Ceva, Inc. NASDAQ CEVA, the leading licensor of silicon and software IP that enables Smart Edge devices to connect, sense and infer data more reliably and efficiently, today announced its financial results for the third quarter ended September 30, 2024 . Financial results for the third quarter ended September 30, 2023 , reflect Cevas continuing operations only, with the Intrinsix business reflected as a discontinued operation, unless otherwise noted.
Operational Highlights
- Released second NeuPro-Nano embedded AI NPU - NPN64 , available for licensing
- New cellular IoT industrial module launched by STMicroelectronics based on Ceva cellular IoT platform
- New AI/ML MCU family launched by Alif Semiconductor based on Ceva Bluetooth Low Energy and 802.15.4 IPs
- Partnership with Edge Impulse to enable faster, easier development of edge AI applications on Ceva-NeuPro NPUs
Total revenue for the third quarter of 2024 was 27 .2 million, up 13 compared to 24.1 million reported for the third quarter of 2023. Licensing and related revenue for the third quarter of 2024 was 15.6 million , up 12 compared to 13.9 million reported for the same quarter a year ago. Royalty revenue for the third quarter of 2024 was 11.6 million , the fourth sequential year-over-year increase, and up 15 compared to 10.1 million reported for the same quarter a year ago.
Amir Panush , Chief Executive Officer of Ceva, commented We delivered another strong performance in the third quarter, driven by double-digit year-over-year revenue growth for both licensing and royalties. We continue to experience exceptional demand for our IP portfolio, as evidenced by strategic OEM customer deals for 5G-Advanced satellite communications and spatial audio for headphones and earbuds. We also achieved a significant milestone in embedded AI, with our first licensing deal signed for our NeuPro-Nano NPU targeting consumer AIoT devices. In royalties, strength in the consumer and industrial markets drove Ceva-powered shipments to the second highest quarter on record, including record combined shipments of Bluetooth, Wi-Fi and cellular IoT devices of more than 400 million units.
During the quarter, 10 IP licensing agreements were concluded, targeting a wide range of end markets and applications, including embedded AI solutions for consumer AIoT devices, 5G-Advanced satellite broadband for infrastructure and terminals, 5G for cellular IoT and V2X, spatial audio for headphones and TWS earbuds, and Bluetooth, Wi-Fi and UWB connectivity for wearables and hearables. Three of the deals signed in the quarter were with OEMs and three deals signed were with first-time customers.
