VALENS SEMICONDUCTOR LTD.
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| Three Months Ended June 30, |
| Six Months Ended June 30, | |||||
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| 2022 |
| 2021 |
| 2022 |
| 2021 | |
CASH FLOW FROM OPERATING ACTIVITIES |
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Net loss for the period |
| (9,995) |
| (3,698) |
| (15,045) |
|
| (10,074) |
Adjustments to reconcile net loss to net cash used in operating activities: |
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Income and expense items not involving cash flows: |
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Depreciation |
| 347 |
| 266 |
| 667 |
|
| 522 |
Stock-based compensation |
| 3,117 |
| 1,695 |
| 5,908 |
|
| 3,290 |
Exchange rate differences |
| 4,501 |
| (545) |
| 4,972 |
|
| (231) |
Interest from short-term deposits |
| (132) |
| 37 |
| (295) |
|
| 219 |
Change in fair value of forfeiture shares |
| (1,538) |
| - |
| (4,142) |
|
| - |
Reduction in the carrying amount of ROU assets |
| 424 |
| - |
| 844 |
|
| - |
Changes in operating assets and liabilities: |
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Trade accounts receivable |
| 166 |
| (2,475) |
| (2,952) |
|
| 767 |
Prepaid expenses and other current assets |
| 3,245 |
| (458) |
| 3,763 |
|
| (1,588) |
| Inventories |
| (4,852) |
| (1,752) |
| (7,996) |
|
| (2,541) |
| Other assets |
| 86 |
| (26) |
| 190 |
|
| (31) |
| Current Liabilities |
| 1,189 |
| 513 |
| 2,742 |
|
| 23 |
| Change in operating lease liabilities |
| (811) |
| - |
| (1,312) |
|
| - |
| Other long-term liabilities |
| 2 |
| - |
| 2 |
|
| (7) |
| Net cash used in operating activities |
| (4,251) |
| (6,443) |
| (12,654) |
|
| (9,651) |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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| Investment in short-term deposits |
| (13,088) |
| (4,520) |
| (31,340) |
|
| (4,520) |
| Maturities of short-term deposits |
| 21,900 |
| 12,500 |
| 37,400 |
|
| 29,500 |
| Purchase of property and equipment |
| (244) |
| (127) |
| (424) |
|
| (505) |
| Net cash provided by investing activities |
| 8,568 |
| 7,853 |
| 5,636 |
|
| 24,475 |
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
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| Deferred issuance costs |
| - |
| (218) |
| - |
|
| (218) |
| Exercise of options |
| 96 |
| 589 |
| 150 |
|
| 665 |
| Net cash provided by financing activities |
| 96 |
| 371 |
| 150 |
|
| 447 |
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| Effect of exchange rate changes on cash and cash equivalents |
| (2,830) |
| 531 |
| (3,346) |
|
| 217 |
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
| 1,583 |
| 2,312 |
| (10,214) |
|
| 15,488 |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD |
| 44,994 |
| 39,492 |
| 56,791 |
|
| 26,316 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD |
| 46,577 |
| 41,804 |
| 46,577 |
|
| 41,804 |
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| SUPPLEMENT DISCLOSURE OF CASH FLOW INFORMATION |
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| Cash paid for taxes |
| 65 |
| 147 |
| 121 |
|
| 224 |
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| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND
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| Trade accounts payable on account of property and equipment |
| - |
| - |
| 73 |
|
| - |
| Unpaid issuance costs |
| - |
| 2,722 |
| - |
|
| 2,722 |
| Operating lease liabilities arising from obtaining operating right-of-use assets |
| 104 |
| - |
| 350 |
|
| - |
