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olivLaw · US equity research

Ceva, Inc. CEVA

Services-Computer Programming, Data Processing, Etc. · SIC 7370 · Vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)

28.02USD−4.17% · 1 dayClose 04 Nov 2026

Ceva is an IP licensor of silicon and software that lets devices connect, sense and infer data in the real world, which it calls Physical AI. Its licensing and royalty model faced pressure in 2025, but in the second quarter of 2026 revenues rose to $29.0 million and licensing reached its strongest level in three years.

At the close of 04 Nov 2026, Ceva, Inc. (CEVA) stock was 28.02 USD (−4.17% on the day), with market capitalisation 788.9 m USD, beta 2.57, 52-week range 17.21–50.06 USD. Latest reported quarter (Q2 2026): revenue of 29.0 m USD (+13.1% YoY), net income of -2.9 m USD, diluted EPS -0.10 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
788.9 m USD
shares as of 04 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.44 · TTM to 31 Dec 2025
E/P (TTM)
-1.57%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
2.57
Volatility (1y) 75%
52-week range
17.2150.06

Price history

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Technical reading

RSI (14)
41.4
weak (30–45)
Bollinger (20, 2)
26.39 – 33.63
in the lower half of the band · %B 0.23 · band width 24.1%
SMA 50 / 200
30.57 / 30.69
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.75 / -0.60
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−23.6%−1.1%−22.5 pp—
3 months−18.2%−0.5%−17.7 pp—
6 months−19.2%+4.4%−23.5 pp—
Year to date+30.2%+12.3%+17.9 pp—
1 year+7.1%+13.5%−6.5 pp−12.9%
3 years+43.8%+76.4%−32.6 pp−13.4%
5 years−42.0%+63.7%−105.6 pp—
Max drawdown (1y)
−47.6%
03 Jun 2026 → 01 Sept 2026
Max drawdown (5y)
−68.0%
16 Nov 2021 → 06 Aug 2024
Compound annual growth (5y)
−10.3%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
29.0 m USD
+13.1% YoY
Net income
-2.9 m USD
unavailable YoY
Diluted EPS
-0.10
unavailable YoY
net / operating
-10.0% / -7.2%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue27.2 m29.2 m24.2 m25.7 m28.4 m31.3 m27.0 m29.0 m
Cost of revenue4.0 m3.4 m3.5 m3.5 m3.4 m3.7 m3.7 m3.6 m
Gross profit23.2 m25.9 m20.8 m22.1 m25.0 m27.6 m23.3 m25.4 m
Research & development18.0 m16.9 m17.6 m18.8 m19.5 m18.9 m19.8 m19.3 m
Operating income-2.6 m74.0 k-4.4 m-4.5 m-2.1 m-398.0 k-5.1 m-2.1 m
Pre-tax income-304.0 k-1.0 k-2.3 m-2.6 m-838.0 k1.1 m-3.1 m-1.1 m
Income tax1.0 m1.7 m991.0 k1.1 m1.7 m2.2 m1.3 m1.8 m
Net income-1.3 m-1.7 m-3.3 m-3.7 m-2.5 m-1.1 m-4.5 m-2.9 m
Diluted EPS-0.06—-0.14-0.15-0.10—-0.16-0.10
Operating cash flow399.0 k ≈8.0 m-7.4 m1.2 m ≈-5.9 m ≈8.7 m-4.9 m5.8 m ≈
Capex414.0 k ≈1.0 m311.0 k691.0 k ≈426.0 k ≈1.5 m2.3 m634.0 k ≈
Share repurchases4.2 m ≈1.0 m06.2 m ≈988.0 k ≈0——

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue77.9 m87.2 m100.3 m113.8 m120.6 m97.4 m106.9 m109.6 m
Revenue YoY−11.0%+11.9%+15.1%+13.5%+5.9%−19.2%+9.8%+2.5%
Net income574.0 k28.0 k-2.4 m396.0 k-23.2 m-11.9 m-8.8 m-10.6 m
Net income YoY−96.6%−95.1%−8,596.4%unavailable−5,954.3%unavailableunavailableunavailable
Diluted EPS0.030.00-0.110.02-1.00-0.51-0.37-0.44
Diluted EPS YoY−96.0%−100.0%unavailableunavailable−5,100.0%unavailableunavailableunavailable
net %0.7%0.0%-2.4%0.3%-19.2%-12.2%-8.2%-9.7%
Free cash flow5.3 m6.2 m12.2 m23.6 m3.4 m-9.2 m516.0 k-6.3 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
40.6 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
336.5 m USD
Total assets
388.3 m USD
Debt / equity
unavailable
Current ratio
9.93x
ROE
-3.5%
ROA
-3.1%
FCF margin
-5.7%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
97.4 m
2024
106.9 m
2025
109.6 m

SEC (XBRL)· 27 Feb 2026verified

Cost of revenue
2023
11.6 m
2024
12.8 m
2025
14.2 m

SEC (XBRL)· 27 Feb 2026verified

Gross profit
2023
85.8 m
2024
94.2 m
2025
95.4 m

SEC (XBRL)· 27 Feb 2026verified

Research & development
2023
72.7 m
2024
71.6 m
2025
74.8 m

SEC (XBRL)· 27 Feb 2026verified

Operating income
2023
-13.5 m
2024
-7.5 m
2025
-11.3 m

SEC (XBRL)· 27 Feb 2026verified

Pre-tax income
2023
-8.2 m
2024
-2.8 m
2025
-4.7 m

SEC (XBRL)· 27 Feb 2026verified

Income tax
2023
10.2 m
2024
6.0 m
2025
5.9 m

SEC (XBRL)· 27 Feb 2026verified

Net income
2023
-11.9 m
2024
-8.8 m
2025
-10.6 m

SEC (XBRL)· 27 Feb 2026verified

Diluted EPS
2023
-0.51
2024
-0.37
2025
-0.44

SEC (XBRL)· 27 Feb 2026verified

Weighted average diluted shares
2023
23.5 m
2024
23.6 m
2025
24.3 m

SEC (XBRL)· 27 Feb 2026verified

Balance sheet · USD

Cash
2023
23.3 m
2024
18.5 m
2025
40.6 m

SEC (XBRL)· 27 Feb 2026verified

Receivables
2023
30.3 m
2024
49.4 m
2025
49.4 m

SEC (XBRL)· 27 Feb 2026verified

Current assets
2023
209.4 m
2024
216.3 m
2025
284.8 m

SEC (XBRL)· 27 Feb 2026verified

Property, plant & equipment, net
2023
6.7 m
2024
6.9 m
2025
7.1 m

SEC (XBRL)· 27 Feb 2026verified

Goodwill
2023
58.3 m
2024
58.3 m
2025
58.3 m

SEC (XBRL)· 27 Feb 2026verified

Intangibles (excl. goodwill)
2023
3.0 m
2024
1.9 m
2025
1.0 m

SEC (XBRL)· 27 Feb 2026verified

Total assets
2023
304.1 m
2024
308.9 m
2025
388.3 m

SEC (XBRL)· 27 Feb 2026verified

Current liabilities
2023
26.9 m
2024
30.5 m
2025
28.7 m

SEC (XBRL)· 27 Feb 2026verified

Equity
2023
264.3 m †
2024
266.6 m †
2025
336.5 m †

SEC (XBRL)· 27 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
-6.3 m
2024
3.5 m
2025
-3.4 m

SEC (XBRL)· 27 Feb 2026verified

Capex
2023
2.9 m
2024
3.0 m
2025
2.9 m

SEC (XBRL)· 27 Feb 2026verified

Free cash flow
2023
-9.2 m ≈
2024
516.0 k ≈
2025
-6.3 m ≈

SEC (XBRL)· 27 Feb 2026derived

Investing cash flow
2023
10.8 m
2024
-2.4 m
2025
-34.0 m

SEC (XBRL)· 27 Feb 2026verified

Financing cash flow
2023
-2.8 m
2024
-5.6 m
2025
59.3 m

SEC (XBRL)· 27 Feb 2026verified

Share repurchases
2023
6.2 m
2024
8.5 m
2025
7.2 m

SEC (XBRL)· 27 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
2.5%
computed by olivLawFY 2025
Revenue CAGR 3Y
-3.1%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
1.8%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
-1,316.5%
computed by olivLawFY 2025

Profitability

Gross margin
87.5%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
unavailable
input data missing
EBIT margin
-8.3%
computed by olivLawTTM to 30 Jun 2026
Net margin
-9.5%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-0.9%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-3.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-3.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-2.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
10.1x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
1.6x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
3.8 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
4.9 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-1.1 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
132 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
unavailable
input data missing

Market and valuation

Market capitalisation
788.9 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-1.4%
computed by olivLawTTM to 30 Jun 2026
P/B
2.3x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
6.8x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-0.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
0.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

28.02 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 788.9 m USD

Key indicators

Market capitalisation
788.9 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
2.3x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-3.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-9.5%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
2.5%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

25/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 04 Aug 2026
Source: SEC (XBRL)published 10 Aug 2026
verified 2082derived 197

Score by group

77% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)

no valuation method could be computed

Multiple comparisons use the SIC vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Quality87.5%100 (on a fixed band)14%
EBIT margin · Quality-8.3%25 (vs peers)11%
FCF margin · Quality-0.9%0 (on a fixed band)11%
Revenue CAGR 3Y · Growth-3.1%0 (on a fixed band)22%
Revenue growth (YoY) · Growth2.5%37 (vs peers)11%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet10.1x100 (on a fixed band)8%
EV/Sales · Valuationunavailableunavailable—
FCF yield · Valuation-0.1%0 (on a fixed band)17%
Shareholder yield (distributions) · Returns0.1%35 (on a fixed band)6%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/2 factors with a value
  • Growth12/100 · 2/2 factors with a value
  • Quality46/100 · 3/3 factors with a value
  • Returns35/100 · 1/1 factors with a value
  • Valuation· partial0/100 · 1/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Ceva, Inc. (CEVA). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 109.6 m USD in 2025; YoY growth 2.5%; net margin -9.5%; ROE -3.6%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Gross margin: 87.5%
  • Current ratio: 10.1x

What contradicts it

  • EBIT margin: -8.3%
  • FCF margin: -0.9%
  • Revenue CAGR 3Y: -3.1%
  • FCF yield: -0.1%

Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.

Versus the vertical median

Services-Computer Programming, Data Processing, Etc. (SIC 7370) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 19.9x
EV/EBITDA
—
vertical median 15.0x
P/S
6.8x
vertical median 1.4x
above median (+380.0%)
P/B
2.3x
vertical median 1.8x
above median (+31.0%)
ROE
-3.6%
vertical median 0.7%
below median (−655.6%)
Net margin
-9.5%
vertical median 2.2%
below median (−524.2%)
EBIT margin
-8.3%
vertical median 2.1%
below median (−488.3%)
Revenue YoY
2.5%
vertical median 6.8%
below median (−63.2%)
Net debt/EBITDA
—
vertical median 1.9x
Dividend yield
—
vertical median 0.4%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
GOOGLAlphabet Inc.3,552.1 bn15.144.3%50.0%+15.1%−10% / +118%
APPAppLovin Corporation90.0 bn18.3210.1%65.9%+70.0%−55% / +625%
FLUTFlutter Entertainment plc14.2 bn—-14.3%-7.1%+16.6%−61% / −48%
FDSFactset Research Systems Inc12.1 bn23.525.5%21.5%+6.7%+23% / −25%
SNAPSnap Inc10.2 bn—-15.6%-4.9%+10.6%−23% / −57%
NIQNIQ Global Intelligence plc6.0 bn—-65.3%-8.0%+5.7%+29% / unavailable
SIFYSify Technologies Ltd5.8 bn—-4.1%-2.0%+9.0%+20% / +53%
WIXWix.com Ltd.4.4 bn91.5—2.5%+13.2%−16% / −21%
MGNIMagnite, Inc.3.3 bn19.920.4%23.6%+6.9%+55% / +182%
GRNDGrindr Inc.2.4 bn27.6108.7%18.7%+27.6%+9% / +108%
DVDoubleVerify Holdings, Inc.2.1 bn34.05.8%8.2%+13.9%+29% / −59%
BZKanzhun Limited1.7 bn41.616.0%33.1%+17.3%−21% / +6%
WBWeibo Corporation1.6 bn3.812.1%25.6%+0.1%−35% / −36%
DJTTrump Media & Technology Group Corp.1.2 bn—-78.9%-28,867.7%+1.8%−61% / −74%
HSTMHealthstream Inc949.7 m45.46.0%6.6%+4.3%+29% / +30%
NXDRNextdoor Holdings, Inc934.4 m—-7.2%-11.1%+4.2%unavailable / unavailable
CEVACeva, Inc.788.9 m—-3.6%-9.5%+2.5%+7% / +44%
BMBLBumble Inc.718.8 m—-85.9%-61.8%−9.9%+69% / −57%
SABRSabre Corporation702.2 m1.1—25.1%+1.0%+8% / −51%
YALAYalla Group Limited413.9 m6.819.6%43.3%+0.7%−20% / −6%
ZIPZiprecruiter, Inc.321.9 m12.9—6.2%−5.3%−5% / −66%
MFMindForge Inc.172.5 m—-167.2%-222.9%−49.9%−83% / unavailable
SANGSangoma Technologies Corp150.7 m—-1.9%-2.1%−4.3%−13% / +55%
HCATHealth Catalyst, Inc.119.7 m—-118.1%-90.6%+1.5%−47% / −78%
DOYUDouYu International Holdings Ltd111.1 m—-6.8%-5.3%−6.7%−48% / −48%

1- and 3-year price returns: for CEVA from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Ceva is an IP licensor of silicon and software that lets devices connect, sense and infer data in the real world, which it calls Physical AI. Its licensing and royalty model faced pressure in 2025, but in the second quarter of 2026 revenues rose to $29.0 million 3 and licensing reached its strongest level in three years.

    SWOT

    Strengths

    • A leading position in wireless connectivity and a very large installed base of devices, with production-proven IP 1.
    • A licensing model with recurring royalty revenue that can build long-term visibility 1.
    • A portfolio covering connectivity, sensing and inference that allows system-level solutions 2.

    Weaknesses

    • Heavy reliance on a few customers and on one geographic region for much of its revenue 1.
    • Royalty revenue is sensitive to the smartphone cycle, which can be volatile 1.
    • Research and development spending remains high relative to revenue, leaving GAAP profitability fragile 3.

    Opportunities

    • Demand for edge NPUs and AI could grow, especially in PCs, automotive and robotics 1.
    • New customers from AI computing platforms could broaden the customer base 3.

    Threats

    • Competition from IP vendors and in-house teams could reduce prices or cost design wins 1.
    • Trade and geopolitical tensions could affect revenue in the regions with the highest exposure 1.
    • Open-source RISC-V architectures could increase pressure on licensing prices 1.

    Risks

    • Geographic concentrationhigh

      A large share of revenue comes from customers in Asia, exposing the company to political and trade changes.

    • Dependence on royaltieshigh

      Royalty revenue depends on customers succeeding in end markets and can be volatile.

    • Intense competitionmedium

      Competitive pressure could lead to lower licensing rates and lost customers.

    • Long sales cyclemedium

      Years can pass between design selection and volume production, which makes revenue forecasting difficult.

    • Middle East exposuremedium

      Operations in Israel could be affected by regional instability, including armed conflict.

    Investment thesis

    What would need to be true (bull case)

    • If demand for connectivity and edge AI keeps growing, licensing revenue could stay strong.
    • Royalty growth from new connectivity standards could recover after the weak smartphone period.
    • An integrated system-level portfolio could raise content per design and lengthen customer relationships.

    What would break the thesis

    • If low-end smartphone demand stays weak, royalties could remain under pressure.
    • Geographic concentration and trade tensions could weigh on revenue more than expected.
    • If GAAP profitability stays negative, reliance on licensing revenue could become a risk.

    What to watch

    • Trend in smartphone and connectivity royaltiesQ3 2026
    • Revenue guidance for the fiscal year2026
    • Number of new AI licensing agreementsQ3 2026

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Ceva designs and licenses IP to semiconductor companies and original equipment manufacturers (OEMs), which integrate it into ASICs, ASSPs and SoCs. The company runs a licensing and royalty model, with upfront license fees and recurring per-unit royalties on customer shipments 1. Its headquarters is in Rockville, Maryland, and development centers are in France, Greece, Ireland, Israel, Serbia and the United States 1.

    Segments

    Licensing and related revenues

    Licensing and related revenues were $18.2 million in the second quarter of 2026, the highest in three years 3, and the company signed 54 IP licensing agreements in 2025 1.

    Connectivity, sensing and inference

    The portfolio spans three layers: connectivity (Bluetooth, Wi-Fi, UWB, cellular IoT and 5G), sensing (sensor fusion, spatial audio and MotionEngine) and inference (the NeuPro and SensPro families) 2.

    Market context

    The company estimates that the Physical AI and Edge AI markets could reach about $170 billion by 2030 1. It held 68% of the wireless connectivity IP market in 2024 1, and more than 21 billion devices have shipped with Ceva IP 3.

    Revenue exposure is concentrated: customers in Europe, the Middle East and Asia-Pacific accounted for 82% of 2025 revenues 1, and customers in China for 62% 1. If trade or geopolitical tensions persist, this concentration could weigh on revenues.

    Trends

    • Shift from Edge AI to Physical AItailwind

      Devices are integrating connectivity, sensing and inference into one system, which could raise the IP content per device for Ceva.

    • Weak smartphone demandheadwind

      Memory pricing and supply constraints in the low-end smartphone segment hit royalties in 2025 and could continue into 2026 1.

    • Tariff and geopolitical uncertaintymixed

      Tariffs and instability in the Middle East can delay customer decisions and shift demand, though the effect depends on later trade policy.

    Competitive position

    Ceva competes with DSP and CPU core providers, RISC-V IP providers, in-house teams at large companies, and NPU and wireless connectivity vendors. Competition could lead to lower licensing prices or lost design wins 1.

    • ArmARM

      IP provider for CPUs, DSPs, NPUs and audio, named as a competitor in several segments.

    • CadenceCDNS

      Competitor in signal processing cores, imaging, NPUs and audio.

    • Verisilicon

      Direct competitor in signal processing cores and NPUs.

    • Silicon LabsSLAB

      Competitor in wireless connectivity and edge NPUs.

    News & filings

    In the press

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ceva, Inc. · 27 Feb 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ceva, Inc. · 10 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Ceva, Inc. · 10 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.