CEVA Clocks 35% Revenue Growth In Q1 Powered By Dominance In Wireless IP

CEVA, Inc CEVA reported first-quarter FY22 revenue growth of 35% year-on-year to $34.4 million, beating the consensus of $32.9 million.
Segments: Licensing, non-recurring engineering (NRE), and related revenue increased 56% Y/Y to $22.4 million. Royalty revenue rose 9% Y/Y to $12 million.
The quarter saw 14 license agreements, including 3 with first-time customers.
Non-GAAP EPS of $0.18 beat the consensus of $0.17.
The gross margin contracted 925 bps to 81.4% as the costs soared 169% Y/Y.
CEVA held $162 million in cash and equivalents.
CEO Gideon Wertheizer stated: "Our strong first-quarter results and performance affirms our dominance in the ubiquitous wireless IP space and is the result of our excellence in execution and market reach."
Price Action: CEVA shares traded lower by 1.64% at $33.65 on the last check Tuesday.

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