Disclaimer: Valens Semiconductor does not provide GAAP net profit (loss) guidance as 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. Adjusted EBITDA is a non-GAAP measure. See the tables below for additional information regarding this and other non-GAAP metrics used in this release.
Organizational Changes and Leadership Transitions
To address new opportunities across verticals, the Company is implementing organizational changes within the Audio-Video Business Unit. Valens' Audio-Video Business Unit will now be named Cross Industry Business Unit, encompassing verticals including Audio-Video, Industrial, Machine Vision, and Medical. To facilitate the Company's growth strategy, the Cross Industry Business Unit will also include a change in leadership. Valens is confident that these changes will enable the Company to achieve its goals in these new high-growth markets.
Gideon Ben-Zvi said, "After over a decade, Gabi Shriki will be stepping down as SVP, Head of Valens' Audio-Video Business Unit. Gabi has been instrumental in establishing and growing the Audio-Video Business and has played a pivotal role in positioning Valens as the unrivaled leader in Professional Audio-Video connectivity. On behalf of the Valens team, I would like to thank Gabi for his outstanding dedication and vast contributions to the Company," concluded Ben-Zvi. The new Head of Cross Industry Business Unit, whose name will be disclosed at a later date, will join Valens starting February 16, 2025. Gabi will remain at Valens to facilitate a seamless transition.
The Company has announced that Gideon Kedem, SVP, Head of Valens' Automotive Business will be retiring at the end of the year and Adar Segal has been appointed to the role of SVP, Head of Automotive Sales and Business Development, effective January 1, 2025. Gideon Kedem will remain at Valens to facilitate a seamless transition.
Gideon Ben-Zvi said, "Gideon Kedem's tenure at Valens has been marked by his exceptional leadership, dedication, and an unwavering focus on advancing our automotive business. I would like to thank Gideon Kedem for postponing his personal retirement plans until he achieved his goal of securing new design wins for Valens. After laying the foundation for future success, he is now ready to pass on the leadership of the Automotive Business. We thank Gideon Kedem for his many contributions to Valens and wish him all the best in his retirement."
Adar Segal joins Valens with over 20 years of expertise in technology-driven sales, complex deal structures, and partnerships across multiple high-tech industries. In his most recent roles, Adar led strategic growth at companies such as TriEye and Cadence Design Systems.
Ben-Zvi added, "Adar is a seasoned executive in our industry. His extensive background, track record, and industry relationships make him the ideal leader for the next phase of our success in our automotive business. In this role, he will focus on automotive sales and business development as we continue to pursue OEM design wins and expand our market reach. We are excited to welcome Adar into the Valens team and look forward to the vision he brings to advance our strategic goals."
Investor Day
Valens Semiconductor will host an Investor Day on Tuesday, November 12, 2024, at 12 p.m. Eastern Time (ET) in New York City. The event, hosted by Gideon Ben Zvi, CEO, and Guy Nathanzon, CFO, will feature the Company's enhanced strategic plan, long-term financial objectives and expanded go-to-market strategy focused on high-growth industries and applications. Valens will also demonstrate its advanced technology and share video testimonials from leading customers and partners. Due to limited capacity, attendance is by invitation only. Interested parties can contact Email Contact.
Conference Call Information
Valens Semiconductor will host a conference call today, Wednesday, November 6, 2024, at 8:30 a.m. ET to discuss its third quarter 2024 financial results and business outlook. To access this call, dial (at least 10 minutes before the scheduled time) +1 (888) 281-1167 (U.S.), 0 (808) 101-2717 (UK), 03 918 0610 (Israel) or +972 3 918 0610 (all other locations). A live webcast of the conference call will be available via the investor relations section of Valens Semiconductor's website at Valens - Financials - Quarterly Results. The live webcast can also be accessed by clicking here. A replay of the conference call will be available on Valens Semiconductor's website shortly after the call concludes.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding our anticipated future results, including financial results, currency exchange rates, and contract wins, and future economic and market conditions. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Valens Semiconductor's ("Valens") management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Valens Semiconductor. These forward-looking statements are subject to a number of risks and uncertainties, including the cyclicality of the semiconductor industry; the effect of inflation and a rising interest rate environment on our customers and industry; the ability of our customers to absorb inventory; competition in the semiconductor industry, and the failure to introduce new technologies and products in a timely manner to compete successfully against competitors; if Valens fails to adjust its supply chain volume due to changing market conditions or fails to estimate its customers' demand; disruptions in relationships with any one of Valens' key customers; any difficulty selling Valens' products if customers do not design its products into their product offerings; Valens' dependence on winning selection processes; even if Valens succeeds in winning selection processes for its products, Valens may not generate timely or sufficient net sales or margins from those wins; sustained yield problems or other delays or quality events in the manufacturing process of products; our ability to effectively manage, invest in, grow, and retain our sales force, research and development capabilities, marketing team and other key personnel; our ability to timely adjust product prices to customers following price increase by the supply chain; our ability to adjust our inventory level due to reduction in demand due to inventory buffers accrued by customers; our expectations regarding the outcome of any future litigation in which we are named as a party; our ability to adequately protect and defend our intellectual property and other proprietary rights; our ability to successfully integrate or otherwise achieve anticipated benefits from acquired businesses; the market price and trading volume of the Valens ordinary shares may be volatile and could decline significantly; political, economic, governmental and tax consequences associated with our incorporation and location in Israel; and those factors discussed in Valens' Form 20-F filed with the SEC on February 28, 2024 under the heading "Risk Factors," and other documents of Valens filed, or to be filed, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Valens does not presently know or that Valens currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Valens' expectations, plans or forecasts of future events and views as of the date of this press release. Valens anticipates that subsequent events and developments may cause Valens' assessments to change. However, while Valens may elect to update these forward-looking statements at some point in the future, Valens specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Valens' assessment as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
