CEVA Revenue Reaches $29.1 Million; Ocular Posts Quarterly Loss of $94.8 Million
Key Facts
CEVA reported total revenue of $29.1 million in the third quarter of 2026, up 2% year over year, according to its earnings release. Royalty revenue was $12.7 million, up 3% from the year-earlier period and 18% from the previous quarter. The company said customers shipped 623 million devices powered by its technologies during the quarter, matching the prior quarterly record. Revenue from AI technology licensing also reached a record, exceeding 35% of licensing and related revenue. CEVA shares closed at $27.1 on November 6, 2026.
CEVA’s CFO attributed the quarter-over-quarter growth in royalty revenue to the ramp-up of a modem developed by a large U.S. customer. He said memory weakness in computing-intensive consumer devices partly limited growth. The divergence puts quarterly royalty performance on two operating tracks: expanding use of a design at a large customer, alongside pressure in the consumer-device segment. AI licensing revenue accounted for more than 35% of licensing and related revenue. CEVA expects a strong fourth quarter for both revenue and earnings, citing a strong licensing pipeline and higher smartphone royalties.
Ocular Therapeutix, meanwhile, reported net revenue of $12.9 million in the third quarter of 2026, compared with $14.5 million in the year-earlier period. Research and development expenses rose to $74.8 million from $52.4 million a year earlier. The company attributed the increase to faster enrollment in the HELIOS-3 and SOL-X studies, along with higher headcount and infrastructure development. Net loss widened to $94.8 million, or $0.42 per share, compared with a loss of $69.4 million, or $0.38 per share, in the third quarter of 2025. The company’s shares closed at $6.6 on November 6, 2026.
In a clinical development, Ocular said the primary endpoint in the SOL-R trial was moved to week 40 from week 56, while two key secondary endpoints remained at weeks 56 and 96. Preliminary participant-screening analyses showed that about 20% of those initially eligible were excluded from randomization because of persistent or variable early retinal fluid. In its second-quarter filing, the company said the trial included 640 randomized participants. At the time, it said it expected primary results in the first quarter of 2028. The endpoint timing change remains part of the trial design, while the results date cited is the company’s previous expectation.
The second-quarter filing provides context for the AXPAXLI program: SOL-1 results at week 36 showed that 74.1% of participants in the treatment arm maintained visual acuity, compared with 55.8% in the aflibercept 2 mg arm, with a p-value of 0.0006 under the prespecified model. At week 52, the rates were 65.9% and 44.2%, respectively, and the p-value was less than 0.0001. These are previously reported results from the second-quarter filing, not new third-quarter results. As of August 3, the company said it expected to submit a new drug application for wet age-related macular degeneration in the fourth quarter of 2026. It said the planned application would include week 52 efficacy and safety data from SOL-1 and interim safety data from SOL-R.
Ocular had about $530.6 million in cash and cash equivalents on September 30, 2026. The company said the balance was sufficient to support planned operating expenses, debt service and capital expenditures through 2028. However, its estimate excludes the full potential costs of expanding manufacturing and its commercial team. This liquidity position comes alongside higher research spending and a wider loss as the company advances its clinical programs and previously announced regulatory filing plan. In its second-quarter filing, the company had expected primary results from the SOL-R trial in the first quarter of 2028.