CEVA Inc (CEVA) 2025 Q2 法說會逐字稿

Good morning and welcome to the CEVA Inc second-quarter 2025 earnings conference call. (Operator Instructions) Please note, today's event is being recorded.

早安，歡迎參加 CEVA Inc 2025 年第二季財報電話會議。（操作員指示）請注意，今天的活動正在被記錄。

All right. Now let's turn the conference over to Richard Kingston, Vice President, Market Intelligence, Investor and Public Relations. Please go ahead.

好的。現在讓我們將會議交給市場情報、投資者和公共關係副總裁理查德金斯頓 (Richard Kingston)。請繼續。

Thank you, Rocco. Good morning everyone and welcome to CEVA's second-quarter 2025 earnings conference call. Joining me today on the call are Amir Panush, Chief Executive Officer; and Yaniv Arieli, Chief Financial Officer of CEVA.

謝謝你，羅科。大家早安，歡迎參加 CEVA 2025 年第二季財報電話會議。今天參加電話會議的還有 CEVA 執行長 Amir Panush 和財務長 Yaniv Arieli。

Before handing over to Amir, I would like to remind everyone that today's discussion contains forward-looking statements that involve risks and uncertainties, as well as assumptions that if they materialize or prove incorrect or could cause the results of CEVA to differ materially from those expressed or implied by such forward-looking statements and assumptions.

在交給阿米爾之前，我想提醒大家，今天的討論包含前瞻性陳述，這些陳述涉及風險和不確定性，以及假設，如果這些假設成為現實或被證明是錯誤的，或者可能導致 CEVA 的結果與這些前瞻性陳述和假設所表達或暗示的結果存在重大差異。

Forward-looking statements include statements regarding our strategy and growth opportunities, including with respect to expanding our NPU business into infrastructure and data center markets, market positioning, trends and dynamics, including with respect to increasing importance of AI and integration of our AI into consumers into our customers' products, expectations regarding demand for and benefits of our technologies and revenues and our financial goals and guidance regarding future performance.

前瞻性陳述包括有關我們的策略和成長機會的陳述，包括有關將我們的 NPU 業務擴展到基礎設施和資料中心市場的陳述、市場定位、趨勢和動態，包括有關人工智慧日益增長的重要性以及將我們的人工智慧融入消費者產品中的陳述、對我們的技術和收入的需求和好處的預期以及我們的財務目標和對未來業績的指導。

CEVA assumes no obligation to update any forward-looking statements or information which speak as of their respective dates. We will also be discussing certain non-GAAP financial measures which we believe provide a more meaningful analysis of our core operating results and comparison of quarterly results. A reconciliation of non-GAAP financial measures is included in the earnings release we issued this morning and in the SEC filing section of our Investors Relations website.

CEVA 不承擔更新任何前瞻性聲明或資訊的義務。我們也將討論某些非公認會計準則財務指標，我們認為這些指標可以對我們的核心經營績效和季度績效比較提供更有意義的分析。我們今天早上發布的收益報告和投資者關係網站的 SEC 備案部分中包含了非 GAAP 財務指標的對帳表。

With that said, I'd like to turn the call over to Amir who will review our business performance for the quarter and provide some insights into our ongoing business. Amir?

話雖如此，我想把電話轉給阿米爾，他將回顧我們本季的業務表現，並對我們正在進行的業務提供一些見解。阿米爾？

Thank you, Richard, and good morning, everyone. This quarter was marked by strong licensing execution across all our core offering pillars Connect, Sense and Infer. We secured 13 license agreements, including 5 first-time customers and four OEM customers, highlighting the best and strength of our IP portfolio.

謝謝你，理查德，大家早安。本季度，我們所有核心產品支柱 Connect、Sense 和 Infer 的授權執行情況均表現強勁。我們獲得了 13 項授權協議，其中包括 5 個首次客戶和 4 個 OEM 客戶，凸顯了我們的 IP 產品組合的優勢和實力。

We saw a healthy sequential rebound in our royalty business driven by increased shipments from our consumers and smartphones customers. In licensing, this this quarter marked by a pivotal moment for our AI business as we enter the broad adoption phase for our edge AI NPUs.

受消費者和智慧型手機客戶出貨量增加的推動，我們的特許權使用費業務出現了健康的環比反彈。在授權方面，本季是我們人工智慧業務的關鍵時刻，因為我們進入了邊緣人工智慧 NPU 的廣泛採用階段。

Following extensive evaluations with leading customers, we secured four strategic high impact NPU customer agreements, validating the market's readiness and our innovative, market leading NPU portfolio. This includes two NeuPro-Nano deals related to audio in embedded applications, and two NeuPro-M deals targeting two diverse use cases.

在與主要客戶進行廣泛的評估後，我們獲得了四項具有戰略意義的高影響力 NPU 客戶協議，驗證了市場的準備以及我們創新的、市場領先的 NPU 產品組合。其中包括兩個與嵌入式應用程式中的音訊相關的 NeuPro-Nano 交易，以及兩個針對兩種不同用例的 NeuPro-M 交易。

AI is increasingly central to the next generation audio experiences in earbuds and hearing aids. It enables adaptive noise cancellation and personalized sound profiles. In smart speakers, it powers far field voice recognition and context aware processing. And in smart watches, it expands voice commands and health diagnostic capabilities.

人工智慧對於耳塞和助聽器的下一代音訊體驗越來越重要。它支援自適應噪音消除和個性化聲音配置。在智慧揚聲器中，它支援遠場語音辨識和上下文感知處理。而在智慧手錶中，它擴展了語音命令和健康診斷功能。

These are just a few of the powerful capabilities that on device AI can enable in the smallest, most power constrained devices, which is why a broad base of our customers are integrating AI into their products.

這些只是設備 AI 可以在最小、功率最受限的設備中實現的強大功能的一部分，這也是為什麼我們的廣大客戶都將 AI 整合到他們的產品中。

One of the NeuPro-Nano agreements was signed with an existing high volume connectivity customer expanding into AI powered audio, reflecting the growing trends of customers integrating multiple server IPs into a single chip. This approach boosts product capabilities, enhances deal economics, and increases royalty per device. It also marks the second major connectivity customer to adapt our edge AI NPUs in recent quarters, reinforcing our strategy of deepening relationships through multiple IP agreements.

其中一項 NeuPro-Nano 協議是與一家現有的大容量連接客戶簽署的，該客戶正在向 AI 音訊領域擴展業務，這反映了客戶將多個伺服器 IP 整合到單一晶片中的日益增長的趨勢。這種方法可以增強產品功能、提高交易經濟效益並增加每台設備的使用費。這也是近幾季以來第二家採用我們的邊緣 AI NPU 的主要連結客戶，這強化了我們透過多項 IP 協定深化關係的策略。

We also signed a new NPU agreement with ALi Corporation, a leader in setup boxes chipsets to integrate new NeuPro-Nano and NeuPro-M into their next generation video platforms. As AI becomes essential in setup boxes and smart displays, our NPUs offer scalable, energy efficient performance for advanced edge workloads.

我們還與機上盒晶片組領導者 ALi Corporation 簽署了新的 NPU 協議，將新的 NeuPro-Nano 和 NeuPro-M 整合到其下一代視訊平台中。隨著人工智慧在設定盒和智慧顯示器中變得至關重要，我們的 NPU 為進階邊緣工作負載提供了可擴展、節能的效能。

Another key deal was with a photonic computing company developing a next-generation communication acceleration platform for cloud AI inference. The high throughput, low latency systems require scalable NPUs, and our r NeuPro-M paired with our AI software stack was selected for its ability to deliver multicore performance within tight silicon and power constraints.

另一項重要交易是與一家光子運算公司合作開發用於雲端 AI 推理的下一代通訊加速平台。高吞吐量、低延遲系統需要可擴展的 NPU，而我們的 r NeuPro-M 與我們的 AI 軟體堆疊配對，因其能夠在嚴格的矽和功率限制內提供多核心性能而被選中。

As AI workloads grow more complex, traditional infrastructure faces pressure to improve performance and efficiency. Our NeuPro-M architecture is designed to address these challenges, enabling intelligence workloads, orchestration, adaptive data routing, and low latency inference. We see significant opportunities to expand our NPU business into infrastructure and data centers markets.

隨著人工智慧工作負載變得越來越複雜，傳統基礎設施面臨著提高效能和效率的壓力。我們的 NeuPro-M 架構旨在應對這些挑戰，支援智慧工作負載、編排、自適應資料路由和低延遲推理。我們看到了將 NPU 業務擴展到基礎設施和資料中心市場的巨大機會。

In Automotive, we secured two strategic agreements this quarter. One was a licensing deal with Qualcomm following the acquisition of Autotalks, a longtime CEVA customer. Our DSPs are integral to Autotalks V2X solutions, now part of Qualcomm's Snapdragon digital chassis supporting global V2X rollout.

在汽車領域，我們本季達成了兩項戰略協議。其中之一是在收購 CEVA 的長期客戶 Autotalks 之後，與高通達成的授權協議。我們的 DSP 是 Autotalks V2X 解決方案不可或缺的一部分，現已成為支援全球 V2X 推廣的 Qualcomm Snapdragon 數位底盤的一部分。

With Autotalks already in volume production, this collaboration is poised to accelerate global V2X rollouts while reinforcing civil leadership in next generation automotive connectivity. The second deal involves our sensor fusion DSP for a US customer developing next generation 4D radar platform, which is gaining traction in ADAS and autonomous vehicles.

由於 Autotalks 已實現量產，此次合作可望加速全球 V2X 的推廣，同時加強在下一代汽車連接領域的民用領導地位。第二筆交易涉及我們為一家美國客戶提供感測器融合 DSP，該客戶正在開發下一代 4D 雷達平台，該平台在 ADAS 和自動駕駛汽車領域越來越受歡迎。

Automotive momentum continues to build. In Q2, a leading semiconductor began production of level 2/3 SoCs using our vision DSPs and AI accelerators. And another talk to customer is set to begin production on a silver powered platform. This wins, along with the NeuPro-M design win at Nextchip and several others position us for meaningful long-term royalty streams in automotive.

汽車業的發展動能持續增強。在第二季度，一家領先的半導體公司開始使用我們的視覺 DSP 和 AI 加速器生產 2/3 級 SoC。而與客戶的另一次對話是開始在銀動力平台上進行生產。這場勝利，連同 Nextchip 的 NeuPro-M 設計勝利以及其他幾項勝利，使我們在汽車領域獲得了有意義的長期專利權使用費流。

Now turning to royalties, we saw good sequential growth across most of our markets, with royalties up 16% sequentially. On a year over year basis, royalty declined by 5%, mainly attribute to the lackluster smartphone sales at the lower end of the market, where widespread softness has been reported by our peers and which we also experience.

現在談到特許權使用費，我們看到大多數市場都出現了良好的連續增長，特許權使用費環比增長了 16%。與去年同期相比，專利費下降了 5%，主要原因是低階市場智慧型手機銷售低迷，我們的同行報告了低階市場普遍的疲軟，我們也經歷了這種情況。

With regard to the higher end of the smartphone market, our share is expected to grow at a leading US OEM using our technology in their in-house 5G modem. Outside of mobile, our consumer IoT customers showed strong sequential and year over year growth in shipments, driven by record high cellular IoT and Wi-Fi 6 shipments.

對於高階智慧型手機市場，預計我們的份額將會在一家領先的美國 OEM 廠商在其內部 5G 數據機中使用我們的技術時成長。在行動領域之外，我們的消費者物聯網客戶的出貨量表現出強勁的環比和同比增長，這得益於創紀錄的蜂窩物聯網和 Wi-Fi 6 出貨量。

Overall, consumer IT shipments were up 21% sequentially and 60% year over year. We expect that the sequential growth in royalty will continue throughout the rest of the year as our customers build towards the holiday season and our share grows as our US OEM smartphone customer.

整體而言，消費性 IT 出貨量較上季成長 21%，年增 60%。我們預計，隨著客戶逐漸進入假日季，以及我們作為美國 OEM 智慧型手機客戶的份額不斷增長，特許權使用費的連續增長將在今年剩餘時間內持續下去。

Last week, we also announced a major milestone. Over 20 billion CEVA powered devices shipped. This achievement places us among a very small and select group of elite IP companies, alongside the likes of Arm Holdings to reach this scale. It reflects our position as a foundational technology leader in the mobile and IoT eras and positions us strongly for the smart edge era now underway.

上週，我們也宣布了一個重要的里程碑。CEVA 支援的設備出貨量超過 200 億台。這項成就使我們躋身於極少數精英 IP 公司之列，與 Arm Holdings 等公司一起達到這一規模。它反映了我們作為行動和物聯網時代基礎技術領導者的地位，並為我們在正在進行的智慧邊緣時代做好了強有力的準備。

Our board IP portfolio across Connect, Sense and Infer is increasingly sought after, as reflected in both our licensing and royalty performance. With AI now contributing meaningfully to licensing revenue, we are well positioned to become the NPUIP of choice across the semiconductor industry.

我們的 Connect、Sense 和 Infer 領域的智慧財產權組合越來越受到追捧，這從我們的授權和特許權使用費表現中可見一斑。隨著人工智慧現在對授權收入做出重大貢獻，我們完全有能力成為整個半導體產業的首選 NPUIP。

The trust we have built over the past two decades gives us a strong platform to scale our AI business and deepen our role as a strategic partner to the world's leading chip makers. We viewed the 20 billion shipments milestone, not as a finish line, but as a launch pad for CEVA's next chapter, becoming the trusted IP powerhouse of smart edge era and delivering long-term value for our shareholders.

我們在過去二十年中建立的信任為我們擴大人工智慧業務和深化我們作為世界領先晶片製造商戰略合作夥伴的角色提供了強大的平台。我們認為 200 億出貨量的里程碑不是終點線，而是 CEVA 下一章的起點，成為智慧邊緣時代值得信賴的 IP 強國，並為我們的股東創造長期價值。

I will now hand the call over to Yaniv for the financials.

我現在將把電話交給 Yaniv 來處理財務事宜。

Thank you, Amir. I'll now start reviewing the results of our operations for the second quarter of 2025. Revenue for the second quarter was $25.7 million, down 10% compared to $28.4 million for the same quarter last year.

謝謝你，阿米爾。我現在將開始回顧我們 2025 年第二季的營運表現。第二季營收為 2,570 萬美元，較去年同期的 2,840 萬美元下降 10%。

The revenue breakdown is as follows. Licensing and related revenue total $15 million, representing 59% of our total revenue for the quarter. This reflects a 13% year over year decline, primarily due to the catch up in licensing revenue recognized in the second quarter of '24 following a slip in the first quarter of last year.

收入明細如下。許可證和相關收入總計 1500 萬美元，佔本季總收入的 59%。這反映了年比 13% 的下降，主要是由於去年第一季下滑之後，2024 年第二季確認的授權收入有所回升。

Licensing revenue for the first half of 2025 reached $30.1 million, a 5% increase compared to $28.7 million for the same period in 2024. This growth reflects the strength and stability of our expanded IP portfolio, the growth opportunity in AI licensing and the solid execution by a global sales organization.

2025 年上半年的授權收入達到 3,010 萬美元，與 2024 年同期的 2,870 萬美元相比成長 5%。這一成長反映了我們擴大的智慧財產權組合的實力和穩定性、人工智慧授權的成長機會以及全球銷售組織的穩健執行。

Royalty revenue for the quarter was $10.7 million, reflecting 41% of total revenues. 16% sequential increase, but a 5% decrease year over year. First half of 2025 royalty revenue totaled $19.9 million compared to $21.8 million in 2024. The year over year decrease reflects a slower start in the handset market during the first half of '25.

本季特許權使用費收入為 1,070 萬美元，佔總收入的 41%。環比成長 16%，但年減 5%。2025 年上半年特許權使用費收入總計 1,990 萬美元，而 2024 年為 2,180 萬美元。與去年同期相比的下降反映了 2025 年上半年手機市場起步較慢。

However, we anticipate sequential growth in the second half of the year with particularly strong momentum in the fourth quarter. Gross margins came in in line with guidance, 86% on GAAP and 87% on non-GAAP basis compared to 90% and 91% on GAAP and non-GAAP respectively a year ago.

不過，我們預計下半年將持續成長，第四季的動能尤其強勁。毛利率符合預期，以 GAAP 計算為 86%，按非 GAAP 計算為 87%，而去年以 GAAP 計算為 90%，以非 GAAP 計算為 91%。

Total GAAP operating expenses for the second quarter were $26.6 million above the high end of our guidance, due mainly to higher employee-related benefit provision after a slower first quarter results and associated adjustments. We're also continuing to build on our strategic investments in AI, strengthening our leading position and fueling future growth.

第二季的 GAAP 總營運費用比我們預期的高端高出 2,660 萬美元，主要原因是第一季業績放緩和相關調整後員工相關福利撥備增加。我們也將繼續加強對人工智慧的策略性投資，鞏固我們的領先地位並推動未來的成長。

Total non-GAAP operating expenses for the second quarter, excluding equity-based compensation expenses and amortization of intangibles and related acquisition costs for $21.6 million, also, just above the high end of our guidance for the same reasons I just mentioned.

第二季非公認會計準則營運費用總額（不包括股權激勵費用和無形資產攤提及相關收購成本）為 2,160 萬美元，也略高於我們預期的高端，原因我剛才提到了。

Non-GAAP operating margins and income were 3% of revenue and $0.8 million. Operating margins of 15% and operating income of $4.4 million were recorded in the second quarter of last year, respectively. GAAP operating loss for the second quarter was $4.5 million as compared to GAAP operating loss of $35,000 for the same period last year.

非公認會計準則營業利潤率和收入分別為收入的 3% 和 80 萬美元。去年第二季的營業利益率為 15%，營業收入為 440 萬美元。第二季 GAAP 營業虧損為 450 萬美元，去年同期 GAAP 營業虧損為 35,000 美元。

GAAP and non-GAAP taxes were $1.1 million just below our guidance and affected by the geographies of deals signed. The GAAP that last for the second quarter was $3.7 million and the loss per share was $0.15 as compared to a net loss of $0.3 million and diluted loss per share of $0.01 for the same period last year.

依照 GAAP 和非 GAAP 計算的稅金為 110 萬美元，略低於我們的預期，並受到所簽署交易的地區的影響。第二季的 GAAP 虧損為 370 萬美元，每股虧損為 0.15 美元，去年同期的淨虧損為 30 萬美元，每股攤薄虧損為 0.01 美元。

Non-GAAP net income and diluted income per share for the second quarter of '25 was $1.8 million and $0.07 respectively, better than forecasted. In the same period last year, net income was $4.2 million and the diluted net income per share was $0.17.

25 年第二季非公認會計準則淨收入和每股攤薄收益分別為 180 萬美元和 0.07 美元，優於預期。去年同期淨利為420萬美元，每股攤薄淨利0.17美元。

With respect to other related data, shipped units by CEVA's licensees during the second quarter of '25 or 488 million units, up 16% sequentially and up 6% from the second quarter 2024 reported shipments. Of the 488 million units reported, 55 million units or 11% were for mobile handset modems. 409 million units were for consumer IoT markets, up 16% from 353 million units in the second quarter of '24.

至於其他相關數據，CEVA 授權商在 2025 年第二季的出貨量為 4.88 億台，比上一季成長 16%，比 2024 年第二季報告的出貨量成長 6%。在報告的 4.88 億台中，有 5,500 萬台（佔 11%）用於行動手機數據機。 4.09 億台用於消費性物聯網市場，比 2024 年第二季的 3.53 億台成長 16%。

24 million units were for industrial IoT markets, down 16% from 28 million units in the second quarter of last year. Bluetooth shipments were 254 million units in the quarter, down 5% from 266 million in the second quarter of '24. Cellular IoT shipments were all-time record high at 66 million units, up 66% year over year.

其中工業物聯網市場出貨量為2,400萬台，較去年第二季的2,800萬台下降16%。本季藍牙出貨量為 2.54 億台，較 2024 年第二季的 2.66 億台下降 5%。蜂窩物聯網出貨量創歷史新高，達到 6,600 萬台，年增 66%。

Wi-Fi shipments were 62 million units, up 80% from 35 million units a year ago. Wi-Fi 6 shipments reached a new record high and we're up 113% year on year as we continue our Wi-Fi 6 customer ramp up in the consumer and industrial markets. Overall, good sequential growth in royalties and shipments in many of our customer and markets, while softness was evident in the smartphone and some areas of industrial.

Wi-Fi出貨量為6,200萬台，較去年同期的3,500萬台成長80%。隨著我們在消費和工業市場的 Wi-Fi 6 客戶數量持續增加，Wi-Fi 6 出貨量創下新高，年增 113%。整體而言，我們許多客戶和市場的版稅和出貨量都實現了良好的連續成長，而智慧型手機和一些工業領域的表現則明顯疲軟。

As for the balance sheet items, as of the end of June this year, CEVA's cash, cash equivalent balances, marketable securities and bank deposits were approximately $157 million. In the second quarter this year, we were more active on our buyback program and repurchased 300,000 shares for approximately $6.2 million.

至於資產負債表項目，截至今年6月底，CEVA的現金、現金等價物餘額、有價證券及銀行存款約1.57億美元。今年第二季度，我們更積極地推行回購計劃，以約 620 萬美元回購了 30 萬股。

As of today, around 725,000 shares are still available for repurchase under the repurchase program as expanded in November of last year. Our DSOs for the second-quarter were 42 days, lower than the norm and lower than prior quarters.

截至今天，根據去年 11 月擴大的回購計劃，仍有約 725,000 股可供回購。我們第二季的 DSO 為 42 天，低於正常水平，也低於前幾季。

During the second quarter, we generated $1.2 million from cash of cash from operation activities. Ongoing depreciation and amortization was $1.1 million and the purchase of fixed assets was $0.7 million. At the end of the second quarter, our headcount was 435 people, of whom 354 are engineers.

在第二季度，我們從經營活動中獲得的現金為 120 萬美元。持續折舊和攤提為 110 萬美元，固定資產購買為 70 萬美元。截至第二季末，我們的員工總數為435人，其中工程師354人。

Now for the guidance. Our licensing pipeline and potential deal flow, especially around edge AI prospects look healthy entering into the third quarter and second half of the year. We have demonstrated strong licensing execution in 2025, notably achieving five sequential quarters with about $15 million or above in licensing revenue.

現在給出指導。進入第三季和下半年，我們的授權管道和潛在交易流程（尤其是邊緣人工智慧的前景）看起來很健康。我們在 2025 年展現了強大的授權執行力，特別是連續五個季度實現了約 1500 萬美元或以上的授權收入。

Royalty revenue historically are stronger in the second half of the year due to seasonality, and new product deployment, a shipment ramps ahead of the holiday season. We're encouraged by the strength of many of our customers and in market demand, particularly around our seller IoT and Wi-Fi 6 product lines.

從歷史上看，由於季節性因素、新產品的部署以及假期前出貨量的增加，特許權使用費收入在下半年會更高。我們對眾多客戶的實力和市場需求感到鼓舞，尤其是圍繞我們的賣家物聯網和 Wi-Fi 6 產品線。

We also anticipate growth in smartphone royalties in the second half of the year, driven by share gains at a US OEM smart for customer using our technology for their in-house 5G modem. Such, we're maintaining our overall revenue guidance growth as discussed in the prior earnings call.

我們也預計，下半年智慧型手機專利費將有所成長，這得益於美國 OEM 智慧型手機客戶在其內部 5G 數據機中使用我們的技術的份額成長。因此，我們維持上次收益電話會議上討論的整體收入指導成長。

We continue with our long-term investments in AI and other new technologies to enrich our IP portfolio along with continued focus on expenses. We reiterate our belief that we will reach a double-digit percentage increase of non-GAAP net income and fully diluted non-GAAP EPS relatively to 2024.

我們將繼續對人工智慧和其他新技術進行長期投資，以豐富我們的智慧財產權組合，同時繼續關注支出。我們重申我們的信念，相對於 2024 年，我們的非 GAAP 淨收入和完全稀釋非 GAAP 每股盈餘將實現兩位數的百分比成長。

As for the third quarter, total revenue is expected to be between $26 million to $30 million. Gross margin is expected to be 1% higher than the second quarter, approximately 87% on GAAP basis, and 88% on non-GAAP basis, excluding an aggregate of $0.2 million of equity-based compensation expenses and $0.1 million amortization of acquired intangibles.

至於第三季度，預計總收入在 2,600 萬美元至 3,000 萬美元之間。預計毛利率將比第二季高 1%，以 GAAP 計算約為 87%，以非 GAAP 計算約為 88%，不包括總計 20 萬美元的股權激勵費用和 10 萬美元的收購無形資產攤銷。

GAAP OpEx is expected to be at a similar level to the next second quarter in a range of $26 million to $27 million. Of the anticipated total OpEx for the third quarter, $4.7 million is expected to be attributed to equity-based compensation expense, $0.2 million for amortization of acquired intangible and $0.1 million for expenses related to business acquisitions.

預計 GAAP 營運支出將與下一季持平，介於 2,600 萬美元至 2,700 萬美元之間。在第三季預計的總營運支出中，預計 470 萬美元將歸因於股權薪酬費用，20 萬美元將歸因於收購無形資產的攤銷，10 萬美元將歸因於與業務收購相關的費用。

Non-GAAP OpEx is also expected to be quite similar to the second quarter in the range of $21 million to $22 million. Net interest income is expected to be approximately $1.3 million, taxes for the third quarter is expected to be approximately $1.8 million and the share count for the third quarter is expected to be 25.8 million shares.

非公認會計準則營運支出預計也將與第二季大致相同，介於 2,100 萬美元至 2,200 萬美元之間。預計淨利息收入約為 130 萬美元，第三季稅收預計約為 180 萬美元，第三季股票數量預計為 2,580 萬股。

Rocco, you could now open our Q&A session.

羅科，你現在可以開始我們的問答環節了。

(Operator Instructions) Kevin Cassidy, Rosenblatt Securities.

（操作員指示） Kevin Cassidy，Rosenblatt Securities。

Yes. Thanks for taking my question and congratulations on the great results. As you get an increasing of your licensing in NPUs, with this is just -- it's a higher value that I see. So would we expect in the future royalty revenues would have higher leverage or see an acceleration?

是的。感謝您回答我的問題，並祝賀您取得優異的成績。隨著您在 NPU 中獲得的許可不斷增加，我認為這將具有更高的價值。那麼，我們是否預期未來特許權使用費收入的槓桿率會更高或加速成長？

Hi. Good morning, Kevin. Thanks for the question. Yeah, definitely, as we discussed also previously, right now, we see great momentum with overall licensing our NPUs. I personally with the management team are very encouraged about how we see the prospect of winning those deals.

你好。早安，凱文。謝謝你的提問。是的，正如我們之前討論過的，現在，我們看到 NPU 整體授權勢頭強勁。我個人和管理團隊對贏得這些交易的前景感到非常鼓舞。

But more looking into the long term, as you pointed out on the royalty side, those deals definitely have better economics. The complexity of the technology and the needs of the technology is higher than our so-called average typical royalty that we have today. And with that, we're expecting the royalty to have a meaningful increase definitely per unit as those devices will deployed in the marketplace.

但從長遠來看，正如您在特許權使用費方面指出的那樣，這些交易肯定具有更好的經濟效益。該技術的複雜性和技術需求高於我們今天所謂的平均典型版稅。隨著這些設備在市場上的部署，我們預計每台設備的專利費肯定會有顯著的成長。

Okay. Great. And maybe just as the timing for that is I guess is the time from licensing to royalty longer with this more complex design and also because the AI market is moving so fast, would we expect that the tail for the royalty, meaning the product life cycle is that going to shorten compared to your past especially wireless customers?

好的。偉大的。也許正如我所猜測的，由於這種更複雜的設計，從授權到版稅的時間會更長，而且由於人工智慧市場發展如此之快，我們是否可以預期版稅的尾部，即產品生命週期，會比過去特別是無線客戶縮短嗎？

Yes. So typically, Kevin, what we see is that the time between so-called when we license the technology until we start getting royalty reports or the royalty is between 18 and 24 months. And in this case, I would say the evaluation sometimes takes longer, but actually the time for our customers to take it into production is similar in consumer, it can be even shorter 24 months, it can be 18 months a little bit more complex systems in infrastructure.

是的。因此，凱文，通常我們看到的是，從我們授權技術到我們開始獲得版稅報告或版稅之間的時間是 18 到 24 個月之間。在這種情況下，我想說評估有時會花費更長的時間，但實際上我們的客戶將其投入生產的時間與消費者相似，甚至可能更短 24 個月，基礎設施系統稍微複雜一點可能需要 18 個月。

And so, on can be 24 months or so. And overall, I would say our customers, as you pointed out, AI is moving quickly and customers really need to deploy it as soon as possible from their perspective. So we do expect the royalty to take care the same as typically in consumers to some degree, maybe even slightly faster.

如此類推，大概需要24個月左右。總的來說，我想對我們的客戶說，正如您所指出的，人工智慧正在快速發展，從他們的角度來看，客戶確實需要盡快部署它。因此，我們確實希望皇室能夠在某種程度上像對待消費者一樣給予同樣的照顧，甚至可能更快一些。

In terms of the tail of that, again, it depends to where what system it goes to. If it goes to the typical consumer devices, we should expect that the same cycle. If it goes to more the infrastructure side, then the tail is much longer, whether it's automotive, whether it's wire infrastructure, where it's more on cloud enterprise support and so on.

就其尾部而言，這又取決於它進入哪個系統。如果它進入典型的消費設備，我們應該預期同樣的週期。如果它更多地涉及基礎設施方面，那麼尾巴就會更長，無論是汽車、有線基礎設施，還是更多的雲端企業支援等等。

I see. So end market is more important.

我懂了。因此終端市場更為重要。

Thank you, Kevin.

謝謝你，凱文。

Suji Desilva, Roth Capital.

羅斯資本的蘇吉·德席爾瓦。

Hi, Amir, how are you? Congratulations on reaching 20 billion units. I'd be curious what the number was when Yaniv joined the company. The royalty stream being stronger in the second half, fourth quarter I presume the flagship smartphone customers a key part of that.

嗨，阿米爾，你好嗎？恭喜達到200億台。我很好奇當 Yaniv 加入公司時這個數字是多少。我認為下半年和第四季的版稅收入將會更加強勁，旗艦智慧型手機客戶是其中的關鍵部分。

I'm wondering if that number or that contribution would be going up in '26 as the flagship customer continues to mix in its in-house modem or do you have any visibility there.

我想知道，隨著旗艦客戶繼續混用其內部調製解調器，這個數字或貢獻是否會在 26 年上升，或者您是否對此有任何了解。

Yeah. I would say first, we haven't got anything for '26 years. So it's not that we are going to comment on the specifics on that. But generally speaking, our expectation that -- we see the success of our technology penetrating as the customer technology keeps wrapping up. And definitely, we're assuming that for the second half of this year, for '26 and beyond, of course, as we get closer, we will be able to share more.

是的。首先我想說，26 年來我們一無所獲。因此我們不會對此具體細節發表評論。但總的來說，我們的期望是——隨著客戶技術的不斷完善，我們會看到我們的技術成功滲透。當然，我們預計今年下半年、26 年及以後，隨著時間的臨近，我們將能夠分享更多資訊。

But Suji even if you exclude that US customer, historically, Q4 has been the strongest on the high volume low cost smartphones for many years. It's not something new. Q1 is the slowest score and a slow start for the year and then it ramps up, Q4 always being the strongest. So even historically we have pretty good data to back that up, unless something that we don't anticipate will happen for this year. That's where the confidence is coming from on the rest of it.

但即使排除美國客戶，從歷史上看，第四季多年來一直是高銷量低成本智慧型手機中表現最強勁的季度。這並不是什麼新鮮事。Q1 是今年得分最低、開局緩慢的季度，隨後增速加快，Q4 始終表現最強勁。因此，即使從歷史上看，我們也有相當好的數據來支持這一點，除非今年發生一些我們預料不到的事情。這就是我們對其餘事情的信心的來源。

That sounds like a good tailwind there. And then on AI, congrats on the progress there. You talk about scaling AI. I'm here hitting kind of a scale point. Is that software tools ecosystem? Can you give us the elements of what gives you sort of a scaled opportunity in the edge AI and maybe you can talk specifically about what what data center might be for you guys. It's an interesting avenue that you guys might be charting out. Thanks.

這聽起來像是一個好的順風。然後關於人工智慧，祝賀它所取得的進展。您談到了擴展人工智慧。我在這裡達到了某種規模點。那是軟體工俱生態系嗎？您能否向我們介紹一下在邊緣人工智慧領域為您帶來規模化機會的要素，或許您可以具體談談資料中心對您們來說意味著什麼。你們可能正在規劃一條有趣的道路。謝謝。

Yeah. Definitely, thanks. So first, I would say the applicability of our NPOs and why we are very encouraged with the interest and the momentum that we see in the market from a scalability point of view that you ask. There are two aspects to that. One from the hardware IP, the silicon IP capabilities.

是的。當然，謝謝。因此，首先我想說一下我們的 NPO 的適用性，以及為什麼我們從您所問的可擴展性角度對市場的興趣和勢頭感到非常鼓舞。這有兩個面向。一個來自硬體IP，一個來自矽IP功能。

We are really providing a very scalable platform going from hundreds of jobs all the way to hundreds of tops type of product line. And actually, our customers can tune and fine tune that to their own requirements, and we have with that a very good fit to what they need.

我們確實提供了一個高度可擴展的平台，涵蓋從數百個工作到數百個頂級產品線。實際上，我們的客戶可以根據自己的要求進行調整和微調，而我們的產品可以很好地滿足他們的需求。

On top of that, from a software perspective, we really give them the complete SDK software stack to support it and one that is quite easy to integrate into their own system and to support their own customers. So on both ones, the silicon IP and the software IP that comes on top of that.

最重要的是，從軟體角度來看，我們確實為他們提供了完整的 SDK 軟體堆疊來支援它，並且可以輕鬆地整合到他們自己的系統中並支援他們自己的客戶。因此，在這兩方面，都有矽 IP 和其上的軟體 IP。

The scalability that we provide resonates extremely well with our customer base, and that's why this quarter we really got four deals, two more, I would say on the lower end of the spectrum so called NeuPro-Nano and two on the higher end of the spectrum, the NeuPro-M. Within that, actually, as we pointed out this quarter, we are starting to see interesting fit of our so-called edge NPU solution where everything is about low power, very efficient utilization, high performance, and also small size, becoming applicable also for inference on the cloud.

我們提供的可擴展性與我們的客戶群產生了極大的共鳴，這就是為什麼本季度我們實際上獲得了四筆交易，其中兩筆，我想說是在較低端的，即所謂的 NeuPro-Nano，另外兩筆是在較高端的，即 NeuPro-M。實際上，正如我們本季指出的那樣，我們開始看到所謂的邊緣 NPU 解決方案的有趣契合，其中一切都與低功耗、高效利用、高效能以及小尺寸有關，也適用於雲端推理。

This is not really to replace every socket like a GPI, GPUs, but it's where you need to complement with NPUs to run the additional arithmetics and to support the very high bandwidth 3D DDR that typically is used in those systems.

這並不是真正要取代每個插槽，例如 GPI、GPU，而是需要用 NPU 來補充，以運行額外的演算法，並支援這些系統中通常使用的非常高頻寬的 3D DDR。

So it's great to see the applicability happens there that add for us additional markets to support and to go after. But of course, the core of our solution is how to make it very optimized for edge, which become also applicable in some cases for cloud inference AI as well.

因此，我們很高興看到那裡的適用性為我們增加了額外的市場支持和追求。但當然，我們解決方案的核心是如何使其針對邊緣進行最佳化，在某些情況下也適用於雲端推理 AI。

Chris Reimer, Barclays.

巴克萊銀行的克里斯雷默 (Chris Reimer)。

Yeah. Thanks for taking my questions and congratulations on the strong results. I was wondering if you could talk a bit about the pipeline. You mentioned last quarter that you had several new products coming to the market. Are they already working and do you have anything else coming new, looking toward the end of the year?

是的。感謝您回答我的問題，並祝賀您取得優異的成績。我想知道您是否可以談談管道。您在上個季度提到有幾款新產品上市。它們已經開始工作了嗎？展望年底，您還有什麼新計畫嗎？

Sure. So on AI, I think Amir highlighted that this is a pivotal point in our business. For a long time, we've been talking about AI for the last year. We came out with a few products in mid last year, the end of last year with new products around AI for the higher end and lower end the markets and use cases.

當然。因此，關於人工智慧，我認為阿米爾強調這是我們業務的關鍵點。很長一段時間以來，我們一直在談論人工智慧。我們在去年年中和年末推出了幾款圍繞人工智慧的新產品，分別針對高端和低端市場及用例。

So that's something that the traction was a record high for us and licensing in the second quarter. We have seen a deal per quarter over the last 33 quarters before that. So obviously, we're trying and we'll try to get that in the market and in different customers and there are multiple evaluations on these technologies as we speak. So that is a very strong add-on to our portfolio.

因此，對於我們和第二季的許可而言，這創下了歷史新高。在此之前的 33 個季度中，我們每季都看到一筆交易。顯然，我們正在努力，並將努力將其推向市場和不同的客戶，正如我們所說，這些技術有多個評估。所以這對我們的投資組合來說是一個非常強大的補充。

On top of the typical connectivity, different Wi-Fi, bluetooth, audio solution and then the rest of the portfolio. I think what we're continue to invest and come up with new features, new technologies all the time. The AI is an interesting add-on.

除了典型的連線之外，還有不同的 Wi-Fi、藍牙、音訊解決方案以及其他產品組合。我認為我們會持續投資並不斷推出新功能和新技術。AI 是一個有趣的附加元件。

And as we've talked about in the past, different cellular IoT segment of the market, finally we are seeing the benefits and royalties with the record high volume shipments or Wi-Fi 6, which is not necessarily new in licensing.

正如我們過去所討論過的，在不同的蜂窩物聯網市場領域，我們最終看到了創紀錄的高出貨量或 Wi-Fi 6 帶來的好處和特許權使用費，這在許可方面並不一定是新鮮事。

We're seeing its great results with the record high also in the second quarter in volume. So it's the same mix of enhancing our portfolio of licensable technologies on one hand and over time the royalties kick in and help us from different markets and new customers that are starting to ramp up.

我們看到了它的出色業績，第二季的銷售也創下了歷史新高。因此，一方面，我們不斷增強可授權技術組合；隨著時間的推移，特許權使用費開始發揮作用，幫助我們從不同的市場和開始增加的新客戶中獲得幫助。

Got it. And just looking at shipments, nice uptick this quarter and you did mention the addition of the customer in the US, the smartphone expected shipments to go up, but how should we be looking at some of the other segments? Do you have any color on other segments of the market that may be shipping higher?

知道了。僅從出貨量來看，本季出貨量呈現良好成長勢頭，而且您確實提到了美國客戶的增加，預計智慧型手機出貨量將會上升，但我們應該如何看待其他一些細分市場呢？您是否對其他市場領域的出貨量可能會上漲有所了解？

Yeah. Maybe if -- I'll give a good color about each of the markets that we are looking at. So I'll start actually with the smartphone industrial that have been slower than what we expected in Q1, Q2, so-called the first half. These two, we expect to have a very strong so-called sequential growth in the second half of the year.

是的。也許如果——我會對我們正在關注的每個市場進行很好的描述。因此，我首先要說的是智慧型手機產業，該產業在第一季、第二季度，也就是所謂的上半年，發展速度低於我們的預期。我們預計，今年下半年這兩個產業將出現非常強勁的環比成長。

But overall, smartphones, generally speaking, I would say, it's flattish to a little bit soft overall. But we are gaining market share and with that, we're expecting a very strong sequential growth in the second half of the year.

但總體而言，我認為智慧型手機總體上是平緩的，甚至有點軟。但我們的市佔率正在擴大，因此我們預計今年下半年將出現非常強勁的環比成長。

The rest of the market, the consumer IoT and the infrastructure and all the other markets that we are supporting actually has been doing very well, and we expect the additional sequential growth in the second half. That's all also what we see is our Wi-Fi 6 is keep ramping very strongly. So that's a strong tail for us in the second half, as well as the so IoT that we pointed out in these earnings as well.

其餘市場、消費者物聯網和基礎設施以及我們支援的所有其他市場實際上都表現良好，我們預計下半年將實現額外的連續成長。我們也看到，我們的 Wi-Fi 6 正在持續強勁發展。因此，這對我們下半年來說是一個強勁的尾聲，同樣也是我們在這些收益中指出的物聯網。

(Operator Instructions) Martin Yang, Oppenheimer.

（操作員說明）Martin Yang，Oppenheimer。

I thank you for taking my question. I want to ask about Bluetooth. That part has been growing pretty consistently year on year in the past few quarters. What contributed to this quarter's decline on a year over year basis, anything on customer or market dynamics worth pointing out?

感謝您回答我的問題。我想問一下關於藍牙的問題。過去幾個季度，這一部分一直保持著逐年穩定的成長。是什麼原因導致本季的銷售額年減？客戶或市場動態方面有什麼值得指出的嗎？

It wasn't something specific this quarter that I will point to on the Bluetooth 4.0. I would say generally speaking we expect the second half a good sequential growth for our Bluetooth technology as well. There is the shift that is coming right now to adopt more the Bluetooth 6.0.

本季我不會特別強調藍牙4.0的具體表現。總的來說，我們預計下半年我們的藍牙技術也將實現良好的環比成長。現在正在轉變，更多地採用藍牙 6.0。

In production, of course, we are lacking already Bluetooth 7.0, which will drive significant growth for us in the '26, '27. And so, overall, it's very healthy for us. It can be a little bit mix of our customers and for this quarter, but nothing more than that.

當然，在生產中，我們已經缺少藍牙 7.0，它將在 26 年、27 年為我們帶來顯著的成長。所以，總的來說，這對我們來說非常健康。它可能與我們的客戶和本季的情況有些混合，但僅此而已。

Yeah. In general, Martin, it's about a quarter of 1 million devices, which is not that bad because annually last year, we powered 1.1 billion devices. And again, Q1 and Q2 tend to be slower than the second half of the year. So I think those that number will pick up in the next two quarters.

是的。馬丁，總體來說，大約有 25 萬台設備，這個數字還不算太糟，因為去年我們每年為 11 億台設備供電。而且，第一季和第二季的成長速度往往比下半年慢。所以我認為這個數字在接下來的兩個季度會上升。

And on that one also for our top customers we see them, they've been doing well this quarter, and we expect good sequential growth in the second half as well.

對於我們的頂級客戶，我們也看到他們本季表現良好，我們預計下半年也會有良好的連續成長。

Thank you. And in the context of overall annual guidance, do you think overall Bluetooth will give you year over year growth for the year on units?

謝謝。在整體年度指導的背景下，您是否認為整體藍牙將為您帶來年度單位數的同比增長？

It's hard to guess. This is why we don't give annual guidance on specifically licensing on royalties. There's so many moving parts, there's so many different markets, there's so many different use cases from hearing aids to watches and to a lot of IoT devices and very difficult to know all that.

很難猜測。這就是為什麼我們不針對特許權使用費許可提供年度指導。有這麼多的活動部件，如此多不同的市場，有如此多不同的用例，從助聽器到手錶以及許多物聯網設備，並且很難了解所有這些。

In general, if you look at the last couple of years, the answer is yes. We've grown Bluetooth year over year. We've grown Wi-Fi significantly year over year. Cellular IoT took, it took a long time, many years to pick up, but with the last two years we're seeing tremendous growth in that market.

總的來說，如果你回顧過去幾年，答案是肯定的。我們的藍牙業務逐年成長。我們的 Wi-Fi 規模逐年顯著成長。蜂窩物聯網花了很長時間、很多年才興起，但在過去的兩年裡，我們看到了該市場的巨大成長。

So I think the answer should be yes without having a bottom up type of analysis, but from the top down and the customer use case and the customers that come back and license newer generation of each of these technologies, we are seeing a lot of good momentum there.

因此，我認為答案應該是肯定的，無需進行自下而上的分析，但從自上而下和客戶使用案例以及回來並獲得每種技術的新一代許可的客戶來看，我們看到了很多良好的勢頭。

Yeah. Just on that, if you look at actually at the first half of the year for '24 -- that is for '25, sorry, that has been a growth of '24. So first half the Bluetooth volume growth is already there, and we expect for the full year to keep seeing increase year over year for Bluetooth shipment.

是的。就這一點而言，如果你看一下 24 年上半年的數據——也就是 25 年的數據，抱歉，這是 24 年的成長。因此，上半年藍牙銷售量已經出現成長，我們預計全年藍牙出貨量將持續年增。

Which is also true for Wi Fi and cellular IoT. The first half of this year was higher than the first half of last year for all of these three different markets and technologies.

對於 Wi Fi 和蜂窩物聯網來說也是如此。今年上半年這三個不同市場和技術的表現都高於去年上半年。

Thank you. This concludes today's question and answer session. I'd like to turn the conference back over to a new promotion and closing remarks.

謝謝。今天的問答環節到此結束。我想將會議重新轉回新的推廣和結束詞。

Yeah. Thank you. On behalf of the CEVA team, thank you for joining us today. We continue to execute on our strategy to democratize [AJI] through our portfolio of technologies that enable connectivity, sensing and inference. Our strong licensing performance, expanding royalty base and milestones of over 20 billion devices shipped underscore the trust our customers place in us as a foundational technology provider.

是的。謝謝。我代表 CEVA 團隊感謝您今天的參與。我們將繼續執行我們的策略，透過支持連結、感測和推理的技術組合來實現 [AJI] 的民主化。我們強勁的授權業績、不斷擴大的專利使用費基礎以及超過 200 億台設備出貨量的里程碑，凸顯了客戶對我們作為基礎技術提供者的信任。

With AI adoption accelerating across consumer, industrials and automotive markets and our IP portfolio more relevant than ever, we are well positioned to drive long-term growth and shareholder value. We look forward to meeting many of you during the thirdrd quarter at investor conferences. Richard, I will hand over to you to wrap it up.

隨著人工智慧在消費、工業和汽車市場的加速應用，以及我們的智慧財產權組合比以往任何時候都更加重要，我們已準備好推動長期成長和股東價值。我們期待在第三季的投資者會議上與大家見面。理查德，我將把這件事交給你來完成。

Thank you, Amir. As a reminder, the prepared remarks for 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 28th Annual Technology Internet and Communications Conference, August 13, being held virtually.

謝謝你，阿米爾。提醒一下，本次電話會議的準備好的發言稿將作為 8-K 表格當前報告的附件提交，可透過我們網站的投資者部分存取。關於即將舉行的活動，我們將參加以下會議。奧本海默第 28 屆年度技術互聯網和通訊會議將於 8 月 13 日以線上方式舉行。

The Rosenblatt Virtual Tech Summit, August 19, being held virtually. 6th Annual Needham Virtual Semiconductor and Semicap one on one conference, August 20. Jefferies Semiconductor IT Hardware and Communications Technology Conference, August 26, in Chicago.

Rosenblatt 虛擬技術高峰會將於 8 月 19 日以虛擬方式舉行。第六屆 Needham 虛擬半導體和 Semicap 一對一會議將於 8 月 20 日舉行。傑富瑞半導體 IT 硬體和通訊技術會議，8 月 26 日，芝加哥。

The Evercore Semiconductor IT Hardware and Networking Conference, August 27 in Chicago. TD Securities Technology Growth Cap Summit, September 4 in New York, and Jefferies Techtrek 2025, September 11 in Tel Aviv, Israel. For 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.

Evercore 半導體 IT 硬體和網路會議，8 月 27 日在芝加哥舉行。道明證券科技成長資本高峰會於 9 月 4 日在紐約舉行，傑富瑞科技之旅 2025 於 9 月 11 日在以色列特拉維夫舉行。有關這些活動以及我們將參加的所有活動的資訊可以在我們網站的投資者部分找到。謝謝，再見。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may know how to scratch your minds and have a wonderful day.

謝謝。今天的電話會議到此結束。感謝大家參加今天的演講。您可能知道如何放鬆心情並度過美好的一天。