CEVA Q1 Adj. Profit Declines; Acquires RealSpace 3D Spatial Audio Business From VisiSonics

(RTTNews) - CEVA, Inc. (CEVA) posted a GAAP net loss for the first quarter of $4.9 million, as compared to a GAAP net loss of $1.7 million, last year. GAAP losses per share was $0.21, as compared to a GAAP losses per share of $0.07. On a non-GAAP basis, the company reported breakeven per share compared with profit of $0.18. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.12, for the quarter. Analysts' estimates typically exclude special items.

Total revenue was $28.7 million, a 16% decrease compared to $34.4 million reported for the first quarter of 2022. Licensing, non-recurring engineering and related revenue was $20.7 million, a decrease of 7%. Royalty revenue was $8.0 million, a decrease of 33%. Analysts on average had estimated $31.57 million in revenue.

Separately, CEVA, Inc. announced the acquisition of the RealSpace 3D Spatial Audio business, technology and patents from VisiSonics Corporation. Based in Maryland, the VisiSonics spatial audio R&D team and software extend the company's application software portfolio for embedded systems.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.