Good day, and welcome to the CEVA, Inc. First Quarter 2026 Earnings Conference Call. Please note this event is being recorded. I would now like to turn the conference over to Richard Kingston, Vice President of Market Intelligence and Investor Relations. Please go ahead.

Thank you, Betsy. Good morning, everyone, and welcome to CEVA's First Quarter 2026 Earnings Conference Call. Joining me today are Amir Panush, Chief Executive Officer; and Yaniv Arieli, Chief Financial Officer of CEVA. 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. We will also be discussing certain non-GAAP financial measures, which we believe provide a meaningful analysis of our core operating results and comparison of quarterly results. Please see the earnings release we issued this morning for reconciliations of our non-GAAP financial measures. Our earnings release can be found in the SEC filings section of our Investor Relations website. 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, and good morning, everyone. We are pleased to report a strong start to 2026, building on our momentum from 2025. We exceeded our expectations on both revenues and non-GAAP EPS, including licensing and related revenues of $17.8 million, our strongest licensing quarter in 3 years, reflecting the strength of our pipeline, customer momentum and future earnings power. This performance reflects strong execution and alignment with key market trends, including the convergence of Edge AI and wireless connectivity, rising system complexity and growing demand for integrated solutions that accelerate time to market. As the industry faces increasing constraints in scaling centralized AI compute, the reality of shifting towards running inference at the edge and leveraging local resources is becoming more critical. Against this backdrop, intelligent connected device shipments are expected to exceed 40 billion units annually by 2030, reinforcing the value of our Connect, Sense and Infer strategy. In the quarter, we signed several multi-technology engagements and three strategically important deals that demonstrate our strategy is translating into results. Starting with connectivity. In early 2025, we introduced our Ceva-Waves Links200 platform to deliver fully integrated system-level wireless solutions across RF, basebands and software, helping customers accelerate time to market. This quarter, we secured a major licensing win for a complete Bluetooth High Data Throughput or HDT solution, a foundational capability for the upcoming Bluetooth 7 standard. We licensed this full solution, including modem software and RF, to a leading U.S.-based semiconductor company. Bluetooth 7 is expected to enable higher throughput and more advanced use cases, including multichannel audio, wireless video, XR and gaming peripherals and AI-enabled edge devices. Our HDT solution is a key building block enabling this next generation of high-performance wireless and AI-enabled edge devices. This builds on our prior Bluetooth engagement with the same customer, which is now approaching high-volume production and further expands our footprint through a more integrated RF, modem and software platform engagement. This also reflects a broader shift in the industry from internally developed connectivity to licensing proven platforms. We believe that moving to a full-stack solution increases value per design for CEVA through higher licensing fees and greater royalty content while also deepening integration and enabling multi-generation engagements. For the quarter, we expect it to deliver faster time to market and lower development risk, allowing customers to focus on their core differentiation while leveraging our proven IP, ultimately driving a stronger return on investment for both parties. Turning now to 5G and satellite communications. During the quarter, we launched our PentaG-NTN 5G advanced modem platform, extending our cellular portfolio into satellite communications. Non-terrestrial networks, or NTN, are an emerging market expected to scale to billions of devices over the coming decade as satellite connectivity becomes an integral part of global communications infrastructure, complementing and in some cases, extending beyond traditional terrestrial 5G networks. This is being driven by a wide range of use cases, including remote and underserved area coverage, asset tracking and industrial IoT, where ubiquitous always-on connectivity is critical. It is also increasingly important for enabling more resilient and independent communications infrastructure. Customer response has been highly encouraging with clear momentum building across our pipeline. Building on this, we expanded an existing customer relationship with a satellite OEM from DSP cores to a more integrated baseband processing solution. As with our Bluetooth HDT engagement, this reflects a deepening relationship with an existing customer and an expansion in the scope and value of our IP within their platform. In ultra-wideband, during the first quarter, we introduced our next-generation UWB platform and secured a new customer win with a major U.S.-based MCU provider, augmenting its internal UWB capabilities. The customer, combining its system expertise with our proven connectivity solution, will accelerate development and reduce risk. This engagement also builds on a broader relationship with the customer who has licensed multiple CEVA technologies over the past two years. We are seeing a transition in UWB towards higher-value industrial, automotive and enterprise applications, driven by demand for precise, secure location awareness in use cases such as access, asset tracking and indoor navigation. As the market expands, customers are increasingly choosing to license proven IP to accelerate time to market and reduce development risk. Across these wins, a clear pattern is emerging. The Bluetooth, NTN and UWB engagements we highlighted this quarter are all with existing customers who have expanded their use of CEVA IP over the past two years. More broadly, customers are increasingly adopting more integrated system-level solutions from CEVA, expanding our value per design while strengthening long-term royalty and margin potential. In sensing, we continue to see growing traction for our spatial audio solutions as demand for immersive audio experiences expands. During the quarter, Lenovo launched its latest ThinkPad headset powered by our RealSpace spatial audio with head tracking, building on recent wins with consumer brands like Nothing and boAt. Finally, in AI, we continue to execute on our strategy to enable efficient, scalable inference at the edge, with AI representing more than 20% of our licensing and related revenues and the signing of two new licensing agreements in the quarter. We are seeing a structural shift towards hybrid AI, where inference is increasingly moving to the device while more complex processing remains in the cloud or across connected systems. This right-AI model — right place, right time — enables real-time on-device decision-making while maintaining the flexibility to scale compute as needed. As a result, demand for highly efficient ultra-low power solutions is growing across wearables, automotive, industrial and smart home applications. AI IP and AI content per device is increasing as more products require local connect, sense and infer capabilities. We believe the rise of hybrid and agent-based AI will further accelerate the shift towards distributed intelligence at the edge, where devices need to locally sense, infer, communicate, coordinate and act in real time while selectively leveraging cloud AI resources. This trend is expected to drive growing demand for efficient AI processing alongside advanced wireless connectivity across increasingly complex connected systems. This is now translating into production. The Renesas R-Car V4H platform, which integrates our AI DSP and accelerator, is now in production in the 2026 Toyota RAV4, one of the highest volume passenger vehicles globally, marking our first mass volume automotive AI deployment. We believe this represents the beginning of a meaningful long-term royalty stream with growing AI content per device. We also announced a collaboration with NXP during the quarter, integrating our AI DSP and accelerator into their S32E2 and S32Z2 software-defined vehicle processors, further validating our position in automotive AI. In addition, our NeuPro-Nano NPU won a leading artificial intelligence award at Embedded World 2026, further emphasizing our leadership position. Our AI licensing pipeline remains strong with multiple evaluations and investment negotiations underway across a broad range of end markets. Stepping back, overall, we signed 14 licensing agreements in the quarter, including two with OEMs. In addition to the deals I highlighted earlier, we secured a Wi‑Fi 7 design targeting consumer IoT, a Wi‑Fi 6/Bluetooth combo engagement with a leading Edge AI SoC platform company and multiple additional Bluetooth and Wi‑Fi wins across our connectivity portfolio. Turning now to royalties. We continue to see encouraging momentum across our diversified Smart Edge market with growth in IoT, industrial and AI-driven applications. While total royalties were flat year-over-year, non-mobile royalties grew 8%, reflecting strength across our Smart Edge markets, partially offset by softness in smartphone. Wi‑Fi shipments reached an all-time high in the quarter, driven by record Wi‑Fi 6 volumes, highlighting the continuing expansion of this market as customers ramp deployments across a broad range of devices. More broadly, Wi‑Fi and Bluetooth continue to be durable multi-year growth drivers. As customers scale current generation technologies such as Wi‑Fi 6 and Bluetooth 6, they are also developing next-generation platforms, including Wi‑Fi 7 and Bluetooth 7. These overlapping cycles are expected to support sustained unit growth, increased IP content per design and long-term margin expansion. We expect the continued shift towards combo chips to further reinforce our strategy as customers integrate multiple CEVA technologies into a single design, increasing value per device and driving stronger overall economics. AI-driven royalties also continue to grow, highlighted by our automotive AI deployment at Toyota and a ramping AI SoC for surveillance, representing early signs of the long-term contribution we expect from Edge AI across multiple end markets. Against these tailwinds, first quarter royalties were impacted by typical seasonal softness in mobile, combined with near-term effects from memory availability constraints and channel inventory in the lower-tier segments. We view these mobile dynamics as largely timing related and expect improvements as the year progresses, supported by inventory normalization and typical seasonality, along with what we anticipate will be stronger high-end smartphone royalties in the second half. Overall, this quarter reinforces our ability to execute on our strategy and increase value per design as we move towards more integrated, higher-value engagements. I will now turn the call over to Yaniv for the financials.

I'll now review the financial results for the first quarter, which reflect the strong licensing performance and continued execution Amir just outlined. Revenues for the first quarter increased 11% year-over-year to $27 million. The revenue breakdown is as follows: licensing and related revenue increased 18% year-over-year to $17.8 million, reflecting 66% of our total revenues. Royalty revenues were $9.2 million, in line with last year, reflecting 34% of total revenues. Gross margins were 86% on a GAAP basis and 87% on a non-GAAP basis. Our total GAAP operating expenses for the first quarter were $28.4 million, just over the mid-range of our guidance. Total non-GAAP operating expenses for the first quarter, excluding equity-based compensation expenses, amortization of intangibles and deal costs, were $23 million, just over the mid-range of our guidance. GAAP operating loss for the first quarter was $5.1 million as compared to GAAP operating loss of $4.4 million in the same quarter last year. Non-GAAP operating margins and income were 2% of revenues and $0.5 million. Net income was $1.9 million compared to $2.1 million for the first quarter of 2025. Taxes were approximately $1.3 million. GAAP net loss for the first quarter was $4.5 million and diluted loss per share was $0.16 as compared to net loss of $3.3 million and diluted loss per share of $0.14 for the first quarter of 2025. Non-GAAP net income and non-GAAP diluted earnings per share for the first quarter of 2026 were $1.1 million and $0.04, respectively, as compared to non-GAAP net income of $1.4 million and non-GAAP diluted earnings per share of $0.06 for the first quarter of 2025. With respect to other related data, we shipped 458 million units of CEVA-powered devices, up 9% from the first quarter of 2025. Of the 458 million reported, 46 million units or 10% were for mobile handset modems, down from 49 million units in the first quarter last year. 394 million units were consumer IoT devices, up from 337 million units for the first quarter last year. 18 million units were for industrial IoT products, down from 34 million units in the first quarter last year. However, associated industrial IoT royalty revenues were up 19% year-over-year, reflecting a better mix of higher ASP product shipments, including 5G wireless infrastructure and automotive AI. Bluetooth shipments were 206 million units in the quarter, down from 233 million units in the first quarter of last year. Cellular IoT shipments were 66 million units, up 38% year-over-year, and Wi‑Fi shipments were a record 91 million units, up 158% year-over-year. As for the balance sheet items, our cash equivalents, marketable securities and bank deposits were approximately $216 million, providing strong financial flexibility. We remain focused on disciplined capital allocation, including continued investments in our roadmap and a selective approach for strategic M&A opportunities that can accelerate our growth. Our DSOs for the first quarter of 2026 were 59 days. During the first quarter, we used $4.9 million of cash in operating activities. Ongoing depreciation and amortization was $0.9 million and purchase of fixed assets was $2.3 million, including approximately $1 million related to leasehold improvements. At the end of the first quarter, our headcount was 430 people, of whom 348 were engineers. Now for the guidance. As Amir highlighted, we delivered a strong start for the year, supported by continued enhancements to our IP portfolio, solid licensing execution and growing fundamentals for future royalty expansion. From a financial perspective, we continue to view 2026 as a year of growth across multiple dimensions. Reflecting our first quarter performance, we're upgrading our annual outlook towards the higher end of our previously communicated range. For the full year, we now expect total revenue growth to be at the top end of our 8% to 12% range over 2025, with a typical seasonality profile of lower growth in the first half and stronger growth in the second half, subject to memory pricing dynamics and supply conditions. On the expense side, we maintain focus on cost discipline and operating leverage while continuing to manage foreign exchange headwinds with the strengthening of the euro and the Israeli shekel against the U.S. dollar. Overall expenses, cost of revenues and OpEx combined are expected to increase approximately 8% over 2025. As we continue to invest to support growth, we expect a portion of the incremental revenue to be translated to the bottom line, driving continued improvement in non-GAAP operating income, net income and EPS. Based on our performance to date and current business momentum, we now expect non-GAAP operating margins and non-GAAP net income to increase by 40% to 50% year-over-year, which is above our prior expectations. Guidance for the second quarter of 2026: revenues are expected to be in the range of $26 million to $30 million, reflecting continued growth both sequentially and year-over-year. Gross margin is expected to be 87% on a GAAP basis and 88% on a non-GAAP basis, excluding an aggregate $0.2 million of equity-based compensation expenses and $0.1 million of amortization of acquired intangibles. GAAP OpEx for the second quarter of 2026 is expected to be similar to the first quarter and in the range of $27.7 million to $28.7 million. Of our anticipated total OpEx for the second quarter, $5.3 million is expected to be attributed to equity-based compensation expenses, $0.1 million of amortization of acquired intangibles and $0.1 million of costs associated with business acquisitions. Non-GAAP OpEx is also expected to be similar to the first quarter and in the range of $22.2 million to $23.2 million. Net interest income is expected to be approximately $1.7 million. Taxes for the second quarter are expected to be approximately $1.5 million, and the share count for the second quarter of 2026 is expected to be approximately 28 million shares for GAAP and 29.7 million shares for non-GAAP. Betsy, we could now take questions, please.

The first question today comes from Ruben Roy with Stifel.

Congrats on the nice start to the year. I guess to start, Amir, on the Bluetooth HDT win, I'm not sure if you guys had RF wins previously, but it seems to me like that would be a nice step-up in your value per design strategy that you've been talking about. So can you maybe just talk a little bit more about what you're doing for the RF? And also, as part of that, is that sort of an architecture that you can replicate across other areas of the business, eventually, Wi‑Fi, ultra-wideband, et cetera? And anything you can talk about in terms of the royalty rate relative to your traditional Bluetooth licenses?

Yes, Roy, first, thanks a lot for the congratulations. Yes, definitely, this is a very important win for us. As you pointed out, this is a full system solution, from the antenna up to the full stack and the software, including our internally developed RF, which is an investment that we've put in the last year or two to really build those systems up. The key value here is that our customers can get the full solution. They don't need to do more of the pretesting and validation of those things, and we provide that as a full solution. Time to market and the ability to be successful in the market is much higher. Even more so with this customer and overall other customers, what we see is that this really helps them to drive more of the next-versus-buy decision and move away from internal development to a complete solution based on our technology. So we are very happy with that RF win, and we expect more of those wins to come through the year and, of course, in the next few years. The other piece you pointed out: this is definitely a technology that we are planning to expand beyond the Bluetooth HDT. We have multiple other wireless technologies with digital IP and the same strategy we are going to apply in the marketplace — more and more integrated solutions, complete systems around our leadership in wireless connectivity. So we are super excited about this momentum and what it can build for the future. Last piece that you pointed on the royalty: as I mentioned in previous calls, at the end the royalty comes back to what value it brings to our customers. In this case, because it's not just different components of the system but the fact that it's fully integrated, our customers definitely appreciate it, and we see meaningfully higher royalty. One plus one is more than two, and that will help us drive much more royalty growth in the future with an overall very strong flywheel across our wireless connectivity technology.

That's great. I guess if I could ask a quick follow-up just on sort of the way the year is playing out. You continue to expect a stronger second half, and I think you gave us a lot of data points and visibility into how you're thinking about that. But you do have some factors coming into play. You mentioned memory pricing and overall macro dynamics going on. So either Amir or Yaniv, can you maybe give us a little bit of detail on what you're hearing from customers relative to some of those impacts that we might see as we go through the year? I think memory pricing has started to impact some of the end markets. We're hearing from PC guys, et cetera, talk about potential impacts there. So any additional detail on how you're thinking about the second half versus the first half? And what you're hearing from customers would be great. That's all I have.

Yes, definitely. One thing first, if we look at this quarter as we started the year, I'm extremely encouraged by the fact that even though mobile hasn't been that strong, considering the challenge with memory allocation and inventory utilization, we still delivered really great results driven by, one, very good execution across the licensing and solution-based offering, and two, very good momentum overall in the broader IoT. If we look at IoT, it's a market that is less impacted by memory constraints. We have great access across a very diversified set of customers, use cases and products and technologies. So I think overall, we can fare better than others in terms of potential impact from memory allocation. Specifically on mobile, with the inventory drawdown that happened this quarter and maybe to some degree through the first half, it probably will put us in a good spot as we go to the second half, which on top of that we expect increased market share in the premium tier. So I think overall, we are well positioned going through those challenges overall in the marketplace. And it goes back to how we execute, driving our licensing and ensuring that our customers are happy with the ramp-up of our technology.

Ruben, maybe I will add. Historically, if you look at the volumes of shipments that drive our royalties, customer shipments in the second half of every given year in the last three years show about a 40% increase. With that said, there is always some issue each year, whether it's pricing or inventory in memory. So with that context, the trend was mainly around 40% sequential growth second half versus first half, and we are building that into our projections for 2026.

The next question comes from Sujeeva De Silva with ROTH Capital.

Congratulations on the progress here. Amir, maybe you can talk about sense, connect and infer. Maybe today, you could give us an update on traction — for example, customers taking two or three of those versus just one. That would be helpful to understand.

Definitely, Suji. I think several names that we mentioned in the past, including these times, we see them licensing multiple technologies from us. It can be multiple technologies across connect, and we have more and more across multiple technologies of connect and infer, and in some cases the whole connect, sense and infer. We see that progression going very well, and we expect more as we keep driving those technologies into the marketplace. What drives the baseline flywheel with our customers is very high appreciation of our wireless connectivity portfolio, and on top of that our investment and expansion in the AI or infer portfolio. The other example: Lenovo with the headset this quarter, we announced that they have started ramping with our RealSpace 3D spatial audio technologies. They are also a wireless connectivity customer through the semiconductor companies that are delivering those solutions to them.

Okay. I appreciate that, Amir. Great. And then in connectivity specifically, Bluetooth is already well penetrated. Can you update us on where Wi‑Fi is in the attach curve, going up in terms of attach? And then will UWB follow a similar path? Or is that more of a niche technology?

So on Wi‑Fi, Yaniv can point more to the specific numbers, but we're extremely encouraged with the ramp that we've seen through 2025 and continuing into Q1 2026. We reached an all-time high volume this quarter, and we expect that to continue with a very nice ramp moving from legacy Wi‑Fi to Wi‑Fi 6. Within a year or two, we'll start seeing a transition into Wi‑Fi 7 plus many combos of Wi‑Fi and Bluetooth. From a pattern and penetration in the marketplace, we expect, as we mentioned on other calls, that Wi‑Fi shipments will reach very high volumes and will augment our penetration with Bluetooth through combo chips. In terms of UWB, this is a newer technology and we see very good indications in the marketplace from use cases and potential demand. We've seen more penetration right now in smartphone and other edge devices for location-based access and control. We are very encouraged. We just got a major license deal with a U.S. customer, and there will be more to follow. From a volume perspective, we are highly penetrated with Bluetooth, we are getting to the same level with Wi‑Fi, and UWB will follow.

On that I would add, Suji, that as Amir mentioned the combo chips, if you look at the Bluetooth/Wi‑Fi combo chip volume year-over-year, the volume has doubled. We haven't broken that number out yet publicly; we'll do it in due time. Some of the reason Bluetooth appears to be down is because many of those units are counted as combo chips rather than individual Bluetooth chips. ASPs for those combo chips are higher than the individual Wi‑Fi or Bluetooth solutions in the past.

The next question comes from Samik Chatterjee with JPMorgan.

Congrats on the strong results here. Maybe just another follow-up on Wi‑Fi. The 91 million number you had there is pretty strong considering a typical seasonal downtick into Q1. Can you outline if there was anything in terms of new customer volume ramping into Q1 that drove that seasonality? And from this Q1 base, should we expect a similar pickup into the second half that you've historically seen from a first-half to second-half perspective in Wi‑Fi? I have a follow-up after that.

Yes, Samik, great question. The ramp of Wi‑Fi volume in Q1 is not related to seasonality. It's really the migration of multiple customers adopting our technology, either migrating from Wi‑Fi 4 to Wi‑Fi 6 or new customers starting to ramp with Wi‑Fi 6. We have over 30 Wi‑Fi license agreements in the last two to three years, and those customers are coming into production. That momentum should continue. We expect the second half to be stronger than the first half both based on seasonality and more customers and programs ramping volume for Wi‑Fi. We're still in the ramp-up in terms of market penetration and customers ramping their product lines. It's true across both industrial and consumer markets.

Got it. And just a quick follow-up: Any updates on how you're thinking about capital allocation, particularly in relation to M&A, given it's a pretty strong year and you'll generate more cash? How are you thinking about the alternatives in front of you, including if you pursue M&A, what targeted technology areas would you look for?

Yes, this is a key important item for executing our overall strategy to scale the company. The focus will be on technologies that complement our success in the Smart Edge era. We are looking to build scale in connect, sense and infer and adjacent technologies that augment these. That's what we are targeting, and hopefully we'll be able to talk about progress through the year.

The next question comes from Gary Mobley with Loop Capital.

Looking specifically at the CEVA Waves RF subsystem, the highlight you put in front of us today is more of a system-level license agreement, including RF. But if I'm not mistaken, that RF subsystem might be unique to a specific manufacturing process node, TSMC 12-nanometer specifically. Can you speak to how you might broaden the RF subsystem across different process nodes and foundries and how that might affect overall licensing for Waves?

Yes, Gary, great question. The Links200 we announced previously was around 12-nanometer TSMC. Our strategy is to go beyond one process node or one foundry. We have a good sense of where the roadmap is heading in terms of process node needs and the types of foundries our customers are looking to partner with. We won't support every permutation, and some customers will build their own RF. But I'm confident we can support a significant portion of where the market is heading in terms of process requirements and foundry choices. We'll have multiple options, but we are not going to cover the whole spectrum.

And for my follow-up, I want to ask about the license pipeline. How does it look compared to a year ago? And can you give an update as to what might be recurring in license revenue and what percent still remains one-time in nature?

There are several fundamental trends that encourage us and make us feel good about our licensing business. One, we see more repeat customers coming back for new generations. Two, more customers are licensing multiple technologies, either by adding additional technology or starting with multiple technologies. And three, we are seeing more licensing of solutions, which brings more value to customers and better deal economics, including the licensing portion. Taking these three into account, we feel confident in our pipeline and ability to execute on licensing. The last few quarters, including this one, have shown that. Overall, we view the year as a good growth year in licensing and the pipeline supports it well.

The next question comes from Joshua Buchalter with TD Cowen.

Congrats on the results. Maybe I want to start big picture. We're seeing a lot of movement as compute resources are complemented by edge compute outside of server racks. Could you reflect on where we are on the embedded side in that adoption curve? Specifically, any updates or major momentum on the MPU side from the quarter you want to highlight?

Great question, Josh. The momentum for edge compute is exactly what we've been talking about regarding the hybrid AI model, and it's encouraging to see it happening in the market. Our Connect, Sense and Infer IP portfolio complements CPUs, whether they're ARM-based or RISC-based architectures, so we can support both. That puts us in a good position. On NPUs specifically, we're building a portfolio of NPUs that work alongside any CPU architecture. We are uniquely positioned focusing on NPU technology as accelerators to the CPUs that are out there. The more CPU adoption drives AI at the edge, the more opportunities we'll see with our NPUs. Overall, these trends are encouraging potential tailwinds for us as we progress through this year and next year.

Then maybe a follow-up on the second half outlook. A lot of companies have flagged potential cuts in the second half from memory headwinds. Have you seen anything yet impacting your customers? Also, can you walk through expectations you have for the large North American smartphone customer that has some of your IP on their modem?

We built some of our expectations top-down, knowing that the market second half is strong with seasonality for holiday ramps and introductions of new products. We'll need to see how the market deals with memory pricing and shortages, but right now we haven't heard anything specific from our customers other than what we've seen in mobile in the low-tier phones. Other companies have mentioned recovery going forward. We haven't seen specific impacts yet. We have our own estimates for the North American OEM; they don't share internal plans publicly. We have built our model accordingly and will look at royalty reports quarterly. Historically, the addition of combo chips with higher ASPs and the contribution from automotive AI and other segments make the second half look stronger and promising, which is why we raised guidance to the top of the prior annual range of 8% to 12%.

The next question comes from Madison De Paola with Rosenblatt Securities.

This is Maddie calling on behalf of Kevin Cassidy. I was just wondering which end markets are expressing the most interest in the NeuPro?

Say that again, Maddie, sorry?

In the NeuPro, it's broad-based. We see interest in automotive, industrial applications, smart home and consumer applications. If we look at the 10-plus deals we licensed last year, it's across those markets — nicely distributed and wide-based. We also mentioned last quarter PC OEM interest, so we are in the PC market as well as consumer, smartphone, surveillance and automotive/industrial.

The last question today comes from Martin Yang with Oppenheimer.

First question is on the Bluetooth radio. Is there any plan or intention to extend the IP to other connectivity products, notably Wi‑Fi?

Yes, Martin, good question. We started and announced this product first for Bluetooth. We have strong capabilities across wireless connectivity technology. The intention and plan is to expand this full-solution offering across our wireless connectivity portfolio — starting with Bluetooth, the next natural extension is Wi‑Fi, then UWB and other technologies. Also this quarter we announced on the satellite side that we're moving more into complete baseband solutions, not just offering components like DSP accelerators, but really whole baseband subsystems. That resonates very nicely with customers, especially those moving from make to buy who need ready-to-go solutions to help with time to market and success overall.

A follow-up on your answer: you mentioned satellite communication. Is that primarily still market deployment regarding smartphone satellite-based messaging capabilities? Or are you seeing more emerging applications?

We're seeing much more potential in emerging applications as well. Different types of OEMs are moving to provide connectivity as a service, and as part of that service they need a complete solution end-to-end. We are offering wireless communication both on the terminal side as well as on the satellite side, and they will build the complete end-to-end offering with the service. That service targets ubiquitous connectivity for industrial use cases, logistics, and places with little terrestrial coverage where augmentation is needed. So it's a system opportunity well beyond just mobile.

This concludes our question-and-answer session. I would like to turn the conference back over to Amir Panush for any closing remarks.

Thank you. In closing, we believe CEVA is well positioned as the industry continues to evolve towards physical AI, where connectivity, sensing and inference converge at the edge. Our expanding portfolio, combined with our strategy to deliver more integrated system-level solutions, is enabling us to increase our value per customer and strengthen our long-term royalty model. We remain focused on executing our strategy, deepening customer relationships and driving sustainable growth. Thank you for your continued support. Richard, I will hand over to you to wrap it up.

Thank you, Amir. As a reminder, the prepared remarks for this conference call are accessible through the Investors section of our website. With regards to upcoming events, we will be participating in the following conferences: Oppenheimer 27th Annual Israeli Conference on May 18 in Tel Aviv; the JPMorgan 2026 Global Technology, Media and Communications Conference, May 20 in Boston, Massachusetts; TD Cowen's 54th Annual Technology, Media and Communications Conference, May 27 in New York; Stifel's Boston Cross Sector One-on-one Conference, June 2 in Boston; the 6th Annual Rosenblatt Technology Summit, The Age of AI, June 10, being held virtually; and the 16th Annual ROTH London Conference, June 16 to 18 in London, England. 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.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.