CEVA Inc (CEVA) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加 CEVA 2025 年第三季財報電話會議。（操作說明）請注意，今天的活動正在錄製中。

I'd now like to turn the conference over to Richard Kingston, Vice President of Market Intelligence and Investor Relations. Please go ahead, sir.

現在我謹將會議交給市場情報和投資人關係副總裁理查金斯頓。請繼續，先生。

Thank you, Rocco. Good morning, everyone, and welcome to CEVA's third-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。各位早安，歡迎參加 CEVA 2025 年第三季財報電話會議。今天與我一起參加電話會議的有 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 and 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.

在將發言權交給阿米爾之前，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，如果這些陳述成為現實或被證明是錯誤的，可能會導致 CEVA 的業績與此類前瞻性陳述和假設所表達或暗示的業績存在重大差異。

Forward-looking statements include statements regarding our market position and industry trends, including with respect to embedding of AI across customer product lines and customer licensing of NPUs for AI interfacing, regarding demand for and benefits of our technologies, expectations regarding revenues, including higher royalty potential for AI agreements and our financial goals and guidance regarding future performance. CEVA assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

前瞻性聲明包括有關我們市場地位和行業趨勢的聲明，包括有關在客戶產品線中嵌入 AI 以及客戶授權 NPU 用於 AI 接口的聲明，有關我們技術的需求和優勢的聲明，有關收入的預期，包括 AI 協議更高的特許權使用費潛力，以及我們的財務目標和有關未來業績的指導。CEVA不承擔更新任何前瞻性聲明或資訊的義務，這些聲明或資訊僅代表其各自發布之日的情況。

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 filings section of our Investor Relations website at investors.ceva.com.

我們也將討論一些非GAAP財務指標，我們認為這些指標能夠更有意義地分析我們的核心經營業績，並對季度業績進行比較。我們今天早上發布的獲利報告中包含了非GAAP財務指標的調整表，並且在我們的投資者關係網站 investors.ceva.com 的SEC文件部分也包含了該調整表。

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 insight into our ongoing business. Amir?

接下來，我想把電話交給 Amir，他將回顧我們本季的業務表現，並就我們目前的業務狀況提供一些見解。阿米爾？

Thank you, Richard, and good morning, everyone. We are pleased to report a third quarter that exceeded our expectations on both revenue and non-GAAP EPS, with revenue of $28.4 million and non-GAAP EPS of $0.11. In licensing, we secured several strategic agreements that reinforce our market-leading position in wireless connectivity and accelerate our expansion in AI. This quarter was marked by strong execution across our core pillars; connect, sense and (inaudible) and highlights the breadth and strength of our IP solution portfolio.

謝謝你，理查德，大家早安。我們很高興地宣布，第三季營收和非GAAP每股盈餘都超出預期，營收達2,840萬美元，非GAAP每股收益為0.11美元。在授權許可方面，我們達成了多項策略協議，鞏固了我們在無線連接領域的市場領先地位，並加速了我們在人工智慧領域的擴張。本季我們在核心支柱領域（連結、感知和（聽不清楚））均取得了強勁的執行力，突顯了我們 IP 解決方案組合的廣度和實力。

The most significantly in this quarter was in we are Microchip, one of the world's leading microcontroller and connectivity providers and whose products power billions of devices across industrial, consumer, automotive and other end markets, adopted our full NeuPro NPU portfolio for its future road map. This win is a strong proof point of a broad industry trend, major MCUs and semiconductor vendors are embedding AI capabilities across their product lines, bringing more on-device intelligence or performance, user experience, privacy and costs.

本季最重要的進展是，全球領先的微控制器和連接供應商之一 Microchip，其產品為工業、消費、汽車和其他終端市場的數十億台設備提供動力，在其未來發展路線圖中採用了我們完整的 NeuPro NPU 產品組合。這場勝利有力地證明了一個廣泛的行業趨勢，即主要的MCU和半導體供應商正在將AI功能嵌入到他們的產品線中，從而帶來更多的設備端智慧或效能、使用者體驗、隱私和成本。

Selecting CEVA gives Microchip a complete portfolio of AJI inference solutions for ultra low power inference for MCUs to high-performance AI in advanced systems, all under a unified software stack. This flexibility allows them to standardize AI deployments across industrial, automotive, consumer, communications and compute market without compromising on power or costs. Let me take a moment to talk about the role of NPUs in the boiler AI ecosystem. At the end of the day, an NPU is optimized compute engine for AI inference, just as CPUs orchestrate system control and GPUs accelerate graphics. Companies rarely reinvent CPUs or GPUs, they license, proven process of IP and focus on system integration and software differentiation.

選擇 CEVA 為 Microchip 提供了一套完整的 AJI 推理解決方案組合，涵蓋從 MCU 的超低功耗推理到高級系統中的高效能 AI，所有這些都基於統一的軟體堆疊。這種靈活性使他們能夠在工業、汽車、消費、通訊和運算市場中標準化人工智慧部署，而不會影響效能或成本。讓我花點時間談談NPU在鍋爐AI生態系中的作用。歸根究底，NPU 是專為 AI 推理而最佳化的運算引擎，就像 CPU 協調系統控制、GPU 加速圖形處理一樣。公司很少重新發明 CPU 或 GPU，它們通常會獲得成熟的智慧財產權流程的授權，並專注於系統整合和軟體差異化。

We believe MPUs will follow the same path, licensing, a proven and scalable NPC texture delivers the performance and scalability customer needs while bring resources to focus on optimized model and application-specific experiences. CEVA is uniquely positioned to lead this transition. We have a full-range NPO portfolio, a unified software framework and tools and a strong partner ecosystem. This enables customers to focus on differentiated model and experiences while we provide the scalable proven technology foundation. Our recent NeuPro engagement with a leading MCU vendor is a powerful validation of this approach.

我們相信 MPU 將遵循相同的路徑，授權、經過驗證且可擴展的 NPC 紋理可提供客戶所需的效能和可擴展性，同時將資源集中於優化模型和特定應用程式的體驗。CEVA 擁有得天獨厚的優勢，能夠引領這項轉型。我們擁有全面的非營利組織產品組合、統一的軟體框架和工具以及強大的合作夥伴生態系統。這使得客戶能夠專注於差異化的商業模式和體驗，而我們則提供可擴展的成熟技術基礎。我們最近與一家領先的 MCU 供應商開展的 NeuPro 合作有力地驗證了這種方法的有效性。

Beyond the NeuPro portfolio win, we signed three AI DSP agreements that broaden our reach across consumer electronics and automotive. First, a leading global electronics brand is integrating our AI DSP into its next-generation edge SoC family for home appliances and any (inaudible) voice contextual awareness in connected devices. Second, a high-profile automotive customer expanded its use of CEVA AI DSPs and accelerators for (inaudible) compute platforms now entering production. And new engagements with an innovative ADAS chipless architecture company, strengthening our position in automotive. AI processor licensing is now a very meaningful and growing part of our business, contributing roughly a third of the licensing revenue in both the second and third quarters.

除了贏得 NeuPro 產品組合之外，我們還簽署了三項 AI DSP 協議，擴大了我們在消費性電子和汽車領域的業務範圍。首先，一家全球領先的電子品牌正在將我們的 AI DSP 整合到其下一代邊緣 SoC 系列中，用於家用電器和連網設備中的任何（聽不見的）語音上下文感知。其次，一家知名汽車客戶擴大了對 CEVA AI DSP 和加速器在（聽不清楚）運算平台上的使用，這些平台現在正進入生產階段。我們與一家創新的無晶片ADAS架構公司建立了新的合作關係，鞏固了我們在汽車領域的地位。AI 處理器授權現在是我們業務中非常重要且不斷成長的一部分，在第二季和第三季都貢獻了約三分之一的授權收入。

The first time AI has had such a significant impact on our licensing mix. In addition, this AI agreement typically carry a higher royalty potential than our traditional licensing business. further enhancing long-term value.

這是人工智慧首次對我們的授權組合產生如此重大的影響。此外，這項人工智慧協議通常比我們傳統的授權業務具有更高的特許權使用費潛力，從而進一步提升長期價值。

Moving now on to wireless connectivity, which represents a core pillar of our growth strategy and a powerful hotel engine into AI. We had another impactful quarter. We delivered wins in both established standards like WiFi 6 and Bluetooth 5 and next-generation standard. This quarter, a long-term customer licensed our latest WiFi 7 and Bluetooth high data throughput IP for upcoming road maps. These standards offer higher throughput, lower latency and improved power efficiency, which are essential for advanced audio, wearables, robotics and border physical AI use cases.

接下來我們來談談無線連接，它是我們成長策略的核心支柱，也是飯店邁向人工智慧的強大引擎。我們又度過了一個碩果累累的季度。我們在 WiFi 6 和藍牙 5 等成熟標準以及下一代標準方面都取得了成功。本季度，一位長期客戶獲得了我們最新的 WiFi 7 和藍牙高數據吞吐量 IP 的授權，用於即將推出的產品路線圖。這些標準提供更高的吞吐量、更低的延遲和更高的電源效率，這對於高階音訊、穿戴式裝置、機器人和邊緣實體人工智慧應用案例至關重要。

These transitions are not one-off wins. They cement multiyear royalty ramps as customers build on power generation and continue forward with CEVA technologies as core, enablers of connectivity and AI. By consistently delivering end-to-end multi-standard connectivity solution, together with advanced sensing an AI IP, we provide a unified foundation for intelligent connected devices. This positions us as the de facto partner for next-generation connectivity and strengthen our leadership as AI and sensing adoption expense across markets.

這些轉變並非一次性的勝利。隨著客戶在發電領域不斷累積經驗，並繼續以 CEVA 技術為核心，推動連接和人工智慧的發展，他們鞏固了多年的特許權使用費成長。透過持續提供端到端多標準連接解決方案，以及先進的感測技術和人工智慧IP，我們為智慧連網設備提供了統一的基礎。這使我們成為下一代連結的實際合作夥伴，並鞏固了我們在人工智慧和感測技術在各個市場應用方面的領導地位。

Now turning into royalties. We delivered street growth across most of our markets with royalties up 6% year-over-year and 16% sequentially. Consumer IoT was a key driver, posting 9% year-over-year growth supported by record shipments in cellular IoT and wire. Our 5G ran infrastructure customers also had a strong quarter with revenues up 91% compared to last year. In automotive, two large semiconductor customers continue to ramp up volume shipments for ADAS solution based on our AI DSP, contributing to overall royalty growth in the quarter and beyond.

現在轉為版稅。我們在大多數市場實現了街道銷售成長，特許權使用費年增 6%，環比成長 16%。消費物聯網是主要驅動力，年增 9%，這得益於蜂窩物聯網和有線物聯網的出貨量創下紀錄。我們的 5G 基礎設施客戶本季業績也十分強勁，營收比去年同期成長了 91%。在汽車領域，兩家大型半導體客戶繼續加大基於我們 AI DSP 的 ADAS 解決方案的出貨量，從而推動了本季及以後的整體特許權使用費成長。

Mobile royalties grew 4% year-over-year and 7% sequentially, driven by recovering low-end smartphone segment. At the high end, our U.S. OEM customers launched a second smartphone model, featuring its in-house 5G model with CEVA technology. And as this model expands into more markets in fourth quarter, we expect further royalty growth. In summary, this quarter's AI-led licensing momentum and continued progress in wireless connectivity highlights the berth and scalability of our IP across Sense, Connect and infer.

行動版稅年增 4%，季增 7%，主要得益於低階智慧型手機市場的復甦。在高階市場，我們的美國 OEM 客戶推出了第二款智慧型手機型號，該型號採用了其自主研發的 5G 型號和 CEVA 技術。隨著該模式在第四季度擴展到更多市場，我們預計特許權使用費將進一步成長。總而言之，本季人工智慧主導的授權動能以及無線連線方面的持續進展，凸顯了我們在感知、連結和推理方面的智慧財產權的地位和可擴展性。

These wins strengthen our pipeline, increased visibility into future revenues and reinforce CVA wall as a foundational technology provider for intelligence, connected and increasingly physical AI devices.

這些勝利增強了我們的業務管道，提高了對未來收入的可見性，並鞏固了 CVA wall 作為智慧、互聯和日益實體化的 AI 設備的基礎技術提供者的地位。

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

現在我將把電話交給亞尼夫，讓他來談談財務方面的問題。

Good morning. Thank you, Amir. I will now start by reviewing the results of our operations for the third quarter of 2025. Revenue for the third quarter was $28.4 million up 4% compared to $27.2 million for the same quarter last year and up 11% sequentially. The revenue going down is as follows.

早安.謝謝你，阿米爾。現在我將先回顧我們2025年第三季的營運成果。第三季營收為 2,840 萬美元，比去年同期的 2,720 萬美元成長 4%，季增 11%。收入下降的具體情況如下。

Licensing and related revenue totaled $16 million, representing 56% of our total revenue for the quarter. This reflects a 3% year-over-year increase and a 7% sequential increase. Licensing revenue for the first three quarters of '25 reached $46.1 million a 4% increase compared to $44.3 million for the same period of '24. As Amir noted, this growth preliminary represents strong traction in AI following multiple significant design win for NPUs and AI DSPs. AI processor licensing contributed roughly a third of the licensing revenue in both the second and third quarters demonstrating solid momentum and strategic progress.

授權及相關收入總計 1,600 萬美元，佔本季總收入的 56%。這反映出年增 3%，季增 7%。2025 年前三個季度的授權收入達到 4,610 萬美元，比 2024 年同期的 4,430 萬美元成長了 4%。正如 Amir 指出的那樣，這一初步增長表明，在 NPU 和 AI DSP 領域取得多項重大設計勝利後，人工智慧領域獲得了強勁的發展勢頭。人工智慧處理器授權在第二季和第三季均貢獻了約三分之一的授權收入，這表明其發展勢頭強勁，戰略進展順利。

Tesco to the importance of our NeuPro NPU portfolio and AI DSP offerings as key growth drivers going forward. Royalty revenue for the third quarter was $12.4 million, reflecting 44% of total revenue, a 16% sequential increase and a 6% increase year-over-year. Consumer IoT is a key driver with posted 9% year-over-year growth supported by record shipments in cellular IoT and WiFi.

Tesco 認為我們的 NeuPro NPU 產品組合和 AI DSP 產品是未來關鍵的成長驅動力。第三季特許權使用費收入為 1,240 萬美元，佔總營收的 44%，季增 16%，年增 6%。消費物聯網是關鍵驅動因素，較去年同期成長 9%，這得益於蜂窩物聯網和 WiFi 出貨量的創紀錄成長。

Gross margin came slightly better than our guidance, 88% on GAAP basis and 89% on non-GAAP basis, compared to 85% and 87%, respectively, a year ago. Total operating expenses for the third quarter were $27.1 million at the higher end of our guidance. Our total non-GAAP operating expense for the fourth the third quarter, excluding equity-based compensation expenses, amortization of intangibles and related acquisition costs for $22.1 million, at the higher end of our guidance as well, mainly due to higher employee benefit provisions associated with better financial results.

毛利率略優於我們的預期，以美國通用會計準則計算為 88%，以非美國通用會計準則計算為 89%，而去年同期分別為 85% 和 87%。第三季總營運支出為 2,710 萬美元，處於我們預期範圍的上限。第四季度非GAAP營運總支出為2,210萬美元，低於第三季度，不包括股權激勵支出、無形資產攤提及相關收購成本，也高於我們先前的預期，主因是財務業績改善導致員工福利撥備增加。

Non-GAAP operating margins and net income improved significantly over the first and second quarters of 2025, reaching 11% of revenue and $3.1 million, also higher than 80% and $2.1 million recorded in the third quarter of last year. GAAP operating loss in the third quarter was $2.1 million as compared to GAAP operating loss of $2.6 million for the same period in 2024. GAAP and non-GAAP taxes were $1.7 million, just below our guidance. GAAP and not the admitted loss for the third quarter of 2025 was $2.5 million, (inaudible) loss per share was $0.10 as compared to a net loss of $1.3 million and then loss per share of $0.06 for the same period last year. Our net GAAP income -- non-GAAP net income and diluted income per share for the third quarter of '25 was $2.7 million and 11%, respectively, representing $0.01 over street estimates.

2025 年第一季和第二季度，非 GAAP 營業利潤率和淨收入均顯著提高，分別達到營收的 11% 和 310 萬美元，也高於去年第三季的 80% 和 210 萬美元。第三季 GAAP 營業虧損為 210 萬美元，而 2024 年同期 GAAP 營業虧損為 260 萬美元。GAAP 和非 GAAP 稅項為 170 萬美元，略低於我們的預期。2025 年第三季度，以 GAAP 計算的虧損（而非已確認的虧損）為 250 萬美元，每股虧損 0.10 美元，而去年同期淨虧損為 130 萬美元，每股虧損為 0.06 美元。2025 年第三季度，我們的 GAAP 淨收入——非 GAAP 淨收入和稀釋後每股收益分別為 270 萬美元和 11%，比華爾街預期高出 0.01 美元。

In the same period last year, net income was $3.4 million and diluted income per share was $0.14. With respect to other related data, shifts units by CEVA sbe licensees during the third quarter of 2025 and 559 million units. -- up 19% sequentially and 11% up year-over-year. Of these, 69 million units or 12% were mobile handset volumes. -- a record 10 million units were for IoT, up 13% year-over-year with consumer IoT reaching 500 million units and industrial IoT totaling 10 million units.

去年同期，淨利為340萬美元，稀釋後每股收益為0.14美元。其他相關數據方面，CEVA sbe 授權商在2025年第三季的銷量為5.59億台，季增19%，較去年同期成長11%。其中，行動手機銷售量為6,900萬部，佔12%；物聯網設備銷售量創下1,000萬部的歷史新高，較去年同期成長13%，其中消費性物聯網設備銷售量達5億部，工業物聯網設備銷售量達1,000萬部。

Net shipments were 303 million units in the quarter, down 1% from $306 million in the third quarter of 2024.

本季淨出貨量為 3.03 億台，較 2024 年第三季的 3.06 億台下降 1%。

Cellular (inaudible) were all-time record high with 69 million units, up 41% year-over-year. While price shipments also reached an all-time high of 82 million units, up 73% from 47 million units a year ago. WiFi 6 shipments also set a new record, up 194% year-over-year as customers continue to ramp up deco. Our wireless IP portfolio, which includes Bluetooth, WiFi, UWB and cellular IoT achieved its strongest royalty revenue quarter on record. These shipments and loyalty trends reinforce the adoption of next-generation connectivity standards. We serve the foundation for AI embedded devices and position CEVA for multiyear royalty growth.

手機（聽不清楚）銷售量創歷史新高，達 6,900 萬部，較去年同期成長 41%。同時，價格方面，出貨量也達到了歷史新高 8,200 萬台，比一年前的 4,700 萬台成長了 73%。WiFi 6 的出貨量也創下了新紀錄，年增 194%，因為客戶繼續加大裝飾力度。我們的無線 IP 產品組合（包括藍牙、WiFi、UWB 和蜂窩物聯網）實現了有史以來最高的特許權使用費收入季度。這些出貨量和客戶忠誠度趨勢進一步推動了下一代連接標準的採用。我們為人工智慧嵌入式設備奠定基礎，並為 CEVA 實現多年的版稅成長做好準備。

For the balance sheet items. As of September 30, 2025, sales cash, cash equivalent balances, marketable securities and bank deposits were approximately $162 million. In the third quarter, we purchased about 40,000 shares for approximately $1 million. all of 2025 repurchased approximately 40,000 shares for approximately $7.2 million. And today, around 684,000 shares are available for repurchase under the repurchase program, which was extended in November of last year.

針對資產負債表項目。截至 2025 年 9 月 30 日，銷售現金、現金等價物餘額、有價證券和銀行存款約為 1.62 億美元。第三季度，我們以約 100 萬美元的價格購買了約 40,000 股股票。 2025 年全年，我們以約 720 萬美元的價格回購了約 40,000 股股票。目前，根據去年 11 月延長的股票回購計劃，約有 684,000 股可供回購。

Our DSOs for the third quarter of this year, 47 days, a bit higher than the last quarter, but in line to our norm in prior quarters.

今年第三季的應收帳款週轉天數為 47 天，比上一季略高，但與前幾季的正常水準一致。

During the third quarter, we used $5.9 million of cash flotation activity. Ongoing depreciation and amortization was $1.2 million in the purchase of fixed assets was $0.4 million. At the end of the third quarter, our headcount was 434 people improved $35 million our engineers.

第三季度，我們使用了 590 萬美元的現金流通活動。持續折舊和攤提為 120 萬美元，購買固定資產為 40 萬美元。第三季末，我們的員工人數為 434 人，工程師人數增加了 3,500 萬美元。

Now for the guidance. Our licensing business remains strong. supported by robust pipeline and deal flow across our three core billions, connect, send and insure. We delivered the sixth consecutive quarters with licensing revenue above $15 million, underscoring consistent execution. Royalty revenue typically strengthen in any given second half and third quarter reflects this trend with 16% sequential growth and 6% year-over-year.

現在給出指導意見。我們的授權業務依然強勁，這得益於我們三大核心業務（連接、發送和保險）的穩健發展和交易量，這三大業務均達數十億美元。我們連續第六個季度實現了超過 1500 萬美元的授權收入，這凸顯了我們持續穩定的執行力。在任何給定的下半年，特許權使用費收入通常都會有所增長，第三季度也反映了這一趨勢，環比增長 16%，同比增長 6%。

Looking ahead, we expect continued seasonal momentum in the fourth quarter driven by share gains and a U.S. OEM smart for customers using our technology and its in-house 5G modem and by strong ramps, WiFi and cellular IoT. We're maintaining our full year revenue guidance as previously discussed and aligned with Street estimates for the year. As for the fourth quarter, total revenue is expected to be in the range of $29 million to $33 million. Gross margin is expected to remain high and at the same level of Q3, approximately $0.88 of GAAP basis and 89% on non-GAAP basis, exclude aggregate of $0.2 million for equity-based compensation expenses and $0.1 million of amortization of acquired intangibles.

展望未來，我們預計第四季度將繼續保持季節性增長勢頭，這得益於市場份額的增長，以及美國 OEM 廠商對使用我們技術和其自主研發的 5G 調製解調器的客戶的青睞，以及 WiFi 和蜂窩物聯網的強勁增長。我們維持先前討論的全年營收預期，該預期與華爾街的年度預期一致。至於第四季度，預計總收入將在 2,900 萬美元至 3,300 萬美元之間。預計毛利率將保持較高水平，與第三季度持平，按美國通用會計準則計算約為 0.88 美元，按非美國通用會計準則計算約為 89%，不包括 0.2 萬美元的股權激勵費用和 0.1 萬美元的收購無形資產攤銷。

OpEx is expected to be higher than third quarter in the range of $27 million to $28 million. Of our anticipated total operating expenses for the third quarter $4.7 million is expected to be attributable to equity-based compensation expenses, $0.2 million for amortization of acquired intangibles and $0.1 million for expenses related to a business acquisition. Non-GAAP OpEx is also be expected to be higher than the third quarter in the range of $22 million to $23 million. Net interest income is expected to be approximately $1.5 million. Taxes for the third quarter are expected to be approximately $1.8 billion and the share count for the third quarter is expected to be approximately 25.8 million shares.

預計營運支出將高於第三季度，介於 2,700 萬美元至 2,800 萬美元之間。在預計第三季總營運支出中，有470萬美元預計將歸因於股權激勵支出，20萬美元將用於收購無形資產的攤銷，10萬美元將用於與業務收購相關的支出。非GAAP營運支出預計也將高於第三季度，介於2,200萬美元至2,300萬美元之間。預計淨利息收入約150萬美元。第三季稅收預計約 18 億美元，第三季股票數量預計約 2,580 萬股。

Rocco, we can now open the Q&A session, please.

Rocco，現在可以開始問答環節了。

(Operator Instructions) Chris Reimer, Barclays.

（操作說明）克里斯·雷默，巴克萊銀行。

Congratulations on the strong quarter. Looking at shipments, you mentioned the strong momentum in the smartphone customer that was driving the royalties. I was wondering if you could describe any of the other segments and how they're doing, if there might be any other ramp-ups coming to market in the near term?

恭喜公司本季業績出色。從出貨量來看，您提到智慧型手機客戶的強勁成長動能推動了版稅收入的成長。我想請您介紹一下其他細分市場的情況以及它們的進展，近期是否還有其他產品會陸續上市？

Yes, Chris, this is Amir. Thanks for the question. Definitely, we see growth momentum in terms of our royalty book in terms of seasonality and overall coming from basically a multiple different opportunities. One, of course, is the mobile that we mentioned with the large U.S. OEM.

是的，克里斯，這是阿米爾。謝謝你的提問。可以肯定的是，我們看到版稅收入在季節性和整體上都呈現成長勢頭，這主要得益於多種不同的機會。當然，其中之一就是我們之前提到的美國大型行動通訊設備。OEM。

The other thing, from a seasonality point of view in mobile, the low-tier customers, which we have in mobile, we expect them to continue basically the sequential growth as we go through the year.

從行動端的季節性角度來看，我們行動端的低端客戶群，我們預計他們在今年將繼續保持穩定成長。

The other things that we mentioned and when we see more and more that's happening is basically the WiFi shipment volume growth and the transition from WiFi (inaudible) to the more latest standard WiFi 6 which on its own also basically goes with higher ASP per unit. And with that, will drive higher royalty overall. In addition to that, we see the cell of IoT keeps growing very nicely and we had another record high this quarter, like the (inaudible) shipments. And the last year that we mentioned things related to automotive ADAS system. We have now two customers that started to ramp in volume for , and we expect that to continue to grow in Q4 and for the next few years as well.

我們提到的其他事情，以及我們看到越來越多的事情正在發生，基本上是 WiFi 出貨量的增長，以及從 WiFi（聽不清楚）向更新標準的 WiFi 6 的過渡，而 WiFi 6 本身也意味著更高的單價。這樣一來，整體版稅收入將會更高。除此之外，我們看到物聯網領域持續穩定成長，本季又創下了新的紀錄，例如（聽不清楚）出貨量。去年我們提到了一些與汽車ADAS系統相關的內容。我們現在有兩家客戶開始增加訂單量，我們預計第四季以及未來幾年訂單量將持續成長。

And additionally, in (inaudible) we had a customer that was acquired by Qualcomm and this is also growing and ramping right now, and we expect that to continue to drive additional work -- so all in all, for significant WiFi growth, (inaudible), gaining more market share in mobile and doing better in automotive, all these will drive votes we move forward.

此外，（聽不清楚）我們的一位客戶被高通收購，目前業務也在成長和擴張，我們預計這將繼續推動更多業務——總而言之，為了顯著的 WiFi 成長、（聽不清楚）、在行動領域獲得更多市場份額以及在汽車領域做得更好，所有這些都將推動我們向前發展。

Yes, that's great color. Just touching on the Microchip partnership and -- in addition, with the other NPU deals that you're making, is there any change in the time line to development and getting products into the market? And is there any change in the types of flex? Just wondering about any color there?

是的，這顏色真好看。簡單談談與 Microchip 的合作，以及——此外，隨著你們達成其他 NPU 交易，產品開發和上市的時間表是否有任何變化？柔性材料的種類有變化嗎？我只是好奇那裡有沒有顏色？

Thanks, Chris. So first, we are super excited about this opportunity where Microchip decided licensed our complete portfolio of NPUs all the way from the lower power performance type of MCU needs all the way to more high-end type of influence needs in infrastructure and data centers. So this is really great opportunity to collaborate with a great company like Microchip. n

謝謝你，克里斯。首先，我們對Microchip決定授權我們全套NPU產品組合感到非常興奮，這些產品涵蓋了從低功耗MCU需求到基礎設施和資料中心中更高端的影響需求。所以，這是一個與Microchip這樣優秀的公司合作的絕佳機會。

In terms of the time to market, it's similar to to the most part, other technology that we see, which particularly it's between 18 and 24 months from the time that we started design until our customers basically go to production and start to ramp up. So overall, I would say this is not different than much for many of the other design wins that we have had.

就上市時間而言，它與我們看到的其他大多數技術類似，特別是從我們開始設計到客戶基本上開始生產並擴大規模，大約需要 18 到 24 個月。總的來說，我認為這與我們之前獲得的其他許多設計獎項並沒有太大區別。

Got it. Got it. That's it for me. I'll jump back.

知道了。知道了。就這些了。我跳回去。

(Operator Instructions) Madison De Paola, Rosenblatt Securities.

（操作說明）Madison De Paola，Rosenblatt Securities。

This is (inaudible) calling on behalf of Kevin Cassidy. I was just wondering when can we expect to see the Microchip shipments hit CEVA's royalty revenue? And what is the time frame of the license?

這裡是（聽不清楚）代表凱文·卡西迪打來的電話。我想知道Microchip的出貨量何時才能計入CEVA的專利費收入？許可證的有效期限是多久？

Yes. It's a typical license agreement is a few years and then usually a customer come and licenses, the next generation or different enhancements and new features that we come up and develop over the years. That's our normal life cycle of a licensing deal. And royalty, I think Amir mentioned that we don't see the NPU or AI business line any differences or significant differences versus the other IoT and we connected the die, usually design cycle of the chip run anywhere between one to two years and then productization and ramp up. So anywhere between the two years to three years, you usually find and see the royalty stream, especially for big and a successful company, that's the norm that we have seen in recent years. So we don't think AR is any different than the other IP that we license.

是的。典型的授權協議期限為幾年，然後客戶通常會續訂下一代產品或我們多年來不斷推出和開發的各種增強功能和新功能的授權。這就是我們授權協議的正常生命週期。至於皇室，我想 Amir 提到過，我們認為 NPU 或 AI 業務線與其他物聯網業務線沒有任何區別或顯著區別，我們連接了晶片，通常晶片的設計週期在一到兩年之間，然後是產品化和量產。因此，通常在兩到三年內，你就能發現並看到版稅收入，特別是對於規模大、成功的公司而言，這是我們近年來看到的常態。所以我們認為AR與我們授權的其他IP並沒有什麼不同。

Maybe one more comment I will add. This is Amir. First, in terms of the deal itself, this is a multiyear deal. So this is really to provide great access to our technology to Microchip to element that they cause all the product line, and we are very excited with that. but also definitely, AI is the markets where technology in terms of innovation and new needs coming very quickly.

我或許還要補充一點。這是阿米爾。首先，就協議本身而言，這是一項多年期協議。所以，這確實是為了向Microchip提供我們技術的便利管道，讓他們能夠將其應用於所有產品線，我們對此感到非常興奮。但同時，人工智慧市場也無疑是技術創新和新需求快速發展的領域。

So we do expect, especially in the AI domain that the cycle of innovation and speed towards innovation will drive a renewal of those deals of additional capabilities to come on a regular basis of every year or 2. So definitely, there is more opportunity to keep upsell the technology as we drive more of that development.

因此，我們預計，尤其是在人工智慧領域，創新週期和創新速度將推動每隔一兩年就會出現新的功能交易。因此，隨著我們推動這項技術的更多發展，肯定有更多機會繼續追加銷售這項技術。

(Operator Instructions) Zhihua Yang, Oppenheimer.

（操作說明）楊志華，奧本海默。

Can you maybe go into more details on which Microchip product family or verticals will be prioritized initially? Is it industrial, automotive, any other data centers? And how do you think about the attractive of those end markets, respectively, based on when or which goes to market first?

能否詳細說明Microchip最初將優先考慮哪些產品系列或垂直產業？它是工業資料中心、汽車資料中心，還是其他類型的資料中心？那麼，您如何看待這些終端市場的吸引力，這取決於產品何時或先進入市場？

Yes. So Martin, thanks great question. Again, to clarify, in terms of the deal itself, this is to provide full access for all the different ranges of needs of NPUs to all the different markets that Microchip have business at -- in terms of which will come first, we can't really go into the details of what our customers is planning to do, but it will definitely be on so-called the full spectrum of that range. So we do expect -- we have multiple programs where some of them are more, I would call it, the embedded entry product lines, and some of them are more towards the infrastructure and the data center type of solutions.

是的。馬丁，謝謝你的好問題。再次澄清一下，就交易本身而言，這是為了讓Microchip在所有不同市場中都能全面滿足NPU的各種需求——至於哪個市場會先推出，我們無法透露客戶的具體計劃，但肯定會涵蓋所謂的整個需求範圍。所以我們確實期望——我們有多個項目，其中一些更像是，我稱之為嵌入式入門產品線，而另一些則更偏向基礎設施和資料中心類型的解決方案。

One more question. How do you think about the process that of getting new Pro integrated with your connectivity IP. Is there a strong interest by customers for both of those? And if so, how far along with productization and mass production?

最後一個問題。您如何看待將新的 Pro 與您的連接 IP 整合的過程？顧客對這兩者是否都有濃厚的興趣？如果屬實，那麼產品化和大規模生產進展到什麼程度了？

Yes, that's a great question. First, with this specific customer, for example, yes, we have, in the past, license connectivity and very likely to continue licensing additional connectivity technology as we move forward. So we definitely see a good synergy or the ability to license both connectivity technology and NPL technology. And then as you go towards more the embedded system, that's where the integration of the two technologies makes lots of sense and provide additional time-to-market advantage, cost and power efficiency of the solution.

是的，這是一個很好的問題。首先，以這位特定客戶為例，是的，我們過去曾授予其連接許可，而且隨著我們未來的發展，很可能會繼續授予其其他連接技術許可。因此，我們確實看到了良好的協同效應，或者說能夠同時授權連接技術和NPL技術。然後，隨著你越來越深入嵌入式系統領域，這兩種技術的整合就顯得非常有意義，並能為解決方案提供額外的上市時間優勢、成本優勢和能源效率優勢。

And those are the things that we typically really master very well and can enable our customers to compete very successfully in the marketplace. So that combination will play to our strengths as we keep moving forward in the previous quarter. We talked about several deals of NPU coming together with one and that trend will continue. So we are very, very informed with what we have seen so far, really building on the wireless connectivity leadership. And then on top of that, we are now driving very good access in terms of design wins and accessing the markets with our AI solution.

而這些正是我們通常非常擅長的領域，能夠幫助我們的客戶在市場競爭中取得巨大成功。因此，這種組合將發揮我們的優勢，使我們在上一季繼續前進。我們討論了NPU與一家公司合併的幾筆交易，而且這種趨勢還會持續下去。因此，我們對目前所看到的情況非常了解，真正鞏固了我們在無線連接領域的領先地位。此外，我們現在憑藉著人工智慧解決方案，在設計贏得專案和進入市場方面取得了非常好的進展。

David O'Connor, BNP Paribas.

David O'Connor，法國巴黎銀行。

Yes, thanks so much for letting ask a question. Maybe, Amir, just firstly on -- again, sorry to go back to the Microchip deal. But if you could give us just a bit more color around what the competitive landscape looks like for you to kind of secure that win. Was it mainly internal IP that you were competing against -- was there a lot of kind of anything you can share around what that led to that? And why exactly now?

是的，非常感謝您允許我提問。或許，阿米爾，首先──再次抱歉又要提起微芯科技的交易了。但是，如果您能再詳細介紹一下您認為在確保勝利方面，競爭格局會是什麼樣的，那就太好了。你當時主要面對的是內部智慧財產權競爭嗎？關於導致這種情況的原因，你有什麼可以分享的嗎？為什麼偏偏是現在？

I mean, you for itself, you guys have been developing for some time. Why exactly now did the Microchip license NeuPro? And also, maybe as a follow-on, can you talk as well around the sustainability of that kind of AI looking forward. So when we look in the bike how does that look? Is there other potential microchip? Any kind of color you can share on that would be helpful.

我的意思是，就你們自身而言，你們已經發展了一段時間了。Microchip 究竟為何在此時授權 NeuPro？另外，或許可以接著談談，展望未來，這種人工智慧的可持續性如何？那麼，當我們看向自行車內部時，會是什麼樣子呢？還有其他潛在的微晶片嗎？如果您能分享一些關於顏色的信息，那就太好了。

Yes. Thanks, David. Really like three different questions. I'll try to address each of them. So first, from a competitive landscape, this is also what I mentioned in the prepared remarks related specifically to NPU.

是的。謝謝你，大衛。非常喜歡這三個不同的問題。我會盡量逐一解答。首先，從競爭格局來看，這也是我在專門針對 NPU 的準備發言稿中提到的內容。

NPU feel like we believe like other processors, whether it's a CPE or a DSP or GP -- we believe that the majority of the companies out there are not going to build on their own or make on their own, and they will go and license this -- the technology. So we believe there is a good opening and opportunity ahead of us to license NPU technology.

我們認為 NPU 與其他處理器一樣，無論是 CPE、DSP 或 GP，我們相信大多數公司不會自己開發或製造，而是會獲得這項技術的許可。因此，我們認為在授權NPU技術方面，我們面臨著良好的機會和發展前景。

And the same then they apply to the customer, which we competed with other potential ice vendors rather than the mix versus pipe. And we believe, again, that's a great opportunity for us. The reason that we have won in this account, and now we're seeing the momentum, which is, honestly, it's not just now, it's for the last two quarters in bigger numbers. And for the last four quarters, we're really starting gaining the momentum. It's because we are delivering three major ingredients, but each of them is quite unique to us, and all of them is extremely unique of what we can offer.

同樣的情況也適用於客戶，我們當時是與其他潛在的冰塊供應商競爭，而不是與管道供應商競爭。我們再次認為，這對我們來說是一個絕佳的機會。我們之所以能在這個帳戶上取得成功，並且現在看到了這種勢頭，坦白說，這不僅僅是現在的情況，而是在過去的兩個季度中，數字都在不斷增長。在過去的四個季度裡，我們確實開始逐漸累積勢頭。這是因為我們提供的是三種主要成分，但每種成分對我們來說都非常獨特，而且每種成分都是我們所能提供的獨特產品。

One is now a complete portfolio of NPUs, starting again from the low end to the higher end of the spectrum for inference use cases. So again, folly. Second is combined software stack that can support all the different hardware configuration underneath and one that can quite easily get integrated by our customers into their whole software stack. So again, very after state supports all our combined portfolio. And the last piece is that within each of those different configuration, we believe that we have one of the best, if not the best, optimization in terms of the architecture and technologies with an order of the head of between power, cost, size and performance.

One 現在擁有完整的 NPU 產品組合，從低端到高端，滿足各種推理用例的需求。所以，又是愚蠢之舉。其次是能夠支援所有不同硬體配置的組合軟體堆疊，我們的客戶可以輕鬆地將其整合到他們的整個軟體堆疊中。所以再次強調，國家對我們所有聯合投資組合的支持至關重要。最後一點是，我們相信在每種不同的配置中，我們在架構和技術方面都擁有最佳（如果不是最佳）的最佳化，在功率、成本、尺寸和效能之間取得了領先地位。

So again, extremely competitive offering on each ingredient on its own on top of the portfolio and then the software aspect that comes on top of it. And we believe all those three ingredients coming together provide us a very good competitive advantage in the marketplace.

所以，再次強調，除了產品組合之外，每種原料本身都極具競爭力，再加上軟體方面的優勢。我們相信，這三者的結合將為我們在市場上帶來非常強大的競爭優勢。

The last is about the sustainability of the business. And then when we look at pipeline ahead of us, it aligns quite nicely with the momentum that we have generated in the last two quarters. So a significant portion of the pipeline comes from AR NPU product line, that, as you mentioned, we have invested in that for the last few years, and now we really see that materializing nicely. So I cannot say that on a quarterly basis, that's exactly going to be the revenue recognition fees can vary on a quarterly basis, but it's a long-term trajectory, our pipeline definitely supports this level of revenue and potentially even above it.

最後一個問題是關於企業的可持續性。然後，當我們展望未來的專案儲備時，會發現它與我們在過去兩個季度所取得的發展勢頭非常吻合。因此，很大一部分產品線來自 AR NPU 產品線，正如您所提到的，我們在過去幾年裡一直投資於此，現在我們真的看到了良好的成果。因此，我不能說每季的收入確認費用會確切地就是這個數，費用可能會因季度而異，但這是一個長期趨勢，我們的業務管道肯定能夠支持這個收入水平，甚至有可能超過這個水平。

Very helpful. That's great color. And maybe just following on from that one for Yaniv, on the OpEx side of things. Given the kind of interest and acceleration you're seeing on the new Pro AI side of things, can you just speak to the OpEx? Is that in the base? Or can we expect maybe a step-up in optics required there to support that growth that you're seeing? Anything around the OpEx related to new pool (inaudible)?

很有幫助。顏色真好看。也許接下來，Yaniv 還需要關注營運支出方面的問題。鑑於大家對新的專業人工智慧方面所表現出的興趣和發展速度，您能否談談營運支出方面的情況？那是在基地裡嗎？或者，我們可以預期，為了支持您所看到的成長，那裡的光學設備可能需要升級？與新池相關的營運支出方面的一切事宜（聽不清楚）？

Yes, sure, David. Two things on that. One, definitely, as you have seen for the last few years, we definitely manage very fully expenses, and we would like to drive continued momentum on the bottom line. Having said that, definitely, we see a significant opportunity ahead of us, both actually on keep expanding our wireless connectivity leadership as on the AI that now we really have the proof points and the success in the marketplace.

好的，大衛。關於這一點，有兩點需要說明。第一，正如您在過去幾年中所看到的，我們絕對控制了各項支出，我們希望繼續保持盈利增長的勢頭。話雖如此，我們確實看到了擺在我們面前的巨大機遇，無論是繼續擴大我們在無線連接領域的領先地位，還是在人工智慧領域，我們現在確實擁有了市場驗證點和成功案例。

So when I take these two points into consideration, definitely, we look how we can keep investing and adding the capabilities to drive revenue growth. all while at the end of day stay quite disciplined on how we invest our money.

所以，考慮到這兩點，我們肯定會考慮如何持續投資並提升自身能力以推動收入成長。同時，我們最終也會在投資方面保持高度的自律。

So for lab, for Q4, we gave the specific guidance. You won't see big changes in OpEx in R&D investments. Going forward, we need to do planning and discussion and probably we'll do it later or early next year about 2026 investments and how we see the opportunities and the potential ROI in this specific very, very exciting market. see that we have managed to penetrate into and something the sign some very, very interesting and lucrative deals.

所以對於實驗室，針對第四季度，我們給了具體的指引。研發投資的營運成本不會有太大變化。展望未來，我們需要進行規劃和討論，可能會在明年年初或晚些時候討論2026年的投資計劃，以及我們如何看待這個充滿活力、前景廣闊的市場中的機會和潛在投資回報率。我們已經成功打入這個市場，並簽署了一些非常有趣且利潤豐厚的交易。

Yes. And overall, David, I would just conclude, we're really excited about the momentum that we are seeing right now and the competitiveness of our technology. Again, both on AI and overall, the ones connectivity leadership with the volume keeps going up quarter-over-quarter. Great color.

是的。總而言之，David，我只想總結一下，我們對目前的發展勢頭和我們技術的競爭力感到非常興奮。再次強調，無論是在人工智慧領域還是整體領域，連結性領先地位和交易量都在逐季成長。顏色很棒。

And that concludes our question-and-answer session. I'd like to turn the conference back over to pause for any closing remarks. Please go ahead.

我們的問答環節到此結束。我想把會議時間交還給各位，好讓大家作總結發言。請繼續。

That's fine. I'll take it here. Thanks very much, Rocco. On behalf of the CEVA team, thank you for joining us today. With AI now contributing over a third of licensing revenue and connectivity shipments hitting record highs we are well positioned for sustainable growth and expanding our role as a foundational technology provider for intelligent connected devices. We look forward to meeting many of you at the -- during the third quarter at investor conferences.

沒關係。我就要在這裡拿。非常感謝，羅科。我謹代表 CEVA 團隊，感謝您今天蒞臨現場。人工智慧目前貢獻了超過三分之一的授權收入，連接設備出貨量也創下歷史新高，我們已做好充分準備實現永續成長，並擴大我們作為智慧互聯設備基礎技術供應商的角色。我們期待在第三季的投資者會議上與各位見面。

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 Investors section of our website. With regards to upcoming conferences, we will be participating in the following conferences the 14th Annual ROTH Technology Conference, November 19 in New York, the UBS Global Technology and AI Conference, December 2 in Scottsdale, Arizona; and the Northland Growth Conference, December 16 being held virtually. Further 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.

提醒各位，本次電話會議的準備發言稿已作為 8-K 表格當前報告的附件提交，可透過我們網站的投資者關係部分查閱。關於即將舉行的會議，我們將參加以下會議：11 月 19 日在紐約舉行的第 14 屆 ROTH 年度技術大會；12 月 2 日在亞利桑那州斯科茨代爾舉行的瑞銀全球技術與人工智能大會；以及 12 月 16 日以線上形式舉行的北地增長大會。有關這些活動以及我們將參與的所有活動的更多信息，請訪問我們網站的投資者關係部分。謝謝，再見。

Thank you. That concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的電話會議到此結束。感謝各位蒞臨今天的報告會。現在您可以斷開線路了，祝您有美好的一天。