CEVA, Inc. Announces Third Quarter 2020 Financial Results

For those who cannot access the live broadcast, a replay will be available by dialing +1-877-344-7529 or +1-412-317-0088 (access code: 10148556) from one hour after the end of the call until 9:00 a.m. (Eastern Time) on November 12, 2020. The replay will also be available at CEVA's web site www.ceva-dsp.com.

Forward Looking Statement

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 Mr. Wertheizer's statements about (i) optimism associated with CEVA's base station and IoT product category that capitalizes on the fast deployment of 5G base stations in China and record contributions from its Bluetooth, Wi-Fi and sensor fusion technologies, (ii) capitalizing on CEVA's broad portfolio and industry reach to expand its customer base and future royalty potential, and (iii) reinforcing CEVA's leadership position in the highly lucrative automotive semiconductor market.  The risks, uncertainties and assumptions that could cause differing CEVA results include: the scope and duration of the COVID-19 pandemic; the extent and length of the restrictions associated with the COVID-19 pandemic and the impact on customers, consumer demand and the global economy generally; the ability of the CEVA DSP cores and other technologies to continue to be strong growth drivers for us; our continued success in penetrating new markets and maintaining our market position in existing markets; our ability to diversify the company's royalty streams, the ability of products incorporating our technologies to achieve market acceptance, the effect of intense industry competition and consolidation, global chip market trends, the possibility that markets for CEVA's technologies may not develop as expected or that products incorporating our technologies do not achieve market acceptance; our ability to timely and successfully develop and introduce new technologies; and general market conditions and other risks relating to our business, 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 is the leading licensor of wireless connectivity and smart sensing technologies. We offer Digital Signal Processors, AI processors, wireless platforms and complementary software for sensor fusion, image enhancement, computer vision, voice input and artificial intelligence, all of which are key enabling technologies for a smarter, connected world. We partner with semiconductor companies and OEMs worldwide to create power-efficient, intelligent and connected devices for a range of end markets, including mobile, consumer, automotive, robotics, industrial and IoT. Our ultra-low-power IPs include comprehensive DSP-based platforms for 5G baseband processing in mobile and infrastructure, advanced imaging and computer vision for any camera-enabled device and audio/voice/speech and ultra-low power always-on/sensing applications for multiple IoT markets. For sensor fusion, our Hillcrest Labs sensor processing technologies provide a broad range of sensor fusion software and IMU solutions for AR/VR, robotics, remote controls, and IoT. For artificial intelligence, we offer a family of AI processors capable of handling the complete gamut of neural network workloads, on-device. For wireless IoT, we offer the industry's most widely adopted IPs for Bluetooth (low energy and dual mode), Wi-Fi 4/5/6 (802.11n/ac/ax) and NB-IoT. Visit us at www.ceva-dsp.com and follow us on Twitter, YouTube,  Facebook, LinkedIn and Instagram.

CEVA, INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME – U.S. GAAP
U.S. dollars in thousands, except per share data



Three months ended

Nine months ended


September 30,

September 30,


2020

2019

2020

2019


Unaudited

Unaudited

Unaudited

Unaudited

Revenues:





Licensing and related revenues

$   12,420

$  11,269

$   40,445

$33,084

Royalties

12,540

12,202

31,736

25,756






Total revenues

24,960

23,471

72,181

58,840






Cost of revenues

2,503

2,767

8,259

7,283






Gross profit

22,457

20,704

63,922

51,557






Operating expenses:





Research and development, net

15,603

13,873

45,695

38,593

Sales and marketing

2,711

2,832

8,772

8,809

General and administrative

3,566

3,509

10,893

8,360

Amortization of intangible assets

575

757

1,732

1,177






Total operating expenses

22,455

20,971

67,092

56,939






Operating  income (loss)

2

(267)

(3,170)

(5,382)

Financial income, net

1,020

603

2,689

2,299






 Income (loss) before taxes on income

1,022

336

(481)

(3,083)

Income tax expense (benefit) 

1,761

(439)

2,533

(49)






Net income (loss)

$  (739)

$  775

$  (3,014)

$  (3,034)






Basic net income (loss) per share

$ (0.03)

$0.04

$  (0.14)

$  (0.14)

Diluted net income (loss) per share

$ (0.03)

$0.03

$  (0.14)

$  (0.14)

Weighted-average shares used to compute net income (loss)
per share (in thousands):





Basic

22,163

21,953

22,059

21,936

Diluted

22,163

22,404

22,059

21,936

 




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