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EX - 99.1 2 ex_248155.htm EXHIBIT 99.1 CEVA ● CEVA , Inc. Announces First Quarter 2021 Financial Results Total revenue of $ 25.4 million , up 8 % year - over - year Base Station & IoT category royalties exceeded expectations in first quarter , up 56 % year - over - year Wireless connectivity licensing for IoT , smartphones and smart home experiencing exceptional demand Exhibit 99.1 Rockville , MD , May 10 , 2021 CEVA , Inc. ( NASDAQ : CEVA ) , the leading licensor of wireless connectivity and smart sensing technologies , today announced its financial results for the first quarter ended March 31 , 2021 . Total revenue for the first quarter of 2021 was $ 25.4 million , an 8 % increase compared to $ 23.6 million reported for the first quarter of 2020. First quarter 2021 licensing and related revenue was $ 14.4 million , a decrease of 1 % when compared to $ 14.5 million reported for the same quarter a year ago . Royalty revenue for the first quarter of 2021 was $ 11.0 million , an increase of 21 % when compared to $ 9.1 million reported for the first quarter of 2020 . Eleven license agreemen were completed during the quarter , out of which two were with first time customers . Customers ' targ applications include 5G reduced capability ( RedCap ) connectivity , and Bluetooth , Wi - Fi and ultra - wide band ( UWB ) connectivity for a range of IoT , smartphones and smart home devices . Geographically , ten of the deals signed were in China , and one was elsewhere in the Asia - Pacific region . Gideon Wertheizer , CEO of CEVA , stated : “ Our first quarter results reflect a strong start for the year , with outstanding execution in licensing and royalty revenues exceeding our expectations . Our wireless connectivity technologies in particular are experiencing exceptional demand , driven by Bluetooth 5 and Wi - Fi 6 , and new IoT use cases based on the 5G RedCap standard and UWB . " Net loss for the first quarter of 2021 was $ 3.6 million , as compared to a net loss of $ 1.2 million reported for the same period in 2020 . GAAP diluted loss per share for the first quarter of 2021 was ( $ 0.16 ) , as compared to a GAAP diluted loss per share of ( $ 0.05 ) for the same period in 2020 . Non - GAAP net income and diluted earnings per share for the first quarter of 2021 decreased to $ 0.3 million and $ 0.01 , respectively , from $ 2.6 million and $ 0.11 reported for the first quarter of 2020. Non - GAAP net income and diluted earnings per share for the first quarter of 2021 excluded : ( a ) equity - based compensation expense , net of taxes , of $ 3.2 million , and ( b ) the impact of the amortization of acquired intangibles , net of taxes , of $ 0.7 million associated with the acquisition of the Hillcrest Labs business and investments in NB - IoT and Immervision technologies . Non - GAAP net income and diluted earnings per share for the first quarter of 2020 excluded : ( a ) equity - based compensation expense , net of taxes , of $ 3.1 million , and ( b ) the impact of the amortization of acquired intangibles , net of taxes , of $ 0.7 million associated with the acquisition of the Hillcrest Labs business and investments in NB - IoT and Immervision technologies . 1