About Valens Semiconductor
Valens Semiconductor is a leader in high-performance connectivity, enabling customers to transform the digital experiences of people worldwide. Valens' chipsets are integrated into countless devices from leading customers, powering state-of-the-art audio-video installations, next-generation videoconferencing, and enabling the evolution of ADAS and autonomous driving. Pushing the boundaries of connectivity, Valens sets the standard everywhere it operates, and its technology forms the basis for the leading industry standards such as HDBaseT® and MIPI A-PHY. For more information, visit https://www.valens.com.
VALENS SEMICONDUCTOR LTD.
SUMMARY OF FINANCIAL RESULTS
(U.S. Dollars in thousands, except per share amounts)
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, | ||
|
| 2024 | 2023 |
| 2024 | 2023 |
Revenues | 16,038 | 14,166 |
| 41,194 | 62,221 |
Gross Profit | 9,045 | 8,338 |
| 24,204 | 39,065 |
Gross Margin | 56.4 % | 58.9 % |
| 58.8 % | 62.8 % |
Net loss | (10,355) | (12,492) |
| (29,266) | (22,451) |
Working Capital[1] | 136,146 | 152,560 |
| 136,146 | 152,560 |
Cash, cash equivalents and short-term deposits[2] | 133,098 | 142,696 |
| 133,098 | 142,696 |
Net cash provided by (used in) operating activities | 2,964 | 6,088 |
| 1,349 | (2,223) |
Non-GAAP Financial Data |
|
|
|
|
|
Non-GAAP Gross Margin[3] | 60.7 % | 61.1 % |
| 62.3 % | 64.2 % |
Adjusted EBITDA Loss[4] | (5,137) | (8,831) |
| (17,374) | (12,471) |
Non-GAAP Loss per share (in U.S. Dollars)[5] | $(0.03) | $(0.08) |
| $(0.13) | $(0.11) |
VALENS SEMICONDUCTOR LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. Dollars in thousands, except share and per share amounts)
|
|
Three Months Ended
|
|
Nine Months Ended
| ||||
|
| 2024 |
| 2023 |
| 2024 |
| 2023 |
|
|
|
|
|
|
|
|
|
REVENUES | 16,038 |
| 14,166 |
| 41,194 |
| 62,221 |
| COST OF REVENUES | (6,993) |
| (5,828) |
| (16,990) |
| (23,156) |
| GROSS PROFIT |
9,045 |
|
8,338 |
|
24,204 |
|
39,065 |
| OPERATING EXPENSES: |
|
|
|
|
|
|
|
| Research and development expenses | (10,309) |
| (13,419) |
| (30,415) |
| (39,540) |
| Sales and marketing expenses | (4,880) |
| (4,015) |
| (13,636) |
| (13,330) |
| General and administrative expenses | (5,825) |
| (3,843) |
| (12,793) |
| (11,376) |
| Change in earnout liability |
(264) |
|
- |
|
(292) |
|
- |
| TOTAL OPERATING EXPENSES |
(21,278) |
|
(21,277) |
|
(57,136) |
|
(64,246) |
| OPERATING LOSS | (12,233) |
| (12,939) |
| (32,932) |
| (25,181) |
| Change in fair value of Forfeiture Shares | 3 |
| 89 |
| 38 |
| 1,618 |
| Financial income, net | 1,885 |
| 368 |
| 3,659 |
| 1,160 |
| LOSS BEFORE INCOME TAXES | (10,345) |
| (12,482) |
| (29,235) |
| (22,403) |
| INCOME TAXES | (14) |
| (16) |
| (52) |
| (61) |
| LOSS AFTER INCOME TAXES | (10,359) |
| (12,498) |
| (29,287) |
| (22,464) |
| Equity in earnings of investee | 4 |
| 6 |
| 21 |
| 13 |
| NET LOSS | (10,355) |
| (12,492) |
| (29,266) |
| (22,451) |
|
EARNINGS PER SHARE DATA:
BASIC AND DILUTED NET LOSS PER ORDINARY
| $(0.10) |
| $(0.12) |
| $(0.28) |
| $(0.22) |
| WEIGHTED AVERAGE NUMBER OF SHARES AND
IN COMPUTING NET LOSS PER ORDINARY
| 106,098,703 |
| 102,216,654 |
|
105,075,212 |
| 101,659,653 |
