CEVA, Inc.

Worth knowing

• Paying shareholders without free cash flow. Paid out $22M over the 3 fiscal years to 2025 with -$15M of free cash flow.

  CEVA returned $22M in buybacks and dividends over three fiscal years while its free cash flow totalled -$15M. The money came from its cash pile or from borrowing.

• Shareholders being diluted. Shares outstanding up 21% from December 2022 to August 2026.

  CEVA had 21% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.CEVA had 21% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

• Stock pay outran buybacks. Stock-based pay expense $52M vs $22M spent repurchasing shares over the 3 fiscal years to 2025.

  Over three fiscal years CEVA recorded $52M of stock-based pay expense and spent $22M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years CEVA recorded $52M of stock-based pay expense and spent $22M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Stock-based pay is a large cost. Stock pay was 18% of revenue in 2025.

  CEVA paid employees $20M in stock in 2025, 18% of its $110M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.