CEVA up 9.4% following Q1 revenues of $21.3 million
5 May, 2017
CEVA's customers shipped 352 million CEVA-powered chips. Gideon Wertheizer, Chief Executive Officer of CEVA: "It was our strongest licensing quarter in the company's history"
CEVA’s first quarter 2017 financial results reached a new record: Total revenues were $21.3 million, a 29% increase compared to the first quarter of 2016 ($16.5 million). First quarter 2017 licensing and related revenue was a record $9.5 million, an increase of 10% when compared to $8.6 million reported for the same quarter a year ago. Royalty revenue for the first quarter of 2017 was $11.8 million, an increase of 50% compared to 2016.
Gideon Wertheizer, Chief Executive Officer of CEVA, said: “It was our strongest licensing quarter in the company’s history, and it helped to deliver a fifth record revenue quarter in succession. We continue to experience strong demand for our portfolio of specialized platforms, including 5G, computer vision, deep neural networks and connectivity.”
During the quarter, CEVA’s customers shipped 352 million CEVA-powered chips. The company also completed 11 license agreements.: 8 agreements for CEVA DSP cores, platforms and software and 3 for CEVA connectivity IPs. Four were with first-time customers of CEVA. Target applications for customer deployment include: 5G base stations, automotive ADAS, smart surveillance cameras, smartphones, smart home appliances, and Bluetooth 4.2 and 5 connectivity for various IoT devices.
CEVA is a licensor of signal processing IP of DSP-based platforms for vision, audio, communications, LTE/LTE-A/5G baseband processing in handsets, infrastructure and machine-to-machine devices. Following the report, CEVA’s stock price in NASDAQ jumped 9.4% to 39.6 USD, which gave the company a Market Cap of $852.3 million.