Chip designer Ceva, Inc. (Nasdq: CEVA) has reported second quarter 2024 income of $28.4 million, which compares with $22.9 million for the corresponding quarter of 2023. Non-GAAP diluted earnings per share have been $0.17. Royalty income was $11.2 million, up 19% year-over-year and Ceva-powered shipments have been 461 million items, up 25% year-over-year. The corporate offers silicon and software program IP options to semiconductor and unique gear producer firms.
The GAAP gross margin for the second quarter of 2024 was 90%, which compares with 85% within the second quarter of 2023. On a GAAP foundation, Ceva posted a web loss for the quarter of 2024 $0.3 million, which compares with a web lack of $4.9 million reported within the second quarter of 2023.
The GAAP web loss with the discontinued Intrinsix operation for the second quarter of 2023 was $5.8 million. GAAP diluted loss per share with the discontinued operation for the second quarter of 2023 was $0.25.
The non-GAAP web loss together with the discontinued operation for the second quarter of 2023 was $0.5 million. The non-GAAP diluted loss per share together with the discontinued operation was $0.02.
Ceva CEO Amir Panush,stated, “We’re happy to report robust execution and outcomes for the second quarter that exceeded our estimates, with licensing income and royalty income rising 28% and 19%, respectively, yr over-year. In licensing, buyer demand for our IP portfolio is being pushed by the rising adoption of AI throughout each trade and each system.”
CFO Yaniv Arieli stated, “We’re inspired by the energy of our licensing pipeline and royalty development potential from our broad and diversified buyer base and reflecting this, we continued to purchase again the corporate’s inventory throughout the quarter, repurchasing roughly 100,000 shares for roughly $2 million below our inventory repurchase program. On the finish of the quarter, our money and money equal balances, marketable securities and financial institution deposits have been roughly $158 million, which we are able to leverage to develop our share in edge AI and different high-growth markets.”
Ceva has not modified its income steering of 4-8% year-on-year development, however says that development in 2024 is anticipated to be on the higher finish of the steering. The corporate expects to greater than double its non-GAAP working revenue, and virtually to double its adjusted earnings per share compared with 2023. It says that it expects earnings per share to be larger than present market estimates.
Ceva’s share value is presently up 5.38% at $20.49, giving the corporate a market cap of $483 million.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on August 8, 2024.
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