CEVA

MKT CAP:$801M

CEVA, Inc.

Market Cap

$801M

Technology·Semiconductors·🇺🇸 United States·NASDAQ

Technology·Semiconductors·🇺🇸·NASDAQ

Stock Price

$24.64+$2.22 (+9.90%)

Apr 23, 2026

Company Details

CEVA, Inc. operates as a licensor of wireless connectivity and smart sensing technologies to semiconductor and original equipment manufacturer (OEM) companies worldwide. It designs and licenses various digital signal processors, AI processo...

CEO

Amir Panush

IPO Date

Nov 1, 2002

Website

www.ceva-dsp.com

Key Metrics TTM

Revenue

$108M

+5.5% YoY

Net Income

-$11M

EPS (Diluted)

-$0.46

Free Cash Flow

-$6M

Revenue / Share

$4.49

Gross Margin

87.2%

Operating Margin

-10.1%

Net Margin

-10.5%

FCF Margin

-6.0%

P/S

7.5x

P/E

—

Earnings Reports

Q4 2025

May 6, 2026

PENDING

FY 2025

Feb 27, 2026

$110M+2.5%EPS -$0.44

Q3 2025

Nov 10, 2025

$28M+4.3%EPS -$0.10

Q2 2025

Aug 11, 2025

$26M-9.7%EPS -$0.15

Q1 2025

May 8, 2025

$24M+9.8%EPS -$0.14

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$34M	$28M	$2M
Q1 22	$34M	$28M	$468.0K
Q2 22	$33M	$26M	-$276.0K
Q3 22	$30M	$24M	-$2M
Q4 22	$33M	$28M	-$2M
Q1 23	$26M	$23M	-$3M
Q2 23	$23M	$19M	-$5M
Q3 23	$24M	$22M	-$3M
Q4 23	$24M	$22M	-$3M
Q1 24	$22M	$20M	-$5M
Q2 24	$28M	$26M	-$35.0K
Q3 24	$27M	$23M	-$3M
Q4 24	$29M	$26M	$74.0K
Q1 25	$24M	$21M	-$4M
Q2 25	$26M	$22M	-$4M
Q3 25	$28M	$25M	-$2M

Valuation

Quarter	P/S	P/E
Q4 21	6.5x	2023.7x
Q1 22	6.1x	343.9x
Q2 22	6.0x	898.4x
Q3 22	6.1x	—
Q4 22	6.1x	—
Q1 23	6.5x	—
Q2 23	7.1x	—
Q3 23	7.5x	—
Q4 23	8.2x	—
Q1 24	8.6x	—
Q2 24	8.1x	—
Q3 24	7.9x	—
Q4 24	7.5x	—
Q1 25	7.3x	—
Q2 25	7.5x	—
Q3 25	7.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$11M	$10M
Q1 22	$10M	$9M
Q2 22	-$8M	-$9M
Q3 22	$2M	$996.0K
Q4 22	$3M	$3M
Q1 23	-$5M	-$5M
Q2 23	-$5M	-$6M
Q3 23	-$1M	-$2M
Q4 23	$5M	$4M
Q1 24	-$7M	-$8M
Q2 24	$2M	$2M
Q3 24	$399.0K	-$15.0K
Q4 24	$8M	$7M
Q1 25	-$7M	-$8M
Q2 25	$1M	$492.0K
Q3 25	-$6M	-$6M

Capital Expenditures

Quarter	CapEx
Q4 21	$687.0K
Q1 22	$909.0K
Q2 22	$1M
Q3 22	$821.0K
Q4 22	$575.0K
Q1 23	$105.0K
Q2 23	$1M
Q3 23	$892.0K
Q4 23	$761.0K
Q1 24	$904.0K
Q2 24	$608.0K
Q3 24	$414.0K
Q4 24	$1M
Q1 25	$311.0K
Q2 25	$691.0K
Q3 25	$426.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+21.0%	+26.3%
Q1 22	+35.4%	+26.9%
Q2 22	+9.0%	+15.9%
Q3 22	-8.4%	+4.2%
Q4 22	-1.9%	+7.6%
Q1 23	-23.6%	-14.9%
Q2 23	-30.9%	-15.6%
Q3 23	-19.9%	-17.3%
Q4 23	-27.7%	-22.9%
Q1 24	-16.0%	-6.4%
Q2 24	+24.1%	+0.7%
Q3 24	+13.0%	+11.4%
Q4 24	+20.9%	+8.2%
Q1 25	+9.8%	+5.9%
Q2 25	-9.7%	+5.9%
Q3 25	+4.3%	+2.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$4M	10.4%
Q1 22	$3M	9.9%
Q2 22	$3M	10.0%
Q3 22	$4M	12.3%
Q4 22	$4M	12.3%
Q1 23	$4M	14.7%
Q2 23	$4M	18.3%
Q3 23	$4M	17.6%
Q4 23	$4M	16.1%
Q1 24	$4M	16.2%
Q2 24	$4M	13.7%
Q3 24	$4M	15.5%
Q4 24	$4M	13.3%
Q1 25	$4M	17.8%
Q2 25	$5M	19.1%
Q3 25	$5M	17.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$19M	$4M	$4M
Q1 22	$20M	$4M	$3M
Q2 22	$20M	$4M	$3M
Q3 22	$16M	$3M	$3M
Q4 22	$20M	$4M	$4M
Q1 23	$19M	$4M	$3M
Q2 23	$18M	$4M	$3M
Q3 23	$18M	$4M	$3M
Q4 23	$18M	$4M	$3M
Q1 24	$18M	$4M	$3M
Q2 24	$19M	$4M	$3M
Q3 24	$18M	$5M	$3M
Q4 24	$17M	$5M	$4M
Q1 25	$18M	$4M	$3M
Q2 25	$19M	$4M	$3M
Q3 25	$20M	$4M	$3M

Revenue Segments

Quarter	Connectivity Products	Smart Sensing Products	License	Royalty
Q4 21	$23M	$11M	—	—
Q1 22	$26M	$9M	—	—
Q2 22	$24M	$9M	—	—
Q4 22	$25M	$9M	—	—
Q3 23	—	—	$14M	$10M
Q1 24	—	—	$11M	$11M
Q2 24	—	—	$17M	$11M
Q3 24	—	—	$16M	$12M
Q1 25	—	—	$15M	$9M
Q2 25	—	—	$15M	$11M
Q3 25	—	—	$16M	$12M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$40M	$123M	$162M
Q2 22	$19M	$119M	$138M
Q3 22	$30M	$107M	$136M
Q4 22	$20M	$118M	$138M
Q1 23	$24M	$112M	$137M
Q2 23	$28M	$108M	$136M
Q3 23	$17M	$115M	$132M
Q4 23	$23M	$143M	$167M
Q1 24	$21M	$138M	$159M
Q2 24	$25M	$134M	$158M
Q3 24	$13M	$145M	$158M
Q4 24	$18M	$145M	$164M
Q1 25	$19M	$140M	$158M
Q2 25	$29M	$128M	$158M
Q3 25	$17M	$135M	$152M
Q4 25	$41M	$181M	$222M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	23M	+1.9%	+2.0%
Q1 22	23M	-1.1%	+2.5%
Q2 22	23M	+0.3%	+0.1%
Q3 22	23M	+0.2%	+1.2%
Q4 22	23M	+0.8%	+0.2%
Q1 23	23M	-0.3%	+1.0%
Q2 23	23M	+0.6%	+1.3%
Q3 23	24M	+0.5%	+1.7%
Q4 23	24M	+1.4%	+2.3%
Q1 24	24M	-1.8%	+0.7%
Q2 24	24M	+0.5%	+0.6%
Q3 24	24M	+0.2%	+0.3%
Q4 24	24M	-0.2%	-1.3%
Q1 25	24M	+0.5%	+1.1%
Q2 25	24M	+0.6%	+1.1%
Q3 25	24M	+0.2%	+1.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$71.5K	476
Q1 22	$72.3K	476
Q2 22	$69.7K	476
Q3 22	$63.1K	476
Q4 22	$68.9K	485
Q1 23	$54.1K	485
Q2 23	$47.3K	485
Q3 23	$49.6K	485
Q4 23	$53.7K	450
Q1 24	$49.0K	450
Q2 24	$63.2K	450
Q3 24	$60.5K	450
Q4 24	$68.3K	428
Q1 25	$56.6K	428
Q2 25	$60.0K	428
Q3 25	$66.3K	428

Revenue / Employee