Appointment follows $50 million acquisitions in the market of Valens shares by Value Base Fund and its affiliates HOD HASHARON, Israel, July 23, 2024 /PRNewswire/ -- Valens Semiconductor Ltd. (NYSE: VLN), a leader in high-performance connectivity, today announced the appointment of Tal Yaacobi to its Board of Directors as an independent director and to the Nominating, Governance and Sustainability Committee, effective as of August 8, 2024. The appointment follows acquisitions in the market of Valens shares ...

Financial Data and Key Metrics Changes - Revenue for Q1 2024 was reported at $11.6 million, exceeding the high end of guidance, compared to $23.9 million in Q1 2023 [9][29] - GAAP gross margin for Q1 2024 was 59%, down from 66.1% in Q1 2023, while non-GAAP gross margin was 62%, down from 67.2% [29][30] - Q1 2024 GAAP net loss was $10.0 million, compared to a net loss of $5.4 million in Q1 2023, with adjusted EBITDA loss of $7.1 million compared to a loss of $2.9 million in Q1 2023 [32][32] Business Line Data and Key Metrics Changes - The automotive segment experienced a revenue reduction due to inventory digestion, while the audio-video market showed potential for growth with new product introductions [7][18] - The VS6320 and VA7000 chipsets are expected to capture significant market opportunities in the audio-video sector, with a total addressable market estimated at approximately $1 billion per annum [11][12] - The automotive business remains stable, with ongoing collaborations and product developments, including a significant milestone with Sony Semiconductor [19][20] Market Data and Key Metrics Changes - The global video conferencing device market is undergoing fundamental shifts, with a projected growth driven by hybrid work and modernization of meeting rooms [12][13] - The automotive market is evolving with increased demand for high-performance connectivity solutions, particularly in the context of advanced driver-assistance systems (ADAS) [22][26] Company Strategy and Development Direction - The company aims to expand collaborations across diverse verticals and capitalize on long-term trends in the audio-video market [8][10] - A modified strategic multiyear plan is expected to be communicated to the market in the coming months, focusing on capturing opportunities in the audio-video sector [11] - The company is committed to investing in innovations and pursuing long-term growth opportunities despite macroeconomic challenges [9][38] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macroeconomic headwinds, including high interest rates and slow inventory digestion, but expressed confidence in the company's ability to navigate these challenges [7][8] - The outlook for Q2 2024 includes expected revenue in the range of $12.5 million to $13 million, with gross margins projected between 52.0% to 52.5% [35][36] - Management remains optimistic about the medium and long-term growth potential, particularly in untapped markets and verticals [36] Other Important Information - The company ended Q1 2024 with a strong balance sheet, holding $139.8 million in cash and cash equivalents, with no debt [33] - Inventory was reduced to $12.5 million, down from $13.8 million at the end of Q4 2023, indicating effective inventory management [34] Q&A Session Summary Question: Early signs of traction in the AV market for conferencing - Management highlighted the potential for significant market opportunities with the introduction of new chipsets, emphasizing the need for high-performance solutions in hybrid work environments [41][44] Question: Differences in market dynamics between China and global markets - Management discussed the importance of high-quality data for ADAS and the need for stable connectivity solutions, particularly in the context of the Chinese market and partnerships with companies like Black Sesame [46][49] Question: Feedback from educational groups in Florida - Management confirmed active engagement in the education market, noting the importance of hybrid education and the potential for growth in this sector [52][53] Question: Feedback from the trucking industry regarding backup vision technology - Management reported positive feedback from drivers regarding current technology and emphasized future developments in surround view solutions to address blind spots [56][57]

Valens Semiconductor (NYSE:VLN) May 2024 We Push the Boundaries of Connectivity. Everywhere. | --- | --- | --- | --- | |--------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------| | | | | | | A leader in high-performance connectivity, wo ...

[Valens Semiconductor Q1 2024 Earnings Release](index=1&type=section&id=Valens%20Semiconductor%20Reports%20First%20Quarter%202024%20Results) [Management Commentary and Business Update](index=1&type=section&id=Management%20Commentary%20and%20Business%20Update) Management reports exceeding Q1 guidance despite market headwinds, highlighting strong progress in new product adoption - Exceeded Q1 revenue guidance despite ongoing macroeconomic headwinds and slow inventory digestion in the audio-video and automotive markets[3](index=3&type=chunk) - The new **VS6320 USB 3.0 extension solution** has gained significant traction with **over 30 product design-ins**, with sales expected to ramp in H2 2024[4](index=4&type=chunk) - The company targets a total addressable market (TAM) of approximately **$1 billion annually in audio-video** and **$4.5 billion annually by 2029 in automotive**[5](index=5&type=chunk) - Maintains a **strong, debt-free balance sheet**, enabling continued investment in long-term growth objectives[6](index=6&type=chunk) [Key Financial Highlights and Outlook](index=1&type=section&id=Key%20Financial%20Highlights%20and%20Outlook) The company reported a Q1 revenue decline but maintains a strong balance sheet and raised its Q2 revenue guidance Q1 2024 Financial Highlights vs. Q1 2023 | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenues | $11.6 million | $23.9 million | | GAAP Gross Margin | 59.0% | 66.1% | | Non-GAAP Gross Margin | 62.0% | 67.2% | | GAAP Net Loss | $(10.0) million | $(5.4) million | | Adjusted EBITDA Loss | $(7.1) million | $(2.9) million | - The company holds a strong balance sheet with **$139.8 million in cash**, cash equivalents, and short-term deposits, and **no debt** as of March 31, 2024[9](index=9&type=chunk) Q2 2024 Financial Outlook | Metric | Guidance Range | | :--- | :--- | | Revenues | $12.5 million - $13.0 million | | Gross Margin | 52.0% - 52.5% | | Adjusted EBITDA Loss | $(8.3) million - $(8.0) million | [Consolidated Financial Statements](index=3&type=section&id=Consolidated%20Financial%20Statements) This section presents the unaudited Q1 2024 consolidated statements of operations, balance sheets, and cash flows [Summary of Financial Results](index=3&type=section&id=SUMMARY%20OF%20FINANCIAL%20RESULTS) Q1 2024 results show revenues of $11.6 million and a net loss of $10.0 million, a decline from the prior-year quarter Q1 2024 vs Q1 2023 Financial Summary (U.S. Dollars in thousands) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Revenues | 11,559 | 23,880 | | Gross Profit | 6,815 | 15,793 | | Net Loss | (10,042) | (5,377) | | Non-GAAP Gross Margin | 62.0% | 67.2% | | Adjusted EBITDA Loss | (7,069) | (2,858) | | Non-GAAP Loss Per Share | $(0.06) | $(0.03) | [Condensed Consolidated Statements of Operations](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q1 2024 operations resulted in an operating loss of $11.3 million and a net loss of $10.0 million from $11.6 million in revenue Statement of Operations Highlights (U.S. Dollars in thousands) | Line Item | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | REVENUES | 11,559 | 23,880 | | GROSS PROFIT | 6,815 | 15,793 | | Research and development expenses | (10,145) | (13,960) | | TOTAL OPERATING EXPENSES | (18,104) | (22,852) | | OPERATING LOSS | (11,289) | (7,059) | | NET LOSS | (10,042) | (5,377) | | BASIC AND DILUTED NET LOSS PER SHARE | $(0.10) | $(0.05) | [Condensed Consolidated Balance Sheets](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) The company's balance sheet shows total assets of $171.3 million and total shareholders' equity of $158.2 million as of March 31, 2024 Balance Sheet Highlights (U.S. Dollars in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash, cash equivalents & short-term deposits | 139,787 | 142,020 | | Inventories | 12,489 | 13,836 | | TOTAL CURRENT ASSETS | 166,165 | 174,694 | | TOTAL ASSETS | 171,277 | 180,558 | | TOTAL LIABILITIES | 13,125 | 16,254 | | TOTAL SHAREHOLDERS' EQUITY | 158,152 | 164,304 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Net cash used in operations improved significantly to $1.4 million, while cash and equivalents increased to $35.1 million in Q1 2024 Statement of Cash Flows Summary (U.S. Dollars in thousands) | Cash Flow Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | (1,390) | (8,669) | | Net cash provided by investing activities | 19,109 | 3,277 | | Net cash provided by financing activities | 126 | 928 | | INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 17,839 | (4,535) | | CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 35,100 | 15,489 | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=7&type=section&id=RECONCILIATION%20OF%20GAAP%20TO%20NON-GAAP%20FINANCIAL%20MEASURES) This section details the reconciliation of GAAP to non-GAAP financial measures, including Adjusted EBITDA and Non-GAAP Loss per Share [Reconciliation of Net Loss to Adjusted EBITDA](index=7&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20EBITDA) The company reconciled its Q1 2024 GAAP Net Loss of $(10.0) million to an Adjusted EBITDA Loss of $(7.1) million Reconciliation of Net Loss to Adjusted EBITDA (U.S. Dollars in thousands) | Line Item | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net Loss | (10,042) | (5,377) | | Stock-based compensation expenses | 3,764 | 3,822 | | Depreciation | 456 | 379 | | Financial income, net | (1,234) | (191) | | Adjusted EBITDA Loss | (7,069) | (2,858) | [Reconciliation of GAAP to Non-GAAP Loss Per Share](index=8&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Loss%20Per%20Share) The Q1 2024 GAAP Loss per Share of $(0.10) was reconciled to a Non-GAAP Loss per Share of $(0.06) GAAP to Non-GAAP Loss Per Share Reconciliation (Q1 2024) | Metric | Amount (in thousands, except per share) | | :--- | :--- | | GAAP Net Loss | $(10,042) | | Adjustments (Stock comp, Depreciation, etc.) | $4,195 | | Total Non-GAAP Loss | $(5,847) | | **GAAP Loss per Share** | **$(0.10)** | | **Non-GAAP Loss per Share** | **$(0.06)** |

"As more corporations implement return-to-office policies, our offerings are increasingly relevant for all types of meeting rooms, from large corporate board rooms to small huddle rooms, as well as small office/home office setups. We also identified a large opportunity that solves the growing requirement for a cost-effective long-range single-chip solution for multi-Gig connectivity in videoconferencing, IT, industrial and medical applications. The introduction of our VS6320 chipset for USB3.2 extension ope ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...

Valens Semiconductor Reports Third Quarter 2023 Results HOD HASHARON, ISRAEL, November 8, 2023 – Valens Semiconductor Ltd. (NYSE: VLN), a premier provider of high-performance connectivity solutions for the audio-video and automotive markets, today reported financial results for the quarter ended September 30, 2023. "Valens Semiconductor revenues reached 14.2 million dollars in the third quarter of 2023, at the top end of our guidance and we achieved better than anticipated profitability metrics," said Gideo ...

VALENS SEMICONDUCTOR LTD. Exhibit 99.1 VALENS SEMICONDUCTOR LTD. Page CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) JUNE 30, 2023 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) AS OF JUNE 30, 2023 CONTENTS CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)- IN U.S. DOLLARS ($): The accompanying notes are an integral part of the unaudited condensed consolidated financial statements 3 | Balance sheets | 3-4 | | --- | --- | | Statements of operations | 5 | | Statements of changes in sha ...

Exhibit 99.1 Valens Semiconductor Reports Fourth Quarter and Full Year 2022 Results Delivered Record Quarterly and Annual Revenues; Audio-Video and Automotive Segments Reached New Revenue Highs in 2022 HOD HASHARON, ISRAEL, March 1, 2023 – Valens Semiconductor Ltd. (NYSE: VLN), a premier provider of high-speed connectivity solutions for the audio-video and automotive markets, today reported financial results for the fourth quarter and full year ended December 31, 2022. "2022 was a year of many successes for ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...