CEVA, Inc. (NASDAQ: CEVA) reported Q1 EPS of $0.01, $0.05 worse than the analyst estimate of $0.06. Revenue for the quarter came in at $25.4 million versus the consensus estimate of $24.01 million.

Gideon Wertheizer, CEO of CEVA, stated: "Our first quarter results reflect a strong start for the year, with outstanding execution in licensing and royalty revenues exceeding our expectations. Our wireless connectivity technologies in particular are experiencing exceptional demand, driven by Bluetooth 5 and Wi-Fi 6, and new IoT use cases based on the 5G RedCap standard and UWB."

Yaniv Arieli, Chief Financial Officer of CEVA, stated: "Our first quarter financial performance generated top-line growth year-over-year of 8%, driven by 56% growth in royalties from our base station & IoT product category. Our earnings per share for the quarter reflects a revenue mix in which the majority of revenues recognized are associated with our connectivity products originating in France, and are subject to a higher corporate tax rate. We expect our ongoing corporate tax rate to be lower and in line with our original expectations, but mainly dependent on the outcome of our revenue allocation mix. At the end of March 2021, our cash and cash equivalent balances, marketable securities and bank deposits were approximately $174 million, with no debt."

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