Valens Semiconductor Reports Third Quarter 2024 Results

 

 

 

VALENS SEMICONDUCTOR LTD.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(U.S. Dollars in thousands)

The following table provides a reconciliation of Net loss to Adjusted EBITDA, a non-GAAP measure. Adjusted EBITDA is defined as Net profit (loss) before financial income (expense), net, income taxes, equity in earnings of investee and depreciation and amortization, further adjusted to exclude share-based compensation, certain batch production incident expenses and change in fair value of Forfeiture Shares and earnout liability, which may vary from period-to-period. We caution investors that amounts presented in accordance with our definition of Adjusted EBITDA may not be comparable to similar measures disclosed by other issuers, because not all issuers calculate Adjusted EBITDA in the same manner. Adjusted EBITDA should not be considered as an alternative to Net loss or any other performance measures derived in accordance with GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity.

Although we provide guidance for Adjusted EBITDA, we are not able to provide guidance for projected Net profit (loss), the most directly comparable GAAP measures. Certain elements of Net profit (loss), including share-based compensation expenses and warrant valuations, are not predictable due to the high variability and difficulty of making accurate forecasts. As a result, it is impractical for us to provide guidance on Net profit (loss) or to reconcile our Adjusted EBITDA guidance without unreasonable efforts. Consequently, no disclosure of projected Net profit (loss) is included. For the same reasons, we are unable to address the probable significance of the unavailable information.


Three Months Ended

September 30,

Nine Months Ended

September 30,


2024


2023

2024

2023







Net Loss

(10,355)


(12,492)

 

(29,266)

 

(22,451)

Adjusted to exclude the following:







Change in fair value of Forfeiture Shares

(3)


(89)

 

(38)

 

(1,618)


Change in earnout liability

264


-

 

292

 

-


Certain batch production incident expenses

2,249


-

2,249

 

 

-


Financial income, net

(1,885)


(368)

 

(3,659)

 

(1,160)


Income taxes

14


16

 

52

 

61


Equity in earnings of investee

(4)


(6)

 

(21)

 

(13)


Depreciation and amortization

823


400

 

1,758

 

1,193


Stock-based compensation expenses

3,760


3,708

 

11,259

 

11,517

Adjusted EBITDA Loss

(5,137)


(8,831)

 

(17,374)

 

(12,471)

 

 

 

VALENS SEMICONDUCTOR LTD.

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