Exhibit 99.1

CEVA, Inc. Announces Third Quarter 2023 Financial Results

ROCKVILLE, MD., November 8, 2023 – CEVA, Inc. (NASDAQ: CEVA), the leading licensor of wireless connectivity and smart sensing technologies which have powered more than 16 billion devices, today announced its financial results for the third quarter ended September 30, 2023. Financial results for the third quarter and all periods presented reflect CEVA’s continuing operations only, with the Intrinsix business reflected as a discontinued operation, unless otherwise noted.

Total revenue for the third quarter of 2023 was $24.1 million, a 20% decrease compared to $30.0 million reported for the third quarter of 2022. Third quarter of 2023 licensing and related revenue was $13.9 million compared to $18.7 million reported for the same quarter a year ago but up 3% sequentially. Royalty revenue for the third quarter of 2023 was $10.1 million, a decrease of 11% when compared to $11.4 million reported for the third quarter of 2022, but up 8% sequentially.

Amir Panush, Chief Executive Officer of CEVA, remarked: “The CEVA team delivered solid third quarter results, with sequential improvements in both licensing and royalty revenues as we refocused all our efforts on driving the IP business following the sale of Intrinsix. In licensing, our wireless communications IPs continue to be in strong demand, underpinned by three more Wi-Fi & Bluetooth combo deals, including a customer for our new Wi-Fi 7 IP for Access Points. In royalties, we reported our second highest CEVA-powered device shipments in a quarter, totaling half a billion units. These results reflect robust restocking demand for consumer devices and illustrative of the strength of our customer base.”

During the quarter, thirteen IP license agreements were concluded, targeting a wide variety of end markets and applications, including Wi-Fi 7, Wi-Fi 6 and Bluetooth 5 for connectivity chips targeting access points, smart home automation, smart wearables and single board computers, Bluetooth audio for a global leader in hearing care, and a communications DSP license targeting high-volume satellite communications. Four agreements were with first-time customers and two were with OEM customers.

GAAP gross margin for the third quarter of 2023 was 90% as compared to 81% in the third quarter of 2022. GAAP operating loss for the third quarter of 2023 was $2.7 million, as compared to a GAAP operating loss of $2.4 million for the same period in 2022. GAAP net loss for the third quarter of 2023 was $2.7 million, as compared to a GAAP net loss of $20.6 million reported for the same period in 2022. GAAP diluted losses per share for the third quarter of 2023 was $0.12, as compared to GAAP diluted losses per share of $0.89 for the same period in 2022.

GAAP net loss with the discontinued operations for the third quarter was $5.0 million, as compared to GAAP net loss with the discontinued operations of $22.3 million for the same quarter last year. GAAP diluted losses per share with the discontinued operations for the third quarter of 2023 was $0.21, as compared to GAAP diluted losses per share with the discontinued operations of $0.96 for the same period in 2022.

Non-GAAP gross margin for the third quarter of 2023 was 92%, as compared to 89% for the same period in 2022. Non-GAAP operating income for the third quarter of 2023 was $1.6 million, as compared to Non-GAAP operating income of $7.3 million reported for the third quarter of 2022. Non-GAAP net income and diluted income per share for the third quarter of 2023 were $1.4 million and $0.06, respectively, compared with Non-GAAP net income and diluted income per share of $5.2 million and $0.22, respectively, reported for the third quarter of 2022.

Non-GAAP net income with the discontinued operations for the third quarter of 2023 was $0.4 million, as compared to non-GAAP net income with the discontinued operations of $4.7 million for the same quarter last year. Non-GAAP diluted income per share with the discontinued operations for the third quarter of 2023 was $0.02, as compared to Non-GAAP diluted income per share of $0.20 for the same period in 2022.

Non-GAAP gross margin for the third quarter of 2023 excluded: (a) equity-based compensation expenses of $0.2 million and (b) amortization of acquired intangibles of $0.1 million. Non-GAAP gross margin for the third quarter of 2022 excluded: (a) equity-based compensation expenses of $0.2 million, (b) amortization of acquired intangibles of $0.2 million and (c) impairment charges of $2.0 million relating to discontinued Immervision technology and non-performing assets of certain NB-IoT technology.

Non-GAAP operating income for the third quarter of 2023 excluded: (a) equity-based compensation expenses of $4.0 million, (b) the impact of the amortization of acquired intangibles of $0.3 million and (c) $0.1 million of costs associated with business acquisitions. Non-GAAP operating income for the third quarter of 2022 excluded: (a) equity-based compensation expenses of $3.4 million, (b) the impact of the amortization of acquired intangibles of $0.8 million and (c) impairment charges of $5.5 million relating to discontinued Immervision technology and non-performing assets of certain NB-IoT technology.

Non-GAAP net income and diluted income per share for the third quarter of 2023 excluded: (a) equity-based compensation expenses of $4.0 million, (b) the impact of the amortization of acquired intangibles of $0.3 million, (c) $0.1 million of costs associated with business acquisitions and (d) $0.2 million income associated with the reevaluation of an investment in another company. Non-GAAP net income and diluted earnings per share for the third quarter of 2022 excluded: (a) equity-based compensation expenses of $3.4 million, (b) the impact of the amortization of acquired intangibles of $0.8 million, (c) $0.5 million loss associated with the remeasurement of marketable equity securities, (d) impairment charges of $5.5 million relating to discontinued Immervision technology and non-performing assets of certain NB-IoT technology and (e) a $15.7 million write-off of a deferred tax asset, including withholding tax assets that we will not be able to utilize as a tax credit.

Yaniv Arieli, Chief Financial Officer of CEVA, stated: “Following the sale of Intrinsix, our gross margins have returned to our historic levels, reaching 90% and 92% on a GAAP and non-GAAP basis, respectively, in the quarter. We have also recorded lower OPEX for the quarter, which we will continue to monitor and manage closely. In addition, proceeds from the sale of the Intrinsix business have increased our cash and cash equivalent balances to $160 million in early October, some of which will be used to execute on our expanded share repurchase plan announced today.”

CEVA Conference Call

On November 8, 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/BOnmpeNLrwY. 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: 5006273) from one hour after the end of the call until 9:00 a.m. (Eastern Time) on November 15, 2023. The replay will also be available at CEVA's web site www.ceva-dsp.com.

CEVA Investor Day

CEVA management will host an Investor Day at the Nasdaq MarketSite in New York City on Wednesday, December 6, 2023,

This event will highlight CEVA’s growth strategy with a presentation by CEVA CEO Amir Panush, followed by market and technology overviews and a longer-term financial outlook. Presentations will be followed by a Q&A session.

A live webcast of the event will be available through the CEVA Investor Relations website beginning at approximately 9:00 a.m. Eastern Time. A replay of the webcast and supporting materials will be available after the conclusion of the event.

For more information, contact irceva@ceva-dsp.com.

About CEVA, Inc.

CEVA is the leading licensor of wireless connectivity and smart sensing technologies for a smarter, safer, connected world. We provide Digital Signal Processors, AI engines, wireless platforms and complementary embedded software for sensor fusion, image enhancement, computer vision, spatial audio, voice input and artificial intelligence. Leveraging our technologies, 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 and IoT.

Our DSP and AI 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:

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 demand for CEVA’s portfolio of technologies, CEVA’s refocusing of efforts on its IP business following the sale of Intrinsix and potential use of cash balances to expand on the CEVA’s share repurchase program. The risks, uncertainties and assumptions that could cause differing CEVA results include: the effect of intense industry competition; the ability of CEVA’s technologies and products incorporating CEVA’s technologies to achieve market acceptance; CEVA’s ability to meet changing needs of end-users and evolving market demands; the cyclical nature of and general economic conditions in the semiconductor industry; CEVA’s ability to diversify its royalty streams and license revenues; CEVA’s ability to continue to generate significant revenues from the handset baseband market and to penetrate new markets; instability and disruptions related to the ongoing Israel-Gaza conflict; and general market conditions and other risks relating to CEVA’s 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.

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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

(*) Derived from audited financial statements.

Exhibit 99.2

CEVA, Inc. Q3 2023 Financial Results Conference Call - Prepared Remarks: November 8, 2023

CEVA, INC.

Third Quarter 2023 Financial Results Conference Call

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

November 8, 2023

8:30 A.M. Eastern

Richard

Good morning everyone and welcome to CEVA’s third 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 the benefits and future financial impacts of the divestment of the Intrinsix business and related refocusing our core strengths of IP development and licensing, market trends and dynamics, our market position, strategy and growth drivers, including with respect to Wi-Fi 7, demand for and benefits of our technologies, plans with respect to CEVA’s share repurchase program, and expectations and financial guidance regarding future performance. CEVA assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

In addition, following the divestment of the Intrinsix business to Cadence, financial results from Intrinsix were transitioned to discontinued operations beginning in the third quarter of 2023, and all prior period financial results have been recast accordingly. We will also 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.

CEVA, Inc. Q3 2023 Financial Results Conference Call - Prepared Remarks: November 8, 2023

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;

Thank you, Richard. Welcome everyone and thank you for joining us today.

Before I begin, I would like to address the situation in Israel following the horrifying attacks that took place a month ago. This has been an extremely difficult and heartbreaking time for all of us, and I would like to thank the many of you who have reached out to us for your support. Our priority at this time has been for the safety and wellbeing of our employees and their families, and we are doing everything we can to ensure we provide them with the support they need. In the midst of these adversities, our operations in Israel remain largely unaffected and we continue to drive our business and support our customers globally. I want to thank our employees in Israel and abroad for all of their efforts during this difficult time.

Turning our attention to the business, since being appointed CEO of CEVA at the beginning of the year, I have emphasized our need to focus our efforts on our key IP pillars, where we have built strong leadership with differentiated offerings and that are best suited to drive scale and synergies across our technologies, globally. In the quarter, we took an important step in this strategy with our decision to strategically exit the US Aerospace & Defense (A&D) design services industry and divest the Intrinsix business.

When we acquired the Intrinsix business in 2021, our thesis was that it would help increase our presence in the U.S. Aerospace & Defense industry and expand our offerings to co-create IP-SoC designs leveraging the Intrinsix team. However, what became clear to me after joining is that the A&D industry doesn’t offer product volumes that align with the IP royalty business model, and while the Intrinsix team has a legacy in U.S. A&D design service capabilities, these were not applicable to our global customer base.

CEVA, Inc. Q3 2023 Financial Results Conference Call - Prepared Remarks: November 8, 2023

The sale of Intrinsix to Cadence closed on October 2nd. For reference, in the first three quarters of 2023, Intrinsix contributed just shy of 10% of overall combined revenues, lower than our internal plan and with lower margins and lack of profitability compared to our core business. We expect the divestment of Intrinsix to be accretive for us from day one and return us to the 90’ish percent gross margins moving forward. Moreover, this divestment will allow us to drive stronger focus on our key strengths, namely wireless communications, edge AI and sensing software IP. Yaniv will elaborate on the financial impact of the divestment in his section shortly.

The proceeds from the sale will serve to help us invest in our future growth, reinforce our leadership position as the world’s #1 supplier of wireless communications IP, and pursue the compelling opportunity we see in edge AI for our DSP+NPU platforms and sensing software IPs. I want to emphasize also that we will continue to offer system design support to customers globally, that wish to customize our IPs for their projects as we still see strong demand for chip design expertise from our OEM customers, in particular. But we will not focus on a service only type business model.

Turning to our earnings, we delivered solid results, with recovery in our IP licensing business and, of note, our deal pipeline is the strongest it has been this year. In royalties, we are encouraged by the second sequential quarter of royalty growth, shipping in half a billion CEVA-powered devices. This robust level of CEVA-powered shipments is very encouraging. It’s an indicator as to the strength of our customer base in winning business and taking advantage of the consumer demand recovery during the quarter.

Moving on to our licensing and royalty business performance in the quarter. We signed 13 new licensing deals in the third quarter, with exceptional demand and contribution from our wireless communications IP portfolio, where our leadership position is unrivalled in the industry. Recently, we reached the important milestone of passing $100 million in licensing revenues for our Bluetooth portfolio since it became a mature product. We added another nine licensing agreements for our Bluetooth IP this quarter alone. Three of these customers also licensed our Wi-Fi IPs to develop wireless combo chips. One of them, licensed our new Wi-Fi 7 IP for Access Points, which carries a substantial ASP uplift over the current generation Wi-Fi 6 IP, both for licensing and royalties.

CEVA, Inc. Q3 2023 Financial Results Conference Call - Prepared Remarks: November 8, 2023

Wi-Fi 7 poses a significant opportunity for us, with ABI Research forecasting end device shipments of Wi-Fi 7 chipsets to grow at a CAGR of 75% from 2023-2028, to more than 1.5 billion units annually. With close to 40 Wi-Fi 6 licensees to date, we are the de facto IP vendor for Wi-Fi in the industry. Each generation of Wi-Fi becomes even more complex for chip designers, and our ability to have leading-edge Wi-Fi IP available in the same timeframe as the Wi-Fi standard is ratified means that we can enable our customers to get to market rapidly, with lower risk and more cost effectively.

When you add in the fact that we can also provide the latest generation Bluetooth IP that is required in almost every use case today, not to mention our UWB and cellular IoT IPs, our value proposition around wireless communications is exceptional. There is only a handful of companies in the world today that have a leading-edge wireless portfolio as comprehensive as ours, and we are the only IP company amongst the leaders. We are investing to expand our leadership and ensure our customers always receive the best-in-class, latest standard IPs to integrate connectivity into their chip designs. We expect 2024 Wi-Fi licensing to be driven by Wi-Fi 7 demand, while Wi-Fi 6 royalties will experience meaningful growth in tandem. We will provide more color around our Wi-Fi 6 and Wi-Fi 7 status and opportunities on our upcoming investor day scheduled for December 6th in New York city.

The other two Wi-Fi combo deals signed in the quarter were for Wi-Fi 6 for smart edge devices. One was with a leading platform OEM in the electronics maker community whose devices are widely used in education and prototyping who is expanding his offering by integrating Wi-Fi 6 and Bluetooth, and the second deal was with a major designer and manufacturer of embedded systems.

Other notable deals concluded in the quarter included new agreements for our leading-edge Bluetooth IP with a global OEM leader in hearing care solutions and with a leading player for hearable and wearable intelligent chips, and a deal for our DSP targeting the high growth satellite communications market.

CEVA, Inc. Q3 2023 Financial Results Conference Call - Prepared Remarks: November 8, 2023

Now, on to royalties. We reported the second highest volume of CEVA-powered device shipments for any quarter in the Company’s history, driven by a recovery in consumer demand. As is evident from the strength of our wireless communications licensing business in the past few years, wireless chips continue to lead the way in terms of device shipments, with Bluetooth chips in the quarter surpassing 300 million units, and cellular IoT shipments at an all-time high of more than 35 million units. An area of softness in the quarter was wireless infrastructure, where our main customers for 5G RAN reported weaker than anticipated 5G network builds. For our sensing and AI technologies, shipments of TVs, PCs and smart edge devices grew sequentially, including good traction for our audio technologies.

To conclude, our business performed solidly in the third quarter, and we are encouraged by the healthy licensing pipeline that we are building for this quarter and beyond. In royalties, the half a billion devices shipped in the quarter powered by our IP reflects the ability of our strong customer base to win business and take advantage of the consumer demand recovery. With the sale of Intrinsix, we have taken an important step which will allow us to fully focus on our core strengths of IP development and licensing, which is where we see the greatest opportunities for growth and value creation for our investors. In addition, reinforcing shareholder value, the board of directors decided to increase our existing 10b-18 repurchase program by additional 700,000 shares.

Finally, we recently established a corporate strategy function at CEVA and appointed Iri Trashanski as our Chief Strategy Officer. Iri is a results-driven semiconductor and technology executive and his experience and knowledge gained from more than 20 years in the semiconductor industry will be instrumental in defining our future strategy and help drive long-term growth.

I look forward to seeing many of you at our Investor Day in New York on December 6th, where we will plan to share our strategy and vision for CEVA and outline the growth drivers and opportunities in the years ahead.

Now, let me turn over the call to Yaniv who will review our third quarter financial results and provide fourth quarter and 2024 guidance.

CEVA, Inc. Q3 2023 Financial Results Conference Call - Prepared Remarks: November 8, 2023

Yaniv

Thank you, Amir, and good day to all. Before I start reviewing the results of our operations for the third quarter of 2023, I want to explain that revenues, cost of goods and operating expenses for the third quarter do not include Intrinsix numbers, reflecting the Intrinsix business as a held for sale, discontinued operation, unless otherwise noted.

-         Revenue for the third quarter was $24.1 million, as compared to $30.0 million for the same quarter last year. The revenue breakdown is as follows:

-         Licensing and related revenue - reflecting 58% of total revenues - was $13.9 million, as compared to $18.7 million for the third quarter of 2022, but up 3% sequentially.

-         Royalty revenue - reflecting 42% of total revenues - was $10.1 million, as compared to $11.4 million for the same quarter last year. However, this is the second sequential increase from the first and second quarters of 2023. This supports the recovery we have seen in handset and general IoT product demand in the third quarter.

-         Quarterly gross margins on the CEVA standalone business without the discontinued operations came in at 90% on GAAP and 92% on non-GAAP basis, due to lower service-related expenses. Non-GAAP quarterly gross margin excluded: (a) equity-based compensation expenses of $0.2 million and (b) amortization of acquired intangibles $0.1 million.

-         Total GAAP operating expenses for the third quarter was $24.4 million, lower than our guidance, because of (a) exclusion of Intrinsix business costs, (b) actions taken by management to reduce costs, and (c) lower employee-related expenses.

-         Total non-GAAP operating expenses for the third quarter, excluding equity-based compensation expenses and amortization of intangibles, were $20.4 million, also below the lower-end of our guidance, due to the same reasons I just explained.

-         GAAP operating loss for the third quarter was $2.7 million, up from GAAP operating loss of $2.4 million in the same quarter a year ago. GAAP quarterly operating loss included: (a) equity-based compensation expenses of $4.0 million, (b) the impact of the amortization of acquired intangibles of $0.3 million and (c) $0.1 million of costs associated with deal costs.

CEVA, Inc. Q3 2023 Financial Results Conference Call - Prepared Remarks: November 8, 2023

Non-GAAP operating income was $1.6 million, compared with operating income of $7.3 million for the same period a year ago.

-         GAAP and non-GAAP tax expense of $1.1 million was recorded, mainly associated with withholding tax deducted by our customers that could not be utilized and were expensed.

-         GAAP net loss from continuing operations was $2.7 million, and non-GAAP net income was $1.4 million.

-          GAAP net loss from discontinued operations of Intrinsix was $2.2 million, and non-GAAP net loss was $1.0 million.

-          Overall, GAAP net loss was $5.0 million and diluted loss per share was 21 cents for the third quarter of 2023, as compared to a loss of $22.3 million and diluted loss per share of 96 cents for the third quarter of 2022. Overall non-GAAP net income was $0.4 million and diluted earnings per share was 2 cents for the third quarter of 2023, as compared to net income of $4.7 million and diluted income per share of 20 cents for the third quarter of 2022.

With respect to other related data

Shipped units by CEVA licensees during the third quarter of 2023 were 500 million units, our second highest quarter shipment on record, up 35% sequentially compared to the second quarter of 2023 reported shipments of 370 million units, and up 40% year over year from 357 million units.

- Of the 500 million units reported, 79 million units, or 16%, were for handset baseband chips, similar shipment volumes to the second quarter.

- Our base station and IoT product shipments were 421 million units, up 45% sequentially from 291 million units in the second quarter of 2023 and up 51% year-over-year from 279 million units.

CEVA, Inc. Q3 2023 Financial Results Conference Call - Prepared Remarks: November 8, 2023

- Bluetooth shipments were 313 million units in the quarter, as compared to 210 million units in the second quarter of 2023, as many of our customers experienced strong sales resulting from consumer demand recovery for devices such as TWS earbuds, smartwatches, and across consumer IoT in general.

- Wi-Fi shipments were 24 million units, as compared to 29 million units in the second quarter of 2023, and we are encouraged to see a number of our Wi-Fi 6 customers continue to ramp up their products targeting IoT and the smart home, where the transition to the Wi-Fi 6 standard is imminent.

- Cellular IoT shipments were a record 35 million units in the quarter, as compared to 21 million units in the second quarter. This increase reflects that this market is becoming mature, and the technology is making its way into more end products for consumer and industrial use cases.

- Other shipments under our base station & IoT umbrella totaled 49 million units in the quarter. This includes our sensor fusion, computer vision, AI, audio, 5G RAN and DSPs for non-cellular communications such as V2X or vehicle to everything, smart meters, satellites and drones.

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 $132 million. In the third quarter, we continued our buyback program by repurchasing approximately 135,000 shares for approximately $3.0 million. Yesterday, our board of directors authorized a new increase of 700,000 shares to the existing 10b-18 repurchase program. As of today, around 844,000 shares are available for repurchase, after giving effect to this expansion. We believe in our future business prospects and plan to take advantage of the program to increase shareholder value.

CEVA, Inc. Q3 2023 Financial Results Conference Call - Prepared Remarks: November 8, 2023

-         Our DSO for the third quarter of 2023 was 31 days, below our norm and better than second quarter 47 days.

-         During the second quarter, we used $1.3 million cash from operating activities, on-going depreciation and amortization was $1.1 million, and purchase of fixed assets was $0.9 million.

-         At the end of the third quarter, our headcount was 476 people (including Intrinsix employees), of whom 391 were engineers, compared to 497 employees at the end of the second quarter.

Now, turning to our outlook

CEVA, post divesting its Intrinsix A&D service business, will be able to present GAAP and non-GAAP accretive financials for 2023, compared to its previous consolidated financials and excluding the on-going losses from its discontinued operations. Our gross margins will increase and get back to the 90’ish percent level, cost of revenue and OPEX will also decrease, respectively. Overall, we are active on measures to reduce overall headcount and expenses, and monitor them closely, in parallel to investing, enhancing, marketing and licensing our technologies.

Our licensing and related revenues business has shown improvement in the third quarter, and we see a promising pipeline ahead of us for wireless connectivity and sensing AI technologies.

In royalties, we anticipate consumer products and low-cost smartphones to maintain demand ahead of the upcoming holiday season and will continue to monitor the 5G base station RAN market for any improvements.

All in all, we expect fourth quarter overall revenue to be in the $23.3 million to $25.3 million.

CEVA, Inc. Q3 2023 Financial Results Conference Call - Prepared Remarks: November 8, 2023

Looking ahead to next year, 2024 and considering the divestment of the Intrinsix design services business, we would use the basis of the fourth quarter guidance for modeling 2024, with potential revenue growth as the year progresses. Gross margins are forecasted to be at the 90’ish percent level, and overall non-GAAP OPEX and COGS together, meaning all annual expenses combined, is forecasted at this stage, to be flattish with 2023. Combining these, we expect operating leverage to improve over 2023. We’ll provide more detailed guidance for 2024 at our next earnings call.

Specifically for the fourth quarter

-         Gross margin is expected to be approximately 90% on GAAP basis, and 92% on non-GAAP basis, excluding an aggregate of $0.2 million of equity-based compensation expenses and $0.1 million amortization of acquired intangibles.

-         OPEX for the fourth quarter of 2023 is expected to be slightly higher compared to the third quarter of 2023, due to G&A year-end professional costs and employee related benefits, and in the range of $24.2 million to $25.2 million, including an expected $4.2 million of equity-based compensation expenses, and $0.3 million for amortization of acquired intangibles. Non-GAAP OPEX is also expected to be slightly higher than the third quarter due to the reasons I explained and in the range of $20.1 million – $21.1 million. I want to emphasize that overall expenses for CEVA post the divestment of Intrinsix are forecasted to continue and remain at a lower expense level as we also look closely at cost measures.

-         Net interest income is expected to be approximately $1.1 million.

-         Taxes for the fourth quarter are expected to be approximately $1.4 million derived mainly from withholding taxes of new deals signed and reported royalties for the quarter.

-         Share count for the fourth quarter of 2023 is expected to be 25.1 million shares.

CEVA, Inc. Q3 2023 Financial Results Conference Call - Prepared Remarks: November 8, 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

Exhibit 99.3

CEVA, Inc. Announces Expansion of Existing Share Repurchase Program

ROCKVILLE, MD., November 8, 2023 – CEVA, Inc. (NASDAQ: CEVA), the leading licensor of wireless connectivity and smart sensing technologies which have powered more than 16 billion devices to date, today announced that its Board of Directors authorized the expansion of the company's share repurchase program with an additional 700,000 shares of common stock available for repurchase. As of September 30, 2023, CEVA had approximately 144,000 shares of common stock available for repurchase under the existing plan, bringing the aggregate to approximately 844,000 shares available for repurchase.

Amir Panush, CEO of CEVA, commented: “The Board’s decision to expand our share repurchase program demonstrates their confidence in our strategic plan to drive long-term profitable growth and the belief that there is unrecognized value in our business. Our balance sheet strength has been further improved following the sale of Intrinsix and positions us well to execute on the expanded program.”

Under the share repurchase program, shares of the company's common stock may be repurchased from time to time pursuant to Rule 10(b)-18 of the Securities Exchange Act of 1934, as amended outside of periods when the Company's trading window is closed. Such repurchases may be made in the open market or through privately negotiated transactions depending on market conditions, share price, trading volume and other factors.

About CEVA, Inc.

CEVA is the leading licensor of wireless connectivity and smart sensing technologies for a smarter, safer, connected world. We provide Digital Signal Processors, AI engines, wireless platforms and complementary embedded software for sensor fusion, image enhancement, computer vision, spatial audio, voice input and artificial intelligence. Leveraging our technologies, 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 and IoT.

Our DSP and AI 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.

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 Mr. Panush’s statements regarding the Board’s confidence in CEVA’s strategic plan to drive long-term profitable growth and belief that there is unrecognized value in our business and the Company’s positioning to execute on the expanded share repurchase program. The risks, uncertainties and assumptions that could cause differing CEVA results include: the effect of intense industry competition; the ability of CEVA’s technologies and products incorporating CEVA’s technologies to achieve market acceptance; CEVA’s ability to meet changing needs of end-users and evolving market demands; the cyclical nature of and general economic conditions in the semiconductor industry; CEVA’s ability to diversify its royalty streams and license revenues; CEVA’s ability to continue to generate significant revenues from the handset baseband market and to penetrate new markets; instability and disruptions related to the ongoing Israel-Gaza conflict; and general market conditions and other risks relating to CEVA’s 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.

Source: CEVA, Inc.

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