CEVA INC
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
CEVA$27.10+10.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0001437749-25-025932
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001437749-25-034103
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 89 previous paragraphs and 88 current paragraphs.
42 unchanged; 32 reworded; 14 added; 15 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 12 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
We enable Physical AI, the artificial intelligence embedded in billions of devices that connect, sense and infer data in the real world. We view Physical AI as the natural evolution of Edge AI. While Edge AI refers to running AI workloads locally on devices rather than in the cloud, Physical AI extends this concept further: it unifies connectivity, sensing and inference layers into a single fabric that allows devices not only to process data at the edge, but also to interact intelligently with their physical environment and the cloud. Ceva is uniquely positioned as the only company with leadership in innovative silicon and software IP solutions across all three layers.
Current report
According to IPnest, we commanded 68% of the wireless connectivity IP market in 2024. Since 2003, more than 20 billion devices have shipped with Ceva IP, including approximately 2 billion in 2024 alone. Our technologies power the connectivity, perception and intelligence in today’s most advanced smart edge products across consumer IoT, automotive, industrial and infrastructure, and mobile and PC markets. Based on market research, we believe these sectors will represent a $170 billion total addressable market for Physical AI and Edge AI by 2030.
Current report
Our portfolio spans:
Current report
Together, these layers make Ceva, with our unified AI fabric, an essential enabler of Physical AI that breaks down barriers to entry and accelerates time‑to‑market for our customers.
Current report
We believe our portfolio of technologies comprised of connectivity, sensing and inference – the three foundational layers of Physical AI – positions Ceva at the center of the most important megatrends shaping the semiconductor industry, including 5G expansion, generative and embedded AI, industrial automation and vehicle electrification. Demand across these areas continues to drive strong interest in our IP portfolio, both in established markets and in new, emerging use cases. In the third quarter of 2025, we signed twelve IP licensing agreements that underscore this momentum: a comprehensive deal with Microchip to adopt our full NeuPro NPU portfolio and embed AI across their product families; multiple agreements for our SensPro AI DSPs, including one with a global electronics OEM targeting home appliances and another with an automotive customer developing an ADAS chiplet architecture; and a major connectivity win with a leading customer licensing our Wi‑Fi 7 and Bluetooth High Data Throughput IP for their upcoming roadmaps. These agreements not only validate the breadth of our portfolio but also cement multi‑year volume and royalty ramps, reinforcing Ceva’s role as the enabler of Physical AI across consumer, automotive, industrial and infrastructure markets.
Current report
As a result of our focus on silicon and software IP solutions spanning the connectivity, sensing and inference layers of Physical AI, we believe Ceva is well positioned for sustained, long‑term growth in both shipments and royalty revenues. Our diversified royalty streams reflect a broad range of advanced semiconductor packages (ASPs) – from high‑volume Bluetooth and Wi‑Fi connectivity platforms that power billions of consumer devices to higher‑value inference engines and AI DSPs such as NeuPro and SensPro, as well as infrastructure‑class platforms like PentaG-RAN. We believe this mix provides both scale and resilience, enabling us to capture growth across consumer, automotive, industrial and infrastructure markets while reinforcing our role as the enabler of Physical AI.
Current report
We believe the long-term trend of digital transformation is evolving into a new era defined by Physical AI – the next phase of Edge AI – where intelligence is embedded directly into the devices that connect, sense and interact with the real world. Our ubiquitous IP portfolio and collaborative licensing model position us to capture secular growth across consumer IoT, automotive, industrial and infrastructure, and mobile and PC markets.
Current report
Our customers are increasingly receptive to our roadmap because it aligns with their need to add connectivity, sensing and intelligence at the edge. In 2024, this strategy returned us to year-over-year revenue growth of 10%, outperforming our initial expectations of 4% to 8%. For 2025, we expected continued expansion of licensing and related revenues driven by demand for intelligent, connected devices, particularly in industrial IoT and consumer IoT devices. The third quarter of 2025 provided further evidence of this trend, with twelve total licensing agreements, including a comprehensive NPU portfolio deal with Microchip, new AI DSP wins in consumer electronics and automotive ADAS, and multi-year connectivity ramps in Wi Fi 7 and Bluetooth.
Current report
On royalties, we anticipate continued growth in 2025 from our connectivity platforms, particularly Bluetooth, Wi Fi and cellular IoT, which achieved record shipments in 2024. In the third quarter of 2025, we recorded a record high volume of our cellular IoT and Wi-Fi IP powering customer shipments. We also expect incremental royalties from a leading U.S. mobile OEM’s in-house 5G modem powered by our DSPs, which expanded into smartphones and tablets in 2025. These milestones reinforce our role as the leader in silicon and software IP enabling Physical AI across both high volume consumer devices and high value infrastructure and automotive applications.
Current report
In addition, we expect to complement our strong presence in the Asia-Pacific region by further expanding our customer base and revenues in Europe and the U.S., as reflected in our increasingly diversified geographic revenue mix from 2022 through 2024. This balance strengthens our resilience and underscores Ceva’s role as the leader in silicon and software IP enabling Physical AI across global markets.
Current report
Licensing and related revenues were $16.0 million and $46.1 million for the third quarter and first nine months of 2025, respectively, representing an increase of 3% and 4% as compared to the corresponding periods in 2024. In licensing, we secured several strategic agreements that reinforce our market‑leading position in wireless connectivity and accelerate our expansion in AI. The third quarter of 2025 was marked by strong execution across our core pillars – connect, sense and infer – and highlights the breadth and strength of our IP portfolio. The most significant win was in AI, where Microchip, one of the world’s leading microcontroller and connectivity providers, adopted our full NeuPro NPU portfolio for its future roadmap. We believe this win represents a strong proof point of a broader industry trend: major microcontroller unit and semiconductor vendors are standardizing to embed AI across their product lines, bringing more on‑device intelligence for performance, user experience, privacy and cost. The increase in licensing and related revenues for the first nine months of 2025 was primarily due to the aforementioned increase in revenue coming from our Edge AI technologies, as well as several key deals signed with strategic customers incorporating our new Bluetooth 7 solutions in their long-term roadmaps, partially offset by two strategic deals signed in the second quarter of 2024 with our large OEM customers in wireless infrastructure for their development of next-generation ASICs.
Current report
During the quarter, twelve IP licensing agreements were signed, targeting a wide range of end markets and applications, including NPU for AI across industrial, consumer, automotive and other end markets, AI DSP for automotive ADAS and home appliances, communications DSPs for vehicle-2-everything (V2X) and satellite, and Bluetooth and Wi-Fi connectivity for a wide range of consumer, wearables, smart home and industrial smart edge devices. One of the deals signed was with a first-time customer and one was with an OEM customer.
Current report
Licensing and related revenues accounted for 56% and 59% of our total revenues for the third quarter and first nine months of 2025, respectively, as compared to 57% for both the comparable periods of 2024.
Current report
Royalty revenues were $12.4 million and $32.2 million for the third quarter and first nine months of 2025, respectively, representing an increase of 6% and a decrease of 4% as compared to the corresponding periods in 2024. The first nine months of 2025 included revenue of $0.3 million following the resolution of royalty audits. The third quarter and first nine months of 2024 included revenue of $0.3 million and $2.0 million, respectively, following the resolution of royalty audits. Excluding these amounts, the third quarter and first nine months of 2025 would have been up by 9% and 1%, respectively, as compared to the comparable periods of 2024. Royalty revenues accounted for 44% and 41% of our total revenues for the third quarter and first nine months of 2025, respectively, as compared to 43% for both the comparable periods of 2024. We delivered solid growth across most of our markets, with royalties up 6% year-over-year and 16% sequentially. Consumer IoT was a key driver, posting 9% year-over-year growth, supported by record shipments in cellular IoT and Wi-Fi. Our 5G RAN infrastructure customers also had a strong quarter, with revenues up 91% compared to last year. In automotive, ADAS ramps at our two large semiconductor customers continued to accelerate, contributing to overall royalty growth in the quarter. Mobile royalties grew 4% year-over-year and 7% sequentially, driven by a recovering low-end smartphone segment. At the high end, our U.S. OEM customer launched a second smartphone model featuring its in-house 5G modem with Ceva technology, and as this model expands into more markets in the fourth quarter, we expect further royalty growth.
Removed paragraphs (15)
Previous report
Headquartered in Rockville, Maryland, we are the leader in innovative silicon and software IP solutions that enable smart edge products to connect, sense, and infer data more reliably and efficiently. Commanding 68% of the wireless connectivity market share based on IP design revenues in 2024, according to IPnest, we believe we have the industry’s broadest portfolio of comprehensive wireless communications and Edge AI IP platforms and embedded software solutions. We power the connectivity, sensing, and inference capabilities in today’s most advanced smart edge products across four large, diversified markets with significant opportunity for long-term growth, covering consumer IoT, automotive, industrial and infrastructure, as well as the mobile and PC markets where we have well established customers and presence Based on our research, we believe that these sectors will represent a $5 billion total addressable market by 2027. Since 2003, more than 20 billion of the world’s most innovative smart edge products from AI-infused smartwatches, IoT devices and wearables to autonomous vehicles, 5G mobile networks and more have been shipped with Ceva IP, with approximately 2 billion products shipped in 2024 alone.
Previous report
Our wireless communications, sensing and Edge AI technologies are at the heart of some of today’s most advanced smart edge products. Our comprehensive portfolio includes:
Previous report
● Advanced wireless connectivity solutions: Bluetooth, Wi-Fi, Ultra-Wideband (UWB), cellular IoT and 5G-Advanced platform IP for ubiquitous and robust communication;
Previous report
● Scalable Edge AI capabilities: neural processing unit (NPU) IP to enable AI, on-device; and
Previous report
● Sensor fusion processors and embedded application software that make devices smarter and more responsive.
Previous report
Ceva is committed to being a responsible and respected global corporate citizen and a more sustainable company in the countries where we have operations and employees. We adhere to our Code of Business Conduct and Ethics and emphasize and focus on environmental controls, resource conservation and recycling and the welfare of our employees.
Previous report
We believe our portfolio of wireless communications, sensing and Edge AI technologies address some of the most important megatrends, including 5G expansion, generative AI, embedded AI, industrial automation and vehicle electrification. We continue to experience strong interest across our IP portfolio due to these trends, in both traditional and new areas. In the second quarter of 2025, we concluded thirteen IP licensing deals for a range of wireless and smart sensing use cases, including four licensing agreements for NeuPro family of NPUs, which we believe represents a pivotal moment for our AI business as we entered the broad adoption phase of our Edge AI NPUs. These NPU agreements include a high-volume connectivity customer expanding into AI-powered audio features, the second high volume connectivity in recent quarters to adopt our NeuPro-Nano NPU for their product lines. We also secured a notable automotive-related agreement with Qualcomm, following the acquisition of our long time V2X customer Autotalks by Qualcomm, and another automotive related agreement with a U.S. customer developing a 4D radar platform.
Previous report
As a result of our focus on silicon and software IP solutions that enable products to connect, sense, and infer data, we believe we are well positioned for long-term growth in shipments and royalty revenues derived from smart edge products. Royalty rates from these products comprise a range of ASPs, from high volume Bluetooth and Wi-Fi to high value sensor fusion and base station RAN.
Previous report
We believe that with digital transformation being a long-term trend that continues to drive industries to become connected and intelligent, our ubiquitous technology and collaborative business model present a significant and secular growth prospect. We intend to continue to capitalize on the semiconductor momentum with our portfolio of technologies to enable three main use cases associated with smart edge devices: connect, sense and infer. We focus on four main markets, which are consumer IoT, automotive, industrial and infrastructure, which we believe are large, diversified and represent the greatest opportunities for long-term growth. We will also continue to serve the mobile and PC markets where we have established customers and market presence. We believe our key customers are keenly receptive to our products roadmap around connect, sense and infer, and that they are willing to expand the scope of engagements with us as our roadmap aligns with their technology needs. Furthermore, we anticipate that we complement our strong presence in the APAC region by further expanding our customer base and revenues in Europe and the U.S., as evidenced by our increasingly diversified revenue split by geography from 2022 through 2024.
Previous report
Our strategy returned us to year-over-year revenue growth in 2024, with overall revenue growing 10% over 2023, outperforming the 4% to 8% we expected at the beginning of 2024. In 2025, we expect our licensing and related revenues business will continue to expand into new markets and use cases for industrial IoT (IIoT) and consumer IoT devices, offering connectivity platforms, sensing platforms and software, AI solutions (including AI engines, NPUs and software) and more. We saw the first evidence for solid IP expansion into AI during the second quarter of 2025, with four of thirteen deals signed for AI use cases and strong licensing revenue contribution. On royalties, we expect our connectivity products to continue to also show growth in 2025, particularly related to our Bluetooth, Wi-Fi and cellular IoT business lines which enjoyed record shipments in 2024 and from an in-house 5G modem powered by our cellular DSP from a leading U.S. mobile OEM that launched its first smartphone based on its own modem in the first quarter of 2025. In the second quarter of 2025, we recorded an all-time record high volume of our cellular IoT and Wi-Fi 6 IPs powering customer shipments.
Previous report
Licensing and related revenues were $15.0 million and $30.1 million for the second quarter and first half of 2025, respectively, representing a decrease of 13% and an increase of 5%, as compared to the corresponding periods in 2024. The decrease in licensing and related revenues for the second quarter of 2025 was primarily due to a catch-up in licensing revenue recognized in the second quarter of 2024 following a slip in the first quarter of 2024. In licensing, this quarter marked a pivotal moment for our AI business as we entered the broad adoption phase for our Edge AI NPUs. Following extensive evaluations with leading customers, we secured four strategic, high impact NPU customer agreements, validating the market’s readiness and our innovative, market leading NPU portfolio. These included two NeuPro-Nano deals related to audio in embedded applications and two NeuPro-M deals targeting two diverse use cases: communications and data processing acceleration, and efficient scalable LLM compute support. The increase in licensing and related revenues for the first half of 2025 was primarily due to the aforementioned increase in revenue coming from our Edge AI technologies, as well as several key deals signed with strategic customers incorporating our new Wi-Fi 7 and Bluetooth 7 solutions in their long-term roadmaps, partially offset by a strategic deal signed in the second quarter of 2024 for the 5G-Advanced modem markets.
Previous report
During the quarter, thirteen IP licensing agreements were concluded, targeting a wide range of end markets and applications, including five first-time customers and four OEM customers, highlighting the breadth and strength of our IP portfolio.
Previous report
Licensing and related revenues accounted for 59% and 60% of our total revenues for the second quarter and first half of 2025, respectively, as compared to 61% and 57% for the comparable periods of 2024.
Previous report
Royalty revenues were $10.7 million and $19.9 million for the second quarter and first half of 2025, respectively, representing a decrease of 5% and 9%, as compared to the corresponding periods in 2024. Royalty revenues accounted for 41% and 40% of our total revenues for the second quarter and first half of 2025, respectively, as compared to 39% and 43% for the comparable periods of 2024. We saw good sequential growth across most of our markets, with royalties up 16% sequentially. On a year-over-year basis, royalties declined in the second quarter of 2025 by 5%, mainly attributable to the lackluster smartphone market, where widespread softness has been reported by our peers, and which we also experienced, at the lower end of the market. With regards to the higher end of the smartphone market, we continue to see our volumes grow at a leading U.S. OEM using our technology in their in-house 5G modem. Outside of mobile, our consumer IoT customers showed strong sequential and year-over-year growth in shipments, driven by record high cellular IoT and Wi-Fi 6 shipments. Overall consumer IoT shipments were up 21% sequentially and 16% year-over-year. We expect that the sequential growth in royalties will continue throughout the rest of the year, as our customers build towards the holiday season and our U.S. OEM smartphone customer introduces additional models featuring their in-house 5G modem later in the year.
Previous report
*) Less than 10%
Reworded paragraphs (32)
Previous wording
For more than three decades, we have been a trusted partner to hundreds of leading semiconductor and original equipment manufacturer (OEM) companies servicing not just our largest target growth and incumbent markets, but also a wide variety of other end markets and applications, including smart-home, surveillance, robotics and medical. Our transformative semiconductor IP and embedded software offerings are incorporated by customers into application-specific integrated circuits (ASICs) and application-specific standard products (ASSPs) to enable power-efficient, intelligent, secure and connected devices that connect, sense, and infer - the three critical pillars of the rapidly evolving era of AI-enabled smart edge technology.
Current wording
For more than three decades, we have been a trusted partner to hundreds of leading semiconductor and original equipment manufacturer (OEM) companies, serving not only our largest target growth markets but also a wide variety of other applications, including smart home, surveillance, robotics and medical. Our transformative semiconductor IP and embedded software offerings are incorporated by customers into application-specific integrated circuits (ASICs) and application-specific standard products (ASSPs) to enable power‑efficient, intelligent, secure and connected devices that connect, sense and infer – the three critical pillars of the rapidly evolving era of AI‑enabled smart edge technology.
Previous wording
We believe the following key elements represent significant growth drivers for the company:
Current wording
We believe the following key elements represent significant growth drivers for Ceva as the leader in silicon and software IP enabling Physical AI, spanning the three foundational layers of connectivity, sensing and inference:
Previous wording
However, the global economy continues to be impacted by macroeconomic conditions, including as a volatile interest rate environment, ongoing inflation and recent changes in legislation and regulations, including enacted and proposed tariffs and other trade policies, have introduced additional uncertainty in the global economy. In periods of perceived or actual unfavorable economic conditions, our customers or potential customers could delay or re-evaluate their decisions to initiate various projects which in turn could result in a delay or cessation of engagement or other business activities with us, and which could result in lower licensing revenues. In addition, lower consumer demand may result in lower royalty revenues as our customers ship fewer units. These factors may make it difficult for us to forecast and plan future budgetary decisions or business activities accurately. Accordingly, while we do not currently expect our IP solutions will themselves be subject to tariffs, the indirect impact on consumer demand, among other factors, has increased the uncertainty about the year. Given these evolving dynamics, as well as our lower than anticipated revenues for the first quarter, in May 2025, we adopted a more cautious outlook, and lowered our revenue guidance for the 2025 fiscal year from around a high-single digits range to a low-single digits range for growth over 2024 annual revenues.
Current wording
However, the global economy continues to be impacted by macroeconomic conditions, including as a volatile interest rate environment, ongoing inflation and recent changes in legislation and regulations, including enacted and proposed tariffs and other trade policies, have introduced additional uncertainty in the global economy. In periods of perceived or actual unfavorable economic conditions, our customers or potential customers could delay or re-evaluate their decisions to initiate various projects which in turn could result in a delay or cessation of engagement or other business activities with us, and which could result in lower licensing revenues. In addition, lower consumer demand may result in lower royalty revenues as our customers ship fewer units. These factors may make it difficult for us to forecast and plan future budgetary decisions or business activities accurately. Accordingly, while we do not currently expect our IP solutions will themselves be subject to tariffs, the indirect impact on consumer demand, among other factors, increased the uncertainty about the year. Given these evolving dynamics, as well as our lower than anticipated revenues for the first quarter, in May 2025, we adopted a more cautious outlook and lowered our revenue guidance for the 2025 fiscal year from around a high-single digits range to a low-single digits range for growth over 2024 annual revenues. We have not changed this guidance to date.
Previous wording
Our operations in Israel remain largely unaffected by the war between Israel and Hamas that began on October 7, 2023 and escalated to conflicts with Lebanon, Hezbollah and Iran. Nevertheless, we continue to drive our business and support our customers globally. However, a portion of our employees in Israel have been or are called to active reserve duty and additional employees may be called in the future, if needed. The Company has executed its business continuity plan with respect to those employees. It is possible that some of our operations in the region may be disrupted if this continues for a significant period of time or if the situation further deteriorates.
Current wording
Our operations in Israel remain largely unaffected by the war between Israel and Hamas that began on October 7, 2023 and escalated to conflicts with Lebanon, Hezbollah and Iran. Nevertheless, we continue to drive our business and support our customers globally. However, a portion of our employees in Israel have been or are called to active reserve duty and additional employees may be called in the future, if needed. The Company has executed its business continuity plan with respect to those employees. It is possible that some of our operations in the region may be disrupted if this continues for a significant period of time or if the situation further deteriorates. Currently a cease-fire is in place, resulting in “back to normal” work and life and travel environments. For more information, please refer to the risk factor titled “Our operations in Israel may be adversely affected by instability in the Middle East region” in Part I—Item IA—“Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
Previous wording
Total revenues were $25.7 million and $49.9 million for the second quarter and first half of 2025, respectively, representing a decrease of 10% and 1% as compared to the corresponding periods in 2024. The decrease in total revenues for the second quarter of 2025 was mainly due to lower licensing and related revenues, as further described below. The decrease in total revenues for the first half of 2025 was due to lower royalty revenues, offset by higher licensing and related revenues, as further described below.
Current wording
Total revenues were $28.4 million and $78.3 million for the third quarter and first nine months of 2025, respectively, representing an increase of 4% and 1% as compared to the corresponding periods in 2024. The increase in total revenues for the third quarter of 2025 was due to higher licensing and related revenues and higher royalty revenues, as further described below. The increase in total revenues for the first nine months of 2025 was due to higher licensing and related revenues, offset by lower royalty revenues, as further described below.
Previous wording
Our five largest customers accounted for 42% of our total revenues for both the second quarter and first half of 2025, respectively, as compared to 66% and 50% for the comparable periods in 2024. Two customers each accounted for 11% of our total revenues for the second quarter of 2025, as compared to three customers that accounted for 23%, 21% and 13% of our total revenues for the second quarter of 2024. One customer accounted for 17% of our total revenues for the first half of 2025, as compared to three customers that each accounted for 13% of our total revenues for the first half of 2024. Sales to UNISOC (formerly Spreadtrum Communications, Inc. and RDA Corporation) represented 11% and 17% of our total revenues for the second quarter and first half of 2025, respectively. Generally, the identity of our customers representing 10% or more of our total revenues varies from period to period, especially with respect to our IP licensing customers as we generate licensing revenues generally from new customers on a quarterly basis. With respect to our royalty revenues, two royalty paying customers represented 10% or more of our total royalty revenues for both the second quarter and first half of 2025 and collectively represented 38% and 34% of our total royalty revenues for the second quarter and first half of 2025, respectively. Two royalty paying customers represented 10% or more of our total royalty revenues for both the second quarter and first half of 2024 and collectively represented 45% and 43% of our total royalty revenues for the second quarter and first half of 2024, respectively. We expect that a significant portion of our future revenues will continue to be generated by a limited number of customers. The concentration of our customers is explainable in part by consolidation in the semiconductor industry.
Current wording
Our five largest customers accounted for 45% and 39% of our total revenues for the third quarter and first nine months of 2025, respectively, as compared to 48% and 44% for the comparable periods in 2024. Three customers each accounted for 11% of our total revenues for the third quarter of 2025, as compared to two customers that accounted for 17% and 13% of our total revenues for the third quarter of 2024. One customer accounted for 15% of our total revenues for the first nine months of 2025, as compared to one customer that accounted for 13% of our total revenues for the first nine months of 2024. Sales to UNISOC (formerly Spreadtrum Communications, Inc. and RDA Corporation) represented 11% and 15% of our total revenues for the third quarter and first nine months of 2025, respectively. Generally, the identity of our customers representing 10% or more of our total revenues varies from period to period, especially with respect to our IP licensing customers as we generate licensing revenues generally from new customers on a quarterly basis. With respect to our royalty revenues, two royalty paying customers represented 10% or more of our total royalty revenues for both the third quarter and first nine months of 2025 and collectively represented 36% and 35% of our total royalty revenues for the third quarter and first nine months of 2025, respectively. Two royalty paying customers represented 10% or more of our total royalty revenues for both the third quarter and first nine months of 2024 and collectively represented 43% of our total royalty revenues for both the third quarter and first nine months of 2024. We expect that a significant portion of our future revenues will continue to be generated by a limited number of customers. The concentration of our customers is explainable in part by consolidation in the semiconductor industry.
Previous wording
The following table sets forth use cases for Ceva technology portfolio as percentages of our total revenues for each of the periods set forth below:
Current wording
The following table sets forth use cases for the Ceva technology portfolio as percentages of our total revenues for each of the periods set forth below:
Previous wording
The five largest royalty-paying customers accounted for 58% and 54% of our total royalty revenues for the second quarter and first half of 2025, respectively, as compared to 63% and 59% for the comparable periods of 2024.
Current wording
The five largest royalty-paying customers accounted for 54% of our total royalty revenues for both the third quarter and first nine months of 2025, as compared to 61% and 60% for the comparable periods of 2024.
Previous wording
Cost of revenues was $3.5 million and $7.0 million for the second quarter and first half of 2025, respectively, as compared to $2.9 million and $5.4 million for the comparable periods of 2024. Cost of revenues accounted for 14% of our total revenues for both the second quarter and first half of 2025, as compared to 10% and 11% for the comparable periods of 2024. The increase for both the second quarter and first half of 2025 principally reflected higher strategically beneficial customization and implementation work associated with the strategic 5G-Advanced deals we signed in the second half of 2024. Included in cost of revenues for the second quarter and first half of 2025 was a non-cash equity-based compensation expense of $166,000 and $325,000, respectively, as compared to $191,000 and $394,000 for the comparable periods of 2024.
Current wording
Cost of revenues was $3.4 million and $10.4 million for the third quarter and first nine months of 2025, respectively, as compared to $4.0 million and $9.4 million for the comparable periods of 2024. Cost of revenues accounted for 12% and 13% of our total revenues for the third quarter and first nine months of 2025, respectively, as compared to 15% and 12% for the comparable periods of 2024. The decrease for the third quarter of 2025 primarily reflected lower third-party IP costs, and lower payments to the Israeli Innovation Authority of the Ministry of Economy and Industry in Israel (the IIA). The increase for the first nine months of 2025 principally reflected higher strategically beneficial customization and implementation work associated with the strategic 5G-Advanced deals we signed in the second half of 2024, partially offset by lower payments to the IIA. Included in cost of revenues for the third quarter and first nine months of 2025 was a non-cash equity-based compensation expense of $168,000 and $493,000, respectively, as compared to $176,000 and $570,000 for the comparable periods of 2024.
Previous wording
Gross margin for both the second quarter and first half of 2025 was 86%, as compared to 90% and 89% for the comparable periods of 2025. The decrease for both the second quarter and first half of 2025 mainly reflected higher cost of revenues, as set forth above, and lower total revenues.
Current wording
Gross margin for the third quarter and first nine months of 2025 was 88% and 87%, respectively, as compared to 85% and 88% for the comparable periods of 2024. The increase for the third quarter of 2025 mainly reflected lower cost of revenues, as set forth above. The decrease for the first nine months of 2025 mainly reflected higher cost of revenues, as set forth above.
Previous wording
Total operating expenses were $26.6 million and $51.8 million for the second quarter and first half of 2025, respectively, as compared to $25.5 million and $50.1 million for the comparable periods of 2024. The net increase for both the second quarter and first half of 2025 principally reflected higher salaries and employee-related costs and higher non-cash equity-based compensation expenses, partially offset by higher allocation of customization and implementation work for our licensees to cost of revenues.
Current wording
Total operating expenses were $27.1 million and $78.8 million for the third quarter and first nine months of 2025, respectively, as compared to $25.9 million and $75.9 million for the comparable periods of 2024. The net increase for the third quarter of 2025 principally reflected higher salaries and employee-related costs and higher non-cash equity-based compensation expenses, partially offset by lower allowance for credit losses. The net increase for the first nine months of 2025 principally reflected higher salaries and employee-related costs and higher non-cash equity-based compensation expenses, partially offset by higher allocation of customization and implementation work for our licensees to cost of revenues.
Previous wording
Total research and development expenses, net were $18.8 million and $36.4 million for the second quarter and first half of 2025, respectively, as compared to $18.8 million and $36.7 million for the comparable periods of 2024. The decrease for the first half of 2025 principally reflected higher allocation of customization and implementation work for our licensees to cost of revenues, partially offset by higher salaries and employee-related costs and higher non-cash equity-based compensation expenses. Included in research and development expenses for the second quarter and first half of 2025 were non-cash equity-based compensation expenses of $2,673,000 and $5,139,000, respectively, as compared to $2,438,000 and $4,445,000 for the comparable periods of 2024. Research and development expenses as a percentage of our total revenues were 73% for both the second quarter and first half of 2025, as compared to 66% and 73% for the comparable periods of 2024. The percentage increase for the second quarter of 2025, as compared to the comparable period of 2024, was mainly due to lower revenues.
Current wording
Total research and development expenses, net were $19.5 million and $55.9 million for the third quarter and first nine months of 2025, respectively, as compared to $18.0 million and $54.7 million for the comparable periods of 2024. The increase for the third quarter of 2025 principally reflected higher salaries and employee-related costs. The increase for the first nine months of 2025 principally reflected higher salaries and employee-related costs and higher non-cash equity-based compensation expenses, partially offset by higher allocation of customization and implementation work for our licensees to cost of revenues. Included in research and development expenses for the third quarter and first nine months of 2025 were non-cash equity-based compensation expenses of $2,639,000 and $7,778,000, respectively, as compared to $2,421,000 and $6,866,000 for the comparable periods of 2024. Research and development expenses as a percentage of our total revenues were 69% and 71% for the third quarter and first nine months of 2025, as compared to 66% and 70% for the comparable periods of 2024. The percentage increase for both the third quarter and first nine months of 2025, as compared to the comparable periods of 2024, was mainly due to the same reasons as set forth above for the increase in research and development expenses.
Previous wording
The number of research and development personnel was 323 at June 30, 2025, as compared to 332 at June 30, 2024.
Current wording
The number of research and development personnel was 322 at September 30, 2025, as compared to 326 at September 30, 2024.
Previous wording
Our sales and marketing expenses were $3.3 million and $6.8 million for the second quarter and first half of 2025, respectively, as compared to $3.1 million and $5.9 million for the comparable periods of 2024. The increase for both the second quarter and first half of 2025 principally reflected higher salaries and employee-related costs, mainly due to a greater number of personnel, as well as higher non-cash equity-based compensation expenses. Included in sales and marketing expenses for the second quarter and first half of 2025 were non-cash equity-based compensation expenses of $598,000 and $1,164,000, respectively, as compared to $451,000 and $816,000 for the comparable periods of 2024. Sales and marketing expenses as a percentage of our total revenues were 13% and 14% for the second quarter and first half of 2025, respectively, as compared to 11% and 12% for the comparable periods of 2024.
Current wording
Our sales and marketing expenses were $3.0 million and $9.8 million for the third quarter and first nine months of 2025, respectively, as compared to $3.1 million and $9.0 million for the comparable periods of 2024. The increase for the first nine months of 2025 principally reflected higher salaries and employee-related costs, and higher non-cash equity-based compensation expenses. Included in sales and marketing expenses for the third quarter and first nine months of 2025 were non-cash equity-based compensation expenses of $571,000 and $1,735,000, respectively, as compared to $491,000 and $1,307,000 for the comparable periods of 2024. Sales and marketing expenses as a percentage of our total revenues were 11% and 12% for the third quarter and first nine months of 2025, respectively, as compared to 11% and 12% for the comparable periods of 2024.
Previous wording
The total number of sales and marketing personnel was 34 at June 30, 2025, as compared to 30 at June 30, 2024.
Current wording
The total number of sales and marketing personnel was 32 at both September 30, 2025, and 2024.
Previous wording
Our general and administrative expenses were $4.4 million and $8.3 million for the second quarter and first half of 2025, respectively, as compared to $3.5 million and $7.1 million for the comparable periods of 2024. The increase for the second quarter of 2025 primarily reflected higher non-cash equity-based compensation expenses. The increase for the first half of 2025 primarily reflected higher non-cash equity-based compensation expenses and higher professional services costs. Included in general and administrative expenses for the second quarter and first half of 2025 were non-cash equity-based compensation expenses of $1,465,000 and $2,597,000, as compared to $ 820,000 and $1,816,000 for the comparable periods of 2024. General and administrative expenses as a percentage of our total revenues were 17% for both the second quarter and first half of 2025, as compared to 12% and 14% for the comparable periods of 2024.
Current wording
Our general and administrative expenses were $4.4 million and $12.7 million for the third quarter and first nine months of 2025, respectively, as compared to $4.6 million and $11.8 million for the comparable periods of 2024. The decrease for the third quarter of 2025 primarily reflected lower allowance for credit losses, partially offset by higher non-cash equity-based compensation expenses. The increase for the first nine months of 2025 primarily reflected higher non-cash equity-based compensation expenses and higher professional services costs, partially offset by lower allowance for credit losses. Included in general and administrative expenses for the third quarter and first nine months of 2025 were non-cash equity-based compensation expenses of $1,495,000 and $4,092,000, respectively, as compared to $ 1,120,000 and $2,936,000 for the comparable periods of 2024. General and administrative expenses as a percentage of our total revenues were 15% and 16% for the third quarter and first nine months of 2025, respectively, as compared to 17% and 15% for the comparable periods of 2024.
Previous wording
The number of general and administrative personnel was 47 at June 30, 2025, as compared to 45 at June 30, 2024.
Current wording
The number of general and administrative personnel was 49 at September 30, 2025, as compared to 45 at September 30, 2024.
Previous wording
Our amortization charges were $0.2 million and $0.3 million for the second quarter and first half of 2025, respectively, as compared to $0.1 million and $0.3 million for the comparable periods of 2024. The amortization charges for both the second quarter and first half of 2025 and 2024 were incurred in connection with the amortization of intangible assets associated with the acquisitions of the Hillcrest Labs and VisiSonics business.
Current wording
Our amortization charges were $0.1 million and $0.4 million for the third quarter and first nine months of 2025, respectively, as compared to $0.1 million and $0.4 million for the comparable periods of 2024. The amortization charges for both the third quarter and first nine months of 2025 and 2024 were incurred in connection with the amortization of intangible assets associated with the acquisitions of the Hillcrest Labs and VisiSonics business.
Previous wording
The slight increase in interest income and gains and losses from marketable securities, net, during both the second quarter and first half of 2025 principally reflected higher yields, partially offset by lower combined bank deposits and marketable securities balances held.
Current wording
The increase in interest income and gains and losses from marketable securities, net, during both the third quarter and first nine months of 2025 principally reflected higher yields, partially offset by lower combined bank deposits and marketable securities balances held.
Previous wording
We review our monthly expected major non-U.S. dollar denominated expenditures and look to hold equivalent non-U.S. dollar cash balances to mitigate currency fluctuations. However, our Euro cash balances increase significantly on a quarterly basis beyond our Euro liabilities, mainly from applicable French research tax credits, which are generally refunded every three years. This has resulted in a foreign exchange gain of $0.57 million and $1.17 million for the second quarter and first half of 2025, respectively, as compared to a foreign exchange loss of $0.09 million and $0.28 million for the comparable periods of 2024.
Current wording
We review our monthly expected major non-U.S. dollar denominated expenditures and look to hold equivalent non-U.S. dollar cash balances to mitigate currency fluctuations. However, our Euro cash balances increase significantly on a quarterly basis beyond our Euro liabilities, mainly from applicable French research tax credits, which are generally refunded every three years. This has resulted in a foreign exchange loss of $0.26 million and a foreign exchange gain of $0.91 million for the third quarter and first nine months of 2025, respectively, as compared to a foreign exchange gain of $0.80 million and $0.52 million for the comparable periods of 2024.
Previous wording
We recorded a loss of $208,000 and $262,000 for the second quarter and first half of 2025, respectively, as compared to a loss of $58,000 and $118,000 for the comparable periods of 2024, related to remeasurement of marketable equity securities, which we hold at fair value. Over time, other income (expense), net, may be affected by market dynamics and other factors. Equity values generally change daily for marketable equity securities and upon the occurrence of observable price changes or upon impairment of marketable equity securities. In addition, volatility in the global economic climate and financial markets could result in a significant change in the value of our investments.
Current wording
We recorded a gain of $1,000 and a loss of $261,000 for the third quarter and first nine months of 2025, respectively, as compared to a gain of $21,000 and a loss of $97,000 for the comparable periods of 2024, related to remeasurement of marketable equity securities, which we hold at fair value. Over time, other income (expense), net, may be affected by market dynamics and other factors. Equity values generally change daily for marketable equity securities and upon the occurrence of observable price changes or upon impairment of marketable equity securities. In addition, volatility in the global economic climate and financial markets could result in a significant change in the value of our investments.
Previous wording
Our income tax expenses was $1.1 million and $2.1 million for the second quarter and first half of 2025, respectively, as compared to $1.6 million and $3.3 million for the comparable periods of 2024. The decrease for both the second quarter and first half of 2025 primarily reflected lower withholding tax expenses in our Israeli subsidiary for which we will not be able to obtain a refund from the tax authorities, and lower tax expenses on income generated in our French subsidiary (under the French IP Box regime).
Current wording
Our income tax expenses was $1.7 million and $3.8 million for the third quarter and first nine months of 2025, respectively, as compared to $1.0 million and $4.3 million for the comparable periods of 2024. The increase for the third quarter of 2025 primarily reflected higher tax expenses on income generated in our French subsidiary (under the French IP Box regime). The decrease for the first nine months of 2025 primarily reflected lower withholding tax expenses in our Israeli subsidiary for which we will not be able to obtain a refund from the tax authorities.
Previous wording
We are subject to income and other taxes in the United States and in numerous foreign jurisdictions. Our domestic and foreign tax liabilities are dependent on the jurisdictions in which profits are determined to be earned and taxed. Additionally, the amount of taxes paid is subject to our interpretation of applicable tax laws in the jurisdictions in which we operate. A number of factors influence our effective tax rate, including changes in tax laws and treaties as well as the interpretation of existing laws and rules. Federal, state, and local governments and administrative bodies within the United States, and other foreign jurisdictions have implemented, or are considering, a variety of broad tax, trade, and other regulatory reforms that may impact us. For example, on July 4, 2025, President Trump signed into law Public Law 119-21, commonly known as the One Big Beautiful Bill Act (the “Act”). The Act contained several tax reform proposals that may impact on our current deferred tax liabilities and assets. As the Act was signed into law subsequent to the current quarter end, the impact of the Act on our current and deferred tax liabilities and assets are not included in this filing. We are currently evaluating the effects of these changes; however, we do not expect that the Act will have a material impact on our financial position.
Current wording
We are subject to income and other taxes in the United States and in numerous foreign jurisdictions. Our domestic and foreign tax liabilities are dependent on the jurisdictions in which profits are determined to be earned and taxed. Additionally, the amount of taxes paid is subject to our interpretation of applicable tax laws in the jurisdictions in which we operate. A number of factors influence our effective tax rate, including changes in tax laws and treaties as well as the interpretation of existing laws and rules. Federal, state, and local governments and administrative bodies within the United States, and other foreign jurisdictions have implemented, or are considering, a variety of broad tax, trade, and other regulatory reforms that may impact us. On July 4, 2025, President Donald Trump signed the One Big Beautiful Bill Act (”OBBBA”) into law, which is considered the enactment date under U.S. GAAP. Key corporate tax provisions of OBBBA include the restoration of 100% bonus depreciation, immediate expensing for domestic research and experimental expenditures, changes to Section 163(j) interest limitations, modification of several international tax provisions, and expanded Section 162(m) aggregation requirements. In accordance with ASC 740, we have recognized the effects of the new tax law in the period of enactment. The impact of OBBBA for the quarter ended September 30, 2025 did not have a material impact on our financial position for the period. We continue to evaluate the impact of OBBBA on our consolidated financial statements and will update its estimates as additional guidance becomes available.
Previous wording
As of June 30, 2025, we had approximately $29.1 million in cash and cash equivalents, $2.8 million in bank deposits, and $125.6 million in marketable securities, totaling $157.5 million, as compared to $163.6 million at December 31, 2024. The decrease for the first six months of 2025 principally reflected cash used in operating activities and funds used to repurchase 300,000 shares of common stock for an aggregate consideration of approximately $6.2 million, partially offset by our receipt of cash proceeds of $3.5 million in connection with the sale of Intrinsix that were released from escrow in the second quarter of 2025.
Current wording
As of September 30, 2025, we had approximately $17.3 million in cash and cash equivalents, $2.8 million in bank deposits, and $132.0 million in marketable securities, totaling $152.1 million, as compared to $163.6 million at December 31, 2024. The decrease for the first nine months of 2025 principally reflected cash used in operating activities and funds used to repurchase 340,295 shares of common stock for an aggregate consideration of approximately $7.2 million, partially offset by cash proceeds from exercise of stock-based awards and our receipt of cash proceeds of $3.5 million in connection with the sale of Intrinsix that were released from escrow in the second quarter of 2025.
Previous wording
Out of total cash, cash equivalents, bank deposits and marketable securities of $157.5 million, $134.2 million was held by our foreign subsidiaries. Our intent is to permanently reinvest earnings of our foreign subsidiaries and our current operating plans do not demonstrate a need to repatriate foreign earnings to fund our U.S. operations. However, if these funds were needed for our operations in the United States, we would be required to accrue and pay taxes to repatriate these funds. The determination of the amount of additional taxes related to the repatriation of these earnings is not practicable, as it may vary based on various factors such as the location of the cash and the effect of regulation in the various jurisdictions from which the cash would be repatriated.
Current wording
Out of total cash, cash equivalents, bank deposits and marketable securities of $152.1 million, $127.5 million was held by our foreign subsidiaries. Our intent is to permanently reinvest earnings of our foreign subsidiaries, and our current operating plans do not demonstrate a need to repatriate foreign earnings to fund our U.S. operations. However, if these funds were needed for our operations in the United States, we would be required to accrue and pay taxes to repatriate these funds. The determination of the amount of additional taxes related to the repatriation of these earnings is not practicable, as it may vary based on various factors such as the location of the cash and the effect of regulation in the various jurisdictions from which the cash would be repatriated.
Previous wording
During the first six months of 2025, we invested $31.5 million of cash in bank deposits and marketable securities with maturities up to 33 months from the balance sheet date. In addition, during the same period, marketable securities were sold or redeemed for cash amounting to $49.8 million. All of our marketable securities are classified as available-for-sale. The purchase and sale or redemption of available-for-sale marketable securities are considered part of investing cash flow. Available-for-sale marketable securities are stated at fair value, with unrealized gains and losses reported in accumulated other comprehensive income (loss), a separate component of stockholders’ equity, net of taxes. Realized gains and losses on sales of investments, as determined on a specific identification basis, are included in the interim condensed consolidated statements of loss. The amount of credit losses recorded for the first six months of 2025 was immaterial. For more information about our marketable securities, see Note 7 to the interim condensed consolidated financial statements for the three and six months ended June 30, 2025.
Current wording
During the first nine months of 2025, we invested $52.5 million of cash in bank deposits and marketable securities with maturities up to 36 months from the balance sheet date. In addition, during the same period, bank deposits and marketable securities were sold or redeemed for cash amounting to $65.1 million. All our marketable securities are classified as available-for-sale. The purchase and sale or redemption of available-for-sale marketable securities are considered part of investing cash flow. Available-for-sale marketable securities are stated at fair value, with unrealized gains and losses reported in accumulated other comprehensive income (loss), a separate component of stockholders’ equity, net of taxes. Realized gains and losses on sales of investments, as determined on a specific identification basis, are included in the interim condensed consolidated statements of loss. The amount of credit losses recorded for the first nine months of 2025 was immaterial. For more information about our marketable securities, see Note 7 to the interim condensed consolidated financial statements for the three and nine months ended September 30, 2025.
Previous wording
Cash used in operating activities for the first six months of 2025 was $6.2 million and consisted of net loss of $7.0 million, adjustments for non-cash items of $9.3 million, and changes in operating assets and liabilities of $8.5 million. Adjustments for non-cash items primarily consisted of $2.0 million of depreciation and amortization of intangible assets, and $9.2 million of equity-based compensation expenses, partially offset by $1.7 million of unrealized foreign exchange gain. The decrease in operating assets and liabilities primarily consisted of an increase in prepaid expenses and other assets of $2.9 million (mainly as a result of payment of a yearly design tool subscription and an increase in French research tax benefits applicable to the CIR which is generally refunded every three years), a decrease in accrued expenses and other payables of $1.4 million, and a decrease in accrued payroll and related benefits of $4.6 million (mainly as a result of a yearly bonus payments), partially offset by a decrease in trade receivables of $0.9 million.
Current wording
Cash used in operating activities for the first nine months of 2025 was $12.1 million and consisted of net loss of $9.5 million, adjustments for non-cash items of $15.7 million, and changes in operating assets and liabilities of $18.3 million. Adjustments for non-cash items primarily consisted of $3.1 million of depreciation and amortization of intangible assets, and $14.1 million of equity-based compensation expenses, partially offset by $1.1 million of unrealized foreign exchange gain. The decrease in operating assets and liabilities primarily consisted of an increase in trade receivables of $12.2 million, a decrease in accrued expenses and other payables of $0.9 million, a decrease in accrued payroll and related benefits of $4.2 million (mainly as a result of a yearly bonus payments), and a decrease in deferred revenues of $0.5 million.
Previous wording
Cash used in operating activities for the first six months of 2024 was $5.0 million and consisted of net loss of $5.7 million, adjustments for non-cash items of $9.3 million, and changes in operating assets and liabilities of $8.6 million. Adjustments for non-cash items primarily consisted of $2.0 million of depreciation and amortization of intangible assets, and $7.5 million of equity-based compensation expenses. The decrease in operating assets and liabilities primarily consisted of an increase in trade receivables of $5.0 million, an increase in prepaid expenses and other assets of $2.2 million (mainly related to unbilled receivables of $2.1 million classified as “other long-term assets” in the Interim Condensed Consolidated Balance Sheets), and a decrease in accrued payroll and related benefits of $2.0 million (mainly as a result of a yearly bonus payments), partially offset by a decrease in accrued interest on bank deposits in the amount of $0.4 million.
Current wording
Cash used in operating activities for the first nine months of 2024 was $4.6 million and consisted of net loss of $7.0 million, adjustments for non-cash items of $13.6 million, and changes in operating assets and liabilities of $11.2 million. Adjustments for non-cash items primarily consisted of $3.0 million of depreciation and amortization of intangible assets, and $11.7 million of equity-based compensation expenses, partially offset by $0.7 million of amortization of premiums on available-for-sale marketable securities and $0.5 million of unrealized foreign exchange gain. The decrease in operating assets and liabilities primarily consisted of an increase in trade receivables of $7.8 million, and an increase in prepaid expenses and other assets of $3.7 million (mainly related to unbilled receivables of $2.7 million classified as “other long-term assets” in the Interim Condensed Consolidated Balance Sheets).
Previous wording
Net cash provided by investing activities for the first six months of 2025 was $20.8 million, compared to $8.2 million of net cash provided by investing activities for the comparable period of 2024. We had a cash outflow of $30.8 million and a cash inflow of $49.8 million with respect to investments in marketable securities during the first six months of 2025, as compared to a cash outflow of $30.0 million and a cash inflow of $31.9 million with respect to investments in marketable securities during the first six months of 2024. For the first six months of 2025, we had an investment of $0.7 million in bank deposits, as compared to proceeds of $8.0 million from bank deposits for the comparable period of 2024. We had a cash outflow of $1.0 million and $1.5 million during the first six months of 2025 and 2024, respectively, from purchase of property and equipment. For the first six months of 2025 and 2024, we had a cash inflow of $3.5 million and $0.5 million, respectively, in connection with the release of escrowed funds associated with the sale of Intrinsix. For the first six months of 2024, we had a cash outflow of $0.8 million for the acquisition of a Greek-based company.
Current wording
Net cash provided by investing activities for the first nine months of 2025 was $14.6 million, compared to $1.1 million of net cash used in investing activities for the comparable period of 2024. We had a cash outflow of $49.8 million and a cash inflow of $63.1 million with respect to investments in marketable securities during the first nine months of 2025, as compared to a cash outflow of $41.3 million and a cash inflow of $34.4 million with respect to investments in marketable securities during the first nine months of 2024. For the first nine months of 2025, we had a net investment of $0.7 million in bank deposits, as compared to net proceeds of $8.0 million from bank deposits for the comparable period of 2024. We had a cash outflow of $1.4 million and $1.9 million during the first nine months of 2025 and 2024, respectively, from purchase of property and equipment. For the first nine months of 2025 and 2024, we had a cash inflow of $3.5 million and $0.5 million, respectively, in connection with the release of escrowed funds associated with the sale of Intrinsix. For the first nine months of 2024, we had a cash outflow of $0.8 million for the acquisition of a Greek-based company.
Previous wording
Net cash used in financing activities for the first six months of 2025 was $4.5 million, as compared to net cash used in financing activities in the amount of $1.7 million for the comparable period of 2024.
Current wording
Net cash used in financing activities for the first nine months of 2025 was $3.9 million, as compared to net cash used in financing activities in the amount of $4.6 million for the comparable period of 2024.
Previous wording
In August 2008, we announced that our board of directors approved a share repurchase program for up to one million shares of common stock pursuant to Rule 10b-18 of the Exchange Act, which was extended by an additional 7,800,000 shares collectively across further approvals in 2010, 2013, 2014, 2018, 2020, 2023 and November 2024. During the first six months ended June 30, 2025, we repurchased 300,000 shares of common stock at an average purchase price of $20.54 per share for an aggregate purchase price of $6.2 million. During the first six months ended June 30, 2024, we repurchased 157,303 shares of common stock at an average purchase price of $20.83 per share for an aggregate purchase price of $3.3 million. As of June 30, 2025, we had 724,781 shares available for repurchase.
Current wording
In August 2008, we announced that our board of directors approved a share repurchase program for up to one million shares of common stock pursuant to Rule 10b-18 of the Exchange Act, which was extended by an additional 7,800,000 shares collectively across further approvals in 2010, 2013, 2014, 2018, 2020, 2023 and November 2024. During the first nine months ended September 30, 2025, we repurchased 340,295 shares of common stock at an average purchase price of $21.01 per share for an aggregate purchase price of $7.2 million. During the first nine months ended September 30, 2024, we repurchased 343,604 shares of common stock at an average purchase price of $21.70 per share for an aggregate purchase price of $7.5 million. As of September 30, 2025, we had 684,486 shares available for repurchase.
Previous wording
During the first six months of 2025, we received $1.6 million from the exercise of stock-based awards, as compared to $1.6 million received for the comparable period of 2024.
Current wording
During the first nine months of 2025, we received $3.2 million from the exercise of stock-based awards, as compared to $2.9 million received for the comparable period of 2024.