss the operating performance for the quarter and full year.

The conference call will be available via the following dial in numbers:

• U.S. Participants : Dial 1-844-435-0316 (Access Code : Ceva)
• International Participants: Dial +1-412-317-6365 (Access Code: Ceva)

The conference call will also be available live via webcast at the following link: https://app.webinar.net/9YBAnq6d4Rj. Please go to the web site at least fifteen minutes prior to the call to register.

For those who cannot access the live broadcast, a replay will be available by dialing +1-855-669-9658 or +1-412-317-0088 (access code: 1337948) from one hour after the end of the call until 9:00 a.m. (Eastern Time) on March 17, 2026. The replay will also be available at Ceva's web site at www.ceva-ip.com.

(1) Excluding the Intrinsix design services business, which was divested in 2023.

Forward Looking Statements

This press release 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 about Ceva's positioning for future growth and to serve as a foundational technology provider for intelligent, connected devices, licensing agreement wins, future industry demand, our market position for the future and future growth in the demand of our products, our forecast of financial measures for the following quarter and 2026, our long term targets and underlying assumptions, our future investments, expectations about future market, the success of our strategies and agreements, visibility into future revenue streams, and Ceva's focus on expense management and profitability improvement. The risks, uncertainties and assumptions that could cause differing Ceva results include: the effect of intense industry competition; the ability of Ceva's technologies and products incorporating Ceva's technologies to achieve market acceptance; Ceva's ability to meet changing needs of end-users and evolving market demands; the lengthy sales cycle for IP and related solutions; Ceva's ability to diversify royalty streams and license revenues; geopolitical risks and instability, including the impact of tariffs and other trade measures and potential disruptions related to ongoing conflicts in the Middle East; and general market conditions and other risks relating to Ceva's business and industry, including, but not limited to, those that are described from time to time in our SEC filings. Ceva assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

About Ceva, Inc.

Ceva powers the Smart Edge, bridging the digital and physical worlds to bring AI-driven products to life. Our Ceva AI fabric portfolio of silicon and software IP enables devices to Connect, Sense, and Infer – the essential capabilities for the intelligent edge. From 5G, cellular IoT, Bluetooth, Wi-Fi, and UWB connectivity to scalable Edge AI NPUs, AI DSPs, sensor fusion processors and embedded software, Ceva provides the foundational IP for devices that connect, understand their environment, and act in real time.

With more than 20 billion devices shipped and trusted by 400+ customers worldwide, Ceva is the backbone of today's most advanced smart edge products - from AI-infused wearables and IoT devices to autonomous vehicles and 5G infrastructure. Our differentiated solutions deliver seamless integration into existing design flows, total flexibility to combine solutions based on design needs and ultra–low–power performance in minimal silicon footprint, helping customers accelerate development, reduce risk, and bring innovative products to market faster. As technology evolves toward Physical AI, Ceva's IP portfolio lays the foundation for systems that are always connected, contextually aware, and capable of intelligent, real-time decision-making.

Visit us at www.ceva-ip.com and follow us on LinkedIn, X, YouTube, Facebook, and Instagram.

The Company believes that the reconciliation of financial measures in the press release is useful to investors in analyzing the results for the quarters ended December 31, 2025 and 2024 because the exclusion of the applicable expenses may provide a meaningful analysis of the Company's core operating results and comparison of quarterly results. Further, the Company believes it is useful for investors to understand how the expenses associated with the application of FASB ASC No. 718 are reflected on its statements of income. The reconciliation of financial measures should be reviewed in addition to and in conjunction with results presented in accordance with GAAP and are intended to provide additional insight into the Company's operations that, when viewed with its GAAP results and the accompanying reconciliation, offer a more complete understanding of factors and trends affecting the Company's business. The reconciliation of financial measures should not be viewed as a substitute for the Company's reported GAAP results.

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SOURCE Ceva, Inc.