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CEVA Inc. (CEVA-1.20%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $27.2 million from $24.1 million in the same quarter the previous year. The increase is attributed to higher licensing and related revenues and higher royalty revenues.
Licensing and related revenues were $15.6 million for the quarter, representing 57% of total revenues, compared to $13.9 million in the same quarter of the previous year. The increase was mainly driven by strategic deals in the 5G-Advanced modem markets.
Royalty revenues for the quarter increased to $11.6 million, accounting for 43% of total revenues, up from $10.1 million in the previous year. The increase is attributed to continued strength in consumer and industrial IoT end markets.
Cost of revenues for the quarter was $4.0 million, representing 15% of total revenues, compared to 10% in the same quarter of the previous year. This increase is due to higher customization work and third-party IP costs.
Operating expenses for the quarter were $25.9 million, up from $24.4 million in the previous year, primarily due to higher allowance for credit losses.
Net loss for the quarter was $1.3 million, compared to $4.9 million in the previous year. Basic and diluted net loss per share was $0.06, compared to $0.21 in the previous year.
CEVA had cash and cash equivalents of $13.2 million as of September 30, 2024. The company also held $142.9 million in marketable securities, totaling $158.1 million in liquid assets.
The filing also details the company's focus on expanding its customer base in Europe and the U.S., complementing its strong presence in the Asia Pacific region.
CEVA continues to focus on licensing its wireless communications and scalable edge AI IP to customers, enabling them to bring new products to market efficiently.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CEVA Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.