Ceva, Inc. (CEVA) 2025 Q4 法說會逐字稿

Good day, and welcome to the CEVA, Inc.'s fourth quarter and year-end 2025 earnings conference call. (Operator Instructions)

大家好，歡迎參加 CEVA 公司 2025 年第四季及全年財報電話會議。（操作說明）

Please note this event is being recorded. I would now like to turn the conference over to Richard Kingston, Vice President of Market Intelligence and Investor Relations. Please go ahead.

請注意，本次活動正在錄影。現在我將把會議交給市場情報和投資者關係副總裁理查德·金斯頓。請繼續。

Thank you, Betty. Good morning, everyone, and welcome to CEVA's fourth quarter and full-year 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，貝蒂。各位早安，歡迎參加 CEVA 2025 年第四季及全年業績電話會議。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 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。

We will also be discussing certain non-GAAP financial measures, which we believe provide a meaningful analysis of our core operating results and comparisons of quarterly results. Please see the earnings release we issued this morning for a reconciliation of our non-GAAP financial measures. Our earnings release can be found in the SEC Filings section of our Investor Relations website.

我們也將討論一些非GAAP財務指標，我們認為這些指標能夠對我們的核心經營績效進行有意義的分析，並對季度業績進行比較。請參閱我們今天早上發布的盈利報告，以了解我們的非GAAP財務指標的調整情況。您可以在我們投資者關係網站的美國證券交易委員會文件部分找到我們的獲利報告。

And 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. Welcome, everyone, and thank you for joining us today. 2025 was a landmark year for CEVA. We strengthened our foundation, reinforced our leadership position in wireless connectivity, and accelerated our expansion into AI for the Smart Edge. Throughout the year, we continued executing on our long-term strategy, partnering closely with customers to solve their most critical technology challenges through a comprehensive best-in-class portfolio of IP platforms that enable smart edge devices to connect, sense, and infer data locally.

謝謝你，理查。歡迎各位，感謝大家今天蒞臨。 2025年是CEVA具有里程碑意義的一年。我們鞏固了自身基礎，強化了在無線連接領域的領導地位，並加快了向智慧邊緣人工智慧領域的擴張。在這一年中，我們繼續執行我們的長期策略，與客戶緊密合作，透過全面的、一流的 IP 平台組合，解決他們最關鍵的技術挑戰，使智慧邊緣設備能夠在本地連接、感知和推斷數據。

This strategy matters now more than ever. The shift of AI inference from the cloud to the edge and toward hybrid AI continues to accelerate. And the next wave of innovation is increasingly about Physical AI, where devices must connect to and sense their environment, process data locally and infer in real time to make decisions. CEVA is uniquely positioned for the Physical AI era.

如今，這項策略比以往任何時候都更重要。人工智慧推理從雲端向邊緣以及向混合人工智慧的轉變正在加速。下一波創新浪潮將越來越專注於實體人工智慧，在這種人工智慧中，設備必須連接並感知其環境，在本地處理資料並即時推理以做出決策。CEVA 在實體人工智慧時代擁有獨特的優勢。

By offering a comprehensive portfolio of IP building blocks spanning connect, sense, and infer use cases, we provide the flexibility our customers need. Whether licensed individually or in multi-IP configurations, these technologies drive superior customers' outcomes and strengthen our long-term economic model.

我們提供涵蓋連接、感知和推理用例的全面 IP 建構模組組合，為客戶提供所需的靈活性。無論是單獨授權還是多 IP 配置，這些技術都能為客戶帶來卓越的成果，並加強我們的長期經濟模式。

Before reviewing the year and our key achievements, I'll first provide an overview of our fourth-quarter performance. For the fourth quarter, we delivered the highest quarterly revenue in CEVA's history, which was 7% higher year over year, excluding the Intrinsix's Design Services business, which we divested in 2023.

在回顧過去一年及我們所取得的主要成就之前，我將先概述我們第四季的業績。第四季度，我們實現了 CEVA 歷史上最高的季度收入，年增 7%，不包括我們在 2023 年剝離的 Intrinsix 設計服務業務。

Licensing revenue increased 11%, exceeding our expectations through strong execution across all three of our technologies pillars and reflecting broad demand across multiple end markets. In the quarter, we signed 18 licensing agreements, including 3 NPU licensing deals, multiple Wi-Fi 7 and combo connectivity wins, and a meaningful software engagement reinforcing the breadth of our portfolio. Of the 18 deals signed, 5 were with OEMs.

授權收入成長了 11%，超出了我們的預期，這得益於我們在三大技術支柱領域的強勁執行力，並反映了多個終端市場的廣泛需求。本季度，我們簽署了 18 項授權協議，其中包括 3 項 NPU 授權協議、多項 Wi-Fi 7 和組合連線協議，以及一項意義重大的軟體合作，從而加強了我們產品組合的廣度。在簽署的 18 項協議中，有 5 項是與 OEM 廠商簽訂的。

Turning to licensing highlights regarding AI. We reached one of the most significant AI milestones for CEVA to date during the fourth quarter, signing an NPU licensing agreement with one of the world's leading PC OEMs developing its next-generation AI personal compute architecture. Their selection of CEVA's new NPU portfolio is a strong validation of our technology and represents a breakthrough for on-device AI adoption in the PC category. This win underscores our ability to set the standards for high-performance AI integration into next-generation computing.

接下來，我們來談談人工智慧領域的授權重點。在第四季度，我們實現了 CEVA 迄今為止最重要的 AI 里程碑之一，與世界領先的 PC OEM 廠商之一簽署了 NPU 授權協議，該廠商正在開發其下一代 AI 個人運算架構。他們選擇 CEVA 的全新 NPU 產品組合是對我們技術的有力驗證，也代表 PC 領域設備端 AI 技術的突破。此次勝利凸顯了我們為將高效能人工智慧整合到下一代運算中製定標準的能力。

This partnership is strategically important on two fronts. First, it demonstrates top-tier customers' trust in CEVA's leading and optimized IP foundations to their AI road maps, allowing them to focus their engineering talent on software, model optimization, and user experience differentiation.

這項合作在兩個方面都具有重要的戰略意義。首先，這表明頂級客戶對其人工智慧路線圖的信任，即 CEVA 領先且優化的 IP 基礎架構，使他們能夠將工程人才集中於軟體、模型優化和用戶體驗差異化。

Second, it confirms that the PC ecosystem has reached a tipping point where dedicated NPUs are a baseline requirement for competitive AI performance. As AI features proliferate across operating systems, creative workflows, productivity applications and local LLM acceleration, the ability to deliver superior performance per watt is the new strategic differentiator, and CEVA is a key player in this transition.

其次，它證實了 PC 生態系統已經達到了一個臨界點，專用 NPU 已成為具有競爭力的 AI 性能的基本要求。隨著 AI 功能在作業系統、創意工作流程、生產力應用程式和本地 LLM 加速中不斷普及，每瓦效能的卓越表現成為新的策略差異化因素，而 CEVA 是這項轉型中的關鍵參與者。

Importantly, our AI momentum is also increasingly reflected in our financial mix as well as deal activity. AI processor licensing represented a meaningful portion of our licensing revenue in 2025. While AI design cycles can be longer than traditional connectivity deployments, these agreements typically carry higher per unit and longer-term royalty potential, expanding content per device and strengthening the durability of our royalty model over time.

重要的是，我們在人工智慧領域的發展動能也日益體現在我們的財務結構和交易活動中。2025年，人工智慧處理器授權收入占我們授權收入的很大一部分。雖然 AI 設計週期可能比傳統連接部署更長，但這些協議通常具有更高的單位收益和更長的特許權使用費潛力，從而擴大每個設備的內容，並隨著時間的推移增強我們特許權使用費模式的持久性。

As for licensing highlights in connectivity, our connectivity business delivered another strong performance in the fourth quarter, highlighting the depth and durability of our wireless franchise. Bluetooth and Wi-Fi IPs continue to see strong demand as customers upgrade to Wi-Fi 7 and Bluetooth high data throughput.

就連接性授權業務而言，我們的連接性業務在第四季度再次取得了強勁的業績，凸顯了我們無線特許經營權的深度和持久性。隨著客戶升級到 Wi-Fi 7 和藍牙高數據吞吐量，藍牙和 Wi-Fi IP 的需求持續強勁。

This quarter's deals include Wi-Fi 7 for IoT, a multiuse Bluetooth HDT agreement and 3 Bluetooth Wi-Fi combo wins. One notable win was with the semiconductor division of one of the world's largest white goods manufacturers, which licensed our Wi-Fi 6 and Bluetooth IP for a combo connectivity chipset supporting smart home applications.

本季達成的交易包括物聯網 Wi-Fi 7、多用途藍牙 HDT 協議以及 3 項藍牙 Wi-Fi 組合交易。其中一項值得一提的成功是與全球最大的白色家電製造商之一的半導體部門達成合作，該部門獲得了我們 Wi-Fi 6 和藍牙 IP 的授權，用於支援智慧家庭應用的組合連接晶片組。

This illustrates a broader trend. Consumer, industrial and automotive OEMs are increasingly designing their own connectivity silicon to deliver tightly integrated app-centric experiences and selecting CEVA as a trusted partner for road map critical platforms. As for sensing, another standout deal in the fourth quarter was a software licensing agreement with a leading TV platform planning to integrate our motion engine technology into its smart TV operating system used by multiple global TV brands.

這反映了更廣泛的趨勢。消費性電子、工業和汽車 OEM 廠商越來越多地設計自己的連接晶片，以提供緊密整合的應用中心體驗，並選擇 CEVA 作為路線圖關鍵平台的值得信賴的合作夥伴。至於感測技術，第四季另一項引人注目的交易是與一家領先的電視平台達成的軟體授權協議，該平台計劃將我們的運動引擎技術整合到其智慧電視作業系統中，該系統已被多個全球電視品牌使用。

As TVs evolved into interactive experience hubs, motion-based inputs and enhanced user interactions are becoming increasingly important. CEVA's long-standing presence in this market provides deep domain expertise and platform credibility. Now turning to royalties. This was our strongest royalty quarter in more than four years. Growth across our diversified Smart Edge royalty customers more than offset mobile softness, underscoring the strength and resilience of our business model.

隨著電視發展成為互動體驗中心，基於動作的輸入和增強的使用者互動變得越來越重要。CEVA 在該市場擁有長期穩定的業務，並具備深厚的專業知識和平台信譽。現在來說說版稅。這是我們四年多來收入最高的第一季版稅收入。我們多元化的智慧邊緣特許權使用費客戶群的成長足以抵消行動業務的疲軟，這凸顯了我們商業模式的實力和韌性。

In the fourth quarter, Wi-Fi shipments reached a record high, up 31% year over year, reflecting increased deployment often as part of combo connectivity chips. Cellular IoT shipments were up 30% year over year, driven by Smart Edge applications and Bluetooth shipments continue to be our largest volume category.

第四季度，Wi-Fi 出貨量創歷史新高，年增 31%，反映出部署量的增加，通常作為組合連接晶片的一部分。蜂窩物聯網出貨量年增 30%，主要得益於智慧邊緣應用；藍牙出貨量仍是我們銷量最大的類別。

We also saw a recovery from China-based handset customers during the quarter. However, memory pricing and supply constraints continue to impact smartphone shipments. Now turning for the full year 2025 review. For the full year, total revenue increased 2% year over year. Licensing and related revenue grew 6%, reflecting strong demand across AI and advanced connectivity.

本季我們也看到來自中國手機客戶的需求有所復甦。然而，記憶體價格和供應限制仍然影響著智慧型手機的出貨量。現在開始進行2025年全年回顧。全年總收入年增 2%。授權及相關收入成長 6%，反映出人工智慧和先進連接領域的強勁需求。

Royalty revenue was down 2%, primarily due to smartphone softness and memory supply shortage impacting overall unit shipments. Importantly, royalties grew sequentially each quarter, and we exited the year with our strongest royalty quarter in more than four years. CEVA power devices shipped in 2025 reached a record 2.1 billion units, up 6% year over year, with record Wi-Fi shipments, which grew 48% year over year and record cellular IoT shipments, up 42% year over year.

版稅收入下降了 2%，主要原因是智慧型手機市場疲軟和記憶體供應短缺影響了整體出貨量。重要的是，版稅收入每季都在持續成長，我們以四年多來最高的版稅收入季度結束了這一年。CEVA 2025 年的電源設備出貨量達到創紀錄的 21 億台，年增 6%，其中 Wi-Fi 出貨量創紀錄，年增 48%，蜂窩物聯網出貨量也創紀錄，年增 42%。

Overall, we signed 54 licensing agreements in 2025 across our extensive IP portfolio, including 10 OEMs agreements. Importantly, 12 customers licensed multiple CEVA technologies, a clear indication that our strategy to offer a broad portfolio across Connect, Sense and Infer is resonating and enabling customers to address multiple requirements within a single engagement. Taking a step back, 2025 features several important milestones that reinforce our long-term opportunities.

2025 年，我們總共簽署了 54 項授權協議，涵蓋我們廣泛的智慧財產權組合，其中包括 10 項 OEM 協議。重要的是，有 12 位客戶獲得了多種 CEVA 技術許可，這清楚地表明，我們透過 Connect、Sense 和 Infer 提供廣泛產品組合的策略正在引起共鳴，並使客戶能夠在一次合作中滿足多種需求。從長遠來看，2025 年有幾個重要的里程碑，這些里程碑鞏固了我們的長期機會。

The strength of our connectivity franchise is defined by deep customer integration and scale. During the year, we signed nearly 30 new engagements for our Bluetooth and Wi-Fi IPs, underscoring continued relevance across smart edge markets. We also secured Wi-Fi 7 agreements with two of our largest connectivity customers who together have shipped more than 3 billion CEVA power devices, effectively establishing long-life royalty engines that we expect to drive billions of units and tens of millions of dollars in royalties over the life of these programs.

我們互聯互通業務的優勢在於與客戶的深度整合和規模化。年內，我們與客戶簽訂了近 30 份新的藍牙和 Wi-Fi IP 合同，凸顯了我們在智慧邊緣市場持續的相關性。我們還與兩家最大的連接客戶達成了 Wi-Fi 7 協議，這兩家客戶共出貨超過 30 億台 CEVA 電源設備，有效地建立了長期特許權使用費機制，我們預計這些機制將在這些項目的生命週期內帶來數十億台設備的銷售和數十億美元的特許權使用費。

In addition, our ability to deliver integrated combo solutions continues to differentiate us and improve deal economics over time. 2025 was a breakthrough year for CEVA in AI and NPU licensing. During the year, we signed 10 NeuPro NPU agreements, headlined by a comprehensive new portfolio license with Microchip and a strategic engagement with a leading global PC OEM underscoring our traction across embedded, consumer, automotive, industrial and compute markets.

此外，我們提供整合式組合解決方案的能力持續使我們脫穎而出，並隨著時間的推移不斷提升交易經濟效益。 2025年是CEVA在人工智慧和NPU授權領域取得突破性進展的一年。年內，我們簽署了 10 項 NeuPro NPU 協議，其中最引人注目的是與 Microchip 達成的全面新產品組合許可協議，以及與一家領先的全球 PC OEM 達成的戰略合作，這凸顯了我們在嵌入式、消費電子、汽車、工業和計算市場的強勁勢頭。

This momentum is increasingly reflected not only in deal activity, but also in our financial mix with AI processor licensing representing a meaningful portion of licensing revenue in 2025. Strategically, the licensing agreements we signed during 2025 are building long-term royalty trajectory and visibility. Based on these signed agreements and our insights into customers' road maps, we estimate that they represent an aggregated lifetime royalty potential of $125 million over their expected product lives.

這種勢頭不僅日益體現在交易活動中，也體現在我們的財務結構中，人工智慧處理器授權將在 2025 年佔據授權收入的相當大一部分。從策略角度來看，我們在 2025 年簽署的授權協議正在建立長期的特許權使用費成長軌跡和可見性。根據這些已簽署的協議以及我們對客戶產品路線圖的了解，我們估計這些協議在其預期產品生命週期內，累計終身特許權使用費潛力可達 1.25 億美元。

While this value will be realized over multiple years and is dependent on customers' deployment and market adoption, the magnitude of this opportunity relative to our current royalty base underscores the strength, durability and accelerating momentum of the licensing and royalty flywheel we are building. In terms of scale and credibility, we celebrated reaching 20 billion cumulative CEVA power devices shipped to date during the year and in fact, exceeding 21 billion cumulative units by the end of the fourth quarter.

雖然這一價值將在多年內逐步實現，並且取決於客戶的部署和市場接受度，但相對於我們目前的特許權使用費基礎而言，這一機會的規模凸顯了我們正在構建的許可和特許權使用費飛輪的實力、持久性和加速發展勢頭。就規模和信譽而言，我們慶祝了今年迄今累計出貨的 CEVA 電源設備達到 200 億台，事實上，到第四季末，累計出貨量已超過 210 億台。

These milestones reflects the trust we have built with the industry over decades and position CEVA strongly for the Physical AI era now underway. A key strength of our business that is often underappreciated is our diversification across Smart Edge end markets. In 2025, Smart Edge applications generated 86% of total revenue, driven by market share gains by CEVA-powered customers across consumer, automotive, industrial and infrastructure markets.

這些里程碑體現了我們幾十年來與業界建立的信任，並使 CEVA 在目前正在進行的實體人工智慧時代中佔據了有利地位。我們業務的一項關鍵優勢（但經常被低估）是我們在智慧邊緣終端市場的多元化。2025 年，智慧邊緣應用創造了 86% 的總收入，這主要得益於 CEVA 賦能的客戶在消費、汽車、工業和基礎設施市場中獲得的市場份額成長。

As intelligence continue to move into physical devices, this diversified and expanding customer footprint positions CEVA to evolve naturally from enabling the smart edge to enabling Physical AI, where connectivity, sensing and inference converge to drive the next phase of growth.

隨著智慧不斷向實體設備轉移，這種多元化和不斷擴大的客戶群使 CEVA 能夠自然而然地從實現智慧邊緣發展到實現實體 AI，在這個過程中，連結、感知和推理融合在一起，推動下一階段的成長。

Entering 2026, we are focused on extending our leadership in established categories and deepening our integration with our customers' road maps. By providing a more complete IP stack, we are becoming an even more essential partner to our customers, effectively increasing the value per device. Now I will turn the call over to Yaniv to review the financials.

進入 2026 年，我們將專注於鞏固我們在現有領域的領先地位，並深化與客戶發展路線圖的整合。透過提供更完整的 IP 協定堆疊，我們正在成為客戶更重要的合作夥伴，從​​而有效地提高每個裝置的價值。現在我將把電話交給亞尼夫，讓他來審核財務數據。

Thank you, Amir. Good morning. I'll now start by reviewing the results of our operations for the fourth quarter of 2025. Revenue for the fourth quarter increased 7% year over year and 10% sequentially to an all-time record high of $31.1 (sic - see press release, "$31.3 million"). The revenue breakdown is as follows: licensing and related revenue increased 11% year over year and 9% sequentially to $17.5 million, reflecting 56% of our total revenues.

謝謝你，阿米爾。早安.現在我將先回顧我們2025年第四季的營運成果。第四季營收年增 7%，季增 10%，創歷史新高，達到 3,110 萬美元（原文如此 - 請參閱新聞稿，「3,130 萬美元」）。收入組成如下：授權及相關收入年增 11%，季增 9%，達到 1,750 萬美元，佔總收入的 56%。

Royalty revenue increased 2% year over year and 12% sequentially to $13.8 million, reflecting 44% of our total revenue. Quarterly gross margin were 88% on a GAAP basis and 89% on non-GAAP basis. Total GAAP operating expenses for the fourth quarter were $28 million and total non-GAAP operating expenses for the fourth quarter, excluding equity-based compensation expenses, amortization of intangibles and deal costs were $22.2 million. GAAP operating loss for the fourth quarter was $0.4 million as compared to GAAP operating income of $0.1 million for the same period last year.

版稅收入年增 2%，季增 12%，達到 1,380 萬美元，占我們總收入的 44%。以美國通用會計準則計算，季度毛利率為 88%；以非美國通用會計準則計算，季度毛利率為 89%。第四季 GAAP 營運總支出為 2,800 萬美元，第四季非 GAAP 營運總支出（不含股權激勵支出、無形資產攤銷和交易成本）為 2,220 萬美元。第四季 GAAP 營業虧損為 40 萬美元，而去年同期 GAAP 營業收入為 10 萬美元。

Non-GAAP operating margins and income were 18% of revenue and $5.7 million and grew 20% and 26% year over year, respectively, as compared to non-GAAP operating margin of 15% and non-GAAP operating income of $4.5 million recorded for the fourth quarter of 2024, respectively. Financial income was $1.4 million compared to a net loss of $0.1 million for the fourth quarter of last year.

非GAAP營業利潤率和收入分別為營收的18%和570萬美元，較去年同期成長分別為20%和26%，而2024年第四季的非GAAP營業利潤率和營業收入分別為15%和450萬美元。財務收入為 140 萬美元，而去年第四季淨虧損為 10 萬美元。

GAAP and non-GAAP taxes were approximately $2.2 million, higher than our guidance of $1.8 million and affected by the adverse tax asset write-off associated with the utilization, limitation of withholding taxes and from a regular geographic relocation of revenue recognized from deals and royalty revenues in the quarter.

GAAP 和非 GAAP 稅項約為 220 萬美元，高於我們先前 180 萬美元的預期，並受到與本季度交易和特許權使用費收入的利用、預扣稅限制以及定期地域轉移相關的不利稅務資產沖銷的影響。

GAAP net loss for the fourth quarter was $1.1 million and diluted loss per share of $0.04 as compared to a net loss of $1.7 million and diluted loss per share of $0.07 for the fourth quarter of 2024. Non-GAAP net income and non-GAAP diluted income per share for the fourth quarter of '25 increased 86% and 71% to $4.9 million and $0.18 year over year, respectively, compared to non-GAAP net income of $2.7 million and non-GAAP diluted income per share of $0.11 for the fourth quarter of '24.

第四季 GAAP 淨虧損為 110 萬美元，稀釋後每股虧損 0.04 美元，而 2024 年第四季淨虧損為 170 萬美元，稀釋後每股虧損 0.07 美元。2025 年第四季非 GAAP 淨利和非 GAAP 稀釋後每股盈餘分別年增 86% 和 71%，達到 490 萬美元和 0.18 美元，而 2024 年第四季非 GAAP 淨利為 270 萬美元，非 GAAP 稀釋後每股收益為 0.11 美元。

With respect to other related data, shipped 606 million units of CEVA power devices, down 3% from the fourth quarter of last year. Of the $606 million reported, 108 million units or 18% were for mobile handset modems. 479 million units were for consumer IoT products, up from 459 million for the fourth quarter of last year. 19 million units were for industrial IoT products, down from 35 million units in the fourth quarter of last year.

關於其他相關數據，CEVA 電源設備出貨量為 6.06 億台，比去年第四季下降 3%。在報告的6.06億美元銷售額中，行動終端調變解調器銷售額為1.08億台，佔18%；消費物聯網產品銷售額為4.79億台，高於去年第四季的4.59億台；工業物聯網產品銷售額為1,900萬台，低於去年第四季的3,500萬台。

Bluetooth shipments were 303 million units for the quarter, down from 343 million units for the fourth quarter of '24. The IoT shipments were a quarterly record 60 million units, up 30% year over year, and our Wi-Fi shipments were a record 86 million units, up 30% year over year. As for the year, total unit shipments were record 2.1 billion devices in 2025, up 6% year over year, which equivalents to approximately 66 CEVA power devices sold every second in 2025.

本季藍牙設備出貨量為 3.03 億台，低於 2024 年第四季的 3.43 億台。物聯網產品出貨量創下季度新高，達到 6,000 萬台，較去年同期成長 30%；Wi-Fi 產品出貨量也創下 8,600 萬台的新紀錄，較去年同期成長 30%。就全年而言，2025 年總出貨量將達到創紀錄的 21 億台設備，年增 6%，相當於 2025 年每秒售出約 66 台 CEVA 電源設備。

Annual modems shipments were down 18% year over year to 280 million units, reflecting softness in smartphones. Bluetooth shipments were 1.1 billion units, similar to last year. Annual consumer IoT-related shipments were 1.7 billion units, up 14% year over year. Annual industrial IoT-related shipments were 87 million units, down 31% year over year. Wi-Fi, cellular IoT and audio AI shipments all showed strong year-over-year growth of north of 40% each.

受智慧型手機市場疲軟的影響，數據機年度出貨量年減 18% 至 2.8 億台。藍牙設備出貨量為11億台，與去年基本持平。年度消費者物聯網相關產品出貨量為 17 億台，較去年同期成長 14%。工業物聯網相關產品的年度出貨量為 8,700 萬台，較去年同期下降 31%。Wi-Fi、蜂窩物聯網和音訊人工智慧的出貨量均實現了強勁的同比增長，增幅均超過 40%。

In terms of royalty contribution, Wi-Fi royalties were up 70% year over year, reflecting higher volumes and ASPs from our Wi-Fi 6 customers and cellular IoT royalties were up 20% year over year. On an annual financial metrics, revenue increased 2% to $109.6 million, in line with our updated outlook we shared in May last year. Non-GAAP gross profit remained strong at 88%. Our non-GAAP net income increased 20% year over year and diluted EPS increased 17% year over year, all contributing to sustainable and gradual growth and profitability.

就版稅貢獻而言，Wi-Fi 版稅年增 70%，反映出 Wi-Fi 6 客戶的銷售量和平均售價有所提高；蜂窩物聯網版稅年增 20%。以年度財務指標計算，營收成長 2% 至 1.096 億美元，與我們去年 5 月分享的最新預期一致。非GAAP毛利率維持強勁，達88%。我們的非GAAP淨收入年增20%，稀釋後每股收益年增17%，所有這些都為可持續和逐步增長及盈利能力做出了貢獻。

As for the balance sheet items, at the end of the year, cash, cash equivalent balances, marketable securities and bank deposits were approximately $222 million. In the fourth quarter, we successfully executed a 3.5 million share follow-on offering for approximately $63 million net to strengthen our balance sheet. Our DSO for the fourth quarter was 57 days. And during the fourth quarter, we generated $8.7 million of cash from operating activities. Our ongoing depreciation and amortization was $1.1 million and purchase of fixed assets was $1.5 million.

至於資產負債表項目，截至年末，現金、現金等價物餘額、有價證券和銀行存款約 2.22 億美元。第四季度，我們成功完成了 350 萬股後續發行，淨籌集資金約 6,300 萬美元，以增強我們的資產負債表。我們第四季的應收帳款週轉天數為 57 天。第四季度，我們透過經營活動產生了 870 萬美元的現金。我們持續的折舊和攤銷費用為 110 萬美元，固定資產購置費用為 150 萬美元。

At the end of the fourth quarter, our headcount was 424 people, of whom 343 were engineers. Now for the guidance. Amir highlighted our achievements in 2025 and the strong fundamentals we have in place to build long-term growth and profitability. From a financial perspective, this execution translates into solid progress across key metrics with annual non-GAAP net income increasing 20% year over year and non-GAAP fully diluted EPS growing 17%.

第四季末，我們的員工總數為 424 人，其中 343 人為工程師。現在給出指導意見。Amir重點介紹了我們在2025年所取得的成就，以及我們為實現長期成長和獲利能力所具備的強大基礎。從財務角度來看，此執行轉化為關鍵指標的穩定成長，年度非GAAP淨收入年增20%，非GAAP完全稀釋每股收益成長17%。

These results were supported by record high revenues in the fourth quarter of '25 and non-GAAP operating margin of 18%, reflecting both operating discipline and improving mix. Building on the consistent progress we have made over the last two years gives us the confidence as we enter into 2026, which we view as another year of growth across multiple financial and business dimensions.

這些業績得益於 2025 年第四季度創紀錄的高收入和 18% 的非 GAAP 營業利潤率，這既反映了營運紀律，也反映了產品組合的改善。過去兩年我們取得了持續進步，這使我們有信心邁入 2026 年，我們認為 2026 年將在多個財務和業務層面繼續保持成長。

In licensing and related revenues, we expect growth to be driven by continued expansion of AI adoption across multiple industries, an increasing mix of higher value, more integrated engagements and our leadership in wireless connectivity supported by a diversified product portfolio of connectivity, AI and sensing IPs.

在授權和相關收入方面，我們預計成長將由人工智慧在多個行業的持續普及、更高價值、更整合的項目組合不斷增加以及我們在無線連接領域的領先地位（由多元化的連接、人工智慧和感測IP產品組合支持）所驅動。

On the royalty side, we are encouraging momentum across our connectivity product lines, including 5G handset modems, Bluetooth, WiFi, and cellular IoT as deployment broaden and program license in recent years continue to ramp. While we do not have the control and the precise timing of royalty growth and continue to monitor factors such as memory pricing and broader market conditions, the underlying trajectory for our business and our diversified end market exposure positions us well moving into 2026.

在版稅方面，隨著近年來部署範圍的擴大和專案許可的持續增長，我們正在鼓勵包括 5G 手機數據機、藍牙、WiFi 和蜂窩物聯網在內的所有連接產品線的發展勢頭。雖然我們無法控制特許權使用費成長的確切時間，並且會繼續關注記憶體定價和更廣泛的市場狀況等因素，但我們業務的基本發展軌跡和多元化的終端市場佈局使我們在邁向 2026 年時處於有利地位。

On an annual basis, our total revenue is expected to grow 8% to 12% over 2025 with lower growth in the first half of the year and higher in the second half, similar to prior years and seasonal trends and subject to the memory pricing fluctuation and supply challenges.

從年上看，我們的總收入預計到 2025 年將增長 8% 至 12%，上半年增長較低，下半年增長較高，與往年和季節性趨勢類似，但會受到內存價格波動和供應挑戰的影響。

On the expense side, we continue to demonstrate strong cost discipline and operating leverage. Excluding currency impacts, our overall 2026 non-GAAP expense base, including both cost of goods and operating expenses is expected to increase in the range of 1% to 3%, significantly below our expected top line growth, reflecting the scalability of our business model, but excluding any FX costs.

在費用方面，我們持續展現出強大的成本控制能力和營運槓桿作用。不計匯率影響，我們 2026 年的整體非 GAAP 費用基數（包括商品成本和營運費用）預計將成長 1% 至 3%，遠低於我們預期的營收成長，這反映了我們業務模式的可擴展性，但不包括任何外匯成本。

During the second half of 2025 and so far this year, the strengthening of the euro and the Israeli shekel against the US dollar has created foreign exchange headwinds across the industry, particularly for companies with global distributed engineering teams. As a result, our non-GAAP -- our non-US dollar-based expenses, which are mainly the research and development teams in Europe and in Israel are expected to increase by approximately 10% year over year, representing an incremental impact of around $5 million.

2025 年下半年以及今年以來，歐元和以色列新謝克爾對美元的走強為整個產業帶來了外匯逆風，尤其是對於擁有全球分散式工程團隊的公司而言。因此，我們的非GAAP（非美元計價）支出（主要指歐洲和以色列的研發團隊支出）預計將年增約10%，這將帶來約500萬美元的增量影響。

Taking both factors into account, modest organic expense growth with FX impact, we expect total non-GAAP expenses in 2026 to be in the range of $104.4 million to $108.4 million, with non-GAAP cost of goods sold increasing by approximately $0.5 million and non-GAAP operating expenses increasing by approximately $6.1 million. Importantly, this outlook reflects our continued focus on disciplined investments, efficiency and maintaining flexibility as we support growth across our diversified Smart Edge markets.

考慮到這兩個因素，以及受匯率影響的溫和有機支出成長，我們預計 2026 年非 GAAP 總支出將在 1.044 億美元至 1.084 億美元之間，其中非 GAAP 銷售成本將增加約 50 萬美元，非 GAAP 營運支出將增加約 610 萬美元。重要的是，這項展望反映了我們持續專注於審慎投資、提高效率和維持靈活性，以支持我們在多元化智慧邊緣市場的成長。

From the guidance and activities we have just discussed, we anticipate non-GAAP operating income and non-GAAP net income to increase significantly by approximately 35% to 40% year over year. Annual 2026 equity-based compensation expenses is forecasted to be between $22 million and $23.5 million and amortization of acquired intangibles and costs associated with business acquisition, approximately $0.4 million to $0.5 million each. Gross margin is expected to be approximately 88% on GAAP basis for the year.

根據我們剛才討論的指導和活動，我們預計非GAAP營業收入和非GAAP淨收入將年增約35%至40%。預計 2026 年年度股權激勵費用將在 2,200 萬美元至 2,350 萬美元之間，收購無形資產的攤銷和與業務收購相關的成本，各約為 40 萬美元至 50 萬美元。根據美國通用會計準則（GAAP），預計本年度毛利率約為 88%。

Specifically for the first quarter of '26, with traditional seasonality in shipments of consumer IoT and mobile products post the holiday season, revenue is forecasted to be between $24 million to $28 million, sequentially lower than the record fourth quarter we just reported, but still significantly higher than the first quarter of 2025 at the midpoint.

具體來說，2026 年第一季度，由於假日季後消費物聯網和行動產品的出貨量存在傳統的季節性波動，預計收入將在 2,400 萬美元至 2,800 萬美元之間，比我們剛剛公佈的創紀錄的第四季度略低，但仍然比 2025 年第一季度的中位數高得多。

Gross margin is expected to be approximately 86% on GAAP basis and 87% on non-GAAP basis due to lower seasonal royalties, excluding an aggregate of $0.2 million of equity-based compensation expenses and $0.1 million of amortization of acquired intangibles.

由於季節性特許權使用費降低，預計以美國通用會計準則計算的毛利率約為 86%，以非美國通用會計準則計算的毛利率約為 87%，但不包括總計 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 for the first quarter is expected to be between the range of $27.6 million to $28.6 million, higher than the level we just reported for the fourth quarter of '25 at the midpoint of our guidance range, mainly due to the FX effect that I just walked through. Of our anticipated operating expenses for the first quarter, $5.2 million is expected to be attributed to equity-based compensation expense, $0.1 million for the amortization of acquired intangibles and another $0.1 million of costs associated with business acquisitions.

第一季 GAAP 營運支出預計在 2,760 萬美元至 2,860 萬美元之間，高於我們剛剛報告的 2025 年第四季指導範圍的中點水平，這主要是由於我剛才提到的匯率影響。在我們預期的第一季營運費用中，預計520萬美元用於股權激勵費用，10萬美元用於收購無形資產的攤銷，另有10萬美元用於與業務收購相關的成本。

Non-GAAP OpEx is expected to be in the range of $22.2 million to $23.2 million. Net interest income is expected to be approximately $1.7 million. Taxes for the first quarter are expected to be approximately $1.3 million and the share count for the first quarter of '26 is expected to be approximately 27.7 million shares on GAAP and 29.4 million shares for non-GAAP basis.

非GAAP營運支出預計在2,220萬美元至2,320萬美元之間。預計淨利息收入約170萬美元。預計第一季的稅款約為 130 萬美元，2026 年第一季的股份數量預計將按 GAAP 計算約為 2,770 萬股，以非 GAAP 計算約為 2,940 萬股。

Betty, you could now open the Q&A session, please.

貝蒂，現在可以開始問答環節了。

(Operator Instructions) Kevin Cassidy,Rosenblatt Securities.

（操作說明）凱文·卡西迪，羅森布拉特證券。

Congratulations on the great results. For your NPU pipeline, can you just give an idea of the scale? How much -- how many more engagements do you have right now compared to, say, this time last year? And maybe even what the end market exposures are?

祝賀你們取得如此優異的成績。對於您的 NPU 管線，能否簡單說明規模？與去年同期相比，您目前的訂戶數量增加了多少？甚至可能還有最終市場風險敞口是什麼？

Yes, Kevin, thanks a lot for congratulating us and for the questions. First, I will start that I'm very, very encouraged by how we executed in 2025, our penetration into the AI. That was a year of very significant market share gain as well as more than 10 deals that we have been able basically to capture. With that, we have built a complete portfolio of NPUs for all the different type of edge -- Smart Edge markets and as they transition to the Physical AI.

是的，凱文，非常感謝你的祝賀和提問。首先，我要說，我對我們在 2025 年的執行情況以及我們在人工智慧領域的滲透感到非常非常鼓舞。那一年，我們的市場份額取得了非常顯著的成長，我們基本上達成了 10 多筆交易。由此，我們為所有不同類型的邊緣運算設備（包括智慧邊緣運算設備）以及向實體人工智慧過渡的終端運算設備建立了完整的產品組合。

So overall, we are very well positioned right now going into 2026. The pipeline overall keeps growing across pretty much all the different type of submarket segments that we see across the Smart Edge. This is true for consumer, different type of computing devices, different type of embedded MCU type of applications as well as in the industrial as well as in automotive. Really, we see a very healthy pipeline across all these submarkets. Very encouraged with how we have executed and how we see the future going to 2026 on that.

所以總的來說，我們目前為進入 2026 年做好了非常充分的準備。整體而言，在智慧邊緣領域，我們看到的幾乎所有不同類型的細分市場，其產品線都在持續成長。這對於消費性電子、不同類型的計算設備、不同類型的嵌入式MCU應用以及工業和汽車領域都是如此。事實上，我們看到所有這些細分市場都有非常健康的業務儲備。我們對我們的執行情況以及到 2026 年的未來發展前景感到非常鼓舞。

Okay. Great. And just as a follow-up, a little clarification on the PC OEM and congratulations on that. But I just wanted to make it clear, I think you said a dedicated NPU. So is this a separate chip? Or is it integrated in a CPU package too, like in the same silicon with the CPU?

好的。偉大的。最後補充一點，關於PC OEM廠商，我想稍微澄清一下，並祝賀你們取得這樣的成就。但我只是想澄清一下，我想你指的是專用的NPU。所以這是一個獨立的晶片嗎？或者它也整合在 CPU 封裝中，就像與 CPU 整合在同一個晶片上一樣？

Yes. So first, it's definitely a design win or a deal that we are extremely, extremely excited about. This is with one of the top PC OEMs out there. And this is for an OEM that decided to build so-called their own internal AI and NPU functionality within so-called the SoC platform that they are integrating into. So basically, what we are delivering them is the whole core NPU functionality, and they integrated into the SoC that they are building.

是的。首先，這絕對是一項讓我們無比興奮的設計上的勝利，或者說是一筆讓我們非常、非常激動的交易。這是與業界頂尖的PC OEM廠商之一合作。這是針對一家 OEM 廠商而言的，該廠商決定在他們所整合的所謂 SoC 平台內建構所謂的內部 AI 和 NPU 功能。所以基本上，我們向他們提供的是整個核心 NPU 功能，他們將其整合到他們正在建立的 SoC 中。

So a separate chip separate chip?

所以是單獨的晶片？

Yes.

是的。

Separate chip for --

單獨的晶片--

For NPU.

用於 NPU。

For NPU.

用於 NPU。

Ruben Roy, Stifel.

魯本·羅伊，斯蒂費爾。

Echo the congrats on a nice end to '25. Amir, maybe I could follow up on Kevin's question and just talk a little bit more about the NPU win. Can you talk a little bit about the competitive dynamics for that because you have others like Arm sort of integrating NPU. So how should we think about the functionality? Are there going to be multiple NPUs, do you think in PCs going forward as the AI workloads evolve? Or is this something where from a competitive basis, you guys were able to displace sort of the existing solutions maybe that are available to the OEM?

恭喜你2025年圓滿結束。阿米爾，或許我可以接著凱文的問題，再多談談NPU的勝利。您能否談談這方面的競爭動態，因為像 Arm 這樣的公司也在整合 NPU。那我們該如何看待功能性問題呢？您認為隨著人工智慧工作負載的演變，未來個人電腦中會出現多個NPU嗎？或者說，你們是否憑藉競爭優勢，取代了現有OEM廠商可用的解決方案？

Yes, definitely, Ruben. So first, I would say the way that we see right now in the landscape and definitely for the high-end compute devices, is that there is stronger and stronger need to really best-in-class performance.

是的，當然，魯本。首先，我想說，就我們目前所看到的市場格局，尤其是高階運算設備而言，對真正一流的效能的需求越來越強烈。

And by that, I mean the power per watt that you can generate, the so-called the latency or the performance of throughput per token that you generate. This really requires so-called a core architecture and flexibility of the core architecture to deliver best-in-class, what we call PPA, power performance area, that deliver basically a very competitive landscape for our customers.

我的意思是，每瓦特可以產生的功率，也就是所謂的延遲，或者說每個令牌的吞吐量效能。這確實需要所謂的核心架構和核心架構的靈活性，才能提供一流的，我們稱之為 PPA（功率性能領域），從而為我們的客戶創造極具競爭力的市場環境。

With this specific OEM, they looked at what is available out there, and they want to make sure that they have complete internal integration between the hardware and the software to drive the so-called the high performance that they need.

對於這家特定的 OEM 廠商，他們考察了市場上現有的產品，並希望確保硬體和軟體之間實現完全的內部集成，從而實現他們所需的所謂高性能。

But what they need is the underlying core silicon IP technology where the software has come on top of that, that deliver for them the best-in-class performance. And I think we are well, well positioned competitively, and that's why they picked us in this specific basically designed.

但他們真正需要的是底層核心矽IP技術，軟體是在此基礎上開發的，從而為他們提供一流的性能。我認為我們在競爭中處於非常有利的地位，這也是他們選擇我們參與這個特定項目的原因。

Right. Okay. Very helpful. And then as a follow-up, just to go through the guidance again a bit here. You guys talked a little bit about a recovery in China from a handset customer.

正確的。好的。很有幫助。然後，作為後續步驟，我們再稍微回顧一下這裡的指導原則。你們剛才談到了從中國一位手機客戶收回欠款的情況。

And obviously, there's some moving parts with memory pricing, et cetera. So in thinking through sort of the first half versus second half commentary, can you just give us a little bit of -- a little more detail on how you're thinking about sort of end demand relative to dynamics out of your control like memory pricing, et cetera, on first half?

顯然，記憶體定價等方面也存在一些變數。所以，在思考上半場和下半場的評論時，您能否更詳細地談談您是如何看待上半場的最終需求，以及您如何看待內存定價等您無法控制的因素？

Is it much different, would you say, from typical seasonality? I mean if you look at as Yaniv said, you're up year over year at the midpoint. And seasonally, it looks pretty similar to what you saw last year. So I'm just wondering what some of the assumptions on things out of your control might be in the first half, if that's much different from typical seasonality.

你覺得它與典型的季節性變化有很大不同嗎？我的意思是，正如亞尼夫所說，從年中數據來看，你的業績比去年同期有所成長。從季節上看，它和去年你看到的景象非常相似。所以我想知道，在上半年，對於一些你無法控制的事情，你有哪些假設，這與典型的季節性情況有很大不同嗎？

Yes. I would start first that our business -- a significant portion of our business is really not so-called dependent on mobile. It's well diversified across the different submarkets of the Smart Edge. And in that market, we keep gaining market share. Our customers keep ramping with our different type of technologies. And overall, we expect similar seasonality as we have seen in previous years. But with that seasonality, we keep increasing our market share.

是的。首先我想說的是，我們業務的很大一部分實際上並不依賴行動端。它在智慧邊緣的各個子市場都實現了良好的多元化佈局。在這個市場中，我們的市佔率不斷擴大。我們的客戶不斷擴大對我們各種技術的應用範圍。總體而言，我們預計今年的季節性波動將與往年類似。但正是由於這種季節性因素，我們的市佔率得以持續成長。

Now more specifically on mobile, where potentially there is so-called more dependency or can be some impacts related to the memory supply. First, again, we are going to see increase in market share, thanks to the mobile OEM that is going to integrate more and more of the internal modem, at least that's our expectation moving forward.

現在更具體地說，在行動裝置上，可能會出現所謂的更多依賴性，或者可能會受到與記憶體供應相關的一些影響。首先，我們將再次看到市場份額的成長，這要歸功於行動 OEM 廠商將越來越多地整合內建調變解調器，至少這是我們對未來的預期。

But on a so-called integrated basis with the other smartphone OEMs that we have, definitely, again there's potential impact coming from the memory shortage. And even there, we do expect meaningful seasonality between the first half and the second half. So on an aggregated basis, we're still expecting quite strong seasonality in 2026 as well, while driven by market share gain across all the different markets for us.

但是，就我們與其他智慧型手機 OEM 廠商的所謂一體化合作而言，記憶體短缺肯定會再次產生潛在影響。即使如此，我們也預期上半年和下半年之間會出現明顯的季節性差異。因此，總體而言，我們預計 2026 年的季節性因素仍然相當強，同時，這將由我們在所有不同市場的市佔率成長所驅動。

Ruben, I'll maybe add to that, that our customer in China that you referred to, most of his sales are export to the rest of the world. India is a big market, Latin America, Africa, Eastern Europe type. So it's not necessarily domestic use. And therefore, the demand -- the end demand is good. The question is how they will perform with the memory shortages and prices. So that's just a little bit of another anecdote with regards to demand, end demand at least for the products.

魯本，我或許可以補充一點，你提到的那位中國客戶，他的大部分銷售額都出口到世界其他地區。印度是一個大市場，拉丁美洲、非洲、東歐等地區也是如此。所以它不一定是家用。因此，最終需求是良好的。問題是，在記憶體短缺和價格上漲的情況下，它們的表現會如何。所以，這只是關於需求，至少是關於產品最終需求的另一個小軼事。

And back to your first question, another references to the NPU, we came up with another press release of highlighting the entire -- not just Q4, but the entire activity and results and achievements we had with AI. And in that press release, we are -- this morning, we are saying that six of the NPU customers that have signed with us over the last year to two years should be ready in production by the end of the year and then probably or hopefully, royalty contribution in the beginning of 2027 for us from this relative new product line. So that's quite encouraging, and we'll wait and continue to monitor their progress.

回到你的第一個問題，關於NPU的另一個例子，我們發布了另一份新聞稿，重點介紹了整個——不僅僅是第四季度，而是我們在人工智慧方面的所有活動、成果和成就。在今天早上發布的新聞稿中，我們表示，過去一兩年與我們簽約的六家 NPU 客戶應該會在今年年底前做好投產準備，然後我們可能會或希望在 2027 年初從這條相對較新的產品線獲得版稅收入。這令人鼓舞，我們會繼續觀察他們的進展。

That's really helpful, Yaniv. And I guess you just made me think of another question. So apologies, but I'd just love to follow up on that last point that you made, which is -- Amir talked about the $125 million in lifetime royalty potential, and you've got a PC NPU deal here. PC design cycles maybe are a little bit quicker than some of the stuff that you might expect from, let's say, a Microchip that's much more broad-based into a lot of different markets.

這真的很有幫助，Yaniv。我想你剛才的話讓我想到了另一個問題。抱歉，但我真的很想就你剛才提到的最後一點再補充一點，那就是——Amir 提到了 1.25 億美元的終身版稅潛力，而你們現在有一份 PC NPU 協議。PC 的設計週期可能比你預期的某些產品要快一些，例如像 Microchip 這樣業務範圍更廣、涉足眾多不同市場的公司的產品。

So if we think about the waterfall of the $125 million, it sounds like you're going to start to see some of that in '27. Any way to think about that pipeline relative to how it will flow into the model outside of what I just said, PCs may be a little bit faster than some of the broader markets? Or anything else you can add on the pipeline, that would be great.

所以如果我們考慮這 1.25 億美元的收益分配，聽起來你將在 2027 年開始看到其中的一部分。除了我剛才說的之外，還有什麼方法可以考慮這個供應鏈如何融入模型中嗎？例如，PC市場可能比一些更廣泛的市場發展得更快一些？或者您還能在流程中添加其他任何東西，那就太好了。

I think that over time, not necessarily these first 6 part of them, yes, we're going to see, on one hand, the higher royalty contribution because as Amir explained, our offering today is both the high end and low end, very sophisticated automotive, PC type of application as well as IoT and wearables and low-power type of devices. So the most important thing is higher volume for these new royalties.

我認為隨著時間的推移，不一定是前 6 部分，是的，一方面我們會看到更高的版稅貢獻，因為正如 Amir 解釋的那樣，我們今天的產品既包括高端產品也包括低端產品，非常複雜的汽車、PC 類型的應用，以及物聯網、可穿戴設備和低功耗類型的設備。因此，最重要的是提高這些新增版稅的金額。

But on top of that, also higher ASPs on at least the higher end stuff. It's our mix, and this is a little bit more difficult to predict exactly how 2027 will look like and when it's going to hit, whether the first half or the second half. But when we monitor these customers of ours and when we support them in their design cycle, these are the dates and the opportunities we see in front of us.

但除此之外，至少高階產品的平均售價也較高。這是我們的綜合考量，因此很難準確預測 2027 年的情況以及它何時到來，是上半年還是下半年。但是，當我們監控這些客戶並在他們的設計週期中為他們提供支援時，我們看到的就是這些日期和機會。

Overall, an increase in dollar revenue content from a new market for us. This is on top of the connectivity. This is on top of the IoT and mobile. It's essentially the third leg of AI. We did very well in licensing, just over 20% of our licensing revenue for the first time ever in 2025 came out from that market. And potentially in '27, we could see also those royalties start to kick in, indeed exciting times.

整體而言，這為我們開拓新市場帶來了美元收入的成長。這是在連接性之外的。這是在物聯網和行動技術的基礎上發展起來的。它本質上是人工智慧的第三個支柱。我們在授權業務方面做得非常好，2025 年，我們授權收入的 20% 以上首次來自該市場。或許在 2027 年，我們也能看到這些版稅開始生效，這的確是令人興奮的時刻。

Yes. I would just add to that, Ruben. Definitely, we are extremely excited and encouraged by the fact that those design wins are going to generate our estimation, $125 million in terms of royalty potential. And you pointed out very correctly on that in consumer PC and so on, the time to royalty is shorter. And definitely, we expect with that market type of design wins that it will also start generating in 2027.

是的。我還要補充一點，魯本。當然，我們非常興奮和鼓舞，因為這些設計項目預計將帶來我們估計的 1.25 億美元的版稅收入。您非常正確地指出，在消費級PC等領域，版稅支付時間更短。我們預計，隨著這種市場類型的設計贏得，它也將在 2027 年開始產生效益。

Suji Desilva, ROTH Capital.

Suji Desilva，ROTH Capital。

Congratulations on the strong year and the progress here. The PC OEM win, just keeping up on that, is it more likely that it was a one-off special case for this OEM? Or would you think on the other hand, there's a pipeline potential for additional OEMs to follow suit considering CEVA-based solutions as well?

恭喜你們在過去一年中取得的優異成績和進步。PC OEM廠商的勝利，我一直關注著這件事，這更有可能是該OEM廠商的一次性特例嗎？或者，您是否認為，考慮到基於 CEVA 的解決方案，會有更多 OEM 廠商效仿，從而形成發展潛力？

I would say, first, the PC landscape is such that the number of customers, of course, is not super large versus, let's say, the other more diversified IoT market segment that we're addressing as well. But within that landscape, having the ability to internalize the AI capabilities and with that, the software hardware integration and the specific optimization to the use cases they want to drive it's a big value add.

首先，我想說的是，PC 市場格局決定了其客戶數量當然不會像我們正在關注的其他更多元化的物聯網市場區隔那樣龐大。但在這個背景下，能夠將人工智慧能力內化，並由此實現軟硬體集成，以及針對他們想要推動的用例進行特定優化，將帶來巨大的價值。

So definitely, there is potential that other will follow suit with the same type of configuration. And regardless of that, of course, we are extremely excited by the fact that after very significant lengthy type of evaluation, we came at the top based on very, very strong performance metrics that we can provide to, in this case, to the PC OEM, but for potentially other PC customers as well as in other high-end compute devices that need the high-performance type of metrics.

因此，其他廠商很有可能會效仿，採用相同的配置。當然，儘管如此，我們非常興奮的是，經過非常漫長而深入的評估，我們憑藉非常強大的性能指標名列前茅，這些指標可以提供給（在本例中）PC OEM，但也可能提供給其他PC客戶以及其他需要高性能指標的高端計算設備。

Very interesting. And then separately, you highlighted in your prepared remarks, Amir, Physical AI. I was curious what pipeline opportunities there are there or current opportunities there are in Physical AI that you would call out in terms of apps and which Physical AI app categories are the largest incremental royalty opportunity for you as that ramps up?

很有意思。然後，阿米爾，你在事先準備好的演講稿中特別強調了實體人工智慧。我很好奇在實體人工智慧領域，您認為有哪些潛在的開發機會或當前的機會，尤其是在應用程式方面？隨著業務的成長，哪些實體人工智慧應用類別能為您帶來最大的增量版稅機會？

I think what is emerging more, and this is so-called the growth area beyond so-called our traditional market segment that we're after is everything related to robotics. We're already addressing and we will keep gaining market share in the type of like automotive and other industrial application and the broader IoT.

我認為，我們正在追求的，超越我們傳統市場領域的所謂成長領域，是與機器人相關的一切。我們已經開始著手解決這個問題，並將繼續在汽車和其他工業應用以及更廣泛的物聯網領域獲得市場份額。

But what is really exciting right now, so-call specifically related to Physical AI is the expansion of those capability all across wireless connectivity, they need, of course, to sense and understand the environment and then make an inference or decision based on all that information that really is going to happen across robotics.

但目前真正令人興奮的，特別是與物理人工智慧相關的，是這些能力透過無線連接擴展到所有領域。當然，它們需要感知和理解環境，然後根據所有這些資訊做出推論或決策，這在機器人領域將真正發生。

And now robotics moving so-called from a small volume in, let's say, warehouses to potentially be everywhere and supporting all human beings worldwide. So there is very big potential there. Of course, as the year progresses, we will see the real impact of that.

如今，機器人技術正從最初在倉庫等小範圍內發展到如今可能無所不在，並為全世界所有人類提供支援。所以那裡蘊藏著巨大的潛能。當然，隨著時間的推移，我們將看到其真正的影響。

(Operator Instructions) Alek Valero, Loop Capital.

（操作說明）Alek Valero，Loop Capital。

This is Alek on for Gary. My first question is on your fiscal 2026 guidance. What specifically would need to improve in fiscal '26 to trend toward the high end of your guidance range or even above your -- the high end of the guide?

這裡是阿列克替加里報道。我的第一個問題是關於您2026財年的業績指引。2026 財年具體需要改進哪些方面才能達到甚至超過您預期範圍的上限？

Yes. Obviously, in guidance, you have the two aspects, revenue and expenses. On the revenue front, 8% to 12% was our long-term growth trajectory back from Analyst Day that we did back in December of two or so or three years ago. So that's still intact. Maybe we've been behind in '25, but we're back to that. Stronger licensing, obviously, could help us royalty ramp-up for many of these markets that we talked about this year, less or more effect from memory.

是的。顯然，在財務管理中，收入和支出有兩個面向。在營收方面，8% 到 12% 是我們兩三年前在 12 月舉行的分析師日活動以來設定的長期成長軌跡。所以它仍然完好無損。或許我們在 2025 年落後了，但我們現在又趕上了。顯然，更強有力的授權可以幫助我們提高今年討論過的許多市場的版稅收入，無論這種提高是出於記憶還是其他原因。

Those are the normal typical events that could influence the royalty level, obviously, the timing of different product ramp-ups and things like that. On the expense side, some of the biggest element for us this year is less associated to the organic plans and running the company. It's more of a macro thing, which is what I talked about earlier, the currency exchange rate differences between this year and last year, dollar compared to many other currencies around the world.

這些都是可能影響版稅水準的正常典型事件，例如不同產品上市時間的安排等等。在支出方面，今年對我們來說最大的支出項目與有機成長計畫和公司營運關係不大。這更多的是一個宏觀問題，就像我之前談到的那樣，是今年和去年之間的匯率差異，美元與世界許多其他貨幣之間的匯率差異。

And while most of our R&D is outside the US, this is hurting us. So there will be some type of future change throughout the next six months or so, one way or the other, that could shorten or increase the gap. But on the other hand, we are fully in control to still offset that or enjoy that if it's on the positive side.

雖然我們的大部分研發工作都在美國以外進行，但這對我們造成了傷害。因此，在接下來的六個月左右的時間裡，未來可能會出現某種變化，這種變化可能會縮短或擴大差距。但另一方面，如果結果是正面的，我們完全可以掌控局面，抵銷或享受這種結果。

So I think these are the more or less moving pieces in our business from a cost and management, we came out with a pretty low expense and increase and are managing our investment very, very tight and efficient to try to maximize shareholder value.

所以我認為，從成本和管理角度來看，這些都是我們業務中比較活躍的環節。我們實現了相當低的成本和成長，並且對投資進行了非常嚴格和高效的管理，以努力實現股東價值最大化。

But maybe just to add on that, Alek, in terms of unpacking so-called, what are the drivers for the top line growth as we look at 2026. First, definitely, our very strong leadership in wireless communication. We see us keep gaining more both on licensing and the royalty keeps increasing very, very nicely across all those different type of submarkets.

但或許還要補充一點，Alek，就所謂的「營收成長」而言，展望 2026 年，推動營收成長的因素是什麼？首先，毫無疑問，我們在無線通訊領域擁有非常強大的領導地位。我們看到，無論是授權許可還是版稅，我們在各個不同類型的細分市場中都持續獲得更大的收益，而且版稅收入也在穩步增長。

The second, of course, is our momentum in AI, extremely encouraged about what we have seen in 2025, and we have all the so-called the capabilities from a product portfolio and engineering capabilities to drive that momentum even further in 2026.

當然，第二點是我們人工智慧的發展勢頭，我們對 2025 年所看到的成果感到非常鼓舞，而且我們擁有產品組合和工程能力等所有所謂的“能力”，可以在 2026 年進一步推動這一勢頭。

And then last but not least is overall our expectation we'll keep gaining market share both in mobile and Wi-Fi from a royalty basis, mobile coming from the US mobile OEM and on the WiFi coming from just the continued penetration of our technology and the transition into Wi-Fi 6 and 7 and Bluetooth 7 driving higher royalty per unit.

最後，我們總體上期望能夠繼續在行動和 Wi-Fi 領域獲得市場份額，這主要得益於我們技術的持續滲透以及向 Wi-Fi 6 和 7 以及藍牙 7 的過渡，從而推動每台設備的專利費上漲。

Got it. I really appreciate all that color. Just a quick follow-up. So with your recent capital -- your recent equity capital raise, I believe you are about at $200 million in the balance sheet. How do you think about M&A today? And what do you think about the current valuations?

知道了。我非常喜歡這些色彩。再補充一點。因此，加上您最近的資金——您最近的股權融資，我相信您的資產負債表上大約有 2 億美元。您如何看待現今的併購市場？你如何看待目前的估值？

I think you guys are the expert for that, right? We wanted to strengthen our balance sheet. We're looking for nonorganic growth to grow faster and gap that licensing to royalty 18 to 24 months time frame. That's the merit in raising that cash. And that's our goal. That's our goal for the next 12 months to find the right fit technology-wise, market-wise, business-wise to increase that.

我想你們才是這方面的專家，對吧？我們希望增強資產負債表。我們正在尋求非內生性成長，以更快地實現成長，並將授權費與特許權使用費之間的差距縮小到 18 至 24 個月的時間範圍。這就是籌集資金的意義。這就是我們的目標。未來 12 個月，我們的目標是在技術、市場和業務方面找到合適的契合點，以擴大這一規模。

Hopefully, when the market -- if we do well and continue to execute and the market understands that CEVA is a very interesting AI play, which I'm not sure we're yet being recognized for that, I see a lot of value for shareholders. But those -- that's your forte, not ours. We'll manage the business.

希望當市場——如果我們表現出色並繼續執行，而市場理解 CEVA 是一家非常有趣的 AI 公司（我不確定我們是否已經因此獲得認可）——時，我認為股東將獲得巨大的價值。但那些是你們的強項，不是我們的。我們會管理好這家公司。

Yes. One thing to add -- thanks, Yaniv. One thing to add on that, Alek, in terms of the balance sheet or the cash position, I strongly believe we really have built excellent, excellent IP enterprise in terms of being able to deliver so-called IP licensing across many different markets.

是的。還有一點要補充——謝謝你，Yaniv。Alek，關於資產負債表或現金狀況，我還要補充一點，我堅信我們已經建立了一個非常優秀的知識產權企業，能夠在許多不同的市場提供所謂的知識產權許可。

And the goal, of course, is to utilize that balance sheet to find additional assets out there in the IP domain that we can take on and expand even further our potential for growth and profitability. And so this really helps us to have the financial strength to go and be able to expand that further.

當然，我們的目標是利用這份資產負債表，在智慧財產權領域尋找我們可以收購的其他資產，從而進一步擴大我們的成長和獲利潛力。因此，這確實有助於我們有足夠的財力去進一步擴張。

This concludes our question-and-answer session. I would like to turn the conference --

我們的問答環節到此結束。我想把會議轉過來。--

Yes. We're back to -- I think Amir has some closing remarks.

是的。我們又回到了——我想阿米爾還有一些總結要發言。

In closing, I want to thank our employees worldwide for their dedication and execution through 2025. We enter 2026 from a position of strength with a diversified business model and deep customer integration across the market, driving the emergence of Physical AI. With leadership in connectivity, accelerating traction in AI and a portfolio designed to scale across Connect, Sense and Infer, we believe CEVA is well positioned to continue building long-term value for our customers and shareholders. Richard, I will hand over to you to wrap it up.

最後，我要感謝我們全球員工為實現 2025 年目標所付出的奉獻和努力。2026 年，我們以多元化的商業模式和與市場的深度客戶整合，以強大的實力進入市場，推動了實體人工智慧的興起。憑藉在連接領域的領先地位、在人工智慧領域不斷加速的發展以及旨在擴展連接、感知和推理的產品組合，我們相信 CEVA 已做好充分準備，繼續為我們的客戶和股東創造長期價值。理查德，剩下的就交給你來收尾了。

Thank you, Amir. As a reminder, the prepared remarks for this conference call are accessible through the Investors section of our website.

謝謝你，阿米爾。提醒各位，本次電話會議的準備好的發言稿可透過我們網站的「投資者」版塊取得。

And with regards to upcoming conferences, we will be participating in the following events: Mobile World Congress, March 2 through 5 in Barcelona, Spain; Loop Capital Markets Seventh Annual Investor Conference, March 10 in New York; the Stifel 2026 New York City Technology One-on-One Conference, March 11 in New York; and the 38th Annual ROTH Conference, March 22 in California.

至於即將舉行的會議，我們將參加以下活動：3 月 2 日至 5 日在西班牙巴塞隆納舉行的世界移動通訊大會；3 月 10 日在紐約舉行的 Loop Capital Markets 第七屆年度投資者大會；3 月 11 日在紐約舉行的 Stifel 2026 紐約市技術大會一對一屆；以及 3 月 22 日在加利福尼亞州舉行的第 38 屆年度 RO 38 年度會議。

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.

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。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。