{"id":525186,"date":"2021-08-09T07:04:25","date_gmt":"2021-08-09T11:04:25","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ceva-inc-announces-second-quarter-2021-financial-results\/"},"modified":"2021-08-09T07:04:25","modified_gmt":"2021-08-09T11:04:25","slug":"ceva-inc-announces-second-quarter-2021-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ceva-inc-announces-second-quarter-2021-financial-results\/","title":{"rendered":"CEVA, Inc. Announces Second Quarter 2021 Financial Results"},"content":{"rendered":"
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– All-time record high total revenue of $30.5 million, up 29% year-over-year<\/h2>\n

– All-time record high shipments of Bluetooth, Wi-Fi and cellular IoT devices indicative of Company’s continued momentum and leadership in wireless connectivity<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n ROCKVILLE, Md.<\/span>, Aug. 9, 2021<\/span> \/PRNewswire\/ —\u00a0CEVA, Inc. (NASDAQ: CEVA), the leading licensor of wireless connectivity and smart sensing technologies,\u00a0today announced its financial results for the second quarter ended June 30, 2021<\/span>.<\/p>\n

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\n \"CEVA,
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Total revenue for the second quarter of 2021 was an all-time record high $30.5 million<\/span>,\u00a0 up 29% year-over-year.<\/div>\n

Total revenue for the second quarter of 2021 was an all-time record high $30.5 million<\/span>, a 29% increase compared to $23.6 million<\/span> reported for the second quarter of 2020. Second quarter 2021 licensing, non-recurring engineering (NRE) and related revenue was $15.5 million<\/span>, an increase of 15% when compared to $13.5 million<\/span> reported for the same quarter a year ago. Royalty revenue for the second quarter of 2021 was $14.9 million<\/span>, an increase of 48% when compared to $10.1 million<\/span> reported for the second quarter of 2020. Royalty revenue included a payment of $3.3 million<\/span> upon the resolution of a disagreement on royalties for past shipments.<\/p>\n

Seventeen license agreements were concluded during the quarter, out of which six were with first time customers. Customers’ target applications and devices include True Wireless Stereo (TWS) earbuds, 5G smartphones, surveillance equipment, Wi-Fi 6 and 5G for telecom, enterprise and industrial markets, and a range of applications for IoT, consumer and medical. Geographically, nine of the deals signed were in China<\/span>, two were elsewhere in the Asia-Pacific Region, five were in the U.S, and one was in Europe<\/span>.<\/p>\n

Gideon Wertheizer, CEO of CEVA, stated: “Our performance in the second quarter was exceptional, both in terms of financial metrics, with all-time high revenue, and in terms of market traction, where our IP portfolio continues to attract customers who rely on us to streamline and expedite their IoT and 5G strategies. With the acquisition of Intrinsix in the quarter, we are expanding our market reach to the large aerospace & defense space and enriching our business model, offering key customers optimized solutions that take advantage of our differentiated IP and competencies in RF, mixed-signal and security IP solutions. Our royalty mix continues to show strength in the base station and IoT category, with 5G base station radio access networks (RAN) returning to growth in the quarter and record shipments of Bluetooth, Wi-Fi and cellular IoT devices.”<\/p>\n

GAAP net income for the second quarter of 2021 was $0.3 million<\/span>, as compared to a net loss of $1.1 million<\/span> reported for the same period in 2020. GAAP diluted earnings per share for the second quarter of 2021 was $0.01<\/span>, as compared to a GAAP diluted loss per share of ($0.05)<\/span> for the same period in 2020.<\/p>\n

Non-GAAP net income and diluted earnings per share for the second quarter of 2021 increased to $5.1 million<\/span> and $0.22<\/span>, respectively, from $2.9 million<\/span> and $0.12<\/span> reported for the second quarter of 2020. Non-GAAP net income and diluted earnings per share for the second quarter of 2021 excluded: (a) equity-based compensation expense, net of taxes, of $2.9 million<\/span>, (b) the impact of the amortization of acquired intangibles, net of taxes, of $0.9 million<\/span> associated with the acquisition of the Intrinsix and Hillcrest Labs business, investments in NB-IoT and Immervision technologies, and (c) $1.0 million of costs associated with the Intrinsix acquisition. Non-GAAP net income and diluted earnings per share for the second quarter of 2020 excluded: (a) equity-based compensation expenses, net of taxes, of $3.3 million, and (b) the impact of the amortization of acquired intangibles, net of taxes, of $0.7 million associated with the acquisition of the Hillcrest Labs business and investments in NB-IoT and Immervision technologies. <\/p>\n

\n Yaniv Arieli<\/span>, Chief Financial Officer of CEVA, stated: “Our outstanding second quarter financial performance generated top-line growth year-over-year of 29%, and non-GAAP EPS growth of 83%. Licensing, NRE and related revenue included NRE revenues for the first time, as we completed the acquisition of Intrinsix prior to the end of the quarter. Our blended corporate tax rate was back to its forecasted levels as our revenue deal mix was more balanced. At the end of June 2021<\/span>, our cash and cash equivalent balances, marketable securities and bank deposits were approximately $137 million<\/span>, with no debt.”<\/p>\n

\n CEVA Conference Call
<\/b>On August 9, 2021<\/span>, CEVA management will conduct a conference call at 8:30 a.m. Eastern Time<\/span> to discuss the operating performance for the quarter. <\/p>\n

The conference call will be available via the following dial in numbers: <\/p>\n