US Market News
1月前
Ceva, Inc. Announces First Quarter 2026 Financial ResultsMay 11, 2026 7:00 AM
PR Newswire (US) Highlights strong licensing growth driven by integrated solutions and accelerating edge AI adoptionROCKVILLE, Md., May 11, 2026 /PRNewswire/ -- Ceva, Inc. (NASDAQ: CEVA), the leading licensor of silicon and software IP for the Smart Edge, today announced its financial results for the first quarter ended March 31, 2026.First Quarter Highlights: * Delivered total revenues of $27.0 million, up 11% year-over-yearLicensing and related revenues of $17.8 million, up 18% year-over-year and the highest in three yearsRoyalty revenues of $9.2 million, with smart edge royalties up 8% year-over-year, driven by record shipments in Wi-Fi, and strong contribution from cellular IoT, 5G infrastructure and automotive AISigned 14 IP licensing agreements, including several multi-technology engagements with existing customersSecured a major customer win for Bluetooth High Data Throughput (HDT) solution, including Ceva's internally developed RF technology, demonstrating its system-level connectivity strategyExpanded customer engagements in 5G NTN and Ultra-Wideband, increasing value per designAI represented more than 20% of licensing and related revenues, with strong growth and key production milestones, including the Renesas R-Car V4H platform entering the 2026 Toyota RAV4, alongside a collaboration with NXP for its latest software-defined vehicle processors*Unless otherwise stated, all comparisons are to first quarter 2025.Amir Panush, Chief Executive Officer of Ceva, commented, "We delivered a strong start to 2026, highlighted by our highest licensing and related revenues in three years and continued momentum across our connectivity and AI portfolios. Importantly, this quarter reflects the successful execution of our strategy to expand beyond discrete IP into more integrated, system-level solutions. A major Bluetooth HDT licensing agreement, including RF, alongside our expansion in 5G NTN and Ultra-Wideband, demonstrates how we are increasing our value per design and deepening customer engagement. We also saw encouraging trends in royalties, with continued strength across our smart edge markets, partially offset by softness in smartphones.""In AI, our growth strategy and relentless focus on market-leading innovation are translating into production, with our technology integrated into leading automotive platforms and entering mass-volume production. With AI contributing over 20% of licensing and related revenues and a strong pipeline of engagements, we believe we are well positioned as the industry accelerates toward hybrid AI and the expansion of Physical AI at the edge."Business and Market Highlights
During the first quarter, Ceva signed 14 IP licensing agreements across connectivity, AI, and satellite communications, including several multi-technology engagements aligned with its strategy to deliver more integrated, system-level solutions.The company secured a major full-stack Bluetooth HDT solution license, marking a key milestone in expanding value per design and increasing royalty contribution, while helping customers reduce integration complexity and accelerate time-to-market. Additional wins included a Wi-Fi 7 design targeting consumer IoT, a Wi-Fi 6 / Bluetooth combo engagement with a leading edge-AI SoC platform provider, and multiple Bluetooth and Wi-Fi agreements.Ceva also expanded into new connectivity domains, introducing its PentaG-NTN platform and progressing a satellite customer engagement to a more integrated baseband solution. In Ultra-Wideband, the company launched its next-generation platform and secured a new customer as adoption accelerates across industrial and automotive applications.In AI, Ceva continued to expand its footprint with multiple licensing agreements and achieved a key production milestone, with its AI DSP and accelerator deployed in the Renesas R-Car V4H platform, now entering production in the 2026 Toyota RAV4. The company also announced a collaboration with NXP for its latest software-defined vehicle processors. AI represented more than 20% of licensing and related revenues in the quarter, reflecting strong growth and increasing contribution.Across its markets, Ceva continues to see strong demand in IoT and AI-driven applications, with record Wi-Fi shipments and significant growth in cellular IoT. These trends, together with the shift toward more integrated, system-level solutions and increasing adoption of Bluetooth and Wi-Fi combo chips, are driving higher value per device and reinforcing the company's long-term royalty growth model.Other first quarter financial data: *GAAP gross margin was 86%, in line with last yearGAAP operating loss was $5.1 million, as compared to a GAAP operating loss of $4.4 millionGAAP net loss was $4.5 million, as compared to a GAAP net loss of $3.3 millionGAAP diluted loss per share was $0.16, as compared to GAAP diluted loss per share of $0.14Non-GAAP gross margin was 87%, in line with last yearNon-GAAP operating income was $0.5 million, as compared to non-GAAP operating income of $0.3 millionNon-GAAP net income and non-GAAP diluted earnings per share were $1.1 million and $0.04, respectively, compared with non-GAAP net income and non-GAAP diluted earnings per share of $1.4 million and $0.06, respectively*Unless otherwise stated, all comparisons are to first quarter 2025.Yaniv Arieli, Chief Financial Officer of Ceva, added, "Our first quarter results reflect strong licensing execution and the continued progression toward higher-value, multi-technology engagements. This shift is driving improved economics per deal and strengthening the long-term royalty potential of our business. We also continue to see encouraging trends across our diversified end markets, particularly in IoT and AI-driven applications. We continue to manage the impact of a weaker U.S. dollar and are implementing measures to partially offset the resulting expenses."Ceva Conference Call
On May 11, 2026, Ceva management will conduct a conference call at 8:30 a.m. Eastern Time to discuss the operating performance for the quarter.The conference call will be available via the following dial in numbers:U.S. Participants: Dial 1-844-435-0316 (Access Code: Ceva)International Participants: Dial +1-412-317-6365 (Access Code: Ceva)The conference call will also be available live via webcast at the following link: https://app.webinar.net/N8PRLk4oljM. https://app.webinar.net/ePpLk12BRaDhttps://app.webinar.net/GvAklQElMmjPlease go to the web site at least fifteen minutes prior to the call to register.For those who cannot access the live broadcast, a replay will be available by dialing +1 855-669-9658 or +1 412-317-0088 (access code: 4033535) from one hour after the end of the call until 9:00 a.m. (Eastern Time) on May 18, 2026. The replay will also be available at Ceva's web site at www.ceva-ip.com.Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that if they materialize or prove incorrect, could cause the results of Ceva to differ materially from those expressed or implied by such forward-looking statements and assumptions. Forward-looking statements include statements about Ceva's positioning for future growth and to serve as a foundational technology provider for intelligent, connected devices, licensing agreement wins, future industry demand, our market position for the future and future growth in the demand of our products, our forecast of financial measures for the following quarter and 2026, our long term targets and underlying assumptions, our future investments, expectations about future market, the success of our strategies and agreements, visibility into future revenue streams, and Ceva's focus on expense management and profitability improvement. The risks, uncertainties and assumptions that could cause differing Ceva results include: the effect of intense industry competition; the ability of Ceva's technologies and products incorporating Ceva's technologies to achieve market acceptance; Ceva's ability to meet changing needs of end-users and evolving market demands; the lengthy sales cycle for IP and related solutions; Ceva's ability to diversify royalty streams and license revenues; geopolitical risks and instability, including the impact of tariffs and other trade measures and potential disruptions related to ongoing conflicts in the Middle East; and general market conditions and other risks relating to Ceva's business and industry, including, but not limited to, those that are described from time to time in our SEC filings. Ceva assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.About Ceva, Inc.
Ceva powers the Smart Edge, bridging the digital and physical worlds to bring AI-driven products to life. Our Ceva AI fabric portfolio of silicon and software IP enables devices to Connect, Sense, and Infer – the essential capabilities for the intelligent edge. From 5G, cellular IoT, Bluetooth, Wi-Fi, and UWB connectivity to scalable Edge AI NPUs, AI DSPs, sensor fusion processors and embedded software, Ceva provides the foundational IP for devices that connect, understand their environment, and act in real time.With more than 21 billion devices shipped and trusted by 400+ customers worldwide, Ceva is the backbone of today's most advanced smart edge products - from AI-infused wearables and IoT devices to autonomous vehicles and 5G infrastructure. Our differentiated solutions deliver seamless integration into existing design flows, total flexibility to combine solutions based on design needs and ultra–low–power performance in minimal silicon footprint, helping customers accelerate development, reduce risk, and bring innovative products to market faster. As technology evolves toward Physical AI, Ceva's IP portfolio lays the foundation for systems that are always connected, contextually aware, and capable of intelligent, real-time decision-making.Visit us at www.ceva-ip.com and follow us on LinkedIn, X, YouTube, Facebook, and Instagram. CEVA, INC. AND ITS SUBSIDIARIESINTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS – U.S. GAAPU.S. dollars in thousands, except per share data
Three months ended
March 31,
20262025
UnauditedUnauditedRevenues:
Licensing and related revenues$ 17,820$ 15,042Royalties9,2049,203
Total revenues27,02424,245
Cost of revenues3,7293,487
Gross profit23,29520,758
Operating expenses:
Research and development, net19,83717,609Sales and marketing3,7663,449General and administrative4,6603,933Amortization of intangible assets117149Total operating expenses28,38025,140
Operating loss(5,085)(4,382)Financial income, net1,8772,100Remeasurement of marketable equity securities64(54)
Loss before taxes on income(3,144)(2,336)Income tax expense1,315991Net loss$ (4,459)$ (3,327)
Basic and diluted net loss per share$ (0.16)$ (0.14)
Weighted-average shares used to compute net loss per share (in thousands):
Basic and diluted27,67823,764 Unaudited Reconciliation of GAAP to Non-GAAP Financial MeasuresU.S. dollars in thousands, except per share data
Three months ended
March 31,
20262025
UnauditedUnauditedGAAP net loss$ (4,459)$ (3,327)Equity-based compensation expense included in cost of revenues182159Equity-based compensation expense included in research and development expenses2,8632,466Equity-based compensation expense included in sales and marketing expenses717566Equity-based compensation expense included in general and administrative expenses1,6101,132Amortization of intangible assets related to acquisition of businesses176208Costs associated with asset acquisition61144Loss (income) associated with the remeasurement of marketable equity securities(64)54Non-GAAP net income$ 1,086$ 1,402GAAP weighted-average number of Common Stock used in computation of diluted net loss per share (in thousands)27,67823,764Weighted-average number of shares related to outstanding stock-based awards (in thousands)1,8101,618Weighted-average number of Common Stock used in computation of diluted earnings per share, excluding the above (in thousands)29,48825,382
GAAP diluted loss per share$ (0.16)$ (0.14)Equity-based compensation expense$ 0.19$ 0.18Amortization of intangible assets related to acquisition of businesses $ 0.01$ 0.01Costs associated with asset acquisition$ 0.00$ 0.01Non-GAAP diluted earnings per share$ 0.04$ 0.06
Three months ended
March 31,
20262025
UnauditedUnauditedGAAP operating loss$ (5,085)$ (4,382)Equity-based compensation expense included in cost of revenues182159Equity-based compensation expense included in research and development expenses2,8632,466Equity-based compensation expense included in sales and marketing expenses717566Equity-based compensation expense included in general and administrative expenses1,6101,132Amortization of intangible assets related to acquisition of businesses176208Costs associated with asset acquisition61144Total non-GAAP operating income$ 524$ 293
Three months ended
March 31,
20262025
UnauditedUnaudited
GAAP gross profit$ 23,295$ 20,758GAAP gross margin86 %86 %
Equity-based compensation expense included in cost of revenues182159Amortization of intangible assets related to acquisition of businesses5959Total non-GAAP gross profit23,53620,976Non-GAAP gross margin87 %87 %
Three months ended
March 31,
20262025
UnauditedUnauditedGAAP operating expenses28,38025,140Equity-based compensation expense included in research and development expenses(2,863)(2,466)Equity-based compensation expense included in sales and marketing expenses(717)(566)Equity-based compensation expense included in general and administrative expenses(1,610)(1,132)Amortization of intangible assets related to acquisition of businesses(117)(149)Costs associated with asset acquisition(61)(144)Total non-GAAP operating expenses$ 23,012$ 20,683 CEVA, INC. AND ITS SUBSIDIARIESINTERIM CONDENSED CONSOLIDATED BALANCE SHEETS(U.S. dollars in thousands)
March 31,December 31,
20262025 (*)
UnauditedUnauditedASSETS
Current assets:
Cash and cash equivalents
$ 21,367$ 40,586Marketable securities and short-term bank deposits
194,326181,397Trade receivables, net
17,73719,495Unbilled receivables
31,13529,860Prepaid expenses and other current assets
16,29713,498Total current assets
280,862284,836Long-term assets:
Severance pay fund
7,2257,530Deferred tax assets, net
274257Property and equipment, net
9,0107,054Operating lease right-of-use assets
17,19017,486Investment in marketable equity securities
11955Goodwill
58,30858,308Intangible assets, net
8681,044Other long-term assets
14,37011,686Total assets
$ 388,226$ 388,256
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Trade payables
$ 2,388$ 2,418Deferred revenues
2,9683,496Accrued expenses and other payables
19,22421,026Operating lease liabilities
2,7941,743Total current liabilities
27,37428,683Long-term liabilities:
Accrued severance pay
7,4287,690Operating lease liabilities
14,08314,388Other accrued liabilities
1,1581,037Total liabilities
50,04351,798Stockholders' equity:
Common stock
2828Additional paid in-capital
343,298337,966Treasury stock
0(1,591)Accumulated other comprehensive income (loss)
(660)79Accumulated deficit
(4,483)(24)Total stockholders' equity
338,183336,458Total liabilities and stockholders' equity
$ 388,226$ 388,256(*) Derived from audited financial statements.The Company believes that the presentation of non-GAAP measures in the press release is useful to investors in analyzing the results for the quarters ended March 31, 2026, and 2025 because the exclusion of the applicable expenses may provide a meaningful analysis of the Company's core operating results and comparison of quarterly results. Further, the Company believes it is useful for investors to understand how the expenses associated with the application of FASB ASC No. 718 are reflected in its statements of income. The reconciliation of financial measures should be reviewed in addition to and in conjunction with results presented in accordance with GAAP and are intended to provide additional insight into the Company's operations that, when viewed with its GAAP results and the accompanying reconciliation, offer a more complete understanding of factors and trends affecting the Company's business. The reconciliation of financial measures should not be viewed as a substitute for the Company's reported GAAP results.A reconciliation of non-GAAP guidance to the corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to the Company's results computed in accordance with GAAP. View original content to download multimedia:https://www.prnewswire.com/news-releases/ceva-inc-announces-first-quarter-2026-financial-results-302767706.htmlSOURCE Ceva, Inc. Original: Ceva, Inc. Announces First Quarter 2026 Financial Results
US Market News
3月前
Ceva Launches PentaG-NTN™ 5G Advanced Modem IP, Enabling Satellite-Native Innovators to Rapidly Deploy Differentiated LEO User TerminalsMarch 3, 2026 2:00 AM
PR Newswire (US)
Built on Ceva's third-generation PentaG platform, PentaG-NTN accelerates the convergence of satellite and cellular networksBARCELONA, Spain, March 3, 2026 /PRNewswire/ -- MWC26 – As satellite connectivity rapidly becomes the most strategically important and disruptive extension of the 5G network, Ceva, Inc. (NASDAQ: CEVA), the leading licensor of silicon and software IP for the Smart Edge, today announced PentaG-NTN™, a new 5G-NTN (Non-Terrestrial Networks) modem IP subsystem purpose-built for satellite user terminals supporting LEO and MEO constellations. Designed to accelerate the deployment of standards-based satellite connectivity, PentaG-NTN enables satellite operators, constellation developers, and terminal innovators to bring 5G-NTN services to market faster, with significantly reduced silicon development risk.PentaG-NTN is the first product based on Ceva's newly introduced third-generation PentaG modem IP platform, a production-ready 5G-Advanced baseband architecture that integrates baseband hardware, L1 PHY software, and comprehensive verification assets into a single reusable subsystem. Designed as a common foundation for multiple derivatives, including PentaG-Edge™ for terrestrial 5G-Advanced edge and IoT applications, the platform is already being integrated into next-generation terminal designs. Compared with the previous generation, it delivers substantial improvements in performance, scalability, and integration efficiency across both satellite and terrestrial deployments.The rapid proliferation of satellite constellations - fueled by both commercial expansion and government-backed initiatives focused on coverage and sovereignty - is accelerating the integration of 5G into space-based networks. At the same time, 5G-NTN introduces cellular modem complexity into an industry historically centered on spacecraft, payloads, and constellation design rather than cellular baseband modem engineering.Traditionally, Ceva's modem IP solutions have been adopted by customers with deep expertise in building cellular modems. In contrast, today's 5G-NTN market is being driven by satellite-native organizations, whose core strengths lie in designing satellites and operating space-based networks. PentaG-NTN is designed specifically to deliver a fully integrated, plug-and-play modem subsystem that removes complexity, shortens development cycles, and de-risks integration for satellite-focused teams.Industry analysts note that this shift is forcing satellite-focused organizations to confront cellular modem complexity for the first time."As 5G standards extend into non-terrestrial networks, the satellite industry is increasingly converging with the cellular ecosystem," said Jake Saunders, Vice President at ABI Research. "This shift is breaking down long-standing satellite silos and allowing operators and technology providers to leverage the scale, maturity, and cost efficiencies of the cellular standards ecosystem. For this convergence to succeed, solutions that reduce modem integration complexity and development cost - while still enabling differentiation - will be critical to moving 5G-NTN from early trials into commercial-scale deployment."At the same time, semiconductor companies seeking to enter or expand in the satellite and NTN modem market face similar challenges of standards complexity, development cost, and integration risk - making a validated, subsystem-level modem IP equally valuable for silicon vendors supporting this new wave of satellite connectivity."5G-NTN is bringing cellular standards into the satellite world - but many satellite innovators shouldn't have to become modem companies to participate," said Guy Keshet, Vice President and General Manager of the Mobile Broadband Business Unit at Ceva. "With PentaG-NTN, we deliver a proven, standards-compliant 5G-NTN modem subsystem that dramatically lowers the barrier to entry, while still allowing customers to innovate and differentiate on top of it."Built for LEO satellite dynamics - and customer differentiation
Unlike terrestrial 5G, satellite user terminals must operate under harsh and rapidly changing conditions, including Doppler shift, timing offsets, and long propagation delays. PentaG-NTN incorporates NTN-specific features designed to address these challenges, including:LEO dynamics optimization, including Doppler compensation and frequency-offset mitigationLatency-optimized L1 processing tuned for LEO and MEO channel characteristics3GPP Release-18 compliance for 5G-NTN, with a clear upgrade path toward Release-19Support for Ka and Ku bandsSupport for narrowband proprietary waveformsScalable performance from 10 Mbps up to 2 Gbps, with up to 256-QAM modulationBeyond standards compliance, PentaG-NTN is architected to preserve and enable customer differentiation. The modem subsystem combines hardware acceleration with programmable DSPs and flexible software interfaces, allowing customers to integrate their own proprietary technologies - such as custom communication algorithms, waveform enhancements, or application-specific optimizations - alongside 3GPP-based 5G-NTN functionality. This enables satellite innovators to differentiate their services while relying on a validated, standards-compliant modem foundation.A complete modem subsystem - not just IP blocks
PentaG-NTN is delivered as a fully integrated modem subsystem that includes:Optimized baseband hardware accelerators and control logicL1 PHY softwareA comprehensive verification environment, including Virtual Platform Simulator (VPS), system-level simulation, test benches, and FPGA-based emulationThis approach allows satellite-native teams to validate software and system behavior early, well before silicon, improving predictability and accelerating time-to-deployment.Ceva estimates that its third-generation PentaG modem platform can reduce modem silicon development time by approximately 65% and cut program costs by tens of millions of dollars, compared with traditional approaches that require building large, specialized modem R&D teams in-house.Built on Ceva's third-generation PentaG platform
The production-ready 5G-Advanced baseband architecture integrates baseband hardware, L1 PHY software, and verification assets into a single reusable subsystem. It.supports both FR1 (sub-7 GHz) and FR2 (24–52 GHz) operation, including mmWave, and scales up to 400 MHz of bandwidth per component carrier, enabling a wide range of satellite and terrestrial modem configurations from a common foundation.Building on the same platform, PentaG-Edge™ extends the architecture to terrestrial 5G-Advanced edge and IoT applications. Like PentaG-NTN, PentaG-Edge is delivered as a fully integrated modem subsystem, enabling licensees to avoid the cost and complexity of building a modem from the ground up while retaining flexibility to tailor features, performance, and differentiation for their specific market requirements - such as advanced MIMO configurations and other terrestrial-focused optimizations not required in NTN deployments.Availability
PentaG-NTN and PentaG-Edge are available now for licensing. Ceva will showcase PentaG-NTN and the third-generation PentaG platform at Mobile World Congress 2026 in Barcelona.To learn more about licensing PentaG-NTN or PentaG-Edge, visit Ceva at MWC 2026 or contact events@ceva-ip.com.About Ceva, Inc.
Ceva powers the Smart Edge, bridging the digital and physical worlds to bring AI-driven products to life. Our Ceva AI fabric portfolio of silicon and software IP enables devices to Connect, Sense, and Infer – the essential capabilities for the intelligent edge. From 5G, cellular IoT, Bluetooth, Wi-Fi, and UWB connectivity to scalable Edge AI NPUs, AI DSPs, sensor fusion processors and embedded software, Ceva provides the foundational IP for devices that connect, understand their environment, and act in real time.With more than 20 billion devices shipped and trusted by 400+ customers worldwide, Ceva is the backbone of today's most advanced smart edge products - from AI-infused wearables and IoT devices to autonomous vehicles and 5G infrastructure. Our differentiated solutions deliver seamless integration into existing design flows, total flexibility to combine solutions based on design needs and ultra–low–power performance in minimal silicon footprint, helping customers accelerate development, reduce risk, and bring innovative products to market faster. As technology evolves toward Physical AI, Ceva's IP portfolio lays the foundation for systems that are always connected, contextually aware, and capable of intelligent, real-time decision-making.Visit us at www.ceva-ip.com and follow us on LinkedIn, X, YouTube, Facebook, and Instagram.
View original content to download multimedia:https://www.prnewswire.com/news-releases/ceva-launches-pentag-ntn-5g-advanced-modem-ip-enabling-satellite-native-innovators-to-rapidly-deploy-differentiated-leo-user-terminals-302701324.htmlSOURCE Ceva, Inc.
Original: Ceva Launches PentaG-NTN™ 5G Advanced Modem IP, Enabling Satellite-Native Innovators to Rapidly Deploy Differentiated LEO User Terminals
XenaLives
2年前
Historic short interest:
You can go to this link to check short interest in a stock:
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Publication schedule is here:
http://nasdaqtrader.com/Trader.aspx?id=ShortIntPubSch
Settlement Date/Short Interest/Percent Change/
Average Daily Share Volume/Days to Cover
02/15/2024 958,842 11.13 175,724 5.46
01/31/2024 862,823 11.83 119,889 7.20
01/12/2024 771,552 6.11 116,840 6.60
12/29/2023 727,133 (7.54) 122,645 5.93
12/15/2023 786,442 (7.66) 231,498 3.40
11/30/2023 851,695 (7.78) 150,413 5.66
11/15/2023 923,572 7.06 205,527 4.49
10/31/2023 862,632 27.06 148,562 5.81
10/13/2023 678,913 13.54 136,158 4.99
09/29/2023 597,973 (1.76) 115,831 5.16
09/15/2023 608,660 15.29 200,551 3.03
08/31/2023 527,938 17.40 126,684 4.17
08/15/2023 449,682 12.74 152,670 2.95
07/31/2023 398,878 0.35 105,479 3.78
07/14/2023 397,467 0.57 84,935 4.68
06/30/2023 395,228 1.80 141,846 2.79
06/15/2023 388,243 (4.56) 120,420 3.22
05/31/2023 406,797 (3.13) 188,256 2.16
05/15/2023 419,926 (3.32) 210,811 1.99
04/28/2023 434,353 2.01 62,376 6.96
04/14/2023 425,815 6.63 63,696 6.69
03/31/2023 399,335 (30.45) 182,790 2.18
03/15/2023 574,204 17.93 87,523 6.56
02/28/2023 486,895 (10.63) 94,054 5.18
02/15/2023 544,830 (1.64) 86,440 6.30
01/13/2023 532,165 2.79 81,176 6.56
12/30/2022 517,728 5.07 151,130 3.43
12/15/2022 492,751 (2.00) 149,591 3.29
11/30/2022 502,824 (4.62) 107,882 4.66
11/15/2022 527,187 (16.81) 97,005 5.43
10/31/2022 633,712 (10.12) 122,838 5.16
10/14/2022 705,066 1.95 95,293 7.40
09/30/2022 691,608 (5.13) 98,311 7.03
09/15/2022 729,006 15.70 104,961 6.95
08/31/2022 630,101 3.53 119,198 5.29
08/15/2022 608,643 (6.34) 116,427 5.23
07/29/2022 649,817 (7.94) 108,445 5.99
07/15/2022 705,843 0.21 117,239 6.02
06/30/2022 704,357 (0.02) 116,945 6.02
06/15/2022 704,477 (5.01) 102,232 6.89
05/31/2022 741,663 9.72 153,394 4.84
05/13/2022 675,930 11.28 186,748 3.62
04/29/2022 607,407 (10.93) 139,091 4.37
04/14/2022 681,923 (14.67) 155,991 4.37
03/31/2022 799,155 13.81 112,722 7.09
03/15/2022 702,183 28.94 95,761 7.33
02/28/2022 544,588 (1.18) 106,895 5.09
02/15/2022 551,092 4.90 112,906 4.88
01/31/2022 525,360 22.49 138,398 3.80
01/14/2022 428,895 15.84 109,175 3.93
12/31/2021 370,251 (17.65) 123,354 3.00
12/15/2021 449,603 (3.46) 106,578 4.22
11/30/2021 465,729 (17.70) 107,255 4.34
11/15/2021 565,909 (10.19) 138,494 4.09
10/29/2021 630,113 1.90 83,341 7.56
10/15/2021 618,378 7.97 96,661 6.40
09/30/2021 572,733 (9.45) 140,593 4.07
09/15/2021 632,518 (5.38) 124,003 5.10
08/31/2021 668,448 7.01 122,039 5.48
08/13/2021 624,670 (4.12) 168,850 3.70
07/30/2021 651,528 3.92 163,637 3.98
07/15/2021 626,938 10.82 106,307 5.90
06/30/2021 565,716 (8.77) 154,872 3.65
06/15/2021 620,071 0.35 126,132 4.92
05/28/2021 617,884 (3.52) 190,919 3.24
05/14/2021 640,403 21.65 241,838 2.65
04/30/2021 526,434 13.62 91,771 5.74
04/15/2021 463,320 (5.65) 114,727 4.04
03/31/2021 491,078 (22.25) 233,118 2.11
03/15/2021 631,602 0.31 382,976 1.65
02/26/2021 629,674 (0.64) 467,960 1.35
02/12/2021 633,742 (16.12) 184,731 3.43
01/29/2021 755,531 1.15 586,531 1.29
01/15/2021 746,950 47.73 240,720 3.10
XenaLives
3年前
Historic short interest:
You can go to this link to check short interest in a stock:
http://nasdaqtrader.com/Trader.aspx?id=ShortInterest
Publication schedule is here:
http://nasdaqtrader.com/Trader.aspx?id=ShortIntPubSch
Settlement Date/Short Interest/Percent Change/
Average Daily Share Volume/Days to Cover
07/31/2023 398,878 0.35 105,479 3.78
07/14/2023 397,467 0.57 84,935 4.68
06/30/2023 395,228 1.80 141,846 2.79
06/15/2023 388,243 (4.56) 120,420 3.22
05/31/2023 406,797 (3.13) 188,256 2.16
05/15/2023 419,926 (3.32) 210,811 1.99
04/28/2023 434,353 2.01 62,376 6.96
04/14/2023 425,815 6.63 63,696 6.69
03/31/2023 399,335 (30.45) 182,790 2.18
03/15/2023 574,204 17.93 87,523 6.56
02/28/2023 486,895 (10.63) 94,054 5.18
02/15/2023 544,830 (1.64) 86,440 6.30
01/13/2023 532,165 2.79 81,176 6.56
12/30/2022 517,728 5.07 151,130 3.43
12/15/2022 492,751 (2.00) 149,591 3.29
11/30/2022 502,824 (4.62) 107,882 4.66
11/15/2022 527,187 (16.81) 97,005 5.43
10/31/2022 633,712 (10.12) 122,838 5.16
10/14/2022 705,066 1.95 95,293 7.40
09/30/2022 691,608 (5.13) 98,311 7.03
09/15/2022 729,006 15.70 104,961 6.95
08/31/2022 630,101 3.53 119,198 5.29
08/15/2022 608,643 (6.34) 116,427 5.23
07/29/2022 649,817 (7.94) 108,445 5.99
07/15/2022 705,843 0.21 117,239 6.02
06/30/2022 704,357 (0.02) 116,945 6.02
06/15/2022 704,477 (5.01) 102,232 6.89
05/31/2022 741,663 9.72 153,394 4.84
05/13/2022 675,930 11.28 186,748 3.62
04/29/2022 607,407 (10.93) 139,091 4.37
04/14/2022 681,923 (14.67) 155,991 4.37
03/31/2022 799,155 13.81 112,722 7.09
03/15/2022 702,183 28.94 95,761 7.33
02/28/2022 544,588 (1.18) 106,895 5.09
02/15/2022 551,092 4.90 112,906 4.88
01/31/2022 525,360 22.49 138,398 3.80
01/14/2022 428,895 15.84 109,175 3.93
12/31/2021 370,251 (17.65) 123,354 3.00
12/15/2021 449,603 (3.46) 106,578 4.22
11/30/2021 465,729 (17.70) 107,255 4.34
11/15/2021 565,909 (10.19) 138,494 4.09
10/29/2021 630,113 1.90 83,341 7.56
10/15/2021 618,378 7.97 96,661 6.40
09/30/2021 572,733 (9.45) 140,593 4.07
09/15/2021 632,518 (5.38) 124,003 5.10
08/31/2021 668,448 7.01 122,039 5.48
08/13/2021 624,670 (4.12) 168,850 3.70
07/30/2021 651,528 3.92 163,637 3.98
07/15/2021 626,938 10.82 106,307 5.90
06/30/2021 565,716 (8.77) 154,872 3.65
06/15/2021 620,071 0.35 126,132 4.92
05/28/2021 617,884 (3.52) 190,919 3.24
05/14/2021 640,403 21.65 241,838 2.65
04/30/2021 526,434 13.62 91,771 5.74
04/15/2021 463,320 (5.65) 114,727 4.04
03/31/2021 491,078 (22.25) 233,118 2.11
03/15/2021 631,602 0.31 382,976 1.65
02/26/2021 629,674 (0.64) 467,960 1.35
02/12/2021 633,742 (16.12) 184,731 3.43
01/29/2021 755,531 1.15 586,531 1.29
01/15/2021 746,950 47.73 240,720 3.10
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3年前
Historic short interest:
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01/13/2023 532,165 2.79 81,176 6.56
12/30/2022 517,728 5.07 151,130 3.43
12/15/2022 492,751 (2.00) 149,591 3.29
11/30/2022 502,824 (4.62) 107,882 4.66
11/15/2022 527,187 (16.81) 97,005 5.43
10/31/2022 633,712 (10.12) 122,838 5.16
10/14/2022 705,066 1.95 95,293 7.40
09/30/2022 691,608 (5.13) 98,311 7.03
09/15/2022 729,006 15.70 104,961 6.95
08/31/2022 630,101 3.53 119,198 5.29
08/15/2022 608,643 (6.34) 116,427 5.23
07/29/2022 649,817 (7.94) 108,445 5.99
07/15/2022 705,843 0.21 117,239 6.02
06/30/2022 704,357 (0.02) 116,945 6.02
06/15/2022 704,477 (5.01) 102,232 6.89
05/31/2022 741,663 9.72 153,394 4.84
05/13/2022 675,930 11.28 186,748 3.62
04/29/2022 607,407 (10.93) 139,091 4.37
04/14/2022 681,923 (14.67) 155,991 4.37
03/31/2022 799,155 13.81 112,722 7.09
03/15/2022 702,183 28.94 95,761 7.33
02/28/2022 544,588 (1.18) 106,895 5.09
02/15/2022 551,092 4.90 112,906 4.88
01/31/2022 525,360 22.49 138,398 3.80
01/14/2022 428,895 15.84 109,175 3.93
12/31/2021 370,251 (17.65) 123,354 3.00
12/15/2021 449,603 (3.46) 106,578 4.22
11/30/2021 465,729 (17.70) 107,255 4.34
11/15/2021 565,909 (10.19) 138,494 4.09
10/29/2021 630,113 1.90 83,341 7.56
10/15/2021 618,378 7.97 96,661 6.40
09/30/2021 572,733 (9.45) 140,593 4.07
09/15/2021 632,518 (5.38) 124,003 5.10
08/31/2021 668,448 7.01 122,039 5.48
08/13/2021 624,670 (4.12) 168,850 3.70
07/30/2021 651,528 3.92 163,637 3.98
07/15/2021 626,938 10.82 106,307 5.90
06/30/2021 565,716 (8.77) 154,872 3.65
06/15/2021 620,071 0.35 126,132 4.92
05/28/2021 617,884 (3.52) 190,919 3.24
05/14/2021 640,403 21.65 241,838 2.65
04/30/2021 526,434 13.62 91,771 5.74
04/15/2021 463,320 (5.65) 114,727 4.04
03/31/2021 491,078 (22.25) 233,118 2.11
03/15/2021 631,602 0.31 382,976 1.65
02/26/2021 629,674 (0.64) 467,960 1.35
02/12/2021 633,742 (16.12) 184,731 3.43
01/29/2021 755,531 1.15 586,531 1.29
01/15/2021 746,950 47.73 240,720 3.10
XenaLives
5年前
CEVA earnings call transcript from 6/30/21
Archived from Motley Fool:
CEVA, inc (NASDAQ:CEVA)
Q2 2021 Earnings Call
Aug 9, 2021, 8:30 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Good day, and welcome to the CEVA, Inc. Second Quarter 2021 Earnings Conference Call. [Operator Instructions] Please note, today's event is being recorded.
I'd now like to turn the conference over to Richard Kingston , Vice President, Market Intelligence, Investor & Public Relations. Please go ahead, sir.
Richard Kingston -- Vice President Market Intelligence, Investor & Public Relations
Thank you Rocco, and good morning everyone. Welcome to CEVA's Second Quarter 2021 Earnings Conference Call. I'm joined today by Gideon Wertheizer , Chief Executive Officer, and Yaniv Arieli, Chief Financial Officer of CEVA. Gideon will cover the business aspects and highlights from the second quarter and provide general qualitative data. Yaniv will then cover the financial results for the second quarter and also provide qualitative data for the third quarter and full year 2021.
I will start with the forward-looking statements. Please note that today's discussion contains forward-looking statements that involve risks and uncertainties as well as assumptions that if they materialize or prove incorrect, could cause the results of CEVA to differ materially from those expressed or implied by such forward-looking statements and assumptions.
Forward-looking statements include statements regarding demand for and benefits of our technologies and related deal flow, including increased revenues from our Chinese wireless customer; expectations regarding market dynamics, including growth in the 4G and 5G handset space and True Wireless Stereo earbuds space; beliefs regarding benefits and impacts of the Intrinsix acquisition; and guidance and qualitative data for the third quarter and full year 2021.
For information on the factors that could cause a difference in our results, please refer to our filings with the Securities and Exchange Commission. These include; the scope and duration of the pandemic; the extent and length of the restrictions associated with the pandemic and the impact on customers, consumer demand and the global economy generally; the ability of CEVA's IPs for smarter, connected devices to continue to be strong growth drivers for us; our success in penetrating new markets and maintaining our market position in existing markets; the ability of new products incorporating our technologies to achieve market acceptance; the speed and extent of the expansion of the 5G and IoT markets; our ability to execute more base station & IoT license agreements; the effect of intense industry competition and consolidation; global chip market trends, including supply chain issues as a result of COVID-19 and other factors; and our ability to successfully integrate Intrinsix into our business. CEVA assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
With that said, I will now hand the call over to Gideon.
Gideon Wertheizer -- Chief Executive Officer
Thank you, Richard. Our second quarter results were exceptional and demonstrate the momentum in our business. Our customers place high value on our products in conjunction with their 5G and IoT roadmaps, and we're continually experiencing successful rollout of the new CEVA-enabled products. Our revenue and earnings came in significantly ahead of our expectations on the back of a solid overall business environment, despite industrywide challenges with respect to semiconductor supply.
Revenue in this quarter also incorporates a royalty payment owed to us after we constructively resolved a disagreement on royalty rates with a customer on past shipments. Late in the quarter, we concluded the acquisition of Intrinsix, a leading chip design specialist and security IP, which expands our market reach to the large aerospace and defense space and enable us to offer a compelling proposition of optimized IP solutions to our customers.
Total revenue for the second quarter of 2021 was an all-time record high $30.5 million, up 29% year-over-year. The licensing environment continues to be strong with good diversity of IP adoptions and targeted markets. Licensing revenue came at $15.5 million, up 15% year-over-year and included for the first-time, non-recurring engineering or NRE revenue from Intrinsix business after we finalized the acquisition late last quarter.
We signed seventeen new agreements, of which six were with first-time customers. Customer targeted market reflects a brisk design activity in the True Wireless Stereo or TWS earbuds space; the growing adoption of Wi-Fi 6 and 5G in telecom, enterprise and industrial markets; and a range of applications for IoT, consumer and medical. In addition, we signed a SensPro2 computer vision and AI DSP license agreement with a key customer that recently won design with one of the largest China-based surveillance camera OEM, displacing Huawei HiSilicon with a CEVA-based solution.
Also, at the beginning of the third quarter, we signed a comprehensive and sizable portfolio agreement with a key semiconductor player in the mobile market in China. The agreement extends our footprint and provides us additive royalty opportunities on LTE and 5G handset shipments derived from our connectivity IPs. Based on a recent report from CINNO Research in China, this customer managed to penetrate to top five list of smartphone chip suppliers in China in May for the first time, as its latest chips are adopted by top tier OEMs such as Honor and Realme.
Royalty revenue came in at $14.9 million in the quarter, up 48% year over year. Royalty unit shipments were 451 million on the back of strong demand for CEVA-powered Bluetooth, Wi-Fi and cellular IoT devices. Base station 5G RAN royalties grew substantially on a quarterly basis, reflecting share gains and the resumption of capital investment in 5G networks by Chinese operators.
In handsets, our Chinese semiconductor customer continues to expand in the 4G and 5G markets as it successfully penetrates top tier Chinese OEMs. This growth was offset by slightly lower than expected shipment by our Tier one US-based OEM, which we believe is largely attributed to supply constraints and softness in India due to the pandemic. As noted earlier, the royalty revenue for the second quarter incorporates approximately $3.3 million due to us following our resolution of a disagreement on royalty rates.
Let me now provide some details on the market dynamics we are experiencing in our main markets, namely TWS earbuds. TWS earbuds are expected to be the second largest category after smartphones in terms of unit volume. Its mass adoption has driven down the prices, making TWS earbuds affordable even in developing countries such as India. The technology is systematically progressing toward becoming an AI-based smart voice assistant like the smart speaker, and a health monitoring device to measure things like PPG, ECG, temperature, glucose level and fitness.
The recent executive order by President Biden to allow Americans to buy hearing aids over the counter serves to diversify and expand the use of TWS into this very large and lucrative space. Our recently announced BlueBud platform is a key enabler for the smartification and diversification of TWS usages. It offers a comprehensive integration of the most prominent common denominators in all TWS earbuds, these being wireless connectivity, audio and sensor processing.
Our RivieraWaves Bluetooth 5.2 controller and the CEVA BX1 DSP are the two widely used and reputable technologies that successfully addresses the inherent challenges of low power, audio performance and cost. Furthermore, the BlueBud platform is enriched with a range of key software technologies from CEVA among which are SensLinQ, a software framework to seamlessly integrate the software and AI applications of different sensors, our ClearVox and Whispro technologies for AI-based voice assistant capabilities, and our MotionEngine for a range of UI and fitness applications. BlueBud's unique proposition puts CEVA in position to become the de-facto standard in transforming earbuds from an audio-only device to a smart wireless device empowering advanced services such as AI-based virtual assistant and health-related features.
On the Intrinsix front, the integration is underway and progressing smoothly. We are getting constructive feedback from customers in the defense and industrial spaces and have already started to reach out additional customers with our combined propositions. Intrinsix's chip design and IP capabilities have a pivotal role to play in the expansion of CEVA's business from licensing standardized IP toward the licensing of highly integrated IP based solutions powered by our portfolio of DSPs, connectivity, security, RF and mixed-signal IP.
In capitalizing on Intrinsix's technologies and expertise, CEVA is in an excellent position to move up in the value chain to address the needs of system and semiconductor company for an optimized and differentiated chip designs that take advantage of CEVA's high valued IP. This proposition in turn creates stronger ties with customers and larger revenue opportunities.
So, in summary, we continue to leverage on our diverse and high-valued technology portfolio to deepen engagements with customers and to capture the exploding demand for smart and connected devices. We are encouraged by our penetration in the 5G handset space, where we can address in addition to baseband processing, additional business vectors such as wireless connectivity and audio.
The TWS space and its evolution toward smart wearable devices presents a huge market opportunity where we can capitalize on our unique excellence to combine audio and wireless connectivity. Last but not least, with the Intrinsix's team on board, we are in the early stages of a secular growth trajectory where our enriched proposition provides us with access to new markets and lucrative customers engagements. On the supply shortage, we are working hard, shoulder to shoulder with our customer and suppliers to meet the outstanding demand for chips enabled by our IP. We hope supply constraints will not last much longer.
With that said, let me handover the call to Yaniv for the financials.
Yaniv Arieli -- Chief Financial Officer
Thank you, Gideon. I'll start by reviewing the results of our operations for the second quarter of 2021. Revenue for the second quarter was up 29% to $30.5 million, a new all-time high as compared to $23.6 million for the same quarter last year.
The revenue breakdown is as follows. Licensing, NRE and related revenue was approximately $15.5 million, reflecting 51% of total revenues, 15% growth from $13.5 million for the second quarter of 2020. This is the first quarter we recorded NRE revenues, which resulted from the acquisition of Intrinsix in June. The NRE revenues totaled approximately $1.2 million for the second quarter.
Royalty revenue was up 48% to $14.9 million, reflecting 49% of our total revenues, compared to $10.1 million for the same quarter last year. Second quarter 2021 royalties included a royalty payment owed to us of approximately $3.3 million after we constructively settled a dispute on royalty rates with a customer.
Quarterly gross margin was 88% on a GAAP basis and 89% on a non-GAAP basis, both slightly lower than what we projected, as we integrated Intrinsix's NRE costs into the cost of revenue. Non-GAAP quarterly gross margin excluded approximately $0.1 million of equity-based compensation expenses and $0.2 million of the impact of the amortization of acquired intangibles.
Total GAAP operating expenses for the second quarter was over the higher-end of our guidance at $25.2 million, due to the integration of the Intrinsix's expenses for the month of June, ahead of our expectations and prior quarter's guidance, as well as $0.9 million associated with Intrinsix's deal costs. Opex also included an aggregate equity-based compensation expenses of approximately $2.8 million and $0.8 million for the amortization of acquired intangibles, including Intrinsix's. Now Non-GAAP operating expenses for the second quarter, excluding equity-based compensation expenses and amortization of intangibles and deal costs, were $20.7 million, just over the high-end of our guidance, due to the integration of Intrinsix's expenses for the month of June, ahead of our expectations and prior quarter's guidance.
Tax expense for the second quarter came in as expected, still with strong revenue mix and interest for our connectivity products originating in France, which has a high corporate tax rate of 26.5%. U.S. GAAP net income for the quarter was $0.3 million and diluted net income per share was $0.01 for the second quarter of 2021, as compared to net loss of $1.1 million and diluted loss per share of $0.05 for the second quarter of 2020.
Last, non-GAAP net income and diluted EPS for the second quarter of 2021 were $5.1 million and $0.22, up 77% and 83% year-over-year, respectively. Non-GAAP net income and diluted EPS for the second quarter excluded $2.9 million and -- were $2.9 million for 2020 and $0.12, respectively. Second quarter 2021 figures exclude equity-based compensation expenses, net of taxes, of $2.9 million, the impact of amortization of acquired intangibles in the amount of $1.0 million and $0.9 million of costs associated with the Intrinsix acquisition.
With respect to other related data. Shipped units by CEVA licensees during the second quarter of 2021 were 451 million units, up 32% sequentially and up 95% from the second quarter 2020 reported shipments. Of the 451 million units shipped, 138 million, or 31%, were for handset baseband chips, reflecting a sequential increase of 7% from 129 million units of handset baseband chips shipped during the first quarter of 2021 and a 39% increase from 99 million units shipped a year ago.
Our base station and IoT product shipments were a record 313 million units, up 48% sequentially and 137% year over year. Of note, Bluetooth was a new record high with 189 million units shipped this quarter. Wi-Fi and cellular IoT units also reached record highs. 5G RAN base station shipments and revenues were stronger than in the last few quarters due to a customer in China delivering equipment for the continued 5G network rollout in China.
As for the balance sheet items; as of June 30, 2021, CEVA's cash, cash equivalent balances, marketable securities and bank deposits were $137 million. We did not exercise our buyback plan this quarter as we focused on the Intrinsix acquisition and expansion of our business. Our DSO for the second quarter of 2021 were 31 days, lower than to the prior quarter and lower than our norm.
During the second quarter, cash used in operation activities was $6.8 million; depreciations and amortizations were $1.6 million, and purchases of fixed assets were $0.2 million. At the end of the second quarter, our headcount included the Intrinsix team for the very first time and was 468 people, of which 387 were engineers. This is up from a total of 412 people at the end of the first quarter due to adding the Intrinsix employees.
Now for the guidance, given our strong top line performance during the first half of 2021 and the opportunities ahead, we are raising our annual revenue guidance to a $119 million to $121 million range, up approximately 20% versus our 2020 revenues. As Gideon alluded to earlier, we are experiencing a healthy licensing environment and the pipeline is solid. We also are expanding into new markets and can offer enriched value to our customers as the result of the integration with Intrinsix.
On royalties, our base station and IoT category continues to expand, as illustrated by record shipments this quarter and the return to growth for our China 5G RAN customer and a new 5G RAN customer ramping production. In mobile, our key Chinese wireless customer is expanding into top tier Chinese OEMs which will add to the royalty mix. We expect all these growth engines to help offset expected decline of royalties from the U.S. based OEM that recently moved to Qualcomm based 5G modems.
Specifically for the third quarter of 2021, gross margin is expected to be approximately 81% on GAAP and 82% on non-GAAP basis, excluding an aggregate of $0.1 million of equity-based compensation and $0.2 million of amortization of other assets associated with the Immervision investment. Both include a full quarter Intrinsix's engineering COGS allocations for NRE projects.
Opex for the third quarter of 2021 should be similar to or slightly lower than the second quarter. For the third quarter, GAAP opex is expected to be in the range of $24.4 million to $25.4 million. Of the anticipated total operating expenses for the second quarter, $3.1 million is expected to be attributed to equity-based compensation, $0.9 million to amortization of acquired intangibles and $0.3 million for Intrinsix holdback related expenses that will be recorded for the next two years on a quarterly basis.
Non-GAAP opex is expected to be in the range of $20.1 million to $21.1 million. Net interest income is expected to be approximately $0.4 million. Taxes for the third quarter are expected to be approximately 22% to 24% on non-GAAP basis. And last, share count for the third quarter is expected to be approximately 23.6 million shares.
Rocco, we could now open the Q&A session. Thank you.
Questions and Answers:
Operator
Thank you, sir. [Operator Instructions] Today's first question comes from Matt Ramsay at Cowen. Please go ahead.
Matthew D. Ramsay -- Cowen -- Analyst
Yes, thank you very much. Good morning, good afternoon, everybody. I guess my first question, Gideon, it's taken the industry a little bit of time to adjust to the fact that HiSilicon from Huawei has been unable to make chipset at TSM because of some of the political situations. And no doubt, many of HiSilicon's customers had built up quite a bit of inventory and we've taken a few quarters to work through that.
But my observation from your prepared comments is the new equilibrium with HiSilicon out of the market has provided quite a bit of momentum for your customers, whether that be base, and it sounds like there is some new wins that you guys have with some of the camera providers for enterprise security in China. So if you could just maybe level set us on the new opportunities that your company might have for royalties in China, that would be really helpful. Thank you.
Gideon Wertheizer -- Chief Executive Officer
HiSilicon, which is a semiconductor that is -- people think that it is linked to Huawei, but they are -- as a stand-alone company, they are extremely powerful in different verticals in China and all over the place. And what you say, it's what we are seeing is that more and more OEMs that used HiSilicon in the past understand that they cannot be served to the same extent that they do from supply and also for demand and turn to customer.
So, in specific, what we refer in the prepared remarks is surveillance market. Surveillance market is a huge market, it's about 400 million units a year, very advanced and we have, in the last few years [Phonetic], got prepared with a few customers of us to approach this market. And we are happy that this quarter, it becomes -- we are getting there. I mean, we are already collecting royalties from few models. And this quarter, we signed a more comprehensive and more future licensing agreement that hopefully will take us to higher presence in this key customer in this space.
Matthew D. Ramsay -- Cowen -- Analyst
Got it. Thank you. I guess, as a follow-up question, real quick in China. We've been watching from afar as I guess, the Tsinghua Unigroup has been a bit teetering toward bankruptcy in China and I know they're the owner of Spreadtrum and of RDA in the wireless space in China. I wonder, Gideon, if you're confident that that situation, however it resolves itself, is not going to have any impact on your royalty business? Thank you. And I have one follow-up.
Gideon Wertheizer -- Chief Executive Officer
Yeah. So Matt, we did ask the same question as the customer. We don't see any fingerprints of this bailout. Their owner has -- Unisoc is doing very well recently, as we alluded in the call. And I read somewhere that they are now becoming the real number three after MediaTek and Qualcomm, and that's a new era. And I mean they also take advantage of the fact that HiSilicon is not pushing any more their 5G. They are shipping now 5G technologies. So, this company is doing well and -- at least from what we see, from their report and their business.
Matthew D. Ramsay -- Cowen -- Analyst
Thank you.
Yaniv Arieli -- Chief Financial Officer
So, I agree. I would add one more thing that even if you look at our DSO for the quarter, which is one of the lowest we ever had and the AR balance, we haven't seen in recent months any change or negative change in the payment schedules or any liquidity issues that we encountered. So, so far, it's a very positive sign.
Matthew D. Ramsay -- Cowen -- Analyst
Thank you, Yaniv. Just real quick follow-up for you. Could you just go through the gross margin guidance again and if there was any change because of the Intrinsix acquisition that we should expect on a more sustained basis? Thank you.
Yaniv Arieli -- Chief Financial Officer
Sure. So, historically CEVA in the IP licensing and royalty business, we were around the 90%-ish percent gross margin non-GAAP for a long time. When we're adding the Intrinsix's capabilities and design and IPs, we're starting off with design services, which -- their cost is not located in the R&D line but in cost of goods. So, all these costs that they are doing, the design work that they're doing for their customers are allocated to cost of goods and we talked about being in the 80%-ish gross margins for the time being, 81% on GAAP, 82% on non-GAAP.
As Gideon explained, the business model and the trends with them, we are looking to add much more IP offerings. And as soon as that happens and that kicks in, first in licensing, later on in royalties potentially, then those margins will probably crawl up to the mid-80%s as we add more. And every quarter, it may shift a bit anywhere from the low-80%s to the mid-80%s based on the revenue mix of services versus IPs that we are able to add to their business and CEVA's overall numbers.
Matthew D. Ramsay -- Cowen -- Analyst
Thank you very much. I appreciate it.
Yaniv Arieli -- Chief Financial Officer
So that's the shift that you [Phonetic] need just to take from the R&D line and allocate some of these costs to cost of goods. Thank you.
Operator
And our next question today comes from Kevin Cassidy of Rosenblatt Securities. Please go ahead.
Kevin Cassidy -- Rosenblatt Securities -- Analyst
Thank you for taking my questions and congratulations on the results. Can you say a little more detail on where your first-time customers, where are they located geography-wise?
Gideon Wertheizer -- Chief Executive Officer
Hi Kevin, it's Gideon. The diversity of the application and the geographies that we are experiencing is very wide. But in general, China is -- it's very strong, in particular in wireless. And this could be -- we are seeing booming in TWS. We have substantial amount of agreement in this space that this is not just the TWS, as I referred in the prepared remarks, is not going to be just an audio device, it's going to be an AI device, it's going to be a medical, it's going to be in hearing aids. And Apple just recently came out with a software add-on to make it, let's call it, Shadow [Phonetic] hearing aid.
Wi-Fi 6 is extremely strong all over the place and there are other IoT device in the consumer, you know things that -- customers that don't want to talk about the application because they have something unique that they want to surprise everybody. So, to answer your question, it's -- the application, spend and the geography is all over the place. Specifically to wireless, it's -- lot of it relates to China.
Yaniv Arieli -- Chief Financial Officer
By the way, the count is one in the US and five in China from all these different markets that Gideon explained.
Kevin Cassidy -- Rosenblatt Securities -- Analyst
Okay, thank you for that. And on the Intrinsix, you had given a forecast for the end of the year. Has there been any change to that now that you have taken ownership?
Gideon Wertheizer -- Chief Executive Officer
No, not yet. The ownership is just very new and just happened a month or so ago too. We are still looking at $10 million to $11 million coming from Intrinsix. On top of that, a very strong Q1 enabled us to take -- first half, not just Q1, but also Q2, enabled us to take the new guidance to be $119 million to $121 million.
Kevin Cassidy -- Rosenblatt Securities -- Analyst
Okay, great. Thank you.
Operator
And our next question today comes from Suji Desilva with ROTH Capital. Please go ahead.
Suji Desilva -- ROTH Capital Partners -- Analyst
Hi, Gideon. Hi, Yaniv. Congrats on the progress here. Maybe you can talk about the wireless infrastructure market a little bit and obviously, the dynamics, maybe with CT and Huawei in place, but just the overall underlying demand, whether that looks like it's sustained recovery in China spending there. And the customers you're ramping now, how many customers you're ramping, so we understand the opportunity there?
Gideon Wertheizer -- Chief Executive Officer
Yeah Suji, thank you for the question. So, I'll try to give you a wide perspective of the 5G RAN, radio access network, and the infrastructure. So, what we saw in the second quarter is a step in the royalty compared to what we saw, what we experienced in Q4 and Q1. And that relates to two factors. You mentioned, I think in your question, one is market share. Our customer is getting now on all these new contracts where they used to get about 9% to 10% of the overall tender budget that is assigned for the project, now they are more like 30% -- range of 30%.
And the second thing is the investment in 5G. Now, the investment in 5G, as we see it, is not just the big macro base station. It's about going into the industrial, what is called private networks going into small cells for millimeter wave. So, it could be all over the place, it's going to be gradual. It's not -- the demand is there, but it's not like consumer, but there is consistency, market share capture and new use cases.
Regarding who is shipping, so we have another customer that ramp-up production is very vocal and explained it and that's started and we see those movements there. And there are a bunch of companies that are doing similar approach like Qualcomm, some of them are Chinese. They do standard products for the small cells, for millimeter wave. And some of them just started, but they're all in a, I would say, tall position.
They have the silicon, they need to qualify, they need to run the certification, but you're going to see or we are going to see ASSP chips going into the base station RAN, not to the macro, not to the big base stations, but more into the more compact one.
Suji Desilva -- ROTH Capital Partners -- Analyst
Okay. That's very encouraging, Gideon, thanks for that color. And then, on the TWS market, you said that would be as big as -- not as big as, but as meaningful as smartphone over time. What's the timeframe for that to be a meaningful set of units? And then, how is the non AirPod market developing to your opportunity and the mix of kind of low-end versus edge AI, TWS? Those dynamics would be helpful to understand.
Gideon Wertheizer -- Chief Executive Officer
Yeah, first of all, TWS is, as I said in the prepared remarks, is going to reshape and become much beyond than audio device. Now, you can see from the reduction of market share of AirPod that -- the market is growing and the Apple market share is, to some extent declined, it's because there are many companies that are getting into the market. These are -- I would say all the smartphone OEM have today their own brand, the TWS. And there are tons of other audio companies and people that are growing into white box TWS.
Now, we are getting already substantial amount of shipments into TWS. But I think the impact will be seen sometime next year when all those deals that we've signed and we -- just this quarter, we had eight out of the all agreements that we signed, 17, eight were ear-related technologies, could be hearing aid, it could be TWS, it could be somebody that take it to a medical approach. These are, I believe, you're going to see these companies getting to mass market, not just through our Bluetooth, and we have substantial amount of it already, but you're going to see next year when all those people get into the markets in the new form factor of TWS.
Yaniv Arieli -- Chief Financial Officer
And for us [Speech Overlap] also it includes the DSP and not just the Bluetooth, like we know from the prior model.
Suji Desilva -- ROTH Capital Partners -- Analyst
Understood. That's very helpful incremental colors. Thanks guys. Congrats again.
Gideon Wertheizer -- Chief Executive Officer
Thank you.
Operator
And our next question comes from Martin Yang at Oppenheimer. Please go ahead.
Martin Yang -- Oppenheimer -- Analyst
Hi. Thank you for taking my question. I have a follow-up from previous analyst's question. So, can you give us an ASP implication for the TWS customers when you compare winning just the Bluetooth versus having additional features such as DSP or any other sensor features?
Yaniv Arieli -- Chief Financial Officer
Yeah, sure. Partially, our business model mainly is either percentage of a chip price or cents, $0.06 [Phonetic] per chip based on volumes. If you come up with not only a Bluetooth chip but add more functionality to it, our customer is able to charge more for it, usually improves the margin, and then we enjoy that as well.
So obviously, it could be a 2 times, 3 times worth our offerings is in just stand-alone Bluetooth because we're adding more content and more technology. And the chip price at the end of the day is also more expensive because it replaces another component on a single chip device, on a System on a Chip.
So, that's part of the big benefits of running an IP company and adding more offerings and that's what we are going to see also in the ASP -- royalty ASP and the deal size as well. When you license, you don't license one of the two technologies, but you combine them and there is an advantage for us and for the customer.
Gideon Wertheizer -- Chief Executive Officer
Yeah, I would say -- -- yeah I would just want to say about -- to give some market perspective. We mentioned in the call the BlueBud, our technology, where we uniquely can do the audio and the connectivity and the sensor. We can combine them both on the hardware side and in the software side.
What happened with this platform is, number one, as Yaniv mentioned, the ASP that we are charging and deserve is higher than just licensing those components separately, like Bluetooth or just DSP. But what it does, it enable many other companies that means enhance their value. So, think about medical company that has a technology for glucose measurement.
With the BlueBud, this enable them to go into the market because they can integrate their sensor into this platform and don't really be bothered of the complexity of the audio and the connectivity. So with this -- that's our approach. It's not just going and provide to the same customer high-value product, but to enable many companies into the second wave of TWS when you have an AI and when you have medical to get into the market. And for those companies, the value that we are adding is substantial.
Martin Yang -- Oppenheimer -- Analyst
Got it. Thanks for the insight. And on the overall market, I know you don't break out Bluetooth from the others -- or TWS from the rest of the products yet. Do you plan to do that? And right now, is there any way to provide us with more context on how big TWS as a percentage of your total revenues or shipments? Any context would be helpful. Thank you.
Yaniv Arieli -- Chief Financial Officer
Yeah, I could start -- yeah, sure. I could start with -- yeah, we don't have yet the specific breakdown within the base station and IoT. The first one that we broke out was Bluetooth, but [Technical Issues] meaningful, and we are every quarter supplying the data. Second in place maybe Wi-Fi going forward. We had record volumes there with tens of millions of units for the first time, really significant and record high.
So we don't -- as soon as any of these adjacent markets that are today part of our base station and IoT will become meaningful, we'll open it up. It's a trend -- it's a trend that we have talked about, it's been super strong for us. [Technical Issues] 109 million devices just here. And obviously, the full solution of adding DSPs are -- have started in the last year or so the licensing when we introduce these newer products. So, the royalties for them will be much more meaningful as we go along. I hope this covered a bit your question.
Martin Yang -- Oppenheimer -- Analyst
Yes, you did. Thank you.
Richard Kingston -- Vice President Market Intelligence, Investor & Public Relations
Martin, just -- this is Richard here. I can add one more element here. So not all of our customers break out which Bluetooth chips are shipping for which applications, but we do have customers, for instance, BES Technic in China who previously we've seen has about 30% of the non-Apple earbud market today. So with guys like BES Technic, Beken and so on, we have some very strong prominent players in the business.
But, as I said, in some cases, they're shipping many different types of chips and different end sockets, they don't actually break out what the end application is in most cases. So, guys like BES Technic is a very good indicator of our presence in the market, but I don't think it's possible to actually break out the units, just the TWS versus other.
Martin Yang -- Oppenheimer -- Analyst
Thanks, Richard.
Operator
And our next question today comes from Tavy Rosner at Barclays. Please go ahead.
Tavy Rosner -- Barclays Capital -- Analyst
Hi, good afternoon. Most of my questions have been asked, so maybe just on Intrinsix. I got disconnected for a second. So, were there any revenue contribution in the second quarter? And I guess, just looking through remaining of the year, if you can go over the strategy? You know, you mentioned last quarter the cross-selling opportunity for the existing customer base and perhaps bringing some of Intrinsix technology to your current customers. Has the view kind of expanded a little bit since you guys talked about it last quarter?
Gideon Wertheizer -- Chief Executive Officer
Yeah, let -- Yaniv, let me jump in and explain the overall perspective, because that's a good question about Intrinsix, and then you can refer to the financial. So, with Intrinsix, we are -- we get a very experienced and hard-to-find design teams. And they have the capabilities of RF, mixed signal, security, IP. These are things that our customers are looking. And when we get to talk to them and they say, OK, your IP is one thing, then we have tons of other things to do beyond it.
Now, with that competencies, we can get from Intrinsix two things. Number one is exposure to the very lucrative market, which is aerospace and defense. This is a market that we were not addressing as a stand-alone company. And the more we get to know this space and the potential and the fact now that the U.S. is really getting their act together in building semiconductor, you see it all over the place. You see it in terms of investment. You see it in terms of new start-ups coming and developing creative things. So, the access to U.S. in general and the aerospace and defense market is incremental to our business.
And the other thing, which we discussed briefly in the call is what we want to do with the competency that Intrinsix provides us is to go out to customers and offer what we called integrated IP solutions. Basically, we tell to the customer, you get the IP, but we can do for you the whole design and create the whole basically SoC for you and optimize it to your needs.
This is -- what we do, in fact, is we're going up in the value chain not to the level of semiconductor company because we don't want to compete our customer, we don't want to provide chip to do the supply chain, but we're going up in the value chain, and when you go up in the value chain, the deal size and the overall return for that investor will be higher to do it. And, of course, the relationship with the customer are more sticky, I would say. So that's the approach with Intrinsix. We already reached out customers. I mean, this idea and this approach sounds good to them, I would say.
Yaniv, do you want to refer to the financial?
Yaniv Arieli -- Chief Financial Officer
Yeah, sure. Yeah, and just to add the color, we had recorded $1.2 million. This is the first time we recorded that in the licensing NRE and related revenue line. Obviously, next quarter, it's going to be a full quarter, not just one month, so it's going to be a bigger number. And that falls, as I said earlier, in the $10 million to $11 million add-on that we will -- we plan to add to 2021 model in revenues based on the Intrinsix contributions.
Tavy Rosner -- Barclays Capital -- Analyst
Thank you for the color and congrats on the strong results.
Gideon Wertheizer -- Chief Executive Officer
Thank you, Tavy.
Operator
And our next question comes from Gus Richard with Northland. Please go ahead.
Gus Richard -- Northland Capital Markets -- Analyst
Yes, thanks for taking the question. Just a follow-up on Intrinsix. It sounds like you're going to move into an ASIC business model, but leave the production of the units to the customer or is it going to be more of -- you're going to take Intrinsix capability and create standardized IP? A little bit of more color there would be very helpful.
Gideon Wertheizer -- Chief Executive Officer
Yeah, Gus, it's Gideon. Thanks. That's a very good question and you put your finger where the difference is. So, the idea with the integrated IP solutions seem that we are coming to the customer. And already, as I said, we are reaching out and talk to them about it, is to create an optimized solution about IP. So, it's not going to be standard IP. We're going to take our IP, understand what are the problems the customer face in terms of performance, power, and take advantage of what we know in the IP and to build an optimized solution.
So, as you pointed out, we are not going to manufacture chips. We're not going to the foundry, but we're going to do -- to hold the design steps to create for our customer differentiated solution of the design itself. So that's what we want to do with our customers.
And you can think about what AMD is doing with their semi-custom model. AMD is for when they provide the chip, and they do provide ASIC chips, when they go to a PlayStation or Xbox, they take advantage of graphics IP and processor IP and create something unique for PlayStation and something that plays very well for everybody. So, we do the same thing, but on the IP space. So, we do all the perfections of the performance, but don't -- we don't manufacture chips or do supply chain.
Gus Richard -- Northland Capital Markets -- Analyst
Got it. And then, you talked about getting the blended gross margin up to mid-80s. Is this part of that or is it mix? Can you just, again, sort out how much of an improvement of Intrinsix's gross margin profile you're going to get out of this new strategy?
Gideon Wertheizer -- Chief Executive Officer
Yes. This is again an important question because right now, Intrinsix is doing what they do without our IP in the mix, meaning as a stand-alone company to do. So with the IP solution, what we're going to do is to go to the customer and offer them an -- our IP and to optimize our IP. So, from that point, the amount of optimization, customization out of the overall deal will be less because it will be based on our IP, which is [Speech Overlap]
Yaniv Arieli -- Chief Financial Officer
Yeah, one more color. This is not for the next quarter or two. This is -- we are just starting to integrate the team and build the roadmap. So, the idea here is this is for the next two or three years, this year for sure with 80s and that model will evolve as soon as we can. That's the plan. But it's not an overnight next quarter or the quarter after.
Gus Richard -- Northland Capital Markets -- Analyst
Got it. Makes complete sense. I get it. Thank you.
Gideon Wertheizer -- Chief Executive Officer
Thank you, Gus.
Operator
And our next question today comes from David O'Connorr at Exane BNP Paribas. Please go ahead.
David O'Connorr -- Exane BNP Paribas -- Analyst
Great. Thanks for taking my question. Maybe just one or two follow-ups to previous questions on my side. Maybe, Yaniv, going back to the base station IoT unit shipment, 330 million in the quarter, very strong. You called out Bluetooth as 189. I'm just wondering about incremental 120 million order in there. It seems like a big jump up, well, certainly from our model. So, just help us to try and get there. Maybe you could rank, for instance, the rest of the other shipments in there across Wi-Fi, maybe the wireless earbuds feature [Phonetic] as well to kind of help us model that? That's my first question.
Second question is just anything on seasonality on Intrinsix that's worth calling out? And third one, just a follow-up on the question previously on the RAN side of things. In the 2021 guide, does it assume both big RAN customers, I'll say, the shipping in volume [Phonetic] in the second half? Thank you.
Gideon Wertheizer -- Chief Executive Officer
Sure. So, let's start with the beginning. The volumes that I think I said this earlier, the biggest volume or number two after the Bluetooth volume is Wi-Fi. This is new, hasn't been in these levels. And I would say, maybe even half of that delta is Wi-Fi, which is tens of millions of units. The other ones are cellular IoT, which is a nice ramp-up, again, record high. This would be the third. And then the others are still smaller.
So, I think the very interesting ones to highlight this quarter would be the Wi-Fi number two. And the sensor fusion is also a nice number that has been with us for a while now, two years and cellular IoT, which is ramping up the fastest after Wi-Fi. So, that's from the volume perspective. The second question was -- sorry, remind me.
David O'Connorr -- Exane BNP Paribas -- Analyst
Yeah, just on the Intrinsix seasonality, anything to call out there for the model?
Gideon Wertheizer -- Chief Executive Officer
Yeah, I would say one thing, in general, for now, these are the sort of the chip design services because a big portion is the aerospace and defense, which is a lucrative new market for CEVA. The cycle is there, the government approvals, DARPA, DoD, just the timing of different projects and different customers to get everything squared away and sign SOWs, the new deals, the new projects. That's I think the more critical timing aspect that we'll be dealing with.
But it's not one project, it's multiple projects running in parallel. So, those are the things that probably could take longer or shorter for things to start kicking in and revenues to be recognized. The revenue is pretty simple. It's based on the time and material and IP blocks that we'll start adding as soon as we can and that's what we talked about earlier.
That's from the seasonality perspective. So less than a typical licensing type of model, which either a deal get signed or doesn't get signed. And if it does, you need to deliver and recognize it immediately. It's a little bit more allocated over the different quarters. Third, David? Sorry about that.
David O'Connorr -- Exane BNP Paribas -- Analyst
Yeah, got it. Yes, just then the last one, just on the -- within the 2021 guide, does it assume both of your big RAN customers shipping volume?
Gideon Wertheizer -- Chief Executive Officer
Correct. Correct, I think we're seeing all the news around us from both customers doing well. If you follow their public announcement, then that is the case.
Operator
Ladies and gentlemen, this concludes today's question-and-answer session. I'd like to turn the conference back over to the management team for any final remarks.
Richard Kingston -- Vice President Market Intelligence, Investor & Public Relations
Thank you, Rocco and I'm thanking all of you for joining us today and for your continued interest in CEVA. As a reminder, the prepared remarks from this conference call are filed as an exhibit to the current report on Form 8-K and accessible through the Investor section of our website.
With regards to upcoming events, we will be participating in the following conferences; the Oppenheimer 24th Annual Technology, Internet & Communications Conference, August 11; the Rosenblatt Securities Technology Summit-The Edge of AI from August 24 to August 26; Jefferies 2021 Semiconductor, IT Hardware and Communications Conference from August 31 and September 1. And full information on these events and all events we will be participating in can be found on the Investors section of our website.
Thank you and goodbye.
Operator
[Operator Closing Remarks]
Duration: 61 minutes
Call participants:
Richard Kingston -- Vice President Market Intelligence, Investor & Public Relations
Gideon Wertheizer -- Chief Executive Officer
Yaniv Arieli -- Chief Financial Officer
Matthew D. Ramsay -- Cowen -- Analyst
Kevin Cassidy -- Rosenblatt Securities -- Analyst
Suji Desilva -- ROTH Capital Partners -- Analyst
Martin Yang -- Oppenheimer -- Analyst
Tavy Rosner -- Barclays Capital -- Analyst
Gus Richard -- Northland Capital Markets -- Analyst
David O'Connorr -- Exane BNP Paribas -- Analyst
https://www.fool.com/earnings/call-transcripts/2021/08/09/ceva-inc-ceva-q2-2021-earnings-call-transcript/
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