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ROCKVILLE, Md. - Ceva, Inc. (NASDAQ: NASDAQ:CEVA), a prominent licensor of smart connectivity and sensing technologies, has welcomed Amir Faintuch to its Board of Directors. Announced today, Faintuch’s addition as an independent director and member of the Strategic Committee increases the board’s size to eight, with seven serving as independent members. The appointment comes as CEVA demonstrates strong financial health, with InvestingPro data showing the company holds more cash than debt and maintains impressive gross profit margins of 88.56%.
With a history of leadership roles at notable semiconductor companies, Faintuch brings a wealth of experience to Ceva’s board. His career includes positions at GlobalFoundries (NASDAQ:GFS), Intel (NASDAQ:INTC), and Qualcomm (NASDAQ:QCOM), as well as a foundational role at Texas Instruments (NASDAQ:TXN) in the development of mobile connectivity technologies. Faintuch is currently the CEO of Volumez, a company specializing in Data Infrastructure as a Service, a position he has held since December 2022.
Peter McManamon, Chairman of the Board at Ceva, highlighted Faintuch’s "extensive experience and deep expertise," anticipating that his insights will be valuable for Ceva’s strategic direction, particularly as the company navigates growth in the smart edge AI sector. The company’s market performance has been notable, with a 60.35% return over the past year and trading near its 52-week high of $34.70.
Ceva’s portfolio includes wireless connectivity IPs like Bluetooth, Wi-Fi, UWB, and 5G platform IP, as well as scalable Edge AI NPU IPs and sensor fusion solutions. The company’s technologies are integral to a variety of advanced products, from AI-integrated wearables to autonomous vehicles and 5G networks. Ceva’s mission is to enable smarter and more connected technologies worldwide, with its IPs powering over 18 billion smart edge products.
The company is headquartered in Rockville, Maryland, and maintains a global presence with operations worldwide. With a market capitalization of $770 million and analysts predicting profitability this year, CEVA’s outlook appears promising. InvestingPro subscribers can access 8 additional key insights and a comprehensive Pro Research Report, offering deep-dive analysis of CEVA’s financial health and growth prospects. Ceva prides itself on sustainability and environmental consciousness, adhering to a Code of Business Conduct and Ethics that emphasizes environmental preservation, recycling, employee welfare, and privacy.
This announcement is based on a press release statement from Ceva, Inc.
In other recent news, Ceva Inc. has reported a significant increase in third-quarter revenue for 2024, reaching $27.2 million, a 13% year-over-year growth. Despite lower-than-expected gross margins due to increased customization efforts for new 5G deals, the company raised its full-year guidance for 2024, reflecting a healthy backlog and pipeline of business. Non-GAAP net income saw a dramatic increase, and the firm is optimistic about long-term growth, driven by demand for its intellectual property in a robust semiconductor market. Ceva Inc. also achieved a record shipment of 522 million units, with substantial growth in cellular IoT and Wi-Fi products. The company announced plans for future acquisitions and an increase in its stock buyback program. These are the latest developments in the company’s performance and strategy.
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