Short answer
CEVA INC (CEVA) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $110M (+2.5% year over year) and net income of −$11M.
- Top risk flagged: Regulatory risk: adoption of FASB ASU 2023-09 on income tax disclosures effective after Dec 15, 2024, impacting financial statement disclosures in 2025
FY2025 key financial metrics · XBRL
- Revenue
- $110M
- +2.5% YoY
- Net income
- −$11M
- −21.1% YoY
- Operating margin
- -10.4%
- −3.3 pp YoY
- Gross margin
- 87.1%
- −1.0 pp YoY
- EPS (diluted)
- −$0.44
- −18.9% YoY
- ROE
- -3.2%
- +0.1 pp YoY
- Operating cash flow
- −$3M
- −196.7% YoY
Source: XBRL data from the CEVA INC (CEVA) FY2025 10-K on SEC EDGAR. USD.
CEVA INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Licensing IP platforms, processors, and software enabling Physical AI; integrated connect, sense, infer capabilities for smart edge devices
- New emphasis on Physical AI as evolution of Edge AI, unifying connectivity, sensing, and inference in one technology fabric
- Strategic focus on scaling NeuPro AI NPUs for embedded and generative AI, expanding Wi-Fi 6/7, Bluetooth 6/7, UWB, 5G-Advanced adoption, and platform-level silicon-ready solutions
- Employee count over 400 globally in R&D, sales, support, with 300+ dedicated R&D; revenue from China customers rose from 49% in 2024 to 62% in 2025
- Maintains #1 global wireless connectivity IP share at 68% in 2024; devices embedding Ceva IP shipped in over 20B units since 2003 and ~2B annually now
Management Discussion & Analysis
- Revenue $109.6M in 2025, up 2.5% YoY from $106.9M in 2024; licensing up 6% to $63.6M, royalties down 2% to $46.0M
- Operating expenses $106.8M in 2025, up 5.0% YoY; R&D 68.3% of revenue (vs 67.0% in 2024); cost of revenue 12.9% of revenue (vs 11.9%)
- Best segment: Licensing revenue $63.6M, +6%; Worst segment: Royalty revenue $46.0M, -2% YoY
- Cash & equivalents $40.6M, marketable securities $179.3M, total $222.0M, up from $163.6M; $63.3M raised via equity offering in Q4 2025; capex $2.9M
- Outlook: Expect R&D expenses to rise in 2026 due to currency effects; risks include concentration of revenue from few customers and semiconductor supply softness impacting royalties
Risk Factors
- Regulatory risk: adoption of FASB ASU 2023-09 on income tax disclosures effective after Dec 15, 2024, impacting financial statement disclosures in 2025
- Geopolitical/macro risk: trade receivables concentrated in Asia Pacific region, increasing exposure to regional economic downturns or trade disruptions
- Operational risk: significant judgment required for estimating labor effort on customer-specific IP customization projects affecting revenue recognition timing
- Competitive risk: royalties dependent on licensees’ sales of products incorporating CEVA’s IP, subject to potential disruption from OEMs switching to competitors’ semiconductor IP
- Financial risk: net loss increased to 9.7% of revenues in 2025 from 8.2% in 2024, reflecting operating loss expansion and increased costs
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