CEVA INC (CEVA) FY2025 10-K Annual Report
Filed: Feb 27, 2026
Information Technology
Services-Computer Programming, Data Processing, Etc.SEC EDGAR CEVA INC (CEVA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
CEVA INC FY2025 10-K Analysis
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
CEVA INC FY2025 Key Financial MetricsXBRL
Revenue
$110M
▲ +2.5% YoY
Net Income
-$11M
▼ -21.1% YoY
Gross Margin
87.1%
▼ -98bp YoY
Operating Margin
-10.4%
▼ -330bp YoY
Net Margin
-9.7%
▼ -149bp YoY
ROE
-3.2%
▲ +13bp YoY
Total Assets
$388M
▲ +25.7% YoY
EPS (Diluted)
$-0.44
▼ -18.9% YoY
Operating Cash Flow
-$3M
▼ -196.7% YoY
Source: XBRL data from CEVA INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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