Valens Semiconductor Reports Second Quarter 2022 Results

 

 

 

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



Three Months Ended

June 30,


Six Months Ended

June 30,



2022


2021


2022


2021

CASH FLOW FROM OPERATING ACTIVITIES









    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:










    Income and expense items not involving cash flows:










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: 










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)

 

CASH FLOWS FROM INVESTING ACTIVITIES:










    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:










    Deferred issuance costs


-


(218)


-



(218)

    Exercise of options


96


589


150



665

    Net cash provided by financing activities


96


371


150



447











    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











SUPPLEMENT DISCLOSURE OF CASH FLOW INFORMATION










    Cash paid for taxes


65


147


121



224











SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND
FINANCING ACTIVITIES










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



-


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