Here are 1-3 brief analogies for CEVA:

• CEVA is like ARM Holdings, but instead of general CPU designs, they license specialized processor 'blueprints' for AI, computer vision, and sound processing that make millions of smart devices intelligent and connected.
• CEVA provides the efficient AI and signal processing 'brains' found in millions of smart devices, acting like an NVIDIA for embedded, low-power AI technology that chipmakers license.
• CEVA is like a 'blueprints provider' for the specialized processing and wireless connectivity that goes into chips from companies like Qualcomm or Broadcom, making everything from earbuds to cars smart and connected.

• DSP Cores: These are programmable digital signal processor intellectual property (IP) cores designed to accelerate compute-intensive applications such as AI/machine learning, computer vision, and audio/voice processing in various embedded devices.
• Wireless Connectivity IP: This includes intellectual property (IP) platforms for standard-based wireless communication protocols, such as Bluetooth, Wi-Fi, 5G NR (New Radio), and Ultra-Wideband (UWB).

CEVA (symbol: CEVA) primarily operates on a Business-to-Business (B2B) model, licensing its intellectual property (IP) for wireless connectivity and smart sensing technologies to other companies.

According to CEVA's latest financial filings (10-K for the year ended December 31, 2023), no single customer accounted for more than 10% of its total revenue. As such, CEVA does not publicly disclose the names of specific "major customers" based on revenue concentration due to confidentiality and competitive reasons.

However, CEVA's technology is widely licensed and integrated into products by many prominent semiconductor companies globally. Examples of companies that have publicly announced licensing CEVA's IP and are significant players in the markets CEVA serves include:

• MediaTek Inc. (Symbol: 2454.TW) - A leading fabless semiconductor company for wireless communications and digital multimedia solutions, particularly in mobile, smart home, and IoT devices.
• Realtek Semiconductor Corp. (Symbol: 2379.TW) - Known for its development of communication network ICs, computer peripheral ICs, and multimedia ICs, widely used in various consumer electronics and IoT products.
• Rockchip Electronics Co., Ltd. (Symbol: 603893.SS) - A major Chinese fabless semiconductor company providing System-on-Chip (SoC) solutions for tablets, set-top boxes, AIoT devices, and more.

null

Amir Panush, Chief Executive Officer

Amir Panush has served as CEVA's Chief Executive Officer since January 2023. Prior to this, Mr. Panush was CEO and General Manager of InvenSense, Inc., a TDK group company. He held various leadership positions at TDK following its acquisition of InvenSense in 2017. Mr. Panush joined InvenSense in 2015, where he led Strategy & Corporate Development, driving strategic expansion and diversification efforts, and achieved over 100% revenue growth at InvenSense since 2020. His career also includes several leadership roles at Qualcomm Inc. and strategic marketing and partnerships at Atheros Communications, which was acquired by Qualcomm. Earlier in his career, he held software engineering and project management leadership roles at Texas Instruments and Comsys Mobile (acquired by Intel).

Yaniv Arieli, Chief Financial Officer

Yaniv Arieli has served as CEVA's Chief Financial Officer since prior to 2002. Before his current position, Mr. Arieli was the President of U.S. Operations and Director of Investor Relations of DSP Group starting in August 2002. Prior to that, he served as Vice President of Finance, Chief Financial Officer, and Secretary of DSP Group's DSP Cores Licensing Division. Before joining DSP Group in 1997, Mr. Arieli worked as an account manager and certified public accountant at Kesselman & Kesselman, a member of PricewaterhouseCoopers.

Dotan Bar-Natan, Chief Legal Officer

Dotan Bar-Natan has served as CEVA's Chief Legal Officer since May 2025, leading the company's legal and compliance functions. He is a veteran attorney with over 20 years of extensive corporate and commercial legal experience. Before joining CEVA, Mr. Bar-Natan was the General Counsel of Nano Dimension, a 3D printing company, and prior to that, served as General Counsel of SodaStream International Ltd, overseeing all global legal and compliance affairs. He also worked at leading law firms in Tel Aviv.

Michael Boukaya, Chief Operating Officer

Michael Boukaya was appointed Chief Operating Officer of CEVA, Inc. in April 2019, overseeing all activities related to research and development and marketing for CEVA's hardware and software IP platforms. Prior to this, he served as Vice President and General Manager of the wireless business unit from 2014, and from 2006 to 2014, as Chief Architect of CEVA's DSP processor architectures. Before joining CEVA, Mr. Boukaya held various engineering and research and development management positions at DSP Group, Inc.

Gweltaz Toquet, Chief Commercial Officer

Gweltaz Toquet has served as CEVA's Chief Commercial Officer since January 2023. He brings over 20 years of sales and management experience at CEVA, most recently as Vice President of Sales for APAC, India, and Europe. For more than 15 years, he was CEVA's Vice President of Sales for Asia, where he established and managed the sales and support organization across China, Japan, Taiwan, and Korea. Before joining CEVA in 2002, Mr. Toquet held roles in sales, business development, product marketing, and business line management at Freehand DSP and Texas Instruments.

The increasing trend among major semiconductor companies and technology OEMs to develop their own custom silicon and intellectual property (IP) internally, particularly for differentiating components such as artificial intelligence (AI) accelerators, specialized digital signal processors (DSPs), and connectivity solutions. This growing vertical integration reduces the addressable market for third-party IP licensors like CEVA, as potential customers opt to design and implement these core technologies in-house rather than license them.

• Overall Smart Edge Devices: CEVA's combined addressable market for connected devices was projected to exceed 35 billion units globally by 2020. More recently, over 17 billion smart edge products worldwide are powered by CEVA's technology. In 2024, CEVA-powered smart devices shipped reached a record 2 billion units globally.
• Wireless Connectivity IP: CEVA holds a significant share in the global wireless connectivity IP market, reaching 67% of IP revenues in 2023 and 68% in 2024. This encompasses Bluetooth, Wi-Fi, UWB (Ultra-Wideband), and 802.15.4 IPs.
  • Bluetooth IoT: In 2023, CEVA estimated its worldwide Bluetooth IoT market share was 35%, excluding Apple.
  • TWS Earbuds: CEVA's market share in TWS (True Wireless Stereo) earbuds was 45% globally in 2023, excluding Apple.
  • Wi-Fi 6 IoT: CEVA anticipates capturing 25-30% of the Wi-Fi IoT market share within two years from August 2024.
  • In Q4 2024, CEVA powered a record 1.1 billion Bluetooth devices, 179 million Wi-Fi devices, and 170 million cellular IoT devices.
• Edge AI NPUs (Neural Processing Units): The global Edge AI market, which CEVA's NeuPro NPU family targets, is expected to reach $143 billion by 2034.

Expected Drivers of Future Revenue Growth for CEVA

Over the next 2-3 years, CEVA (NASDAQ: CEVA) is expected to drive revenue growth through several key areas, primarily centered around its intellectual property (IP) for smart edge devices and advanced connectivity solutions.

1. Expansion in Artificial Intelligence (AI) and Edge AI NPUs: CEVA is heavily focused on leveraging its Neural Processing Units (NPUs) for Edge AI applications. The company has secured new licensing agreements for its NeuPro NPUs, underscoring the growing demand for its AI inference solutions. This strategic positioning in high-growth technology segments like Edge AI is expected to be a significant contributor to future revenue. CEVA's CEO, Amir Panouche, has emphasized the centrality of AI in next-generation audio experiences and the company's commitment to long-term investments in AI and emerging technologies. The company is also expanding its NPU business into infrastructure and data center markets.
2. Growth in Advanced Wireless Connectivity (Wi-Fi, Bluetooth, 5G): CEVA anticipates strong performance from its Wi-Fi and Bluetooth technologies. The company projects revenue growth supported by expanding Wi-Fi penetration and has signed major long-term licensing agreements for its Wi-Fi platforms. Additionally, deals related to 5G modem technology, including one with a U.S.-based OEM, are expected to contribute significantly to future royalty revenue.
3. Increased Adoption and Shipments of Consumer IoT and Smart Edge Devices: CEVA's strategy is encapsulated by its "Powering the Smart Edge" tagline, focusing on enabling intelligence in connected devices across multiple markets. The company has achieved a milestone of over 20 billion CEVA-powered device shipments, showcasing its robust IP portfolio and expanding market share. Royalty revenue, which is tied to the shipment of devices incorporating CEVA's IP, saw a sequential increase in Q2 2025 and is anticipated to continue growing in the second half of 2025, particularly from smartphones and IoT devices. Consumer IoT shipments specifically saw a robust 21% sequential and 60% year-over-year increase.
4. Strategic Licensing Agreements and Customer Diversification: CEVA continues to secure new license agreements, including deals with first-time customers and OEMs, across a diverse customer base spanning multiple industries and end markets. These agreements, such as those for 5G-Advanced satellite communications and spatial audio for headphones and earbuds, create a foundation for driving licensing growth and generating strong, long-term royalty revenues. The diversification of its customer base and the continuous signing of new agreements for its IP portfolio are crucial for sustained revenue expansion.

Share Repurchases

• In November 2024, CEVA, Inc.'s Board of Directors authorized an expansion of its share repurchase program, making approximately 1,056,000 shares available for repurchase, combining a new authorization of 700,000 shares with approximately 356,000 remaining from the existing plan as of September 30, 2024.
• In November 2023, the company's Board of Directors authorized an additional 700,000 shares for its repurchase program, bringing the total available for repurchase to approximately 844,000 shares as of September 30, 2023.
• During the second quarter of 2025, CEVA repurchased 300,000 shares for approximately $6.2 million.

Outbound Investments

• CEVA, Inc. completed a Merger/Acquisition with VisiSonics (RealSpace3D Spatial Audio Business) on May 10, 2023.