Ceva is a semiconductor IP licensing company — it designs and licenses the building blocks that chip makers and OEMs embed into their own silicon, collecting upfront fees and per-unit royalties rather than manufacturing chips itself. Ceva's portfolio spans three areas: Connect (wireless connectivity IP covering Bluetooth, Wi-Fi, UWB, and cellular IoT/5G), Sense (DSPs and software for audio, motion tracking, and radar), and Infer (neural processing units for on-device AI inference). Ceva claims roughly 68% global share of wireless connectivity IP licensing, making Connect its largest and most established business. The Infer segment, built around its NeuPro NPU family, has grown to roughly one-third of licensing revenue as customers design AI capabilities into edge devices. Revenue splits between upfront licensing fees (~56% of FY25 revenue) and per-unit royalties (~44%). Royalties are recurring but variable, tied to how many devices licensees ship and the royalty rate per unit — newer standards like Wi-Fi 6/7 and NPUs carry higher per-unit rates than legacy technology. The licensing-to-royalty cycle runs roughly 18-24 months, so today's licensing wins convert to royalty streams over time. The business model is highly scalable, with the same IP licensed to hundreds of customers simultaneously and ~88% non-GAAP gross margins. Customers include Qualcomm, MediaTek, Samsung, NXP, and Nordic Semiconductor, among others. China-based customers represented 62% of FY25 revenue. Ceva's engineering workforce is based primarily in Israel, France, and elsewhere in Europe, creating FX exposure when the dollar weakens.