Solid Start To The Year

研报英文原文证据摘录

Solid Start To The Year

Semiconductors

CEVA

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 11, 2026

Price: $36.46 (05/11/2026) Solid Start To The Year

Price Target: $45.00 (Prior $24.00)

BUY (1)

ESG SCORE: 75/100

Joshua Buchalter, CFA THE TD COWEN INSIGHT

646 562 1303

With shares up >75% into earnings, CEVA delivered a strong start to 2026 with its best licensing

joshua.buchalter@tdsecurities.com

quarter in three years as higher value system level deals gain traction across connectivity and

Ethan Potasnick AI. AI now accounts for >20% of licensing, with early automotive production wins improving

646 562 1425 long-term royalty visibility. 2026 guidance raised to the high-end of prior 8-12% range. Reit

ethan.potasnick@tdsecurities.com

Buy, PT to $45.

Lannie Trieu, CFA

415 646 7217 What Happened? CEVA reported a strong start to 2026 with revs/EPS exceeding expectations.

lannie.trieu@tdsecurities.com Results were driven by licensing strength +18% Y/Y to $17.8M, representing the strongest

Sam Reiff, CFA licensing quarter in three years. Royalty sales were flat Y/Y, as 8% Y/Y growth in non-mobile

312 577 2217 devices via Smart Edge markets was offset by seasonal softness in mobile which management

sam.reiff@tdsecurities.com characterized as largely timing related and driven by inventory and memory constraints.

Looking ahead, CEVA guided 2Q26 revenue to $26M-$30M, with NG-GMs of high-80%, and

Sean O'Loughlin, CFA

OpEx largely stably Q/Q. For FY26, management raised its outlook toward the top end of the646 562 1327

sean.oloughlin@tdsecurities.com prior 8%-12% revenue growth driven by early execution, improved visibility, better licensing

mix, and realized AI monetization

Key Data