Technology

Resideo Announces Filing of Form 10 Registration Statement for Planned Spin-Off of ADI Global Distribution

Published

2 hours ago

May 11, 2026

Names ADI and Resideo Leadership Teams and Boards of Directors

Investor Days Scheduled for Mid-July to Provide Details on Resideo and ADI’s Go-Forward Business and Value Creation Strategies

Spin-Off on Track for Completion Between Mid-Third Quarter and Mid-Fourth Quarter 2026

SCOTTSDALE, Ariz., May 11, 2026 /PRNewswire/ — Resideo Technologies, Inc. (NYSE: REZI) (“Resideo” or the “Company”), a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets, today provided an update on its planned spin-off of its ADI Global Distribution business (“ADI”), including:

Filing of the Form 10 registration statement (the “Form 10”) with the U.S. Securities and Exchange Commission (“SEC”), a copy of which is available on the SEC website as well as Resideo’s Investor Relations website;Announcing ADI’s leadership team and Board of Directors;Announcing Resideo’s leadership team and Board of Directors;Timing for Resideo and ADI Investor Day events in mid-July 2026; andExpected timing for completion of the spin-off between mid-third quarter and mid-fourth quarter of 2026.

“Today’s filing reflects the tremendous progress we have made to launch two industry-leading companies, each extremely well positioned to better serve customers and unlock shareholder value,” said Jay Geldmacher, President and CEO of Resideo. “ADI’s new leadership team and Board are a highly skilled and diverse group of individuals who will bring deep knowledge of ADI, cross-sector expertise and proven leadership that will help shape ADI’s future. Similarly, we have a strong bench of talent at Resideo that will remain in place and lead the company forward following the separation.”

Highlights from Form 10, ADI Leadership Team and Board of Directors

The Form 10 highlights how ADI will:

Leverage its preeminent platform position as a global specialty distributor of professionally installed low-voltage products servicing the commercial and residential markets through a leading omnichannel go-to-market platform.Deliver on its distinct value proposition with over 500,000 products from more than 1,000 suppliers, curated through disciplined category management and reinforced by long-standing relationships with top suppliers and premier integrators, high product availability and superior technical sales support.Drive sustained profitable growth and disciplined capital allocation to fund high-return investments and enable a balanced capital allocation approach that will initially be focused on deleveraging.Expand upon its strong financial foundation. In fiscal year 2025, ADI on a carveout basis generated revenue of approximately $4.8 billion, $261 million net loss, $318 million in Adjusted EBITDA, 22.3% gross margin profit, 5.5% net loss margin, and 6.6% Adjusted EBITDA margin.1

The ADI leadership team will include the following individuals:

Robert Aarnes, President and Chief Executive Officer. Mr. Aarnes has served as President of ADI at Resideo since 2018.Michael Carlet, Chief Financial Officer. Mr. Carlet has served as the Chief Financial Officer of Resideo since 2024 and previously served as the Chief Financial Officer of Snap One, which was acquired by Resideo in 2024.Marco Cardazzi, Chief Merchandising Officer. Mr. Cardazzi has been with ADI since 2011 and currently serves as Chief Merchandising Officer and previously served as Chief Marketing Officer, Vice President of Global Marketing and held various leadership roles across merchandising, marketing, category management and products.Alicia Copeland, Chief Operating Officer. Ms. Copeland has been with ADI since 2016, currently serving as Chief Operating Officer and previously as Chief Commercial Officer, Chief Transformation Officer, and Vice President of Global Operations.Jeannine Lane, General Counsel, Corporate Secretary and Chief Compliance Officer. Ms. Lane has served as the General Counsel and Corporate Secretary of Resideo since 2018 and previously held various senior positions within Honeywell’s legal department.James Olender, Chief Information Officer. Mr. Olender joined ADI in 2026 as Chief Information Officer and previously held various executive roles within GE, including as Chief Information Officer of GE Vernova’s Wind Segment, among others.Nicole Stevens, Chief Accounting Officer. Ms. Stevens joined ADI in 2026 as Senior Vice President of Accounting, and previously served as SVP Financial Reporting at Amwins, Vice President of Financial Reporting at Snap One (prior to Resideo’s acquisition) and at EY.

The ADI Board will be comprised of the following individuals:

Michael Kaufmann will serve as Chairman. Mr. Kaufmann previously served in numerous executive positions at Cardinal Health, including Chief Executive Officer and Chief Financial Officer, among others. He is a seasoned board member and currently serves on the board of MSC Industrial Direct.

Robert Aarnes will serve as a director, in addition to his role as President and Chief Executive Officer of ADI.

William Galvin has over 35 years of experience as a senior executive and leader in the industrial distribution and supply chain services sector. Mr. Galvin was most recently President and CEO of Anixter International, a global distributor of network and security, electrical and electronic and utility power solutions. He currently serves on the boards of Integrated Power Services and Engineered & Industrial Solutions. Mr. Galvin is an operating advisor of CD&R.Christine Gorjanc is a financial expert who has served as Chief Financial Officer for various companies, including Invitae, Arlo Technologies and NETGEAR. She has held numerous public company board director roles, including as Audit Committee Chair, and currently serves on the boards of Polestar Automotive and Forward Air Corporation.Cynthia Hostetler has 26 years of leadership experience managing large investment funds (with significant global markets investments), guiding institutional investors and allocating capital resources for businesses. She is an experienced board member and currently serves on several mutual fund boards, including as trustee of Invesco Funds, director of TriLinc Global Impact Fund and board member of Investment Company Institute. Ms. Hostetler has served as a director on the Resideo board since 2020 and effective upon the spin-off, she will resign from the Resideo board.Stephen O. LeClair has decades of experience within the specialty distribution industry, including senior executive roles across operations, manufacturing, finance and sales. Mr. LeClair served as Executive Chair and Chief Executive Officer of Core & Main and previously held senior operations roles at HD Supply Waterworks, HD Supply Lumber and Building Materials, HD Supply and within GE Equipment Services. Mr. LeClair currently serves on the boards of Dycom Industries and AAON.Nathan Sleeper is the Chief Executive Officer of CD&R and chairs the investment firm’s executive committee and is a member of its investment, operating review and compliance committees. Mr. Sleeper has served on numerous public company boards and is currently a member of the Columbus McKinnon Corporation board. Mr. Sleeper has served as a director on the Resideo board since 2024 and effective upon the spin-off, he will resign from the Resideo board.Brian Walker has extensive experience in the distribution sector and currently serves as Senior Vice President, Sales and Onsite Services of W.W. Grainger and previously held numerous leadership positions within its sales and supply chain functions.

Resideo Leadership Team and Board of Directors

The Resideo leadership team will include the following individuals:

Thomas Surran, President and Chief Executive Officer. Mr. Surran has served as President of Resideo’s Products and Solutions business since 2023.Joshua Foster, Senior Vice President, General Counsel and Corporate Secretary. Mr. Foster has served as Deputy General Counsel for Resideo since 2018 and previously spent over a decade at Honeywell in various capacities within the legal division.Scott Harkins, Senior Vice President of Sales and Marketing. Mr. Harkins has served as SVP of Resideo’s Global Sales since 2020 and previously spent over 20 years with Honeywell, including as Vice President of Partner Development for Honeywell Connected Home.Amit Mehta, Senior Vice President of Strategy and Business Operations. Mr. Mehta has been with Resideo since 2019, and he will continue to lead strategy, corporate development and operational initiatives for Resideo.Patrick Murray, Senior Vice President of Integrated Supply Chain and Information Technology. Mr. Murray has been Resideo’s Senior Vice President of Global Operations and Supply Chain since 2018.Ryan Strassburg, Senior Vice President and General Manager of Global Climate Solutions. Mr. Strassburg currently serves as Vice President and General Manager of Resideo’s Global Climate Solutions business unit and previously held various leadership positions across Honeywell’s sales, product management, and marketing teams.Scott Ziffra, Senior Vice President of Engineering. Mr. Ziffra has served as Resideo’s SVP of Engineering and Product Management since 2020.Jeff Kutz, Senior Vice President and Chief Accounting Officer. Mr. Kutz will remain in his role as Resideo’s Chief Accounting Officer.

With the assistance of a leading search firm, the Resideo Board has an active search process underway to identify its new Chief Financial Officer.

Upon completion of the spin-off, the Resideo Board of Directors will comprise ten directors:

Cynthia Hostetler, Nathan Sleeper and Jay Geldmacher will resign from the Board.Andrew Campelli, a partner at CD&R, will be appointed to the Board.Andrew Teich will remain in his role as Chairman and all other current Resideo directors will continue as members of the Resideo Board.Mr. Geldmacher’s retirement from Resideo will become effective upon completion of the separation, after which time, he will serve in an advisory capacity for six months.Thomas Surran will be appointed as a director, in addition to his role as President and Chief Executive Officer.

Investor Days

Resideo and ADI will host separate investor days in mid-July in New York City. Members of the leadership teams will provide details on the businesses and outline their respective value creation strategies. Additional information, including dates, webcasts and registration, will be provided in the coming weeks.

Additional Information

Resideo expects the spin-off of ADI to be completed between mid-third quarter and mid-fourth quarter of 2026, subject to final approval from the Resideo Board and other customary conditions.

The planned spin-off of ADI is intended to be tax-free for Resideo and its stockholders for U.S. federal income tax purposes, except for cash that stockholders may receive (if any) in lieu of fractional shares. Consistent with the Form 10 process, the filing is an initial step in an iterative process and is subject to change. Additional information will be included in subsequent Form 10 filings. Future updates to the Form 10 will be filed with the SEC and may be viewed at www.sec.gov filings under ADI Global Distribution Inc.

ADI’s common stock is expected to be listed on the New York Stock Exchange under the ticker symbol “ADIG”.

About Resideo

Resideo is a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets. We are a leader in the home heating, ventilation, and air conditioning controls markets, smoke and carbon monoxide detection home safety and fire suppression products markets, and security products markets. Our solutions and services can be found in over 150 million residential and commercial spaces globally, with tens of millions of new devices sold annually. For more information about Resideo and our trusted, well-established brands including First Alert, Honeywell Home, BRK, Control4, and others, visit www.resideo.com.

Forward-Looking Statements

This press release contains forward-looking statements, including, but not limited to, those regarding the anticipated separation of Resideo Technologies’ Products & Solutions and ADI Global Distribution businesses into two independent publicly traded companies, the expected timeline for completing the transaction, the strategic rationale and potential benefits of the separation, the anticipated financial and operational performance of each company following the separation, expected leadership transitions, future capital allocation priorities, growth initiatives, market positioning, and other future events or developments. Forward-looking statements are typically identified by such words as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “should,” “will,” and similar expressions, although not all forward-looking statements contain these words. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Among the factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements are the possibility that the conditions to the separation may not be obtained or satisfied within the expected timeframe or at all; that the separation may not be completed on the anticipated terms or timing or may not occur at all; that the separation may not achieve the intended strategic, operational, or financial benefits for Resideo, its businesses, or its shareholders; that Resideo may experience operational or other disruptions as a result of the separation, including those relating to information technology systems, business processes, internal controls, customer and vendor relationships, and workforce alignment. Each separated company’s ability to succeed as an independent enterprise will depend on numerous factors, including the execution of their respective strategies and plans, access to capital markets, the competitive landscape, and general business and economic conditions. Other risks and uncertainties include, but are not limited to, (1) our ability to achieve our outlook regarding the full year 2026, (2) our ability to recognize the expected savings from, and the timing and impact of, our existing and anticipated cost reduction actions, and our ability to optimize our portfolio and operational footprint, (3) the ability of Resideo to drive increased customer value and financial returns and enhance strategic and operational capabilities, (4) risks and uncertainties relating to tariffs that have been or may be imposed by the United States and other governments, and (5) the other risks described under the headings “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” in our Annual Report on Form 10-K for the year ended December 31, 2025 and other periodic reports as well as risks described under the heading “Risk Factors” of the Form 10 filed with the SEC.

All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks and uncertainties, which may cause the actual results or performance of the Company to differ materially from such forward-looking statements. Forward-looking statements are not guarantees of future performance, and actual results, developments, and business decisions may differ from those envisaged by our forward-looking statements. Except as required by law, we undertake no obligation to update such statements to reflect events or circumstances arising after the date of this press release and we caution investors not to place undue reliance on any such forward-looking statements.

Non-GAAP Financial Measures and Pro Forma Information

This press release includes certain “non-GAAP financial measures” as defined under the Securities Exchange Act of 1934 and in accordance with Regulation G thereunder, including Adjusted EBITDA and Adjusted EBITDA margin, as well as certain pro forma standalone financial information for ADI. Management believes the use of such non-GAAP financial measures assists investors in understanding the ongoing operating performance of the Company by presenting financial results between periods on a more comparable basis. Such non-GAAP financial measures should not be construed as an alternative to reported results determined in accordance with U.S. GAAP. Readers should also consider the limitations associated with these non-GAAP financial measures, including the potential lack of comparability of these measures from one company to another.

“Adjusted EBITDA” represents ADI’s net income before interest expense, income tax expense (benefit), depreciation and amortization, adjusted to exclude the effects of unique and/or non-cash items that are not closely associated with ongoing operations, and provides management and investors with meaningful measures of our performance that increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying profitability factors. “Adjusted EBITDA margin” is calculated as Adjusted EBITDA as a percentage of revenue.

The standalone financial information presented for ADI in this press release has been derived from the consolidated financial statements and accounting records of Resideo and reflects certain assumptions and allocations. The pro forma standalone financial information includes all revenues and costs directly attributable to ADI, as well as allocations of certain corporate expenses. These allocations may not be reflective of the actual expenses that ADI would have incurred as an independent, publicly traded company or of the costs it will incur in the future. For additional information regarding the basis of presentation, please see the Form 10 filed with the SEC.

The following table provides a reconciliation of net (loss) income and net (loss) income margin, the most closely comparable GAAP financial measures, to Adjusted EBITDA and Adjusted EBITDA margin:

ADI’s Adjusted EBITDA and Adjusted EBITDA margin

2025

Net revenue

4,784

Net (loss) income

(261)

Net (loss) income margin

(5.5) %

Provision for income taxes

Income before taxes

(250)

Depreciation and amortization

115

Interest expense

Interest income

(8)

Indemnification Agreement expense (1)

364

Stock-based compensation expense (2)

Restructuring, impairment and extinguishment costs (3)

Transaction related expenses (4)

Other (5)

(2)

Adjusted EBITDA

318

Adjusted EBITDA margin

6.6 %

(1)

Consists of charges associated with the Indemnification Agreement that were allocated to the Combined Financial Statements. Refer to Note 10. Indemnification Agreement within the Combined Financial Statements for additional information.

(2)

Represents non-cash compensation expenses recognized for stock-based compensation arrangements.

(3)

Consists of non-recurring charges associated with restructuring initiatives as well as non-cash asset impairment charges and the allocation of debt extinguishment costs associated with third-party debt instruments.

(4)

Represents expenses incurred in 2025 for integration costs related to the Snap One Acquisition of $9 million and allocated transaction costs primarily related to third party vendors incurred due to the Spin-off of $7 million.

(5)

Represents amounts included in Other Expense reported on the Combined Statement of Operations.

Contacts:
Investors:
Christopher T. Lee
Global Head of Strategic Finance
investorrelations@resideo.com

Media:
Garrett Terry
Corporate Communications Manager
garrett.terry@resideo.com

Dan Moore, Jim Golden, Tali Epstein
Collected Strategies
Resideo-CS@collectedstrategies.com

(1)

This press release includes certain “non-GAAP financial measures” as defined under the Securities Exchange Act of 1934. See reconciliations of U.S. GAAP results to adjusted results in the accompanying tables.

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SOURCE Resideo Technologies, Inc.

Technology

Ceva, Inc. Announces First Quarter 2026 Financial Results

Published

1 hour ago

May 11, 2026

Highlights strong licensing growth driven by integrated solutions and accelerating edge AI adoption

ROCKVILLE, Md., May 11, 2026 /PRNewswire/ — Ceva, Inc. (NASDAQ: CEVA), the leading licensor of silicon and software IP for the Smart Edge, today announced its financial results for the first quarter ended March 31, 2026.

First Quarter Highlights: *

Delivered total revenues of $27.0 million, up 11% year-over-yearLicensing and related revenues of $17.8 million, up 18% year-over-year and the highest in three yearsRoyalty revenues of $9.2 million, with smart edge royalties up 8% year-over-year, driven by record shipments in Wi-Fi, and strong contribution from cellular IoT, 5G infrastructure and automotive AISigned 14 IP licensing agreements, including several multi-technology engagements with existing customersSecured a major customer win for Bluetooth High Data Throughput (HDT) solution, including Ceva’s internally developed RF technology, demonstrating its system-level connectivity strategyExpanded customer engagements in 5G NTN and Ultra-Wideband, increasing value per designAI represented more than 20% of licensing and related revenues, with strong growth and key production milestones, including the Renesas R-Car V4H platform entering the 2026 Toyota RAV4, alongside a collaboration with NXP for its latest software-defined vehicle processors

*Unless otherwise stated, all comparisons are to first quarter 2025.

Amir Panush, Chief Executive Officer of Ceva, commented, “We delivered a strong start to 2026, highlighted by our highest licensing and related revenues in three years and continued momentum across our connectivity and AI portfolios. Importantly, this quarter reflects the successful execution of our strategy to expand beyond discrete IP into more integrated, system-level solutions. A major Bluetooth HDT licensing agreement, including RF, alongside our expansion in 5G NTN and Ultra-Wideband, demonstrates how we are increasing our value per design and deepening customer engagement. We also saw encouraging trends in royalties, with continued strength across our smart edge markets, partially offset by softness in smartphones.”

“In AI, our growth strategy and relentless focus on market-leading innovation are translating into production, with our technology integrated into leading automotive platforms and entering mass-volume production. With AI contributing over 20% of licensing and related revenues and a strong pipeline of engagements, we believe we are well positioned as the industry accelerates toward hybrid AI and the expansion of Physical AI at the edge.”

Business and Market Highlights
During the first quarter, Ceva signed 14 IP licensing agreements across connectivity, AI, and satellite communications, including several multi-technology engagements aligned with its strategy to deliver more integrated, system-level solutions.

The company secured a major full-stack Bluetooth HDT solution license, marking a key milestone in expanding value per design and increasing royalty contribution, while helping customers reduce integration complexity and accelerate time-to-market. Additional wins included a Wi-Fi 7 design targeting consumer IoT, a Wi-Fi 6 / Bluetooth combo engagement with a leading edge-AI SoC platform provider, and multiple Bluetooth and Wi-Fi agreements.

Ceva also expanded into new connectivity domains, introducing its PentaG-NTN platform and progressing a satellite customer engagement to a more integrated baseband solution. In Ultra-Wideband, the company launched its next-generation platform and secured a new customer as adoption accelerates across industrial and automotive applications.

In AI, Ceva continued to expand its footprint with multiple licensing agreements and achieved a key production milestone, with its AI DSP and accelerator deployed in the Renesas R-Car V4H platform, now entering production in the 2026 Toyota RAV4. The company also announced a collaboration with NXP for its latest software-defined vehicle processors. AI represented more than 20% of licensing and related revenues in the quarter, reflecting strong growth and increasing contribution.

Across its markets, Ceva continues to see strong demand in IoT and AI-driven applications, with record Wi-Fi shipments and significant growth in cellular IoT. These trends, together with the shift toward more integrated, system-level solutions and increasing adoption of Bluetooth and Wi-Fi combo chips, are driving higher value per device and reinforcing the company’s long-term royalty growth model.

Other first quarter financial data: *

GAAP gross margin was 86%, in line with last yearGAAP operating loss was $5.1 million, as compared to a GAAP operating loss of $4.4 millionGAAP net loss was $4.5 million, as compared to a GAAP net loss of $3.3 millionGAAP diluted loss per share was $0.16, as compared to GAAP diluted loss per share of $0.14Non-GAAP gross margin was 87%, in line with last yearNon-GAAP operating income was $0.5 million, as compared to non-GAAP operating income of $0.3 millionNon-GAAP net income and non-GAAP diluted earnings per share were $1.1 million and $0.04, respectively, compared with non-GAAP net income and non-GAAP diluted earnings per share of $1.4 million and $0.06, respectively

*Unless otherwise stated, all comparisons are to first quarter 2025.

Yaniv Arieli, Chief Financial Officer of Ceva, added, “Our first quarter results reflect strong licensing execution and the continued progression toward higher-value, multi-technology engagements. This shift is driving improved economics per deal and strengthening the long-term royalty potential of our business. We also continue to see encouraging trends across our diversified end markets, particularly in IoT and AI-driven applications. We continue to manage the impact of a weaker U.S. dollar and are implementing measures to partially offset the resulting expenses.”

Ceva Conference Call
On May 11, 2026, Ceva management will conduct a conference call at 8:30 a.m. Eastern Time to discuss the operating performance for the quarter.

The conference call will be available via the following dial in numbers:

U.S. Participants: Dial 1-844-435-0316 (Access Code: Ceva)International Participants: Dial +1-412-317-6365 (Access Code: Ceva)

The conference call will also be available live via webcast at the following link: https://app.webinar.net/N8PRLk4oljM. https://app.webinar.net/ePpLk12BRaD https://app.webinar.net/GvAklQElMmjPlease go to the web site at least fifteen minutes prior to the call to register.

For those who cannot access the live broadcast, a replay will be available by dialing +1 855-669-9658 or +1 412-317-0088 (access code: 4033535) from one hour after the end of the call until 9:00 a.m. (Eastern Time) on May 18, 2026. The replay will also be available at Ceva’s web site at www.ceva-ip.com.

Forward-Looking Statements
This press release 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. Forward-looking statements include statements about Ceva’s positioning for future growth and to serve as a foundational technology provider for intelligent, connected devices, licensing agreement wins, future industry demand, our market position for the future and future growth in the demand of our products, our forecast of financial measures for the following quarter and 2026, our long term targets and underlying assumptions, our future investments, expectations about future market, the success of our strategies and agreements, visibility into future revenue streams, and Ceva’s focus on expense management and profitability improvement. The risks, uncertainties and assumptions that could cause differing Ceva results include: the effect of intense industry competition; the ability of Ceva’s technologies and products incorporating Ceva’s technologies to achieve market acceptance; Ceva’s ability to meet changing needs of end-users and evolving market demands; the lengthy sales cycle for IP and related solutions; Ceva’s ability to diversify royalty streams and license revenues; geopolitical risks and instability, including the impact of tariffs and other trade measures and potential disruptions related to ongoing conflicts in the Middle East; and general market conditions and other risks relating to Ceva’s business and industry, including, but not limited to, those that are described from time to time in our SEC filings. Ceva assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

About Ceva, Inc.
Ceva powers the Smart Edge, bridging the digital and physical worlds to bring AI-driven products to life. Our Ceva AI fabric portfolio of silicon and software IP enables devices to Connect, Sense, and Infer – the essential capabilities for the intelligent edge. From 5G, cellular IoT, Bluetooth, Wi-Fi, and UWB connectivity to scalable Edge AI NPUs, AI DSPs, sensor fusion processors and embedded software, Ceva provides the foundational IP for devices that connect, understand their environment, and act in real time.

With more than 21 billion devices shipped and trusted by 400+ customers worldwide, Ceva is the backbone of today’s most advanced smart edge products – from AI-infused wearables and IoT devices to autonomous vehicles and 5G infrastructure. Our differentiated solutions deliver seamless integration into existing design flows, total flexibility to combine solutions based on design needs and ultra–low–power performance in minimal silicon footprint, helping customers accelerate development, reduce risk, and bring innovative products to market faster. As technology evolves toward Physical AI, Ceva’s IP portfolio lays the foundation for systems that are always connected, contextually aware, and capable of intelligent, real-time decision-making.

Visit us at www.ceva-ip.com and follow us on LinkedIn, X, YouTube, Facebook, and Instagram.

CEVA, INC. AND ITS SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS – U.S. GAAP

U.S. dollars in thousands, except per share data

Three months ended

March 31,

2026

2025

Unaudited

Revenues:

Licensing and related revenues

$ 17,820

$ 15,042

Royalties

9,204

9,203

Total revenues

27,024

24,245

Cost of revenues

3,729

3,487

Gross profit

23,295

20,758

Operating expenses:

Research and development, net

19,837

17,609

Sales and marketing

3,766

3,449

General and administrative

4,660

3,933

Amortization of intangible assets

117

149

Total operating expenses

28,380

25,140

Operating loss

(5,085)

(4,382)

Financial income, net

1,877

2,100

Remeasurement of marketable equity securities

(54)

Loss before taxes on income

(3,144)

(2,336)

Income tax expense

1,315

991

Net loss

$ (4,459)

$ (3,327)

Basic and diluted net loss per share

$ (0.16)

$ (0.14)

Weighted-average shares used to compute net loss

per share (in thousands):

Basic and diluted

27,678

23,764

Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures

U.S. dollars in thousands, except per share data

Three months ended

March 31,

2026

2025

Unaudited

GAAP net loss

$ (4,459)

$ (3,327)

Equity-based compensation expense included in cost of

revenues

182

159

Equity-based compensation expense included in research

and development expenses

2,863

2,466

Equity-based compensation expense included in sales

and marketing expenses

717

566

Equity-based compensation expense included in general

and administrative expenses

1,610

1,132

Amortization of intangible assets related to acquisition of

businesses

176

208

Costs associated with asset acquisition

144

Loss (income) associated with the remeasurement of

marketable equity securities

(64)

Non-GAAP net income

$ 1,086

$ 1,402

GAAP weighted-average number of Common Stock

used in computation of diluted net loss per share (in

thousands)

27,678

23,764

Weighted-average number of shares related to

outstanding stock-based awards (in thousands)

1,810

1,618

Weighted-average number of Common Stock used

in computation of diluted earnings per share, excluding the

above (in thousands)

29,488

25,382

GAAP diluted loss per share

$ (0.16)

$ (0.14)

Equity-based compensation expense

$ 0.19

$ 0.18

Amortization of intangible assets related to acquisition

of businesses

$ 0.01

Costs associated with asset acquisition

$ 0.00

$ 0.01

Non-GAAP diluted earnings per share

$ 0.04

$ 0.06

Three months ended

March 31,

2026

2025

Unaudited

GAAP operating loss

$ (5,085)

$ (4,382)

Equity-based compensation expense included in

cost of revenues

182

159

Equity-based compensation expense included in

research and development expenses

2,863

2,466

Equity-based compensation expense included in

sales and marketing expenses

717

566

Equity-based compensation expense included in

general and administrative expenses

1,610

1,132

Amortization of intangible assets related to acquisition

of businesses

176

208

Costs associated with asset acquisition

144

Total non-GAAP operating income

$ 524

$ 293

Three months ended

March 31,

2026

2025

Unaudited

GAAP gross profit

$ 23,295

$ 20,758

GAAP gross margin

86 %

Equity-based compensation expense included in

cost of revenues

182

159

Amortization of intangible assets related to acquisition

of businesses

Total non-GAAP gross profit

23,536

20,976

Non-GAAP gross margin

87 %

Three months ended

March 31,

2026

2025

Unaudited

GAAP operating expenses

28,380

25,140

Equity-based compensation expense included in

research and development expenses

(2,863)

(2,466)

Equity-based compensation expense included in

sales and marketing expenses

(717)

(566)

Equity-based compensation expense included in

general and administrative expenses

(1,610)

(1,132)

Amortization of intangible assets related to acquisition

of businesses

(117)

(149)

Costs associated with asset acquisition

(61)

(144)

Total non-GAAP operating expenses

$ 23,012

$ 20,683

CEVA, INC. AND ITS SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands)

March 31,

December 31,

2026

2025 (*)

Unaudited

ASSETS

Current assets:

Cash and cash equivalents

$ 21,367

$ 40,586

Marketable securities and short-term bank deposits

194,326

181,397

Trade receivables, net

17,737

19,495

Unbilled receivables

31,135

29,860

Prepaid expenses and other current assets

16,297

13,498

Total current assets

280,862

284,836

Long-term assets:

Severance pay fund

7,225

7,530

Deferred tax assets, net

274

257

Property and equipment, net

9,010

7,054

Operating lease right-of-use assets

17,190

17,486

Investment in marketable equity securities

119

Goodwill

58,308

Intangible assets, net

868

1,044

Other long-term assets

14,370

11,686

Total assets

$ 388,226

$ 388,256

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Trade payables

$ 2,388

$ 2,418

Deferred revenues

2,968

3,496

Accrued expenses and other payables

19,224

21,026

Operating lease liabilities

2,794

1,743

Total current liabilities

27,374

28,683

Long-term liabilities:

Accrued severance pay

7,428

7,690

Operating lease liabilities

14,083

14,388

Other accrued liabilities

1,158

1,037

Total liabilities

50,043

51,798

Stockholders’ equity:

Common stock

Additional paid in-capital

343,298

337,966

Treasury stock

(1,591)

Accumulated other comprehensive income (loss)

(660)

Accumulated deficit

(4,483)

(24)

Total stockholders’ equity

338,183

336,458

Total liabilities and stockholders’ equity

$ 388,226

$ 388,256

(*) Derived from audited financial statements.

The Company believes that the presentation of non-GAAP measures in the press release is useful to investors in analyzing the results for the quarters ended March 31, 2026, and 2025 because the exclusion of the applicable expenses may provide a meaningful analysis of the Company’s core operating results and comparison of quarterly results. Further, the Company believes it is useful for investors to understand how the expenses associated with the application of FASB ASC No. 718 are reflected in its statements of income. The reconciliation of financial measures should be reviewed in addition to and in conjunction with results presented in accordance with GAAP and are intended to provide additional insight into the Company’s operations that, when viewed with its GAAP results and the accompanying reconciliation, offer a more complete understanding of factors and trends affecting the Company’s business. The reconciliation of financial measures should not be viewed as a substitute for the Company’s reported GAAP results.

A reconciliation of non-GAAP guidance to the corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to the Company’s results computed in accordance with GAAP.

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SOURCE Ceva, Inc.

Technology

Screendragon Launches AI Hub, Enabling Marketing Teams and Agencies to Build and Run AI Agents Inside Real Workflows

Published

1 hour ago

May 11, 2026

CORK, Ireland, May 11, 2026 /PRNewswire/ — Screendragon today announced the launch of AI Hub, a new capability within its Agentic Marketing Orchestration platform that enables enterprise marketing teams and agencies to build, deploy and govern their own AI agents directly inside live workflows.

As AI adoption accelerates, teams are struggling to use it properly. AI Hub addresses this by enabling organisations to build their own AI agents and run them inside the workflows that already power their business, so they can harness AI at scale without losing control.

“The market is shifting from selling AI access to controlling AI execution,” said John Briggs, CEO of Screendragon. “Teams have access to AI, but no control over how it runs across the business. AI Hub changes that. It puts AI inside workflows, with the guardrails needed to scale it properly.”

Put AI Where the Work Is

AI Hub is designed to move teams beyond experimentation and into real execution.

Teams can solve their specific problems by building AI agents that:

Plug directly into live workflows Automate real marketing and creative work Keep outputs consistent, compliant and on-brand Control which models are used, and when

From briefing and content creation to approvals and compliance checks, AI becomes part of the process. Not another tab open on someone’s laptop.

Part of a Broader AI System

AI Hub is part of a wider AI offering that runs across the Screendragon platform.

Screendragon brings workflows, people, data and AI into one system, so work runs properly. AI Hub builds on that, giving teams the ability to design and run their own AI agents inside those workflows.

The wider AI offering includes:

Embedded AI Agents – Pre-built agents that automate common tasks inside workflows AI Hub – A flexible environment to build and manage your own agents AI Studio – Advanced tools for designing and optimising AI agents AI Foundry – Expert support to build and scale bespoke AI-driven workflows

Together, this gives teams a clear path. Start with what works out of the box. Then evolve towards fully customised, enterprise-grade AI execution.

Scale AI Without Losing Control of Cost

AI usage grows fast. Costs can grow faster.

AI Hub gives teams control over both:

Route work across AI models based on cost, speed and performance Use open-source models where it makes sense Avoid getting locked into one AI model

So teams can scale AI with confidence, not surprises.

From Experimentation to Execution

Most teams are still experimenting with AI. A few are starting to rely on it.

Very few are running it properly across workflows. That is the gap AI Hub is built to close.

“We were using AI in pockets, but it wasn’t scalable,” said Anne Cogan, CMO, Screendragon. “Now it is built into how we work, improving speed while maintaining full control and compliance.”

Availability

AI Hub is available immediately to all Screendragon customers, enabling them to build and deploy custom AI agents tailored to their workflows and use cases.

Find out more here

About Screendragon

Most marketing and agency teams do not struggle because of bad ideas. They struggle because the system around the work is broken.

Screendragon fixes that.

Screendragon is an Agentic Marketing Orchestration platform that enables enterprise teams and agencies to plan, resource and deliver marketing work with full visibility and control.

It connects workflows, people, data and AI into a single governed system so work runs properly, and AI actually helps instead of getting in the way.

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Technology

BCE to participate in the TD Cowen 28th Annual Telecom & Media Conference

Published

1 hour ago

May 11, 2026

MONTRÉAL, May 11, 2026 /CNW/ – Curtis Millen, Executive Vice President and Chief Financial Officer of BCE Inc. (TSX: BCE) (NYSE: BCE) will participate in a fireside chat at the TD Cowen 28th Annual Telecom & Media Conference in Toronto on Thursday, May 14th, 2026, at 10:30 am eastern.

A live webcast will be available on BCE’s website.

About BCE

BCE is Canada’s largest communications company1, leading the way in advanced fibre and wireless networks, enterprise services and digital media. By delivering next-generation technology that leverages cloud-based and AI-driven solutions, we’re keeping customers connected, informed and entertained while enabling businesses to compete on the world stage. To learn more, please visit Bell.ca or BCE.ca.

____________________________

1 Based on total revenue and total combined customer connections.

Media inquiries:
Ellen Murphy
media@bell.ca

Investor inquiries:
Krishna Somers
krishna.somers@bell.ca

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SOURCE BCE Inc.