Exhibit 99.1

CEVA, Inc. Announces First Quarter 2023 Financial Results

ROCKVILLE, MD., May 10, 2023 – CEVA, Inc. (NASDAQ: CEVA), the leading licensor of wireless connectivity and smart sensing technologies and custom SoC solutions, today announced its financial results for the first quarter ended March 31, 2023.

Total revenue for the first quarter of 2023 was $28.7 million, a 16% decrease compared to $34.4 million reported for the first quarter of 2022. First quarter 2023 licensing, non-recurring engineering (NRE) and related revenue was $20.7 million, a decrease of 7% when compared to $22.4 million reported for the same quarter a year ago. Royalty revenue for the first quarter of 2023 was $8.0 million, a decrease of 33% when compared to $12.0 million reported for the first quarter of 2022.

Amir Panush, Chief Executive Officer of CEVA, stated: “Our licensing business continued to show resilience in the first quarter, underpinned by strategic agreements for our 5G DSPs with a leading Android smartphone OEM and a wireless semiconductor company, and for our Wi-Fi 6 platform with a global leader of Wi-Fi access points. Royalties were impacted by customer inventory adjustments and prolonged weak demand for smartphones and PCs. Beyond these verticals, we are excited by record high royalty revenue contributions from our cellular IoT and Wi-Fi customers in the quarter.”

Mr. Panush added, “With the acquisition of the VisiSonics 3D spatial audio business announced today, we have taken an additional step in building our future strategy, bolstering our OEM application software licensing business with a best-in-class solution that expands our offerings in the high-volume hearable and consumer IoT markets including earbuds, headphones, gaming headsets and beyond.”

During the quarter, thirteen IP license and NRE agreements were concluded, targeting a wide variety of end markets and applications, including 5G for smartphones and broadband IoT, Wi-Fi 6 for access points and mesh networks, Bluetooth connectivity for TWS earbuds, consumer IoT and industrial devices, sensor fusion for robot vacuum cleaners and AI for automotive ADAS. Five agreements were with first-time customers.

GAAP gross margin for the first quarter of 2023 was 82%, as compared to GAAP gross margin of 81% for the same period in 2022. GAAP operating loss for the first quarter of 2023 was $4.8 million, as compared to a GAAP operating income of $0.5 million for the same period in 2022. GAAP net loss for the first quarter of 2023 was $4.9 million, as compared to a GAAP net loss of $1.7 million reported for the same period in 2022. GAAP diluted losses per share for the first quarter of 2023 was $0.21, as compared to a GAAP diluted losses per share of $0.07 for the same period in 2022.

Non-GAAP gross margin for the first quarters of 2023 and 2022 was both 84%. Non-GAAP operating income for the first quarter of 2023 was $0.07 million, as compared to $5.5 million reported for the first quarter of 2022. Non-GAAP net income and diluted earnings per share for the first quarter of 2023 were $0.1 million and $0.0, respectively, compared with $4.2 million and $0.18, respectively, reported for the first quarter of 2022.

Non-GAAP gross margin for the first quarter of 2023 excluded: (a) equity-based compensation expenses of $0.4 million and, (b) amortization of acquired intangibles of $0.3 million. Non-GAAP gross margin for the first quarter of 2022 excluded: (a) equity-based compensation expenses of $0.3 million and (b) amortization of acquired intangibles of $0.5 million.

Non-GAAP operating income for the first quarter of 2023 excluded: (a) equity-based compensation expenses of $3.9 million, (b) the impact of the amortization of acquired intangibles of $0.7 million associated with the acquisition of the Intrinsix and Hillcrest Labs businesses and investments in NB-IoT technologies and (c) $0.3 million of costs associated with the Intrinsix acquisition. Non-GAAP operating income for the first quarter of 2022 excluded: (a) equity-based compensation expenses of $3.4 million, (b) the impact of the amortization of acquired intangibles of $1.3 million associated with the acquisition of the Intrinsix and Hillcrest Labs business and investments in NB-IoT and Immervision technologies and (c) $0.3 million of costs associated with the Intrinsix acquisition.

Non-GAAP net income and diluted earnings per share for the first quarter of 2023 excluded: (a) equity-based compensation expenses of $3.9 million, (b) the impact of the amortization of acquired intangibles of $0.7 million associated with the acquisition of the Intrinsix and Hillcrest Labs businesses and investments in NB-IoT technologies, (c) $0.3 million of costs associated with the Intrinsix acquisition and (d) $0.1 million associated with the reevaluation of an investment in another company. Non-GAAP net income and diluted earnings per share for the first quarter of 2022 excluded: (a) equity-based compensation expenses of $3.4 million, (b) the impact of the amortization of acquired intangibles of $1.3 million associated with the acquisition of the Intrinsix and Hillcrest Labs businesses and investments in NB-IoT and Immervision technologies, (c) $0.3 million of costs associated with the Intrinsix acquisition and (d) $0.9 million loss, net of taxes, associated with the reevaluation of an investment in another company.

Yaniv Arieli, Chief Financial Officer of CEVA, stated: “Despite challenging market conditions this quarter, we remain well positioned to benefit from the long-term global megatrends of 5G, IoT and AI. Connectivity is at the forefront of these trends, and we continue to build upon our unrivalled position as the leading licensor of 5G, Bluetooth, Wi-Fi and cellular IoT platforms. Of note, in the quarter three new Wi-Fi 6 customers reported royalties for the first time, marking the next phase of royalty growth for our connectivity products. Our balance sheet remains strong to support our goals in building our future strategy.”

CEVA Conference Call

On May 10, 2023, CEVA management will conduct a conference call at 8:30 a.m. Eastern Time to discuss the operating performance for the quarter.

The conference call will be available via the following dial in numbers:

The conference call will also be available live via webcast at the following link: https://app.webinar.net/mZq5jdVx2Y1. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software.

For those who cannot access the live broadcast, a replay will be available by dialing +1-877-344-7529 or +1-412-317-0088 (conference replay code: 4990940) from one hour after the end of the call until 9:00 a.m. (Eastern Time) on May 17, 2023. The replay will also be available at CEVA's web site www.ceva-dsp.com.

Forward Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that if they materialize or prove incorrect, could cause the results of CEVA to differ materially from those expressed or implied by such forward-looking statements and assumptions. Forward-looking statements include statements regarding the impact of the ViviSonics 3D acquisition, CEVA’s ability to benefit from long term trends, CEVA’s ability to fund its future strategy, and CEVA’s growth prospects and potential. The risks, uncertainties and assumptions that could cause differing CEVA results include: the scope and duration of the COVID-19 pandemic; the extent and length of the restrictions associated with the COVID-19 pandemic and the impact on customers, consumer demand and the global economy generally; the ability of CEVA DSP cores and other technologies to continue to be strong growth drivers for us; our success in penetrating new markets, including in the base station and IoT markets, and maintaining our market position in existing markets; our ability to diversify the company's royalty streams, the ability of products incorporating our technologies to achieve market acceptance, the maturation of the connectivity, IoT and 5G markets, the effect of intense industry competition and consolidation, global chip market trends, including supply chain issues as a result of COVID-19 and other factors, the possibility that markets for CEVA's technologies may not develop as expected or that products incorporating our technologies do not achieve market acceptance; our ability to timely and successfully develop and introduce new technologies; our ability to successfully integrate Intrinsix into our business; and general market conditions and other risks relating to our business, including, but not limited to, those that are described from time to time in our SEC filings. CEVA assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

About CEVA, Inc.

CEVA is the leading licensor of wireless connectivity and smart sensing technologies and custom SoC solutions for a smarter, safer, connected world. We provide Digital Signal Processors, AI engines, wireless platforms, cryptography cores and complementary embedded software for sensor fusion, image enhancement, computer vision, spatial audio, voice input and artificial intelligence. These technologies are offered in combination with our Intrinsix IP integration services, helping our customers address their most complex and time-critical integrated circuit design projects. Leveraging our technologies and chip design skills, many of the world’s leading semiconductors, system companies and OEMs create power-efficient, intelligent, secure and connected devices for a range of end markets, including mobile, consumer, automotive, robotics, industrial, aerospace & defense and IoT.

Our DSP-based solutions include platforms for 5G baseband processing in mobile, IoT and infrastructure, advanced imaging and computer vision for any camera-enabled device, audio/voice/speech and ultra-low-power always-on/sensing applications for multiple IoT markets. For motion sensing solutions, our Hillcrest Labs sensor processing technologies provide a broad range of sensor fusion software and inertial measurement unit (“IMU”) solutions for markets including hearables, wearables, AR/VR, PC, robotics, remote controls and IoT. For wireless IoT, our platforms for Bluetooth connectivity (low energy and dual mode), Wi-Fi 4/5/6 (802.11n/ac/ax), Ultra-wideband (UWB), NB-IoT and GNSS are the most broadly licensed connectivity platforms in the industry.

CEVA is a sustainable and environmentally conscious company, adhering to our Code of Business Conduct and Ethics. As such, we emphasize and focus on environmental preservation, recycling, the welfare of our employees and privacy – which we promote on a corporate level. At CEVA, we are committed to social responsibility, values of preservation and consciousness towards these purposes.

Visit us at www.ceva-dsp.com and follow us on Twitter, YouTube, Facebook, LinkedIn and Instagram.

Source: CEVA, Inc.

For More Information Contact:

CEVA, INC. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF LOSS – U.S. GAAP

U.S. dollars in thousands, except per share data

Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures

U.S. Dollars in thousands, except per share amounts

CEVA, INC. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. Dollars in thousands)

(*) Derived from audited financial statements

Exhibit 99.2

CEVA, Inc. Q1 2023 Financial Results Conference Call - Prepared Remarks:: May 10, 2023

CEVA, INC.

First Quarter 2023 Financial Results Conference Call

Prepared Remarks of Amir Panush, Chief Executive Officer and
Yaniv Arieli, Chief Financial Officer

May 10, 2023

8:30 A.M. Eastern

Richard

Good morning everyone and welcome to CEVA’s first quarter 2023 earnings conference call. Joining me today on the call are Amir Panush, Chief Executive Officer, and Yaniv Arieli, Chief Financial Officer of CEVA.

Forward Looking Statements and Non-GAAP Financial Measures

Before handing over to Amir, I would like to remind everyone that today’s discussion contains forward-looking statements that involve risks and uncertainties, as well as assumptions that if they materialize or prove incorrect, could cause the results of CEVA to differ materially from those expressed or implied by such forward-looking statements and assumptions. Forward-looking statements include statements regarding market trends and dynamics, opportunities for Wi-Fi and 5G; our market position, strategy and growth drivers, including with respect to potential benefits of our acquisition of the 3D Spatial Audio business from ViviSonics; demand for and benefits of our technologies; expectations and financial guidance regarding future performance, including guidance for the second quarter of 2023; and our plans for attending investor events. For information on the factors that could cause a difference in our results, please refer to our filings with the Securities and Exchange Commission. These include: consumer demand and the global economy generally; the ability of CEVA’s IPs for smarter, connected devices to continue to be strong growth drivers for us; our success in penetrating new markets and maintaining our market position in existing markets; the ability of new products incorporating our technologies to achieve market acceptance; the speed and extent of the expansion of the 5G and IoT markets; our ability to execute more base station & IoT license agreements; the effect of intense industry competition and consolidation; global chip market trends; and our ability to successfully integrate Intrinsix into our business. CEVA assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

CEVA, Inc. Q1 2023 Financial Results Conference Call - Prepared Remarks:: May 10, 2023

In addition, we will be discussing certain non-GAAP financial measures which we believe provide a more meaningful analysis of our core operating results and comparison of quarterly results. A reconciliation of non-GAAP financial measures is included in the earnings release we issued this morning and in the SEC filings section of our investors relations website at investors.ceva-dsp.com.

With that said, I’d like to turn the call over to Amir who will review our business performance for the quarter and provide some insight into our ongoing business. Amir?

Amir

Thank you, Richard. Welcome everyone and thank you for joining us today. Our first quarter results showed continued progress in diversifying and expanding our licensing business. However, royalties were impacted by customer inventory adjustments and prolonged weak demand for smartphones and PCs.

Looking at licensing in more detail, thanks to hard work and efforts of our team, we signed 13 new licensing and NRE agreements in the quarter. We continue to have excellent traction across our wireless connectivity portfolio in particular, where our 5G and Wi-Fi 6 platforms are in strong demand. Of note, three of the licensing agreements we signed in the quarter are of strategic significance - one for our DSPs with a leading Android smartphone OEM for their in-house 5G modem efforts, one for our PentaG2 platform for broadband IoT, and one for our Wi-Fi 6 Access Point IP with a global OEM who is one of the leading providers of Wi-Fi access points and other networking devices. I will expand on these deals shortly. Other deals signed in the quarter target Bluetooth connectivity for TWS earbuds, consumer IoT and industrial devices, Wi-Fi 6 for access points and mesh use cases, sensor fusion for robot vacuum cleaners and AI for automotive ADAS.

In royalties, the magnitude of the decline in smartphone and PC related royalties was primarily driven by a pull-in of handset baseband shipments in the fourth quarter, which, combined with traditional seasonality, resulted in a correction in the first quarter due to inventory buildup. Following conversations we have had with customers and others in the supply chain, we understand that demand has resumed and expect a return to more normal levels as early as the second quarter.

CEVA, Inc. Q1 2023 Financial Results Conference Call - Prepared Remarks:: May 10, 2023

Outside of smartphones, we saw excellent growth in our Wi-Fi and Cellular IoT royalties, both of which contributed all-time high royalty revenue in the quarter. Wi-Fi royalties more than doubled sequentially, thanks in part to three new royalty paying customers that reported Wi-Fi 6 shipments to us for the first time. Bluetooth also continued to perform well across the broad consumer IoT markets where we have a large presence, while Bluetooth royalties from smartphones were affected by the correction I spoke of. Overall, handset royalties declined 64% sequentially and 71% year-over-year, while base station & IoT royalties declined just 4% sequentially and 7% annually.

On our last earnings call, I outlined three areas I identified as key growth drivers for CEVA, which align with the longer-term global megatrends. I want to take the opportunity now to update you on our progress in relation to these.

CEVA, Inc. Q1 2023 Financial Results Conference Call - Prepared Remarks:: May 10, 2023

And as our customer base expands, our future royalty opportunity for Wi-Fi continues to grow. Market research firm Techno Systems Research forecasts that Wi-Fi 6 device shipments will reach 2.8 billion devices annually by 2027, growing at a CAGR of 25%. As we have discussed previously, we believe the market opportunity for us in Wi-Fi 6 based on our customer design wins, is as big as Bluetooth, but with greater royalty revenue potential. Our actions this quarter only serve to reinforce my belief that our Wi-Fi business will be a key royalty growth contributor in the coming years.

CEVA, Inc. Q1 2023 Financial Results Conference Call - Prepared Remarks:: May 10, 2023

In summary, despite market challenges this quarter, I believe the opportunities we have in front of us continue to grow. We have an outstanding portfolio of wireless connectivity and smart sensing technologies, and have fostered strong relationships around the world with leading fabless companies and OEMs. I met with a number of key customers around the world in the quarter and am encouraged by their appetite to expand their relationship with us. Finally, the VisiSonics spatial audio business acquisition we announced today is an additional step in building our future strategy, bolstering our application software licensing business.

Now I will turn the call over to Yaniv for the financials.

Yaniv

Thank you, Amir and good day to all. I’ll now start by reviewing the results of our operations for the first quarter of 2023.

-         Revenue for the first quarter was $28.7 million, as compared to $34.4 million for the same quarter last year. The revenue breakdown is as follows:

-         Licensing, NRE and related revenue - reflecting 72% of total revenues - was $20.7 million, as compared to $22.4 million for the first quarter of 2022.

-         Royalty revenue - reflecting 28% of total revenues - was $8.0 million, as compared to $12.0 million for the same quarter last year.

-         Quarterly gross margins came in as expected on GAAP and slightly lower on non-GAAP basis, due to lower royalty revenue in the quarter. Gross margin was 82% on a GAAP basis and 84% on a non-GAAP basis compared to our 82% and 85% guidance on GAAP and non-GAAP, respectively. Non-GAAP quarterly gross margin excluded approximately: (a) equity-based compensation expenses of $0.4 million and (b) amortization of acquired intangibles $0.3 million.

-         Total GAAP operating expenses for the first quarter was above the high-end of our guidance at $28.2 million due to the timing of Israeli Innovation Authority grants received, lower allocation of Intrinsix’ NRE costs from R&D into cost of revenue, and higher professional fees.

-         Total non-GAAP operating expenses for the first quarter, excluding equity-based compensation expenses, amortization of intangibles, and holdback expenses, were $24.1 million, also above the higher-end of our guidance, due to the same reasons I just explained.

-         GAAP operating loss for the first quarter was $4.8 million, down from a GAAP operating profit of $0.5 million in the same quarter a year ago. GAAP quarterly operating profit included: (a) equity-based compensation expenses of $3.9 million, (b) the impact of the amortization of acquired intangibles of $0.7 million associated with the acquisition of the Intrinsix and Hillcrest Labs businesses, and (c) $0.3 million of costs associated with the Intrinsix acquisition. Non-GAAP operating profit was $0.1 million, lower than first quarter 2022 of $5.5 million.

CEVA, Inc. Q1 2023 Financial Results Conference Call - Prepared Remarks:: May 10, 2023

-          GAAP and non-GAAP tax expense of $1.4 million was recorded, mainly associated with withholding tax deducted by our customers that could not be utilized and were expensed.

-          GAAP loss was $4.9 million and diluted loss per share was 21 cents for the first quarter of 2023, as compared to a loss of $1.7 million and diluted loss per share of 7 cents for the first quarter of 2022.

With respect to other related data

Shipped units by CEVA licensees during the first quarter of 2023 were 297 million units, as compared to fourth quarter of 2022 reported shipments of 375 million units, primarily for the reasons Amir discussed earlier.

-         Of the 297 million units reported, 27 million units, or 9%, were for handset baseband chips.

-         Our base station and IoT product shipments were 270 million units, as compared to 308 million units in the fourth quarter of 2022 and 531 million units in the first quarter of 2022.

-         Bluetooth shipments were 190 million units in the quarter, as compared to 220 million units in the fourth quarter of 2022, mainly due to lower shipments from our Bluetooth smartphone customers associated with the inventory correction.

-         Cellular IoT units were up 19% sequentially to an all-time high of 29 million units.

-         Wi-Fi shipments were 21 million units, as compared to 37 million units in the fourth quarter of 2022. However, we are encouraged by the Wi-Fi product mix as it starts to shift towards Wi-Fi 6, which commands a higher average selling price, resulting in higher royalties. This positive trend reflects the long-term Wi-Fi royalty opportunity.

-         Other shipments under our base station & IoT umbrella totaled 30 million units in the quarter. This includes our computer vision, AI, audio, sensor fusion, 5G RAN and DSPs for non-cellular communications.

-          As Amir stated, both Wi-Fi and Cellular IoT contributed all-time high in-category royalty revenues in the quarter. Wi-Fi royalties more than doubled from last quarter thanks in part to three new royalty paying customers that reported Wi-Fi 6 shipments for the first time and is the start of the Wi-Fi 6 royalty cycle for us.

CEVA, Inc. Q1 2023 Financial Results Conference Call - Prepared Remarks:: May 10, 2023

As for the balance sheet items

-         At the end of the quarter our cash and cash equivalent balances, marketable securities and bank deposits were approximately $145 million.

-         Our DSO for the first quarter of 2023 increased to 69 days from 34 days in the prior quarter.

-         During the first quarter, we used $5.1 million cash from operating activities, on-going depreciation and amortization was $1.4 million, and purchase of fixed assets was $0.1 million.

-         At the end of the first quarter, our headcount was 497 people, of whom 413 were engineers. This is up from a total of 487 people at the end of 2022.

Now, turning to our outlook

As Amir discussed, the smartphone and PC markets continue to experience soft demand. However, within our handset and base station customer mix, we expect strong chip shipments recovery in the second quarter.

Our licensing, NRE and related revenues business continues to generate customer traction across our diversified portfolio.

In royalties, with several new customers that recently started production, and with the expectation for meaningfully higher shipment volumes of our handset and base station customers in the second quarter, we forecast sequentially higher royalties. Also, the strength of our wireless connectivity markets and customers will continue throughout the year.

In light of the current macro environment, we continue to monitor our expenses closely and will take appropriate steps as we see fit. In this regard, we are currently planning for non-GAAP OPEX to be slightly lower than first quarter level, in each of the quarters for the rest of the year.

CEVA, Inc. Q1 2023 Financial Results Conference Call - Prepared Remarks:: May 10, 2023

Specifically for the second quarter of 2023

Gross margin is expected to be similar to the first quarter, approximately 82% on GAAP basis, and slightly higher sequentially on non-GAAP basis to 85%, excluding an aggregate of $0.4 million of equity-based compensation expenses and $0.3 million amortization of acquired intangibles.

-         OPEX for the second quarter of 2023 is expected to be flattish with the first quarter of 2023, and in the range of $27.7 million to $28.7 million, including an expected $4.1 million of equity-based compensation expenses, $0.2 million to the Intrinsix holdback related expenses, and $0.3 million for amortization of acquired intangibles. Non-GAAP OPEX is expected to be slightly lower than the first quarter and in the range of $23.1 million – $24.1 million.

-         Net interest income is expected to be approximately $0.7 million.

-         Taxes for the second quarter are expected to be approximately $1.4 million derived mainly from withholding taxes.

-         Share count for the second quarter of 2023 is expected to be 24.4 million shares.

CEVA, Inc. Q1 2023 Financial Results Conference Call - Prepared Remarks:: May 10, 2023

Operator: You can now open the Q&A session

Wrap Up: Richard

Thank you for joining us today and for your continued interest in CEVA. As a reminder, the prepared remarks for this conference call are filed as an exhibit to the Current Report on Form 8-K and accessible through the investor section of our website at https://investors.ceva-dsp.com.

With regards to upcoming events, we will be participating in the following conferences:

Further information on these events and all events we will be participating in can be found on the investors section of our website.

Thank you and goodbye