Valens Semiconductor Reports Third Quarter 2024 Results

 

 

 

VALENS SEMICONDUCTOR LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. Dollars in thousands) 



Three Months Ended 

September 30,

Nine Months Ended 

September 30,



2024

2023

2024

2023

CASH FLOW FROM OPERATING ACTIVITIES






Net loss for the period 


(10,355)

(12,492)

(29,266)


(22,451)

Adjustments to reconcile net loss to net cash used in operating activities:







Income and expense items not involving cash flows:







Depreciation and amortization


823

400

1,758


1,193

Stock-based compensation 


3,760

3,708

11,259


11,517

Exchange rate differences


87

1,379

1,353


3,652

Interest on short-term deposits


(312)

22

605


(367)

Change in fair value of forfeiture shares


(3)

(89)

(38)


(1,618)

Change in earnout liability


264

-

292


-

Reduction in the carrying amount of ROU assets


896

478

1,619


1,464

Equity in earnings of investee, net of dividend received


4

6

21


13

Changes in operating assets and liabilities, net of effects of
businesses acquired: 







Trade accounts receivable 


2,804

8,429

7,719


3,854

Prepaid expenses and other current assets


977

643

1,285


1,046

Inventories


2,274

2,115

4,675


6,914

Long-term assets 


(73)

(40)

(7)


(6)

Current Liabilities


2,692

1,916

1,590


(6,256)

Change in operating lease liabilities


(865)

(392)

(1,487)


(1,251)

Other long-term liabilities


(9)

5

(29)


73

Net cash provided by (used in) operating activities 


2,964

6,088

1,349


(2,223)

 

CASH FLOWS FROM INVESTING ACTIVITIES:







    Investment in short-term deposits


(16,443)

(64,189)

(103,662)


(173,342)

    Maturities of short-term deposits 


25,380

47,803

129,418


166,757

    Purchase of property and equipment


(722)

(180)

(987)


(1,099)

    Cash paid for business combination, net of cash acquired


-

-

(7,800)


-

    Net cash provided by (used in) investing activities


8,215

(16,566)

16,969


(7,684)

 

CASH FLOWS FROM FINANCING ACTIVITIES:







    Exercise of stock options


56

279

692


1,265

    Net cash provided by financing activities


56

279

692


1,265








    Effect of exchange rate changes on cash and cash equivalents


(498)

(25)

(828)


(196)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS


10,737

(10,224)

18,182


(8,838)

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD


24,706

21,410

17,261


20,024

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD


35,443

11,186

35,443


11,186








SUPPLEMENT DISCLOSURE OF CASH FLOW INFORMATION







    Cash paid for taxes


39

10

102


262








SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING
AND FINANCING ACTIVITIES







Trade accounts payable on account of property and equipment


309

-

309


125

Fair value of earnout liability assumed in business combination


-

-

2,036


-

Operating lease liabilities arising from obtaining operating right-of-use assets


579

33

5,412


469


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