Ceva, Inc. Announces Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Ceva (NASDAQ: CEVA) reported record fourth-quarter revenue of $31.3 million (up 7% YoY, 10% sequential) and full-year revenue of $109.6 million. The quarter included a strategic NPU licensing agreement with a leading PC OEM, 18 IP licenses, and a ~$63 million net follow-on offering.
Full-year highlights included $63.6M licensing revenue, $46.0M royalties, and a record 2.1 billion Ceva-powered devices shipped.
Positive
- Record Q4 revenue of $31.3M (+7% YoY)
- Full-year revenue of $109.6M (+2% YoY)
- Licensing revenue $63.6M (+6% YoY)
- Royalties $46.0M with sequential quarterly growth in 2025
- Raised ~$63M net in follow-on offering strengthening the balance sheet
- 2.1B devices shipped in 2025 (record, +6% YoY)
Negative
- GAAP net loss of $10.6M for full year 2025
- GAAP operating loss widened to $11.3M in 2025
- Non-GAAP operating income slightly down to $9.9M from $10.2M
Market Reaction
Following this news, CEVA has declined 8.34%, reflecting a notable negative market reaction. Our momentum scanner has triggered 8 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $20.78. This price movement has removed approximately $51M from the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.
Key Figures
Market Reality Check
Peers on Argus
CEVA is up 0.53% while key peers are mixed: IMOS (-1.2%), POET (-1.24%), SKYT (+2.38%), AIP (-5.86%). This points to a stock-specific reaction to earnings rather than a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 10 | Q3 2025 earnings | Neutral | -0.6% | Modest revenue growth with continued GAAP losses and positive non-GAAP metrics. |
| Aug 11 | Q2 2025 earnings | Negative | -1.8% | Revenue down year-on-year and ongoing losses despite licensing momentum. |
| May 07 | Q1 2025 earnings | Positive | -20.2% | Revenue growth and non-GAAP profit but market reacted sharply lower. |
| Feb 13 | Q4 2024 earnings | Positive | +10.2% | Strong Q4 and full-year growth with record shipments and higher EPS. |
| Nov 07 | Q3 2024 earnings | Positive | +16.5% | Double-digit revenue growth and raised full-year guidance drove strong gains. |
Earnings releases have usually led to positive or mildly negative moves, with one notable selloff on otherwise mixed-positive results.
Over the last five earnings cycles, CEVA has shown steady revenue growth and expanding non-GAAP profitability, but continued GAAP losses. Q3 2025 and Q2 2025 featured modest growth with ongoing losses, while Q4 and Q3 2024 highlighted strong year-over-year revenue gains and record device shipments. Market reactions ranged from small declines to double-digit gains, suggesting that upside reactions occur when growth and shipment metrics are especially strong. Today’s record Q4 2025 revenue and higher non-GAAP earnings build on this trajectory.
Historical Comparison
In the past five earnings releases, CEVA’s stock moved an average of 0.84% on day one. Today’s 0.53% move sits within that typical post-earnings range.
Recent earnings show CEVA moving from strong 2024 growth into 2025 with record shipments and rising non-GAAP profitability, while still reporting GAAP losses.
Market Pulse Summary
The stock is down -8.3% following this news. A negative reaction despite record Q4 2025 revenue of $31.3M and higher full-year sales of $109.6M would fit past instances where mixed earnings triggered sharp declines, such as the Q1 2025 drop despite revenue growth. Persistent GAAP losses and recent dilution from a follow-on offering could weigh on sentiment. Historical patterns show that when growth, margins, or guidance underwhelm, pullbacks after earnings have not been unusual.
Key Terms
dsp technical
adas technical
gaap financial
non-gaap financial
follow-on offering financial
AI-generated analysis. Not financial advice.
Fourth Quarter Highlights:*
- Completed a strategic NPU licensing agreement with one of the world's leading PC OEMs, with NeuPro™ NPUs selected as foundational IP for next-generation on-device AI compute architecture
- Delivered total revenue of
$31.3 million 10% sequentially and7% year-over-year, representing the highest quarterly revenue in Ceva's history(1) - Signed 18 IP licensing agreements in the quarter, reflecting strong and diversified demand across AI, connectivity and sensing
- Grew licensing and related revenue to
$17.5 million 11% - Increased royalty revenue to
$13.8 million 2% , representing the strongest quarterly royalty performance in more than four years - 606 million units of Ceva-powered devices shipped in the quarter
- Strengthened the balance sheet through a successful follow-on offering, raising approximately
$63 million
*Unless otherwise stated, all comparisons are to fourth quarter 2024
Full Year 2025 Highlights:*
- Increased total revenue to
$109.6 million 2% - Grew licensing revenue to
$63.6 million 6% - Generated royalty revenue of
$46.0 million - Record 2.1 billion Ceva-powered devices shipped, up
6% , including record Wi-Fi shipments of 266 million units and record Cellular IoT shipments of 241 million units - Generated
86% of total revenue from smart edge markets, reflecting market share gains by Ceva customers and positioning the company well as the industry transitions towards Physical AI
*Unless otherwise stated, all comparisons are to full year 2024
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 $0.1 million - GAAP net loss was
$1.1 million $1.7 million - GAAP diluted loss per share was
$0.04 $0.07 - Non-GAAP gross margin was
89% , in line with last year - Non-GAAP operating income was
$5.7 million $4.5 million - Non-GAAP net income and non-GAAP diluted income per share were
$4.9 million $0.18 $2.7 million $0.11
*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
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
Other full year 2025 financial data:*
- GAAP operating loss was
$11.3 million $7.5 million - GAAP net loss and diluted loss per share were
$10.6 million $0.44 $8.8 million $0.37 - Non-GAAP operating income was
$9.9 million $10.2 million - Non-GAAP net income and diluted earnings per share were
$10.8 million $0.42 $9.0 million $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
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.
Ceva, Inc. AND ITS SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS – | ||||
Three months ended | Twelve months ended | |||
December 31, | December 31, | |||
2025 | 2024 | 2025 | 2024 | |
Unaudited | Unaudited | Unaudited | Unaudited | |
Revenues: | ||||
Licensing and related revenues | $ 17,503 | $ 15,733 | $ 63,595 | $ 59,999 |
Royalties | 13,788 | 13,490 | 46,003 | 46,940 |
Total revenues | 31,291 | 29,223 | 109,598 | 106,939 |
Cost of revenues | 3,730 | 3,371 | 14,158 | 12,768 |
Gross profit | 27,561 | 25,852 | 95,440 | 94,171 |
Operating expenses: | ||||
Research and development, net | 18,934 | 16,877 | 74,833 | 71,616 |
Sales and marketing | 3,479 | 3,625 | 13,262 | 12,624 |
General and administrative | 5,396 | 5,126 | 18,093 | 16,877 |
Amortization of intangible assets | 150 | 150 | 598 | 599 |
Total operating expenses | 27,959 | 25,778 | 106,786 | 101,716 |
Operating income (loss) | (398) | 74 | (11,346) | (7,545) |
Financial income (loss), net | 1,447 | (78) | 6,913 | 4,884 |
Income (loss) associated with the remeasurement | 4 | 3 | (257) | (94) |
Income (loss) before taxes on income | 1,053 | (1) | (4,690) | (2,755) |
Income tax expense | 2,151 | 1,735 | 5,948 | 6,031 |
Net loss | (1,098) | (1,736) | (10,638) | (8,786) |
Basic and diluted net loss per share | $ (0.04) | $ (0.07) | $ (0.44) | $ (0.37) |
Weighted-average shares used to compute net loss | ||||
Basic and diluted | 25,558 | 23,637 | 24,295 | 23,613 |
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures | ||||
Three months ended | Twelve months ended | |||
December 31, | December 31, | |||
2025 | 2024 | 2025 | 2024 | |
Unaudited | Unaudited | Unaudited | Unaudited | |
GAAP net loss | $ (1,098) | $ (1,736) | $ (10,638) | $ (8,786) |
Equity-based compensation expense included in cost of | 186 | 143 | 679 | 713 |
Equity-based compensation expense included in research | 2,771 | 2,432 | 10,549 | 9,298 |
Equity-based compensation expense included in sales | 662 | 494 | 2,397 | 1,801 |
Equity-based compensation expense included in general | 2,079 | 827 | 6,171 | 3,763 |
Amortization of intangible assets related to acquisition | 208 | 255 | 833 | 1,090 |
Costs associated with asset acquisition | 144 | 250 | 577 | 1,033 |
Loss (Income) associated with the remeasurement of | (4) | (3) | 257 | 94 |
Non-GAAP net income | $ 4,948 | $ 2,662 | $ 10,825 | $ 9,006 |
GAAP weighted-average number of Common Stock | 25,558 | 23,637 | 24,295 | 23,613 |
Weighted-average number of shares related to | 1,761 | 1,579 | 1,726 | 1,491 |
Weighted-average number of Common Stock used in | 27,319 | 25,216 | 26,021 | 25,104 |
GAAP diluted loss per share | $ (0.04) | $ (0.07) | $ (0.44) | $ (0.37) |
Equity-based compensation expense | $ 0.20 | $ 0.16 | $ 0.80 | $ 0.65 |
Amortization of intangible assets related to acquisition | $ 0.01 | $ 0.01 | $ 0.03 | $ 0.04 |
Costs associated with asset acquisition | $ 0.01 | $ 0.01 | $ 0.02 | $ 0.04 |
Loss associated with the remeasurement of marketable | $ 0.00 | $ 0.00 | $ 0.01 | $ 0.00 |
Non-GAAP diluted earnings per share | $ 0.18 | $ 0.11 | $ 0.42 | $ 0.36 |
Three months ended | Twelve months ended | |||
December 31, | December 31, | |||
2025 | 2024 | 2025 | 2024 | |
Unaudited | Unaudited | Unaudited | Unaudited | |
GAAP Operating income (loss) | $ (398) | $ 74 | $ (11,346) | $ (7,545) |
Equity-based compensation expense included in cost of | 186 | 143 | 679 | 713 |
Equity-based compensation expense included in | 2,771 | 2,432 | 10,549 | 9,298 |
Equity-based compensation expense included in sales | 662 | 494 | 2,397 | 1,801 |
Equity-based compensation expense included in | 2,079 | 827 | 6,171 | 3,763 |
Amortization of intangible assets related to acquisition | 208 | 255 | 833 | 1,090 |
Costs associated with asset acquisition | 144 | 250 | 577 | 1,033 |
Total non-GAAP Operating Income | $ 5,652 | $ 4,475 | $ 9,860 | $ 10,153 |
Three months ended | Twelve months ended | |||
December 31, | December 31, | |||
2025 | 2024 | 2025 | 2024 | |
Unaudited | Unaudited | Unaudited | Unaudited | |
GAAP Gross Profit | $ 27,561 | $ 25,852 | $ 95,440 | $ 94,171 |
GAAP Gross Margin | 88 % | 88 % | 87 % | 88 % |
Equity-based compensation expense included in cost of | 186 | 143 | 679 | 713 |
Amortization of intangible assets related to acquisition | 58 | 105 | 235 | 491 |
Total Non-GAAP Gross profit | 27,805 | 26,100 | 96,354 | 95,375 |
Non-GAAP Gross Margin | 89 % | 89 % | 88 % | 89 % |
Three months ended | Twelve months ended | |||
December 31, | December 31, | |||
2025 | 2024 | 2025 | 2024 | |
Unaudited | Unaudited | Unaudited | Unaudited | |
GAAP Operating Expenses | 27,959 | 25,778 | 106,786 | 101,716 |
Equity-based compensation expense included in | 2,771 | 2,432 | 10,549 | 9,298 |
Equity-based compensation expense included in sales | 662 | 494 | 2,397 | 1,801 |
Equity-based compensation expense included in | 2,079 | 827 | 6,171 | 3,763 |
Amortization of intangible assets related to acquisition | 150 | 150 | 598 | 599 |
Costs associated with asset acquisition | 144 | 250 | 577 | 1,033 |
Total non-GAAP Operating Expenses | $ 22,153 | $ 21,625 | $ 86,494 | $ 85,222 |
Ceva, Inc. AND ITS SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS ( | |||
December 31, | December 31, | ||
2025 | 2024 (*) | ||
Unaudited | Unaudited | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 40,586 | $ 18,498 | |
Marketable securities and short-term bank deposits | 181,397 | 145,146 | |
Trade receivables, net | 19,495 | 15,969 | |
Unbilled receivables | 29,860 | 21,240 | |
Prepaid expenses and other current assets | 13,498 | 15,488 | |
Total current assets | 284,836 | 216,341 | |
Long-term assets: | |||
Severance pay fund | 7,530 | 7,161 | |
Deferred tax assets, net | 257 | 1,456 | |
Property and equipment, net | 7,054 | 6,877 | |
Operating lease right-of-use assets | 17,486 | 5,811 | |
Investment in marketable equity securities | 55 | 312 | |
Goodwill | 58,308 | 58,308 | |
Intangible assets, net | 1,044 | 1,877 | |
Other long-term assets | 11,686 | 10,805 | |
Total assets | $ 308,948 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Trade payables | $ 2,418 | $ 1,125 | |
Deferred revenues | 3,496 | 3,599 | |
Accrued expenses and other payables | 21,026 | 23,207 | |
Operating lease liabilities | 1,743 | 2,598 | |
Total current liabilities | 28,683 | 30,529 | |
Long-term liabilities: | |||
Accrued severance pay | 7,690 | 7,365 | |
Operating lease liabilities | 14,388 | 2,963 | |
Other accrued liabilities | 1,037 | 1,535 | |
Total liabilities | 51,798 | 42,392 | |
Stockholders' equity: | |||
Common stock | 28 | 24 | |
Additional paid in-capital | 337,966 | 259,891 | |
Treasury stock | (1,591) | (3,222) | |
Accumulated other comprehensive income (loss) | 79 | (1,330) | |
Retained earnings (accumulated deficit) | (24) | 11,193 | |
Total stockholders' equity | 336,458 | 266,556 | |
Total liabilities and stockholders' equity | $ 308,948 | ||
(*) Derived from audited financial statements. |
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.
FAQ
What were CEVA's Q4 2025 revenue and profit results (NASDAQ: CEVA)?
What is the investor significance of CEVA's NPU licensing agreement with a PC OEM?
How did CEVA's royalty revenue perform in Q4 and full-year 2025?
How many IP licensing agreements did CEVA sign in Q4 and in 2025 (CEVA)?
What was the impact of CEVA's follow-on offering on its balance sheet?
How many Ceva-powered devices shipped in 2025 and which segments set records?
