Ceva, Inc. (CEVA) 2026 Q1 法說會逐字稿

Good day, and welcome to the CEVA Inc first quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加 CEVA Inc 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把會議交給市場情報與投資人關係副總裁 Richard Kingston。請開始。

Thank you, Betsy. Good morning, everyone, and welcome to CEVA's first quarter 2026 earnings conference call. Joining me today are Amir Panush, Chief Executive Officer; and Yaniv Arieli, Chief Financial Officer of CEVA. 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.

謝謝你，Betsy。各位早安，歡迎參加 CEVA 2026 年第一季財報電話會議。今天與我一同出席的有 CEVA 執行長 Amir Panush，以及財務長 Yaniv Arieli。在把電話交給 Amir 之前，我想提醒各位，今天的討論包含前瞻性陳述，涉及風險與不確定性以及若干假設；若這些風險與不確定性發生，或假設實現或被證明不正確，可能導致 CEVA 的實際結果與這些前瞻性陳述及假設所明示或暗示者有重大差異。

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

我們也將討論若干非 GAAP 財務衡量指標，我們相信這些指標能對我們核心營運成果提供有意義的分析，並有助於季度結果的比較。請參閱我們今早發布的財報新聞稿，其中包含非 GAAP 財務衡量指標的調節表。我們的財報新聞稿可在投資人關係網站的 SEC 申報文件區找到。

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?

話不多說，我想把電話交給 Amir，他將回顧本季的業務表現，並就我們持續進行的業務提供一些觀點。Amir？

Thank you, Richard, and good morning, everyone. We are pleased to report a strong start to 2026, building on our momentum from 2025. We exceeded our expectations on both revenues and non-GAAP EPS, including licensing and related revenues of $17.8 million, our strongest licensing quarter in three years, reflecting the strength of our pipeline, customer momentum and future earnings power. This performance reflects strong execution and alignment with key market trends, including the convergence of Edge AI and wireless connectivity, rising system complexity and growing demand for integrated solutions that accelerate time to market.

謝謝你，Richard，各位早安。我們很高興報告 2026 年開局強勁，延續 2025 年的動能。我們在營收與非 GAAP 每股盈餘（EPS）兩方面都超出預期，其中授權及相關營收達 1,780 萬美元，為三年來最強的授權季度，反映出我們管線的強勁、客戶動能以及未來獲利能力。此表現反映出強勁的執行力，並與關鍵市場趨勢一致，包括邊緣 AI 與無線連線的融合、系統複雜度上升，以及對可加速上市時程之整合式解決方案的需求成長。

As the industry faces increasing constraints in scaling centralized AI compute, the reality of shifting towards running inference at the edge and leveraging local resources is becoming more critical. Against this backdrop, intelligent connected device shipments are expected to exceed 40 billion units annually by 2030, reinforcing the value of our Connect, Sense and infer strategy. In the quarter, we signed several multi-technology engagements and three strategically important deals that demonstrate our strategy is translating into results.

隨著產業在擴展集中式 AI 運算方面面臨日益增加的限制，轉向在邊緣端執行推論並利用本地資源的現實需求變得更加關鍵。在此背景下，預期到 2030 年，智慧連網裝置出貨量每年將超過 400 億台，進一步凸顯我們「Connect、Sense 與 infer」策略的價值。本季我們簽下多項多技術合作案，以及三筆具策略重要性的交易，顯示我們的策略正在轉化為成果。

Starting with connectivity. In early 2025, we introduced our Ceva-Waves Links200 platform to deliver fully integrated system-level wireless solutions across RF, basebands and software, helping customers accelerate time to market. This quarter, we secured a major licensing win for a complete Bluetooth High Data Throughput or HDT solution, a foundational capability for the upcoming Bluetooth 7 standard. We licensed this full solution, including modem software and RF to a leading US-based semiconductor company. Bluetooth 7 is expected to enable higher throughput and more advanced use cases, including multichannel audio, wireless video, XR and gaming peripherals and AI-enabled edge devices.

先從連線談起。在 2025 年初，我們推出 Ceva-Waves Links200 平台，提供涵蓋 RF、基頻與軟體的完整整合系統級無線解決方案，協助客戶加速上市時程。本季，我們取得一項重大授權案，內容為完整的 Bluetooth 高資料吞吐量（High Data Throughput，HDT）解決方案，這是即將到來的 Bluetooth 7 標準的基礎能力。我們將此完整解決方案（包含數據機軟體與 RF）授權給一家美國領先的半導體公司。預期 Bluetooth 7 將帶來更高吞吐量與更進階的應用情境，包括多聲道音訊、無線影像、XR 與遊戲周邊，以及 AI 驅動的邊緣裝置。

Our HDT solution is a key building block enabling this next generation of high-performance wireless and AI-enabled edge devices. This builds on our prior Bluetooth engagement with the same customer, which is now approaching high-volume production and further expands our footprint through a more integrated RF modem and software platform engagement. This also reflects a broader shift in the industry from internally developed connectivity to licensing proven platforms.

我們的 HDT 解決方案是實現下一代高效能無線與 AI 驅動邊緣裝置的關鍵基石。這也延續我們先前與同一客戶的 Bluetooth 合作案，目前正接近量產，並透過更整合的 RF 數據機與軟體平台合作，進一步擴大我們的布局。這也反映出產業正從內部自研連線技術，轉向授權經驗證的平台的更廣泛趨勢。

We believe that moving to a full stack solution increases value per design for CEVA through higher licensing fees and greater royalty content while also deepening integration and enabling multi-generation engagements. For the quarter, we expect it to deliver faster time to market and lower development risk, allowing them to focus on their core differentiation while leveraging our proven IP, ultimately driving a stronger return on investment for both parties.

我們相信，轉向全堆疊（full stack）解決方案可透過更高的授權費與更高的權利金內容，提升 CEVA 每個設計的價值，同時也加深整合並促成跨世代的合作。就本季而言，我們預期這將協助客戶更快上市並降低開發風險，使其能專注於核心差異化，同時運用我們經驗證的 IP，最終為雙方帶來更強的投資報酬。

Turning now to 5G and satellite communications. During the quarter, our PentaG-NTN 5G advanced modem platform, extending our cellular portfolio into satellite communications. Non-terrestrial networks or NTN, an emerging market expected to scale to billions of devices over the coming decade as satellite connectivity becomes an integral part of global communications infrastructure, complementing and in some cases, extending beyond traditional terrestrial 5G networks.

接著談 5G 與衛星通訊。本季，我們的 PentaG-NTN 5G 先進數據機平台將我們的行動通訊產品組合延伸至衛星通訊。非地面網路（Non-terrestrial networks，NTN）是一個新興市場，預期在未來十年可擴展至數十億裝置，因為衛星連線將成為全球通訊基礎設施不可或缺的一部分，並與傳統地面 5G 網路互補，在某些情況下甚至可延伸至其覆蓋範圍之外。

This is being driven by a wide range of use cases, including remote and undeserved area coverage, asset tracking and industrial IoT, where ubiquitous always-on connectivity is critical. It is also increasingly important for enabling more resilient and independent communications infrastructure.

這一趨勢由多元應用情境所驅動，包括偏遠與服務不足地區的覆蓋、資產追蹤與工業物聯網（IoT），在這些領域中，無所不在且隨時在線的連線至關重要。它也日益成為打造更具韌性與更獨立通訊基礎設施的重要要素。

Customer response has been highly encouraging with clear momentum building across our pipeline. Building on this, we expanded an existing customer relationship with a satellite OEM from DSP cores to a more integrated baseband processing solution. As with our Bluetooth HDT engagement, this reflects a deepening relationship with an existing customer and an expansion in the scope and value of our IP within their platform.

客戶回饋相當令人鼓舞，我們的管線動能明顯增強。在此基礎上，我們將與一家衛星 OEM 的既有客戶關係，從 DSP 核心擴展到更整合的基頻處理解決方案。如同我們的 Bluetooth HDT 合作案，這反映出與既有客戶關係的深化，以及我們 IP 在其平台內的範疇與價值的擴大。

In ultra-wideband, during the first quarter, we introduced our next-generation UWB platform and secured a new customer win with a major US-based MCU provider, augmenting its internal UWB capabilities. With our IPM combining its system expertise with our proven connectivity solution to accelerate development and reduce risk. This engagement also builds on a broader relationship with the customer who has licensed multiple CEVA technologies over the past two years.

在超寬頻（UWB）方面，第一季我們推出下一代 UWB 平台，並與一家美國主要 MCU 供應商取得新的客戶授權案，以強化其內部 UWB 能力。該 IPM 結合其系統專業與我們經驗證的連線解決方案，以加速開發並降低風險。此合作也建立在與該客戶更廣泛的關係之上，該客戶在過去兩年已授權多項 CEVA 技術。

We are seeing a transition in UWB towards higher-value industrial, automotive and enterprise applications, driven by demand for precise, secure location awareness in use cases such as access, asset tracking and indoor navigation. As the market expands, customers are increasingly choosing to license proven IP to accelerate time to market and reduce development risk.

我們看到 UWB 正轉向更高價值的工業、車用與企業應用，這由對精準且安全的位置感知需求所驅動，應用情境包括門禁、資產追蹤與室內導航。隨著市場擴大，客戶愈來愈傾向授權經驗證的 IP，以加速上市並降低開發風險。

Across these wins, a clear pattern is emerging. The Bluetooth NTN and UWB engagements we highlighted this quarter are all within existing customers who have expanded their use of CEVA IP over the past two years. More broadly, customers are increasingly adopting more integrated system-level solution from CEVA, expanding our value per design while strengthening long-term royalty and margin potential.

在這些勝利案中，一個清晰的模式正在浮現。我們本季重點提到的 Bluetooth、NTN 與 UWB 合作案，皆來自既有客戶，且這些客戶在過去兩年擴大了對 CEVA IP 的採用。更廣泛而言，客戶正日益採用 CEVA 更整合的系統級解決方案，提升我們每個設計的價值，同時強化長期權利金與毛利潛力。

In sensing, we continue to see growing traction for our spatial audio solutions as demand for immersive audio experience expands. During the quarter, Lenovo launched its latest ThinkPad headset powered by our RealSpace spatial audio with head tracking, building on recent wins with consumer brands like Nothing and boAt.

在感測方面，隨著對沉浸式音訊體驗的需求擴大，我們持續看到空間音訊解決方案的採用動能提升。本季，聯想（Lenovo）推出其最新 ThinkPad 耳機，採用我們具備頭部追蹤的 RealSpace 空間音訊，延續近期與 Nothing 與 boAt 等消費品牌的勝利案。

Finally, in AI, we continue to execute on our strategy to enable efficient, scalable inference at the edge with AI representing more than 20% of our licensing and related revenues and the signing of two new licensing agreements in the quarter. We are seeing a structural shift towards hybrid AI, where inference is increasingly moving to the device while more complex processing remains in the cloud or across connected systems. This right AI model, right place, right time approach enables real-time on-device decision-making while maintaining the flexibility to scale compute as needed.

最後，在 AI 方面，我們持續執行策略，以在邊緣端實現高效率、可擴展的推論；AI 相關業務占我們授權及相關營收的 20% 以上，且本季簽署兩項新的授權協議。我們看到產業正出現結構性轉變，走向混合式 AI：推論愈來愈多移至裝置端，而更複雜的處理仍留在雲端或分散於連網系統之間。這種「正確的 AI 模型、正確的位置、正確的時間」的方法，能在維持按需擴展運算彈性的同時，實現裝置端即時決策。

As a result, demand for highly efficient ultra-low power solutions is growing across wearables, automotive, industrial and smart home applications. And IP and AI content per device is increasing as more products require local connect, sense and inferred capabilities. We believe the rise of hybrid and agent-based AI will further accelerate the shift towards distributed intelligence at the edge, where devices need to locally sense, infer, communicate, coordinate and act in real time while selectively leveraging cloud AI resources. This trend is expected to drive growing demand for efficient AGI processing alongside advanced wireless connectivity across increasingly complex connected systems.

因此，在穿戴式裝置、車用、工業與智慧家庭等應用中，對高效率、超低功耗解決方案的需求正在成長。隨著更多產品需要本地端的連線、感測與推論能力，每台裝置的 IP 與 AI 內容也在增加。我們相信，混合式與代理式（agent-based）AI 的興起，將進一步加速向邊緣端分散式智慧的轉移；裝置需要在本地即時感測、推論、通訊、協調並採取行動，同時選擇性地運用雲端 AI 資源。預期此趨勢將在日益複雜的連網系統中，推動對高效率 AGI 處理以及先進無線連線的需求成長。

This is now translating into production. Renesas R-Car V4H platform, which integrates our AI DSP and accelerator is now in production in the 2026 Toyota RAV4, one of the highest volume passengers vehicle globally, marking our first mass volume automotive AI deployment. We believe this represents the beginning of a meaningful long-term royalty stream with growing AI content per device. We also announced a collaboration with NXP during the quarter, integrating our AI DSP and accelerator into their S32E2 and S32Z2 software-defined vehicle processors, further validating our position in automotive AI.

這項技術如今正轉化為量產。瑞薩（Renesas）R-Car V4H 平台整合了我們的 AI DSP 與加速器，現已在 2026 年款豐田 RAV4（全球銷量最高的乘用車之一）中量產，標誌著我們首次大規模量產的車用 AI 部署。我們相信，這代表著一條具意義的長期權利金收入流的開端，且每台裝置的 AI 內容將持續增加。我們也在本季度宣布與恩智浦（NXP）合作，將我們的 AI DSP 與加速器整合至其 S32E2 與 S32Z2 軟體定義車輛處理器中，進一步驗證我們在車用 AI 領域的地位。

In addition, our NeuPro-Nano NPU won a leading artificial intelligence award at Embedded World 2026, further emphasizing our leadership position. Our AI licensing pipeline remains strong with multiple evaluation and investment negotiations underway across a broad range of end markets. Stepping back, overall, we signed 14 licensing agreements in the quarter, including two with OEMs.

此外，我們的 NeuPro-Nano NPU 在 Embedded World 2026 榮獲領先的人工智慧獎項，進一步凸顯我們的領導地位。我們的 AI 授權案源（pipeline）依然強勁，在廣泛的終端市場中有多項評估與投資洽談正在進行。回顧整體表現，本季度我們簽署了 14 份授權協議，其中包括兩份與 OEM 的協議。

In addition to the deals I highlighted earlier, we secured a Wi-Fi 7 design targeting consumer IoT, a Wi-Fi 6 Bluetooth combo engagement with a leading Edge AI SoC platform company and multiple additional Bluetooth and Wi-Fi wins across our connectivity portfolio.

除了我先前強調的交易之外，我們也取得一項面向消費型 IoT 的 Wi‑Fi 7 設計案、與一家領先的邊緣 AI SoC 平台公司達成 Wi‑Fi 6 與藍牙組合方案合作，並在我們的連線產品組合中取得多項額外的藍牙與 Wi‑Fi 勝利。

Turning now to royalties. We continue to see encouraging momentum across our diversified Smart Edge market with growth in IoT, industrial and AI-driven applications. While total royalties were flat year-over-year, non-mobile royalties grew 8%, reflecting strength across our Smart Edge markets, partially offset by softness in smartphone. Wi-Fi shipments reached an all-time high in the quarter, driven by record Wi-Fi 6 volumes, highlighting the continuing expansion of this market as customers ramp deployments across a broad range of devices.

接著談權利金。我們持續在多元化的智慧邊緣（Smart Edge）市場看到令人鼓舞的動能，IoT、工業與 AI 驅動的應用均呈現成長。雖然權利金總額年對年持平，但非行動裝置權利金成長 8%，反映智慧邊緣市場的強勁表現，部分被智慧型手機的疲弱所抵銷。本季度 Wi‑Fi 出貨量創歷史新高，主要由創紀錄的 Wi‑Fi 6 出貨量帶動，突顯客戶在廣泛裝置上加速部署，市場持續擴張。

More broadly, Wi-Fi and Bluetooth continue to be durable multiyear growth drivers, as customers scale current generation technologies such as Wi-Fi 6 and Bluetooth 6, they are also developing next-generation platforms, including Wi-Fi 7 and Bluetooth 7. These overlapping cycles are expected to support sustained unit growth, increased IP content per design and long-term margin expansion. We expect the continued shift towards combo chips to further reinforce our strategy as customers integrated multiple CEVA technologies into a single design, increasing value per device and driving stronger overall economics.

更廣泛而言，Wi‑Fi 與藍牙仍是具韌性的多年成長驅動力；在客戶擴大導入 Wi‑Fi 6 與 Bluetooth 6 等現世代技術的同時，也正開發下一代平台，包括 Wi‑Fi 7 與 Bluetooth 7。這些重疊的週期預期將支撐持續的出貨量成長、提升每個設計的 IP 內容，並帶動長期毛利率擴張。我們預期持續轉向組合晶片（combo chips）將進一步強化我們的策略，因為客戶會在單一設計中整合多項 CEVA 技術，提高每台裝置的價值並推動更強的整體經濟效益。

AI-driven royalties also continue to grow, highlighted by our automotive AI deployment at Toyota and a ramping AI SoC for surveillance, representing early signs of the long-term contribution we expect from Edge AI across multiple end markets.

AI 驅動的權利金也持續成長，亮點包括我們在豐田的車用 AI 部署，以及一款用於監控的 AI SoC 正在放量，這些都代表我們預期邊緣 AI 將在多個終端市場帶來長期貢獻的早期跡象。

Against these tailwinds, first quarter royalties were impacted by typical seasonal softness in mobile, combined with near-term effects from memory availability constraints and channel inventory in the lower-tier segments. We view these mobile dynamics as largely timing related and expect improvements as the year progresses, supported by inventory normalization and typical seasonality, along with what we anticipate will be stronger high-end smartphone royalties in the second half. Overall, this quarter reinforces our ability to execute on our strategy and increase value per design as we move towards more integrated, higher-value engagements.

在這些利多因素之下，第一季權利金仍受到行動市場典型季節性疲弱影響，並疊加記憶體供應可得性限制與低階市場通路庫存的短期影響。我們認為這些行動端動態多屬時點因素，並預期隨著年度推進將有所改善，受惠於庫存正常化與典型季節性，以及我們預期下半年高階智慧型手機權利金將更為強勁。整體而言，本季度再次證明我們有能力執行策略，並在邁向更整合、更高價值的合作案時，提高每個設計的價值。

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

接下來我把電話會議交給 Yaniv 說明財務數據。

I'll now review the financial results for the first quarter, which reflect the strong licensing performance and continued execution Amir just outlined. Revenues for the first quarter increased 11% year over year to $27 million. The revenue breakdown is as follows: licensing and related revenue increased 18% year over year to $17.8 million, reflecting 66% of our total revenues. Royalty revenues were $9.2 million, in line with last year, reflecting 34% of total revenues. Gross margins were 86% on GAAP basis and 87% on a non-GAAP basis.

我現在回顧第一季財務結果，反映 Amir 剛才所概述的強勁授權表現與持續的執行力。第一季營收年對年成長 11% 至 2,700 萬美元。營收拆分如下：授權及相關營收年對年成長 18% 至 1,780 萬美元，占總營收 66%。權利金營收為 920 萬美元，與去年持平，占總營收 34%。毛利率在 GAAP 基礎下為 86%，在非 GAAP 基礎下為 87%。

Our total GAAP operating expenses for the first quarter were $28.4 million, just over the mid-range of our guidance. Total non-GAAP operating expenses for the first quarter, excluding equity-based compensation expenses, amortization of intangibles and deal costs were $23 million, just over the midrange of our guidance. GAAP operating loss for the first quarter was $5.1 million as compared to GAAP operating loss of $4.4 million in the same quarter last year. Non-GAAP operating margins and income were 2% of revenues and $0.5 million. Net income was $1.9 million compared to $2.1 million for the first quarter of 2025.

第一季 GAAP 營業費用總額為 2,840 萬美元，略高於我們財測區間的中位數。第一季非 GAAP 營業費用總額（排除股權基礎薪酬費用、無形資產攤銷與交易成本）為 2,300 萬美元，同樣略高於財測區間中位數。第一季 GAAP 營業損失為 510 萬美元，去年同期 GAAP 營業損失為 440 萬美元。非 GAAP 營業利益率與營業利益分別為營收的 2% 與 50 萬美元。淨利為 190 萬美元，對比 2025 年第一季的 210 萬美元。

Taxes were approximately $1.3 million. GAAP net loss for the first quarter was $4.5 million and diluted loss per share was $0.16 as compared to net loss of $3.3 million and diluted loss per share of $0.14 for the first quarter of '25. Non-GAAP net income and non-GAAP diluted earnings per share for the first quarter of '26 were $1.1 million and $0.04, respectively, as compared to non-GAAP net income of $1.4 million and non-GAAP diluted earnings per share of $0.06 for the first quarter of '25. With respect to other related data, we shipped 458 million units of CEVA power devices, up 9% for the first quarter of 2025. Of the 458 million reported, 46 million units or 10% were for mobile handset modems, down from 49 million units in the first quarter last year.

稅負約為 130 萬美元。GAAP第一季淨損為 450 萬美元，稀釋後每股虧損為 0.16 美元；相較之下，2025 年第一季淨損為 330 萬美元、稀釋後每股虧損為 0.14 美元。2026 年第一季非 GAAP 淨利與非 GAAP 稀釋後每股盈餘分別為 110 萬美元與 0.04 美元；相較之下，2025 年第一季非 GAAP 淨利為 140 萬美元、非 GAAP 稀釋後每股盈餘為 0.06 美元。就其他相關數據而言，我們出貨 4.58 億台 CEVA power 裝置，較 2025 年第一季成長 9%。在 4.58 億台中，4,600 萬台（約 10%）用於行動手機數據機，低於去年第一季的 4,900 萬台。

394 million units were consumer IoT devices, up from 337 million units for the first quarter last year. 18 million units were for industrial IoT products, down from 34 million units in the first quarter last year. However, associated industrial IoT royalty revenues were up 19% year over year, reflecting a better mix of higher ASP product shipments, including 5G wireless infrastructure and automotive AI. Bluetooth shipments were 206 million units in the quarter, down from 233 million units in the first quarter of last year. Cellular IoT shipments were 66 million units, up 38% year over year, and Wi-Fi shipments were a record 91 million units, up 158% year-over-year.

3.94 億台為消費型 IoT 裝置，高於去年第一季的 3.37 億台。1,800 萬台用於工業 IoT 產品，低於去年第一季的 3,400 萬台。然而，相關的工業 IoT 權利金營收年對年成長 19%，反映較佳的產品組合，出貨更多 ASP 較高的產品，包括 5G 無線基礎建設與車用 AI。本季度藍牙出貨量為 2.06 億台，低於去年第一季的 2.33 億台。蜂巢式 IoT 出貨量為 6,600 萬台，年對年成長 38%；Wi‑Fi 出貨量創紀錄達 9,100 萬台，年對年成長 158%。

As for the balance sheet items. Our cash equivalent balances, marketable securities and bank deposits were approximately $216 million, providing strong financial flexibility. We remain focused on disciplined capital allocation, including continued investments in our road map and a selective approach for strategic M&A opportunities that can accelerate our growth. Our DSOs for the first quarter of '26 was 59 days. During the first quarter, we used $4.9 million of cash in operating activities.

至於資產負債表項目。我們的約當現金餘額、可出售證券與銀行存款約為 2.16 億美元，提供強勁的財務彈性。我們仍專注於嚴謹的資本配置，包括持續投資於產品路線圖，並以審慎方式評估可加速成長的策略性併購（M&A）機會。2026 年第一季的應收帳款週轉天數（DSO）為 59 天。第一季我們在營運活動中使用了 490 萬美元現金。

Ongoing depreciation and amortization was $0.9 million and purchase of fixed assets was $2.3 million, including approximately $1 million related to leasehold improvements. At the end of the first quarter, our headcount was 430 people, of whom 348 were engineers.

持續性的折舊與攤銷為 90 萬美元，固定資產購置為 230 萬美元，其中約 100 萬美元與租賃裝修（leasehold improvements）相關。第一季末，我們員工人數為 430 人，其中 348 人為工程師。

Now for the guidance. As Amir highlighted, we delivered a strong start for the year, supported by continued enhancements to our IP portfolio, solid licensing execution and growing fundamental for future royalty expansion. From a financial perspective, we continue to view 2026 as a year of growth across multiple dimensions. Reflecting our first quarter performance, we're upgrading our annual outlook towards the higher end of our previously communicated range. For the full year, we now expect total revenue growth to be at the top end of our 8% to 12% range over 2025, with a typical seasonality profile of lower growth in the first half and stronger growth in the second half, subject to memory pricing dynamics and supply conditions.

接著是財測指引。如 Amir 所強調，我們在今年取得強勁開局，受惠於持續強化的 IP 產品組合、穩健的授權執行，以及未來權利金擴張的基本面持續改善。從財務角度來看，我們仍認為 2026 年將在多個面向呈現成長。反映第一季表現，我們將全年展望上調至先前所溝通區間的較高端。就全年而言，我們目前預期總營收成長將位於相較 2025 年 8% 至 12% 區間的上緣；季節性型態仍為上半年成長較低、下半年成長較強，但仍取決於記憶體價格動態與供應狀況。

On the expense side, we maintain focus on cost discipline and operating leverage while continuing to manage foreign exchange headwinds with the strengthening of the euro and the Israeli shekel against the US dollars. Overall expenses, cost of revenues and OpEx combined are expected to increase approximately 8% over 2025. As we continue to invest to support growth, we expect a portion of the incremental revenue to be translated to the bottom line, driving continued improvement in non-GAAP operating income, net income and EPS. Based on our performance to date and current business momentum, we now expect non-GAAP operating margins and non-GAAP net income to increase by 40% to 50% year-over-year, which is above our prior expectations.

在費用端，我們持續聚焦於成本紀律與營運槓桿，同時在歐元與以色列謝克爾相對美元走強的情況下，持續管理外匯逆風。整體費用（營收成本與營運費用 OpEx 合計）預期在 2025 年將增加約 8%。隨著我們持續投資以支持成長，我們預期部分新增營收將轉化為最終獲利，推動非 GAAP 營業利益、淨利與每股盈餘（EPS）持續改善。基於我們迄今的表現與目前的業務動能，我們現在預期非 GAAP 營業利潤率與非 GAAP 淨利將年增 40% 至 50%，高於先前預期。

Guidelines for the second quarter of 2026. Revenues are expected to be in the range of $26 million to $30 million, reflecting continued growth both sequentially and year over year. Gross margin is expected to be 87% on a GAAP basis and 88% on non-GAAP basis, excluding an aggregate $0.2 million of equity-based compensation expenses and $0.1 million of amortization of acquired intangibles. GAAP OpEx for the second quarter of '26 is expected to be similar to the first quarter and in the range of $27.7 million to $28.7 million. Of our anticipated total OpEx for the second quarter, $5.3 million is expected to be attributed to equity-based compensation expenses, $0.1 million of amortization of acquired intangibles and $0.1 million of costs associated with business acquisitions.

2026 年第二季指引。營收預期介於 2,600 萬美元至 3,000 萬美元，反映無論按季或年對年皆持續成長。毛利率預期在 GAAP 基礎下為 87%，在非 GAAP 基礎下為 88%，非 GAAP 排除合計 20 萬美元的股權基礎薪酬費用與 10 萬美元的收購無形資產攤銷。2026 年第二季 GAAP 營運費用（OpEx）預期與第一季相近，介於 2,770 萬美元至 2,870 萬美元。在我們預期的第二季總 OpEx 中，預計 530 萬美元歸屬於股權基礎薪酬費用、10 萬美元為收購無形資產攤銷，以及 10 萬美元為與企業併購相關的成本。

Non-GAAP OpEx is also expected to be similar to the first quarter and 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 second quarter is expected to be approximately $1.5 million, and the share count for the second quarter of '26 is expected to be approximately 28 million shares for GAAP and 29.7 million shares for non-GAAP.

非 GAAP 營運費用（OpEx）亦預期與第一季相近，介於 2,220 萬美元至 2,320 萬美元。淨利息收入預期約為 170 萬美元。第二季稅費預期約為 150 萬美元；而 2026 年第二季的股數預期約為 GAAP 2,800 萬股、非 GAAP 2,970 萬股。

Betsy, we could now take questions, please.

Betsy，我們現在可以開始提問了，麻煩。

(Operator Instructions)

（接線員指示）

Ruben Roy, Stifel.

Ruben Roy，Stifel。

Congrats on the nice start to the year. I guess to start, Amir, on the Bluetooth HDT win, I'm not sure if you guys had RF wins previous, but it seems to me like that would be a nice step-up in your value per design strategy that you've been talking about. So can you maybe just talk a little bit more about what you're doing for the RF? And also, I guess, as part of that, is that sort of an architecture that you can replicate across other areas of the business, eventually, WiFi, ultra-wideband, et cetera? And anything you talk about in terms of the royalty rate relative to your traditional Bluetooth licenses?

恭喜今年開局表現亮眼。我想先從 Amir 問起，關於 Bluetooth HDT 的勝出案，我不確定你們之前是否也有 RF 的勝出，但在我看來，這似乎是你們一直在談的「每個設計案價值提升」策略的一個很好的躍升。所以你能否再多談一些你們在 RF 方面做了什麼？另外，我想作為延伸，這是否是一種你們可以在其他業務領域複製的架構，最終延伸到 WiFi、超寬頻（ultra-wideband）等等？以及就權利金率而言，與你們傳統的藍牙授權相比，有沒有什麼可以分享的？

Yeah. Roy, first, thanks a lot for the congratulation. Yes, definitely, this is a very important win for us. As you pointed out, this is a win that of a full system solution, all the way so-called from the antenna up to the full stack and the software, including our own internal developed RF, which is an investment that we've put in the last year or two to really build those systems up. The key value here is really that our customers, they can get the full solution.

是的。Roy，首先非常感謝你的祝賀。沒錯，這對我們而言絕對是一個非常重要的勝出案。如你所指出，這是一個完整系統解決方案的勝出案，所謂從天線一路到完整堆疊與軟體，包含我們自行內部開發的 RF；這是我們在過去一兩年投入的投資，目的就是要真正把這些系統建構起來。這裡的關鍵價值在於，我們的客戶可以取得完整解決方案。

They don't need to do more of the pretesting validation of those things, and we provide them that as a full solution, then time to market and ability to be successful in the market is much higher. And even more so with this customer and overall other customers, what we see, that really helps them to drive more and more so-called the next versus buy decision and move away from so-called internal development to a complete solution based on our technology.

他們不需要再對這些項目做更多的前期測試與驗證，我們以完整解決方案的形式提供；因此上市時間（time to market）與在市場上成功的能力都會高很多。而且不僅是這位客戶，整體其他客戶也是如此；我們看到這確實能幫助他們在所謂「自製（make）或採購（buy）」的決策上，越來越傾向採購，並從所謂內部開發轉向基於我們技術的完整解決方案。

So we are very happy with that win with the RF, and we expect more of those wins to come through the year and then, of course, in the next few years. The other piece that you pointed out, this is definitely a technology that we are planning to expand beyond the Bluetooth HDT. We have multiple other wireless technology with digital IP and the same strategy we are going to basically deploy and apply in the marketplace, more and more integrated solution, complete system around our leadership in wireless connectivity.

因此我們對這次 RF 的勝出案非常高興，也預期今年會有更多這類勝出案出現，當然也包括未來幾年。你提到的另一點，這確實是一項我們計畫擴展到 Bluetooth HDT 以外的技術。我們還有多項其他無線技術與數位 IP，我們將以同樣的策略在市場上部署與推進：在我們無線連接領導地位的基礎上，提供越來越整合的解決方案與完整系統。

So we are super, super excited about this momentum and that what can build for the future. Last piece that you point on the royalty. As I mentioned in the previous calls, at the end of the royalty comes back to what value it brings to our customers. And in this case, because it's not just the whole different components of the system, it's the fact that it's fully integrated, our customers definitely appreciate it, and we see meaningfully higher royalty than so-called 1 plus 1 is more than 2, and that helps -- will help us to drive much more royalty growth in the future with overall very strong flywheel across our wireless connectivity technology.

所以我們對這股動能以及它能為未來帶來的建構非常、非常興奮。最後你提到權利金。如我在先前的電話會議中提到，權利金最終取決於它為客戶帶來的價值。在這個案例中，不只是系統的各個不同元件，而是它是完全整合的；我們的客戶確實很重視這一點，我們也看到權利金顯著更高——所謂 1 加 1 大於 2——這將有助於我們在未來推動更高的權利金成長，並在我們整體無線連接技術上形成非常強的飛輪效應。

That's great. I guess if I could ask a quick follow-up just on sort of the way the year is playing out. You continue to expect a stronger second half, and I think you gave us a lot of sort of data points and kind of visibility into how you're thinking about that. But you do have some factors coming into play. You mentioned memory pricing and overall sort of macro sort of dynamics going on.

很好。我想快速追問一下，關於今年的進展節奏。你們仍然預期下半年會更強，我認為你們也提供了很多數據點與可見度，說明你們如何看待這件事。但你們確實也有一些因素正在發生。你們提到記憶體定價以及整體宏觀動態等。

So either Amir or Yaniv, can you maybe just give us a little bit of detail on what you're hearing from customers relative to some of those impacts that we might see as we kind of go through the year? I think memory pricing has started to impact some of the end markets. We're hearing from PC guys, et cetera, talk about potential impacts there. So any additional detail on how you're thinking about the second half versus the first half? And what you're hearing from customers would be great.

所以不論是 Amir 或 Yaniv，你們能否再多提供一些細節，談談你們從客戶那裡聽到的情況，關於我們在今年推進過程中可能看到的那些影響？我認為記憶體定價已開始影響部分終端市場。我們也聽到 PC 相關業者等在談潛在影響。所以若能補充你們如何看待下半年相對於上半年的情況，以及你們從客戶那裡聽到的訊息，會很有幫助。

That's all I have.

我就這些。

Yeah, definitely. One thing first, I would say, just if we look at this quarter, as we started the year, I'm extremely encouraged by the fact that even though so-called mobile hasn't been that strong, considering the challenge with memory allocation and so-called the inventory utilization, we still deliver really great results driven by, one, very good execution across the licensing and solution-based offering. And second, we see a very good momentum overall in the broader IoT. And going back to what you asked about the memory that if we look at the IoT, it's a market that is less impacted by that. We have a great access across a very diversified set of customers, use cases and products and technologies.

是的，當然。我先說一點：如果我們看本季、也就是今年的開局，我非常受到鼓舞的是，即使所謂的行動端（mobile）表現並不算強，考量到記憶體配置的挑戰以及所謂庫存利用率的問題，我們仍然交出非常好的成果，主要由兩點驅動：第一，在授權與解決方案型產品提供上執行得非常好；第二，我們在更廣泛的 IoT 領域看到非常好的整體動能。回到你問的記憶體議題，如果看 IoT，這個市場受其影響相對較小。我們在非常多元的客戶、使用情境、產品與技術上都有很好的觸及與覆蓋。因此我認為整體而言，就記憶體配置可能帶來的影響，我們可以做得比其他人更好。

So I think overall, we can do so-called better than others in terms of potential impact from memory allocation. And specifically on mobile, with the inventory drawdown that happened this quarter and maybe to some degree through the first half, it probably will put us in a good spot as we go to the second half, which on top of that, of course, what we expect is increased market share in the premium tier. So I think overall, we are well positioned going through so-called that challenges overall in the marketplace. And it goes back to how we execute basically driving our licensing and ensuring that our customers are happy with the ramp-up of our technology.

而在行動端方面，隨著本季發生的庫存去化（inventory drawdown），以及可能在上半年某種程度上持續，這大概會讓我們在進入下半年時處於更有利的位置；此外，當然我們也預期在高階（premium）級距的市占率會提升。所以我認為整體而言，面對市場上的這些所謂挑戰，我們的布局是到位的。而這也回到我們如何執行：基本上推動我們的授權業務，並確保客戶對我們技術的放量（ramp-up）感到滿意。

Ruben, maybe I will add. Historically, if you look at the volumes of shipments of our royalties, our customer shipments in the second half of every given year in the last three years, you'll see about a 40% increase. So -- and then every year, there is some issues, whether it's pricing or inventory in our memory. So with that said, the trend was mainly around 40% sequential growth second half versus first half, and we are building that in also in our pro specs for 2026.

Ruben，也許我補充一下。從歷史來看，如果你看我們權利金出貨量、我們客戶出貨量，在過去三年每一年的下半年相較上半年，你會看到大約40%的增幅。所以——而且每一年都會有一些問題，不論是定價或是我們記憶體的庫存。因此，整體趨勢主要是下半年相較上半年約40%的連續成長，我們也把這點納入我們對2026年的預估規格中。

Suji Desilva, ROTH Capital.

Suji Desilva，ROTH Capital。

Congratulations on the progress here. Amir, maybe you can talk about your -- as you came in, you talked about sense, connect and infer. And maybe today, you could give us an update on that in terms of the example of traction at the same customer to two of those or three of those versus just one, that would be helpful to understand.

恭喜你們在這裡的進展。Amir，也許你可以談談——你上任時提到的 sense、connect 和 infer。也許今天你可以就這方面給我們一個更新，例如同一個客戶在這三項中的兩項或三項（而不只是其中一項）所展現的牽引力案例，這會有助於我們理解。

Definitely, Suji. I think several names that we mentioned in the past, including these times, we see them basically licensing multiple technologies from us. It can be multiple technologies across connect, but also we have more and more across multiple technologies of connect and infer and in some cases, the whole fee connect, sense and infer. So this is -- we see that progression going very well, and we expect more as we keep driving those technology into the marketplace. But definitely, what drives the baseline flywheel or success with our customers is very high appreciation of our wireless connectivity portfolio.

當然可以，Suji。我想我們過去提到過的幾個名字，包括這次提到的，我們看到他們基本上都在向我們授權多項技術。可能是在 connect 之內的多項技術，但我們也看到越來越多跨越 connect 與 infer 的多項技術授權，在某些情況下甚至是完整的 connect、sense 與 infer。所以——我們看到這樣的進展非常順利，並且隨著我們持續把這些技術推向市場，我們預期會有更多。但確實，驅動我們與客戶之間基礎飛輪或成功的關鍵，是客戶對我們無線連接產品組合的高度認可。

And on top of that, our investment and expansion in the AI or infer overall portfolio. The other thing, as we pointed out, Lenovo with the headset this quarter, we announced that basically, they've been using or start ramping with our wheel space or 3D spatial audio technologies. And they are also a wireless connectivity basically customer through the semi guys that are delivering those solutions to them.

此外，我們也在 AI 或 infer 的整體產品組合上持續投資與擴張。另外一點，如我們所指出的，本季我們宣布 Lenovo 的頭戴式裝置，基本上他們一直在使用或開始放量採用我們的 wheel space 或 3D 空間音訊技術。而且他們也透過提供解決方案給他們的半導體廠商，成為我們無線連接的客戶。

Okay. I appreciate that, Amir. Great. And then in the connectivity specifically, Bluetooth is already well penetrated. Can you update us on where Wi-Fi is in the attach curve going up in terms of attach? And then will UWB follow a similar path? Or is that more of a niche technology?

好的。我很感謝，Amir。很好。那麼在連接性方面，Bluetooth 已經相當普及。你能否更新一下 Wi‑Fi 在搭載率（attach）曲線上升方面目前的位置？然後 UWB 會走類似的路徑嗎？還是那更像是一種利基技術？

Yeah. So on the Wi-Fi, Yaniv can point more into the specific numbers, but we're extremely encouraged with the ramp that we've seen first through all 2025 and now continuing and even more in Q1 '26. We reached all record high volume this quarter, and we expect that to continue with a very nice ramp moving so-called from the more legacy Wi-Fi to Wi-Fi 6. And then within a year or two, we'll start seeing the transition into Wi-Fi 7 plus lots of the combos of the Wi-Fi and Bluetooth.

是的。關於 Wi‑Fi，Yaniv 可以補充更具體的數字，但我們對在整個2025年以及現在延續到2026年第一季所看到的放量感到非常振奮。我們本季達到歷史新高的出貨量，我們預期這會持續，並且會有非常漂亮的放量，從較傳統的 Wi‑Fi 逐步轉向 Wi‑Fi 6。接著在一到兩年內，我們會開始看到轉向 Wi‑Fi 7，以及大量 Wi‑Fi 與 Bluetooth 的組合方案。

So overall, from a pattern and penetration in the marketplace, we expect, as we mentioned on other calls, right, that Wi-Fi shipments will reach very high volume above the $0.5 billion and more as we keep progressing and then basically augment very nicely our penetration with Bluetooth plus the combos.

整體而言，就市場的模式與滲透率來看，我們如同在其他電話會議中提到的，Wi‑Fi 出貨量將達到非常高的規模，超過5億美元，並且隨著我們持續推進還會更高，進而非常好地強化我們在 Bluetooth 以及組合方案上的滲透。

In terms of UWB, this is, I would call it, overall a newer technology. There are a lot of very good indication in the marketplace from the use cases and with that, the potential demand for the technology. We've seen more penetration right now in smartphone from there into different type of edge devices for location base for access and control. So we are very encouraged with that. Now we just got a major license deals with a US customer, and there will be more to follow. But overall, from a volume penetration, I said, we are highly penetrated with Bluetooth. We are getting to the same level with Wi-Fi and the next to follow will be UWB.

至於 UWB，我會說這整體上是一項較新的技術。從使用情境來看，市場上有很多非常正面的訊號，也因此對該技術的潛在需求可觀。我們目前看到在智慧型手機上的滲透較多，並由此延伸到不同類型的邊緣裝置，用於以位置為基礎的存取與控制。所以我們對此非常鼓舞。我們剛與一家美國客戶簽下重大授權交易，後續還會有更多。但整體就出貨量滲透而言，我會說我們在 Bluetooth 上已經高度滲透。我們正朝著 Wi‑Fi 的同等水準邁進，而下一個將會是 UWB。

On that I would add to that, Suji, is that we talked about Amir mentioned the combo chips. If you look at the Bluetooth Wi-Fi combo chip year-over-year, the volume has doubled. We haven't opened that number up yet. We'll do it in due time. But some of the reason also that we mentioned that the Bluetooth is going down because we are counting those combo chips is combo and not Bluetooth necessarily. So there is no issue in the market. It's just our count and ASPs for those combo chips are higher than the individual Wi-Fi or Bluetooth solutions in the past.

在這點上我補充一下，Suji，我們談到 Amir 提到的組合晶片。如果你看 Bluetooth+Wi‑Fi 組合晶片的年對年，出貨量已經翻倍。我們還沒有把那個數字公開。我們會在適當的時機公布。但我們也提到 Bluetooth 看起來在下降的部分原因，是因為我們把那些組合晶片計為「組合」而不一定計為「Bluetooth」。所以市場沒有問題。只是我們的計數方式，而且這些組合晶片的 ASP 也高於過去單獨的 Wi‑Fi 或 Bluetooth 解決方案。

And you've been counting those in WiFi units, is what you saying?

所以你是說，你們把那些算在 Wi‑Fi 的單位數裡？

The combo -- Bluetooth and WiFi units, yes, doubled year over year for Q1.

組合——Bluetooth 和 Wi‑Fi 的單位數，是的，第一季年對年翻倍。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，JPMorgan。

Congrats on the strong results here. Maybe just another follow-up on Wi-Fi. The $91 million number that you had there, it's pretty strong considering a seasonal sort of you typically see a seasonal downtick into 1Q. Can you just outline if there was anything in terms of new customer volume, et cetera, ramping into 1Q that drove that seasonality? And from this sort of 1Q base, should we expect to see a similar pickup into the second half that you've historically seen from first half to second half perspective in Wi-Fi?

恭喜你們交出強勁的結果。我想再追問一下 Wi‑Fi。你們提到的9,100萬美元這個數字相當強，因為通常你們會在第一季看到季節性下滑。你能否說明一下，是否有任何新客戶出貨量等因素在第一季放量，從而改變了這種季節性？另外，以第一季這個基礎來看，Wi‑Fi 是否也應該預期像過去一樣，下半年相較上半年會有類似的回升？

And I have a follow-up.

我還有一個追問。

Yeah, Samik, this is a great question. And actually, the ramp of the volume in Q1 of our Wi-Fi shipments is not related to the seasonality, as you pointed out. It's really the migration of multiple customers adopting our technology. So either migration from Wi-Fi 4 to Wi-Fi 6 or many of them actually new customers that start ramping with the Wi-Fi 6. And I will remind everyone that we talked about more than 30 licenses agreements that we have made in the last two, three years of Wi-Fi technology.

是的，Samik，這是個很好的問題。其實，我們第一季 Wi‑Fi 出貨量的放量並不是你所指出的季節性因素所致。主要是多家客戶在採用我們技術上的遷移。也就是從 Wi‑Fi 4 遷移到 Wi‑Fi 6，或者其中很多其實是新客戶，開始以 Wi‑Fi 6 放量。我也提醒大家，我們在過去兩三年裡，Wi‑Fi 技術已簽下超過30份授權協議。

And those basically customers are now coming more and more into production. So that momentum, we expect to continue. And actually, we should expect second half to be stronger than the first half, both based on the seasonality plus basically more and more new customers and new program basically ramping in volume for Wi-Fi. So Wi-Fi, we are really still in the ramp-up in terms of market penetration and our customers basically ramping their portfolio and their product line.

而這些客戶現在正越來越多進入量產。因此，我們預期這股動能會持續。而且，下半年應該會比上半年更強，既有季節性因素，也有越來越多新客戶與新專案在 Wi‑Fi 出貨量上放量。所以就市場滲透與客戶產品組合、產品線放量而言，Wi‑Fi 其實仍處於爬坡階段。

Got it. Got it. And just maybe --

了解。了解。那也許--

And it's true -- by the way, both through industrial and consumer. So we are really doing well on both fronts with our Wi-Fi.

順帶一提，這在工業與消費兩端都成立。所以我們的 Wi‑Fi 在兩個面向都做得很好。

Just my quick follow-up. Any updates on how you're thinking about capital allocation, particularly in relation to M&A, given that it's a pretty strong year, you'll generate more cash. How are you thinking about sort of the alternatives in front of you, including if you do pursue M&A, what would be the more sort of targeted technology areas that you would look for?

我快速追問一下。在資本配置方面有沒有任何更新，特別是與併購（M&A）相關？考量到今年表現相當強勁、你們會產生更多現金。你們如何看待眼前的各種選項？如果你們確實要推進併購，你們會更聚焦於哪些目標技術領域？

Yeah, definitely, this is a key important item within what we're looking to execute on our overall strategy to scale up the company, looking into an M&A options for us. The focus there will be around so-called technologies that complement our success in the smart edge era. We have more focus on IT overall in order to build the scale. So we're talking about connect, sense and infer within those technologies and augmented technologies. I think that's what we are really targeting. And hopefully, we'll be able to talk about it as we progress through the year.

是的，絕對是，這是我們在執行整體策略、擴大公司規模時的一個關鍵重要項目，也就是在評估我們的併購（M&A）選項。重點將放在所謂能夠補強我們在智慧邊緣時代成功的技術。我們也會更聚焦於整體 IT，以建立規模。因此我們談的是在這些技術與增強型技術中，涵蓋連接（connect）、感測（sense）與推論（infer）。我認為這就是我們真正鎖定的方向。也希望隨著今年進展，我們能夠進一步對外說明。

Gary Mobley, Loop Capital.

Gary Mobley，Loop Capital。

Looking specifically at the CEVA wavelengths, the RF subsystem there, I know the highlight that you put in front of us today is more of a system-level license agreement, including the RF. But if I'm not mistaken, that RF subsystem might be unique to a specific manufacturing process node, TSMC 12-nanometer specifically. Can you speak to how you might move forward in broadening that -- I guess, the scope of the RF subsystem across different process nodes and different foundries and how that might affect the overall licensing for wavelengths?

就 CEVA 的 wavelengths 來看，特別是其中的 RF 子系統，我知道你們今天強調的是較偏系統層級的授權協議，包含 RF。但如果我沒記錯，那個 RF 子系統可能是針對特定製程節點所獨有的，具體來說是台積電 12 奈米。你能談談你們接下來如何推進、把該 RF 子系統的範圍擴展到不同製程節點與不同晶圓代工廠，以及這會如何影響 wavelengths 的整體授權嗎？

Yeah, Gary, great question. So yes, the Links200 that we announced previously was around 12-nanometers TSMC. And overall, what we are executing our strategy is actually to go beyond one process node or one foundry. And also, I think we are well positioned with the access that we have in the market from the number of customers that have licensed our digital IP technology to have a very good sense of where the road map is heading in terms of the process node needs as well as the type of foundries that they are looking to partner with. And yes, we are not going to support all different options out there in permutation.

是的，Gary，問得很好。所以沒錯，我們先前宣布的 Links200 是針對台積電 12 奈米。而整體而言，我們正在執行的策略其實是要超越單一製程節點或單一晶圓代工廠。同時，我認為我們也具備很好的優勢：基於市場上眾多已授權我們數位 IP 技術的客戶所帶來的接觸面，我們能非常清楚掌握路線圖在製程節點需求，以及他們希望合作的代工廠類型方面的走向。而且是的，我們不會去支援市面上所有不同排列組合的選項。

And definitely some customers will build with their own RF. But I'm very confident that we can so-call go and support the majority or the significant portion of where the market is heading in terms of the process need and the foundry. So we'll have so-called multiple options there, but we are not going to cover the whole spectrum.

而且確實有些客戶會採用他們自有的 RF。但我非常有信心，我們可以所謂地支援市場走向中大多數或相當大一部分的製程需求與代工廠選擇。因此我們會提供所謂多種選項，但不會涵蓋整個光譜的所有可能。

And for my follow-up, I want to ask in general about the license pipeline. How does it look compared to maybe a year ago? And if you can give us an update as to what might be recurring in license revenue and what percent still remains onetime in nature?

我的追問是想更一般性地問授權案源（license pipeline）。相較於大約一年前，現在看起來如何？另外你能否更新一下：授權營收中有多少可能是經常性（recurring），以及仍有多少比例本質上是一次性（one-time）的？

There are several so-called fundamental trends that we are -- that encourage us, and we feel good with the perspective of our licensing business. One, we see more and more customers, repeating customers coming again going from one generation to the next. The other one is more customers are coming to license multiple technologies either by adding additional technology or just from the start looking for multiple technology.

有幾個所謂的基本趨勢讓我們受到鼓舞，也讓我們對授權業務的前景感到樂觀。第一，我們看到越來越多客戶成為重複客戶，從一代產品再到下一代又回來授權。第二，有更多客戶來授權多項技術，不論是後續再加授權其他技術，或是一開始就尋求多項技術。

And the last piece is what we are highlighting this quarter is really coming in licensing solutions, which at end brings more value to our customers and help us so-called to have better economics of the deals, including the licensing portion. When we take all those three into account, overall, we feel good. We feel confident with where we are in terms of the pipeline, our ability to execute our licensing business. And I think the last few quarters have shown that, including this quarter. So I would say, overall, we look at the year as a good growth year in licensing and the pipeline really supports it well.

最後一點是我們本季強調的：真正開始以解決方案的方式來做授權，這最終能為客戶帶來更高價值，也幫助我們在交易的經濟性上更有利，包括授權部分。把這三點都納入考量後，整體而言我們感覺良好。我們對目前的案源、以及執行授權業務的能力都很有信心。我認為過去幾季已經展現了這一點，包括本季。所以我會說，整體來看，我們把今年視為授權業務的良好成長年，而案源也確實提供了很好的支撐。

Josh Buchalter, TD Cowen.

Josh Buchalter，TD Cowen。

Congrats on the results. Maybe I want to start big picture. We're seeing sort of a lot of positivity in the CPU space as compute resources are moving increasingly away from or in addition to like being complemented by outside of the AI server rack. I mean could you maybe reflect on where we are on the embedded side in that adoption curve? And specifically, any updates or major momentum on the MPU side from the quarter we could -- you want to highlight?

恭喜你們的成果。我想先從大方向開始。我們看到 CPU 領域有不少正面訊號，因為運算資源正逐漸從 AI 伺服器機櫃移出，或是除了機櫃之外也在其他地方被補強與部署。你能否談談在嵌入式端的採用曲線目前走到哪裡？另外，MPU 端在本季是否有任何更新或重大動能值得你們特別強調？

Yeah. Great question, Josh. So first from so-called the momentum of CPU, this is what we have been talking about for the last few quarters about so-called the hybrid AI model and things are more moving into the edge. So this is very encouraging to see that's really happening in the market and also other customers are able to -- other players in the market are able to basically execute to that and show that progress. We need to keep in mind that when we look at our connect, sense and infer IP portfolio, it actually complements extremely well CPU, whether that's CPU based on that architecture or the other risk (inaudible) architecture.

是的。Josh，問得很好。先談所謂 CPU 的動能：我們過去幾季一直在談所謂混合式 AI 模型，且各種工作負載正更多往邊緣端移動。因此看到這件事確實在市場上發生，並且其他客戶——市場上的其他參與者——也能夠實際落地並展現進展，這非常令人鼓舞。我們要記得，當我們看我們的 connect、sense 與 infer 的 IP 產品組合時，它其實能非常好地補強 CPU，不論該 CPU 是基於那種架構，或是其他 risk（聽不清）架構。

So we are really indifferent to that, and we can support both. So that puts us in a good position. On the NPU specifically, that's where we are building, again, a portfolio of NPUs that goes along any kind of CPU architecture. And I think that's where we're also uniquely positioned, focusing on the NPU technology itself as accelerator to the CPUs that are out there. The more CPU drives more adoption of AI at the edge, the more opportunities we will see with our NPUs. So overall, all those things are encouraging so-called activities and potential tailwinds for us as we progress through the year and next year.

所以我們對此其實並不偏好任何一方，我們兩者都能支援。這讓我們處於有利位置。就 NPU 而言，這是我們正在打造的方向：建立一個可搭配任何 CPU 架構的 NPU 產品組合。我認為這也是我們的獨特定位：聚焦於 NPU 技術本身，作為現有 CPU 的加速器。CPU 越能推動邊緣端 AI 的採用，我們的 NPU 就會看到越多機會。因此整體而言，這些都是令人鼓舞的活動與潛在順風，將支撐我們在今年以及明年的推進。

And then maybe I could follow up on the second half outlook. A lot of companies have flagged potential cuts in the second half from the memory headwinds. Have you guys seen anything yet that's impacted your customers? And then I was also hoping you could maybe walk through what are the expectations that you have in your second half outlook for the large North American smartphone customer that has some of your IP on their modem.

接著我想追問下半年展望。很多公司都提到記憶體逆風可能導致下半年出現削減。你們是否已經看到任何對你們客戶造成影響的跡象？另外也希望你能說明一下：在你們下半年展望中，對那家北美大型智慧型手機客戶（其數據機上採用了你們部分 IP）的預期是什麼？

Sure. So we built some of our expectations top down with knowing that the market in the second half with the seasonality of the Christmas and the ramp-up for introduction of new products around that time frame is strong. We'll need to see how the market deals with the memory pricing and shortages. But right now, we haven't heard anything specific from our customers other than what we have seen in the mobile space on the low-tier phones that we have seen and other companies have talked about Qualcomm arm in the first quarter of the year with mentioning the recovery going forward. So I don't think we have seen anything yet.

當然。我們在建立部分預期時採用自上而下的方法，因為我們知道下半年市場受季節性影響——聖誕節旺季以及那段期間新產品導入的爬坡——通常會很強。我們需要觀察市場如何因應記憶體價格與短缺。但目前為止，我們沒有從客戶那裡聽到任何具體訊息；除了我們在行動市場低階手機所看到的情況，以及其他公司在今年第一季談到高通相關業務時提到未來復甦的說法。所以我認為我們目前還沒有看到任何影響。

I think the market has its way to overcome some of the hurdles when we get to the high season. And we have built all that in, including the North American OEM that doesn't share its internal plans. It doesn't share exactly the timing of introduction of new products, whether they're based on their own modem or not. And we have our own estimates that we have built in this model. The rest will look and get the royalty reports on a quarterly basis.

我認為當進入旺季時，市場通常有辦法克服一些障礙。我們也把這些因素都納入了模型中，包括那家北美 OEM——他們不會分享其內部計畫。他們也不會明確分享新產品導入的確切時點，或是否採用他們自家的數據機。我們已在模型中建立了我們自己的估算。其餘部分則要等到我們按季收到權利金報告後再看。

And based on that, be able to report. Again, historically, and the more we have added the combo chips that we talked about today with higher ASPs, the more that we have the automotive AI, NXP and Renaissance helping us this year, which were around last year with royalty contribution, the more 5G networks that started the year very strong and then the OEM opportunities in the US, it looks like a stronger and promising second half. And this is the reason we took our guidance to the top range of the previous annual guidance of the 8% to 12%.

並在此基礎上進行回報。再說一次，從歷史來看，而且我們今天談到的那些 ASP 較高的 combo 晶片加入得越多，再加上汽車 AI、NXP 與 Renaissance 在今年對我們的助力——這些在去年就已有權利金貢獻——以及年初表現非常強勁的 5G 網路，還有美國的 OEM 機會，下半年看起來更強且更具前景。這也是我們把指引上調到先前全年指引 8% 到 12% 的上緣的原因。

Madison De Paola, Rosenblatt Securities.

Madison De Paola，Rosenblatt Securities。

This is Maddie calling on behalf of Kevin Cassidy. I was just wondering which end markets you are expressing the most interest for -- in the NeuPro?

我是 Maddie，代表 Kevin Cassidy 致電。我只是想請教一下，在 NeuPro 方面，哪些終端市場表現出最多的興趣？

Say that again, Maddie, sorry?

再說一次，Maddie，不好意思？

Which end markets are expressing the most interest in the NeuPro?

哪些終端市場對 NeuPro 表現出最多的興趣？

In the NeuPro, yes. It's broad-based, I would say. We see it in automotive. We see it in some industrial application. We see it also in smart home and consumer application. If we look at the 10-plus more deals that we sold for license last year, it's really across all those four markets that I mentioned. So I can't point to one that is much more than the others very significantly. It's nicely distributed and wide base. So we mentioned also last quarter, PC OEM. So we are in the PC market, consumer, again, smartphone surveillance and automotive, industrial.

NeuPro，是的。我會說是廣泛分布的。我們在汽車領域看得到。在一些工業應用也看得到。在智慧家庭與消費性應用也同樣看得到。如果看我們去年授權銷售的 10 多筆交易，基本上就是我提到的這四個市場都有。所以我無法指出某一個市場明顯高於其他市場很多。分布相當均衡、基礎也很廣。我們上季也提到 PC OEM。所以我們也在 PC 市場、消費性市場，同樣也包括智慧型手機監控與汽車、工業。

Martin Yang, Oppenheimer.

Martin Yang，Oppenheimer。

First question is on the Bluetooth radio. Is there any plan or intention to extend the IP to other connectivity products, notably Wi-Fi?

第一個問題是關於藍牙無線電。是否有任何計畫或意圖，將這項 IP 延伸到其他連線產品，特別是 Wi‑Fi？

Yeah, Martin, good question. Yeah, definitely. So we started and announced this product first. At the end of the day, we have very strong capabilities across the spectrum of wireless connectivity technology. And the intention and the plan is definitely to expand this to so-call a full solution offering across our wireless connectivity portfolio.

是的，Martin，問得好。是的，當然。所以我們先推出並宣布了這個產品。歸根結底，我們在無線連線技術的整個頻譜上都有非常強的能力。而我們的意圖與計畫，確實是要把它擴展成在我們無線連線產品組合中所謂的全套解決方案。

So starting with Bluetooth, as you mentioned, the next natural thing will be Wi-Fi and then also UWB and our other technologies. Definitely, that's the plan. And overall, also this quarter, we announced on the satellite side that we're also moving more into complete so-called basement solution, not just so-called offering the components like DSP accelerators, but really the whole basement subsystem. And that resonates very, very nicely with customers, especially customers that wants to make a decision moving from make to buy because they need to rely on more of a so-called ready-to-go solution to help them with time to market and success overall.

所以從藍牙開始，如你所說，下一個最自然的會是 Wi‑Fi，接著也會有 UWB 以及我們其他技術。這絕對是計畫。而且整體來看，本季我們也在衛星端宣布，我們正進一步走向更完整、所謂的基頻（baseband）解決方案，不再只是提供像 DSP 加速器這類元件，而是提供整個基頻子系統。這與客戶的需求非常契合，特別是那些想要從自製轉向採購（make to buy）做決策的客戶，因為他們需要更依賴所謂可立即上手（ready-to-go）的解決方案，以縮短上市時間並提升整體成功率。

A follow-up on your answer, you mentioned that satellite communication, is that primarily still in -- on the market deployment regarding smartphone with satellite-based messaging capabilities? Or are you seeing more emerging applications that?

針對你剛才的回答追問一下，你提到衛星通訊，這主要仍然是—在市場部署方面，聚焦於具備衛星訊息功能的智慧型手機嗎？還是你們看到更多新興應用？

No, we're actually seeing much more potential on the emerging applications as well. So if we look at the different types of OEM out there, they are basically moving to provide more and more as a service and part of the service, they need a complete solution end-to-end. And we are offering the wireless communication both on the terminal side as well as from the satellite side. and then they will build so-called the complete end-to-end offering with the service. And that service is really to be able to have ubiquitous type of connectivity, whether it's for industrial use cases or logistical use cases and so on or even places where there is very little coverage of wireless infrastructure, and they want to provide that augmentation.

不，我們其實也看到新興應用有更大的潛力。如果我們看市面上不同類型的 OEM，他們基本上正轉向提供越來越多的「服務化」，而作為服務的一部分，他們需要端到端的完整解決方案。我們同時提供終端側以及衛星側的無線通訊，然後他們會結合服務，打造所謂完整的端到端方案。而這個服務的核心，是要能提供無所不在的連線能力，不論是工業使用情境、物流使用情境等等，甚至是在無線基礎設施覆蓋很少的地方，他們也希望提供這種補強。

So those are all about system well beyond just mobile.

所以這些都是遠遠超出僅僅行動裝置的系統。

This concludes our question-and-answer session. I would like to turn the conference back over to Amir Panush for any closing remarks.

我們的問答環節到此結束。我想把電話會議交回給 Amir Panush，請他做結語。

Thank you. In closing, we believe CEVA is well positioned as the industry continues to evolve towards physical AI, where connectivity, sensing and inference converge at the edge. Our expanding portfolio, combined with our strategy to deliver more integrated system-level solutions is enabling us to increase our value per customer and strengthen our long-term royalty model. We remain focused on executing our strategy, deepening customer relationships and driving sustainable growth. Thank you for your continued support.

謝謝。最後，我們相信，隨著產業持續朝向實體 AI（physical AI）演進，在邊緣端連線、感測與推論相互匯聚之際，CEVA 已處於有利位置。我們不斷擴大的產品組合，加上我們提供更整合的系統級解決方案的策略，使我們能提升每位客戶的價值，並強化我們長期的權利金模式。我們將持續專注於落實策略、深化客戶關係並推動可持續的成長。感謝各位持續的支持。

Richard, I will hand over to you to wrap it up.

Richard，我把時間交給你做最後收尾。

Thank you, Amir. As a reminder, the prepared remarks for this conference call are accessible through the Investors section of our website. With regards to upcoming events, we will be participating in the following conferences: Oppenheimer 27th Annual Israeli Conference on May 18 in Tel Aviv; the JPMorgan 2026 Global Technology, Media and Communications Conference, May 20 in Boston, Massachusetts; TD Cowen's 54th Annual Technology, Media and Communications Conference, May 27 in New York; Stifel's Boston Cross Sector One-on-one Conference, June 2 in Boston; the 6th Annual Rosenblatt Technology Summit, the age of AI, June 10, being held virtually; and the 16th Annual ROTH London Conference, June 16 to 18 in London, England. 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.

謝謝你，Amir。提醒各位，本次電話會議的事先準備講稿可在我們網站的投資人（Investors）專區取得。關於即將到來的活動，我們將參與以下會議：5 月 18 日在特拉維夫舉行的 Oppenheimer 第 27 屆年度以色列會議；5 月 20 日在麻薩諸塞州波士頓舉行的 JPMorgan 2026 全球科技、媒體與通訊會議；5 月 27 日在紐約舉行的 TD Cowen 第 54 屆年度科技、媒體與通訊會議；6 月 2 日在波士頓舉行的 Stifel 波士頓跨產業一對一會議；6 月 10 日以線上形式舉行的第 6 屆年度 Rosenblatt 科技高峰會（AI 時代）；以及 6 月 16 日至 18 日在英國倫敦舉行的第 16 屆年度 ROTH 倫敦會議。關於這些活動以及我們將參與的所有活動之更多資訊，可在我們網站的投資人（Investors）專區查詢。謝謝，再見。

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

本次電話會議已結束。感謝各位參加今天的簡報。您現在可以掛線。