Valens Semiconductor Reports Third Quarter 2024 Results

About Valens Semiconductor

Valens Semiconductor is a leader in high-performance connectivity, enabling customers to transform the digital experiences of people worldwide. Valens' chipsets are integrated into countless devices from leading customers, powering state-of-the-art audio-video installations, next-generation videoconferencing, and enabling the evolution of ADAS and autonomous driving. Pushing the boundaries of connectivity, Valens sets the standard everywhere it operates, and its technology forms the basis for the leading industry standards such as HDBaseT® and MIPI A-PHY. For more information, visit  https://www.valens.com.

 

 

 

VALENS SEMICONDUCTOR LTD.
SUMMARY OF FINANCIAL RESULTS
(U.S. Dollars in thousands, except per share amounts)


 

Three Months Ended

September 30,


 

Nine Months Ended

September 30,


2024

2023


2024

2023

Revenues

16,038

14,166


41,194

62,221

Gross Profit

9,045

8,338


24,204

39,065

Gross Margin

56.4 %

58.9 %


58.8 %

62.8 %

Net loss

(10,355)

(12,492)


(29,266)

(22,451)

Working Capital[1]

136,146

152,560


136,146

152,560

Cash, cash equivalents and short-term deposits[2]

133,098

142,696


133,098

142,696

 

Net cash provided by (used in) operating activities

2,964

6,088


1,349

(2,223)

Non-GAAP Financial Data 






Non-GAAP Gross Margin[3]

60.7 %

61.1 %


62.3 %

64.2 %

Adjusted EBITDA Loss[4]

(5,137)

(8,831)


(17,374)

(12,471)

Non-GAAP Loss per share (in U.S. Dollars)[5] 

$(0.03)

$(0.08)


$(0.13)

$(0.11)

 

 

 

VALENS SEMICONDUCTOR LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. Dollars in thousands, except share and per share amounts)


 

 

 

Three Months Ended
September 30,


 

 

Nine Months Ended
September 30,


2024


2023


2024


2023









REVENUES

16,038


14,166


41,194


62,221

COST OF REVENUES

(6,993)


(5,828)


(16,990)


(23,156)

GROSS PROFIT

 

9,045


 

8,338


 

24,204


 

39,065

OPERATING EXPENSES:








Research and development expenses

(10,309)


(13,419)


(30,415)


(39,540)

Sales and marketing expenses 

(4,880)


(4,015)


(13,636)


(13,330)

General and administrative expenses

(5,825)


(3,843)


(12,793)


(11,376)

Change in earnout liability

 

(264)


 

-


 

(292)


 

-

TOTAL OPERATING EXPENSES  

 

(21,278)


 

(21,277)


 

(57,136)


 

(64,246)

OPERATING LOSS  

(12,233)


(12,939)


(32,932)


(25,181)

Change in fair value of Forfeiture Shares

3


89


38


1,618

Financial income, net

1,885


368


3,659


1,160

LOSS BEFORE INCOME TAXES  

(10,345)


(12,482)


(29,235)


(22,403)

INCOME TAXES

(14)


(16)


(52)


(61)

LOSS AFTER INCOME TAXES  

(10,359)


(12,498)


(29,287)


(22,464)

Equity in earnings of investee

4


6


21


13

NET LOSS  

(10,355)


(12,492)


(29,266)


(22,451)

 

EARNINGS PER SHARE DATA:

 

BASIC AND DILUTED NET LOSS PER ORDINARY  
SHARE [6]   (in U.S. Dollars)

$(0.10)


$(0.12)


$(0.28)


$(0.22)

WEIGHTED AVERAGE NUMBER OF SHARES   AND
VESTED RSUS USED

IN COMPUTING NET LOSS PER ORDINARY  
SHARE

106,098,703


102,216,654


 

 

105,075,212


101,659,653


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