November 9, 2022
The new CEO, Amir Panoush, comes from TDK and is expected to take office on January 1, 2023. In the third quarter, it made write-offs amounting to $21.2 million. Sales in 2022 are expected to amount to $135-132.5 million
In the photo above: outgoing CEO Gideon Wertheiser (right) and incoming CEO Amir Panoush
CEO of Siva (CEVA) from Herzliya, Gideon Wertheiser, decided to retire from the company after 20 years at Siva, including 17 years as CEO. In his place, Amir Fanoush will assume the position of CEO as of January 1, 2023. Wertheiser will continue to serve as an active board member and will be employed as a consultant. Panoush comes from the position of CEO of the sensors division InvenSense, of the TDK Group, whose sales have doubled since 2020. Before joining InvenSense in 2015, he served in various management positions at Qualcomm. Among other things, he led the strategic marketing and collaborations of Atheros, which was acquired by Qualcomm in 2011.
Following his assumption of the position of CEO, Panush will return to Israel in the coming months after 17 years in the US. According to him, “Siva is uniquely positioned to leverage its product portfolio in the areas of wireless connectivity and smart sensing, at a time when the opportunities in the market have never been greater.” Wertheiser said that Amir brings “strategic vision, management skills and familiarity with the market in which Siva operates – qualities that will help Siva’s continued growth in the years to come. I am very happy about the election of the board of directors in Amir, and I will support him as a board member and consultant.’
Siva cleans the table
At the same time as announcing the changes in the company, Siva reported a 3% growth in sales in the third quarter of 2022, to the extent of $33.7 million, and a net loss of approximately $22.3 million, which resulted from a one-time write-off of a deferred tax asset amounting to $15.7 million. and writing off intangible assets amounting to $5.5 million related to the Canadian company Immervision, in which it invested $10 million in 2019. The company specializes in the development and production of optical assemblies and lenses with very wide angles of 80°-260°, known as Panomorph lenses. Today, the company has about 144 million dollars in its coffers.
During the third quarter, Siva signed 18 agreements for technology licensing and chip design, of which 9 agreements were with customers in China, 7 agreements in the USA, and 2 in Japan. Wertheiser said that the royalties from 5G base stations grew thanks to the increase in the market share of our customers in China and the consistent deployment of new base stations in the US – which contributed to a 16% increase in royalties in the category of base stations and IoT products compared to the previous quarter and reached $8.2 million. We expect continued growth in royalties from base stations next year, with the start of deployment of 5G networks in India. In addition, in the third quarter a wearable device from a leading manufacturer based on Siva’s cellular connectivity was launched.
The forecast for 2022: revenues of up to 135 million dollars
Wertheiser said in the conference call that the decrease in demand for smartphones and electronic consumer products and the corona restrictions in China are pushing manufacturers to reduce inventories, and therefore the company expects a decrease of about 10% in royalties in the next quarter compared to the third quarter. per quarter). The gross profit is expected to amount to about 82%. On an annual level, the revenues in 2022 are expected to amount to 132.5-135 million dollars, reflecting a growth of 8%-10%.
Posted in the categories: people, news, semiconductors, Israeli industry
Posted in tags: CEVA, Siva
