CEVA earnings analysis
What we found in CEVA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Ceva delivered a solid Q2: revenue rose to $29.033 million, exceeded consensus by 3.0%, and reported EPS of $0.08 versus the $0.03 estimate. Licensing and related revenue grew 21% to $18.221 million, contributing to non-GAAP operating-margin expansion to 11% from 3%, although GAAP diluted loss per share remained $0.10. Currency volatility, including a $1.0 million quarterly FX loss and potential $1.6 million quarterly expense exposure from a 10% dollar weakening, remains the primary headwind; the filing provides no quantified forward guidance.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue beat consensus and prior periods
- Q2 revenue was $29.033 million, up approximately 7.5% from $27 million in Q1 2026 and 11.7% from $26 million in Q2 2025. Revenue also exceeded consensus of $28.176 million by approximately $0.857 million, or 3.0%.
- EPS beat; GAAP loss narrowed
- Reported EPS was $0.08 versus consensus of $0.03, a $0.05 beat. GAAP diluted loss per share improved to $0.10 from $0.15 in the year-ago quarter.
- Licensing growth drove margin expansion
- Licensing and related revenue increased 21% year over year to $18.221 million, supporting non-GAAP operating margin expansion to 11% from 3% in the comparable period.
- Higher investment balances lifted interest income
- Interest income and gains on marketable securities increased to $2.0 million in Q2 2026 from $1.5 million in Q2 2025, principally reflecting higher bank-deposit and marketable-securities balances after the fourth-quarter 2025 follow-on offering.
- Controls remained effective
- Management reported that disclosure controls and procedures were effective as of June 30, 2026, and that no change in internal control over financial reporting materially affected, or was reasonably likely to materially affect, controls during the quarter.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Currency losses and payroll exposure
- The company recorded a foreign-exchange loss of $1.0 million in Q2 2026 versus a $0.6 million gain in Q2 2025. Management states it expects to continue experiencing exchange-rate and currency effects; a hypothetical 10% weakening of the U.S. dollar against the NIS and Euro would increase Q2 salary and employee-related expenses by approximately $1.6 million.
- Unrealized investment losses
- As of June 30, 2026, unrealized losses on the investment portfolio were $0.9 million. Although management expects to hold affected corporate bonds until recovery or maturity, it states there is no assurance that current market-value declines will be recovered.
- Uninsured cash concentration
- The filing states that deposits exceed FDIC insurance limits or comparable foreign limits, creating potential access and principal risk if a financial institution fails. No loss of principal or lack of access has occurred to date, but the company provides no assurance that access would not be affected.
- Unresolved legal proceeding
- The company includes a provision of approximately $0.1 million for one unresolved ordinary-course legal proceeding as of June 30, 2026. Management says no other litigation is expected to have a material effect, but the proceeding remains unresolved.
- GAAP profitability remains negative
- The 10-Q identifies no material changes to the risk factors disclosed in the December 31, 2025 Form 10-K. Nonetheless, GAAP diluted loss per share remained $0.10 in Q2 2026 despite improvement from $0.15 in Q2 2025.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.08
- Operating margin
- 11.0%
- Segment
- Licensing and related revenue was $18.221 million, up 21% year over year; this represented approximately 63% of total Q2 revenue of $29.033 million.
- Segment
- Other revenue was approximately $10.812 million, derived from total revenue of $29.033 million less licensing and related revenue of $18.221 million.
What they said about what is next.
The 10-Q provides no quantified revenue or EPS guidance and does not state that prior guidance was raised, maintained, lowered, or withdrawn. Management does state it expects to continue experiencing the effects of exchange-rate and currency fluctuations.
The filing reads better than the one before it.
What came before.
- 10-Q · May 11, 2026
- Ceva, Inc. achieved a significant rebound in Q1 2026 with total revenues of $27.0 million, reflecting an 11% year-over-year increase. The company reported a diluted EPS of $0.04, surpassing estimates and showcasing a…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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