Delivers Record Quarterly Revenues and Strong Gross Margin
for Q2
Improves 2022 Guidance, Adjusted EBITDA Breakeven Expected
Exiting 2023
HOD HASHARON, Israel, Aug. 10,
2022 /PRNewswire/ -- 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 second quarter ended
June 30, 2022.
"In Q2 2022, Valens Semiconductor reported its highest ever
quarterly revenues of $22.5 million,
up 28.4% from Q2 2021, as we continued to meet the growing demand
from customers in our audio-video and automotive markets," said
Gideon Ben-Zvi, CEO of Valens
Semiconductor. "In audio video, the main trends we are seeing are
the transition to higher resolutions and growing demand for high
bandwidth video connectivity and camera imaging extensions, as
organizations aim to enhance and optimize content transmission. It
is clear that our audio-video distribution technology will continue
to play an important role in fields such as work, education,
medical, government and others. In our automotive business,
revenues from our VA6000 from Mercedes
Benz cars continue to ramp. We made strides advancing our
rear-view camera for trucks project with Stoneridge, who will
incorporate our VA6000 chipsets into a safety connectivity
solution. With a sizable number of potential automotive customers
and partners looking to integrate our VA7000 chipsets to support
Advanced Driver-Assistance Systems (ADAS) into their platforms, we
believe that we are on track to attain design wins by mid-year
2023.
"Considering our better than anticipated first half of the year
and visibility into the second half of 2022, we are increasing our
full year revenues, gross margin and adjusted EBITDA guidance.
Through our ongoing conversations with prospective customers and
partners, we are learning more about their priorities, plans and
timing for use of our current and next generation solutions. To
match their roadmaps, we recently realigned and optimized our
automotive R&D efforts for the next two years, which we believe
will also contribute to us reaching adjusted EBITDA breakeven
towards the end of 2023. Now more than ever, Valens Semiconductor
is well-positioned to create long-term value for our
stakeholders."
Key Financial and Business Highlights
- Record quarterly revenues of $22.5
million, up 28.4% from Q2 2021 and up 4.0% from Q1 2022
- Q2 2022 GAAP gross margin was 70.2% compared to 71.2% in Q2
2021 (non-GAAP gross margin was 71.0% compared to 71.1% in Q2
2021)
- Q2 2022 GAAP Net Loss was $(10.0)
million, which included net financial expenses of
$3.6 million, primarily from
devaluation of Israeli-shekel related cash balance, compared to Net
Loss of $(3.7) million in Q2 2021,
and Adjusted EBITDA loss in the second quarter was $(4.5) million, compared to $(2.1) million in Q2 2021
- Strong balance sheet with working capital of $168.3 million, and $156.8
million in cash, cash equivalents and short-term deposits as
of June 30, 2022
- Automotive:
- 2022 automotive revenues on track to double from 2021
- Continue to make progress with the evaluation of the company's
MIPI A-PHY new VA7000 chipsets, as over 30 OEMs, Tier 1s and Tier
2s are evaluating this product for ADAS and surround view
applications
- Audio-video:
- Received substantial demand for VS3000, Valens Semiconductor's
newest audio-video product family, from Tier 1 customers across
many geographies
- Crestron Electronics announced full suite of more than 24
Professional Audio-Video (ProAV) products powered by the VS3000 for
use by enterprises, in education and more. This adds to the
multiple VS3000-based products already introduced by Crestron
- Interest in the company's technology in the medical space
continues to grow. Introduced a connectivity solution with Würth
Elektronik for medical imaging in unprecedented resolution that
complies with the strict medical isolation specifications
Financial Outlook[1]
"Q2 2022 came in above the top end of our guidance, marking a
strong first half for the year, and positioning us for a better
than originally anticipated full year 2022," said Dror Heldenberg, CFO of Valens
Semiconductor.
"For the third quarter of 2022, revenues are expected to range
between $22.5 million and
$22.8 million. Gross margin is
expected to range between 65.4% and 66.1%, and Adjusted EBITDA
loss is expected to be in the range of $(6.2) million to $(5.6)
million.
"We are also raising our revenue, gross margin and Adjusted
EBITDA guidance for the full year 2022. The company now
expects revenues to range between $89.1
million and $89.8 million, up
from the prior range of between $86.5
million and $88.0 million.
Most of this increase is attributed to audio-video, while also
essentially doubling the automotive revenue from the full year
2021. Gross margin is expected to range between 68.0% and
68.5%, up from the prior range of 66.0% and 67.3%. Adjusted
EBITDA loss is expected to be in the range of $(25.7) million to $(24.3) million,
substantially better than our previous guidance of $(37.2) million to $(35.5)
million, due to the greater than expected revenues and
improved gross margin. In addition, we expect to continue to
see a benefit from a strong USD on our Israeli shekel-based
expenses. Finally, we refined our automotive R&D focus for the
next two years to products supporting sensor to ECU connectivity.
This will allow us to slow the pace of hiring and reduce our
investment in automotive R&D without impacting revenue
opportunities or changing our longer-term technology
roadmap.
"We are expecting to reach adjusted EBITDA breakeven by the end
of next year, as the modest increase in 2023 R&D expenses from
the lowered 2022 level will be offset by anticipated
year-over-year revenue growth," concluded Heldenberg.
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.
Conference Call Information
Valens Semiconductor will host a conference call today,
Wednesday, August 10, 2022, at
8:30 a.m. Eastern Time (ET) to
discuss its second quarter 2022 financial results and business
outlook. To access this call, dial (at least 10 minutes before the
scheduled time) +1 (888) 642-5032 (U.S.), 0 (800) 917-5108 (UK), 03
918 0609 (Israel) or +972 3 918
0609 (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' 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 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 changes in domestic and foreign
business, market, financial, political and legal conditions;
failure to realize the anticipated benefits of the business
combination; future global, regional or local economic and market
conditions; the development, effects and enforcement of laws and
regulations; Valens' ability to manage future growth; Valens'
ability to develop new products and solutions, bring them to market
in a timely manner, and make enhancements to them; the effects of
competition on Valens' future business; the outcome of any
potential litigation, government and regulatory proceedings,
investigations and inquiries; the effects of health epidemics, such
as the recent global COVID-19 pandemic, have had and could in the
future have on Valens' revenue, its employees and results of
operations; the cyclicality of the semiconductor industry; Valens'
ability to adjust its supply chain volume due to changing market
conditions or failure to estimate its customers' demand, including
during any downturn in the automotive or audio-video markets;
disruptions in relationships with any one of Valens' key customers;
difficulty selling products if customers do not design Valens
products into their product offerings; Valens' dependence on
winning selection processes and ability to generate timely or
sufficient net sales or margins from those wins; political
conditions in Israel; and those
factors discussed in Valens' annual report on Form 20-F filed with
the SEC on March 2, 2022 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.
About Valens Semiconductor
Valens Semiconductor pushes the boundaries of connectivity by
enabling long-reach, high-speed video and data transmission for the
Audio-Video and Automotive industries. Valens' HDBaseT® technology
is the leading standard in the Audio-Video market with tens of
millions of Valens' chipsets integrated into thousands of products
in a wide range of applications. Valens Semiconductor's Automotive
chipsets are deployed in systems manufactured by leading customers
and are on the road in vehicles around the world. Valens is a key
enabler of the evolution of ADAS and autonomous driving and its
advanced technology is the basis for the new industry standard for
high-speed in-vehicle connectivity. For more information, visit
https://www.valens.com/.
VALENS SEMICONDUCTOR
LTD. SUMMARY OF FINANCIAL RESULTS
(U.S. Dollars in thousands, except per share amounts)
(Unaudited)
|
|
Three Months
Ended
June
30,
|
Six Months
Ended
June
30,
|
|
2022
|
2021
|
2022
|
2021
|
Revenues
|
22,481
|
17,510
|
44,101
|
30,874
|
Gross Profit
|
15,784
|
12,467
|
31,224
|
21,999
|
Gross Margin
|
70.2 %
|
71.2 %
|
70.8 %
|
71.3 %
|
Net loss
|
(9,995)
|
(3,698)
|
(15,045)
|
(10,074)
|
Working
Capital[2]
|
168,283
|
56,133
|
168,283
|
56,133
|
Cash, cash equivalents
and short-term deposits[3]
|
156,754
|
51,873
|
156,754
|
51,873
|
Net cash used in
operating activities
|
(4,251)
|
(6,443)
|
(12,654)
|
(9,651)
|
Non-GAAP Financial
Data
|
|
|
|
|
Non-GAAP Gross
Margin[4]
|
71.0 %
|
71.1 %
|
71.5 %
|
71.4 %
|
Adjusted
EBITDA[5]
|
(4,469)
|
(2,116)
|
(8,555)
|
(6,419)
|
Non-GAAP Loss per
share[6] (in U.S. Dollars)
|
$(0.08)
|
$(0.16)
|
$(0.13)
|
$(0.57)
|
VALENS SEMICONDUCTOR
LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. Dollars in thousands, except share and per share
amounts)
(Unaudited)
|
|
Three Months
Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
REVENUES
|
22,481
|
|
17,510
|
|
44,101
|
|
30,874
|
COST OF
REVENUES
|
(6,697)
|
|
(5,043)
|
|
(12,877)
|
|
(8,875)
|
GROSS
PROFIT
|
15,784
|
|
12,467
|
|
31,224
|
|
21,999
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
Research and development expenses
|
(14,904)
|
|
(10,956)
|
|
(29,031)
|
|
(21,354)
|
Sales and marketing expenses
|
(4,473)
|
|
(3,222)
|
|
(8,682)
|
|
(6,332)
|
General and
administrative expenses
|
(4,340)
|
|
(2,366)
|
|
(8,641)
|
|
(4,544)
|
TOTAL OPERATING
EXPENSES
|
(23,717)
|
|
(16,544)
|
|
(46,354)
|
|
(32,230)
|
OPERATING
LOSS
|
(7,933)
|
|
(4,077)
|
|
(15,130)
|
|
(10,231)
|
Change in fair value of
Forfeiture Shares
|
1,538
|
|
-
|
|
4,142
|
|
-
|
Financial income
(expenses), net
|
(3,560)
|
|
503
|
|
(3,675)
|
|
336
|
LOSS BEFORE INCOME
TAXES
|
(9,955)
|
|
(3,574)
|
|
(14,663)
|
|
(9,895)
|
INCOME
TAXES
|
(43)
|
|
(124)
|
|
(389)
|
|
(179)
|
LOSS AFTER INCOME
TAXES
|
(9,998)
|
|
(3,698)
|
|
(15,052)
|
|
(10,074)
|
Equity in earnings of
investee
|
3
|
|
-
|
|
7
|
|
-
|
NET
LOSS
|
(9,995)
|
|
(3,698)
|
|
(15,045)
|
|
(10,074)
|
EARNINGS PER SHARE
DATA:
BASIC AND DILUTED
NET LOSS PER ORDINARY
SHARE[7]
(in U.S. Dollars)
|
$(0.10)
|
|
$(0.68)
|
|
$(0.15)
|
|
$(1.61)
|
WEIGHTED AVERAGE
NUMBER OF SHARES USED
IN CALCULATION OF
NET LOSS PER ORDINARY
|
97,442,359
|
|
11,020,299
|
|
97,296,206
|
|
10,927,357
|
VALENS SEMICONDUCTOR
LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. Dollars in thousands)
(Unaudited)
|
ASSETS
|
|
June 30,
2022
|
|
December 31,
2021
|
CURRENT
ASSETS
Cash and cash
equivalents
|
|
|
46,577
|
|
|
56,791
|
Short-term deposits
|
|
|
110,177
|
|
|
117,568
|
Trade accounts receivable
|
|
|
10,047
|
|
|
7,095
|
Inventories
|
|
|
17,318
|
|
|
9,322
|
Prepaid expenses and other current assets
|
|
|
4,492
|
|
|
8,255
|
TOTAL CURRENT
ASSETS
|
|
|
188,611
|
|
|
199,031
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
2,571
|
|
|
2,741
|
Operating lease Right-Of-Use (ROU)
assets[8]
|
|
|
4,408
|
|
|
-
|
Other assets
|
|
|
638
|
|
|
828
|
TOTAL LONG-TERM
ASSETS
|
|
|
7,617
|
|
|
3,569
|
TOTAL
ASSETS
|
|
|
196,228
|
|
|
202,600
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
CURRENT
LIABILITIES[9]
|
|
|
20,328
|
|
|
15,699
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
|
Forfeiture shares
|
|
|
516
|
|
|
4,658
|
Non-current operating leases
liabilities [10]
|
|
|
2,126
|
|
|
-
|
Other long-term liabilities
|
|
|
48
|
|
|
46
|
TOTAL LONG-TERM
LIABILITIES
|
|
|
2,690
|
|
|
4,704
|
TOTAL
LIABILITIES
|
|
|
23,018
|
|
|
20,403
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
173,210
|
|
|
182,197
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
196,228
|
|
|
202,600
|
|
|
|
|
|
|
|
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
|
|
|
-
|
VALENS SEMICONDUCTOR
LTD.
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES
|
(U.S. Dollars in
thousands)
|
(Unaudited)
|
|
The following table
provides a reconciliation of Net loss to Adjusted EBITDA, a
non-GAAP measure. Adjusted EBITDA
is defined as Net profit (loss) before financial income (expense),
net, income taxes, equity in earnings of investee and
depreciation and amortization, further adjusted to exclude
share-based compensation and change in fair value of
Forfeiture Shares, which may vary
from period-to-period. We caution investors that amounts
presented in accordance
with our definition of Adjusted EBITDA may not be comparable to
similar measures disclosed by other issuers,
because not all issuers calculate Adjusted EBITDA in the same
manner. Adjusted EBITDA should not be considered
as an alternative to Net loss or any other performance measures
derived in accordance with GAAP or as an alternative
to cash flows from operating activities as a measure of our
liquidity.
|
|
Although we provide
guidance for Adjusted EBITDA, we are not able to provide guidance
for projected Net profit (loss),
the most directly comparable GAAP measures. 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.
As a result, it is impractical for us to provide guidance on Net
profit (loss) or to reconcile our Adjusted EBITDA guidance
without unreasonable efforts. Consequently, no disclosure of
projected Net profit (loss) is included. For the same reasons,
we are unable to address the probable significance of the
unavailable information.
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
Net loss
|
(9,995)
|
|
(3,698)
|
|
(15,045)
|
|
(10,074)
|
Adjusted to exclude the
following:
|
|
|
|
|
|
|
|
|
Change in fair value of
Forfeiture Shares
|
(1,538)
|
|
-
|
|
(4,142)
|
|
-
|
|
Financial expense
(income), net
|
3,560
|
|
(503)
|
|
3,675
|
|
(336)
|
|
Income taxes
|
43
|
|
124
|
|
389
|
|
179
|
|
Equity in earnings of
investee
|
(3)
|
|
-
|
|
(7)
|
|
-
|
|
Depreciation
|
347
|
|
266
|
|
667
|
|
522
|
|
Stock-based
compensation expenses
|
3,117
|
|
1,695
|
|
5,908
|
|
3,290
|
Adjusted
EBITDA
|
(4,469)
|
|
(2,116)
|
|
(8,555)
|
|
(6,419)
|
VALENS SEMICONDUCTOR
LTD.
|
RECONCILIATION OF
GAAP TO NON-GAAP Tables
|
(U.S. Dollars in
thousands)
|
(Unaudited)
|
|
The following tables
provide a calculation of the GAAP Loss per share and reconciliation
to Non-GAAP Loss per share.
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
GAAP Loss per
Share
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
GAAP Net
Loss
|
(9,995)
|
|
(3,698)
|
|
(15,045)
|
|
(10,074)
|
Adjusted to include the
following:
|
|
|
|
|
|
|
|
Accrued dividend
related to Preferred Shares
|
-
|
|
(3,788)
|
|
-
|
|
(7,478)
|
Total Loss used for
computing Loss per Share
|
(9,995)
|
|
(7,486)
|
|
(15,045)
|
|
(17,552)
|
Earnings Per Share
Data:
|
|
|
|
|
|
|
|
GAAP Loss per Share
(in U.S. Dollars)
|
$(0.10)
|
|
$(0.68)
|
|
$(0.15)
|
|
$(1.61)
|
Weighted average
number of shares used in calculation
of net loss per share
|
97,442,359
|
|
11,020,299
|
|
97,296,206
|
|
10,927,357
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
Non-GAAP Loss per
Share[11]
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
GAAP Net
loss
|
(9,995)
|
|
(3,698)
|
|
(15,045)
|
|
(10,074)
|
Adjusted to exclude the
following:
|
|
|
|
|
|
|
|
Stock based
compensation
|
3,117
|
|
1,695
|
|
5,908
|
|
3,290
|
Depreciation
|
347
|
|
266
|
|
667
|
|
522
|
Change in fair value of
Forfeiture Shares
|
(1,538)
|
|
-
|
|
(4,142)
|
|
-
|
Total Loss used for
computing Loss per Share
|
(8,069)
|
|
(1,737)
|
|
(12,612)
|
|
(6,262)
|
Earnings Per Share
Data:
|
|
|
|
|
|
|
|
Non-GAAP Loss per
Share (in U.S. Dollars)
|
$(0.08)
|
|
$(0.16)
|
|
$(0.13)
|
|
$(0.57)
|
Weighted average
number of shares used in calculation
of net loss per share
|
97,442,359
|
|
11,020,299
|
|
97,296,206
|
|
10,927,357
|
1. Although we provide guidance for Adjusted
EBITDA, we are not able to provide guidance for projected Net
profit (loss), the most directly comparable GAAP measures. 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. As a
result, it is impractical for us to provide guidance on Net profit
(loss) or to reconcile our Adjusted EBITDA guidance without
unreasonable efforts. Consequently, no disclosure of projected Net
profit (loss) is included. For the same reasons, we are unable to
address the probable significance of the unavailable
information.
2. Working Capital is
calculated as Total Current Assets, less Total Current Liabilities,
as of the last day of the period.
3. As of the
last day of the period.
4. GAAP Gross Profit excluding share-based
compensation and depreciation expenses, divided by revenue. For the
three months ended June 30, 2022, and
2021, share-based compensation and depreciation expenses were
$181 thousand and $(10) thousand respectively. For the six
months ended June 30, 2022, and 2021,
share-based compensation and depreciation expenses were
$321 thousand and $47 thousand respectively.
5.
Adjusted EBITDA is defined as Net profit (loss) before financial
income (expense), net, income taxes, equity in earnings of investee
and depreciation and amortization, further adjusted to exclude
share-based compensation and change in fair value of Forfeiture
Shares, which may vary from period-to-period. We caution investors
that amounts presented in accordance with our definition of
Adjusted EBITDA may not be comparable to similar measures disclosed
by other issuers, because not all issuers calculate Adjusted EBITDA
in the same manner. Adjusted EBITDA should not be considered as an
alternative to Net loss or any other performance measures derived
in accordance with GAAP or as an alternative to cash flows from
operating activities as a measure of our liquidity. Please refer to
the appendix at the end of this press release for a reconciliation
to the most directly comparable measure in accordance with
GAAP.
6. See reconciliation of GAAP to non-GAAP financial
measures.
7. See note
6.
8. As of January 1, 2022, the company has implemented the
FASB ASU No. 2016-02, Leases (ASC 842), on the recognition,
measurement, presentation, and disclosure of
leases.
9. As of June 30, 2022, includes $1,814 thousand of current maturities of
operating leases liabilities (none as of December 31, 2021); see footnote
8.
10. See footnote
8.
11. The company calculates its
non-GAAP Loss per Share as GAAP Net Loss adjusted to exclude the
following: Stock based compensation, depreciation, and the change
in fair value of Forfeiture Share (the change in fair value of
Forfeiture Shares totaled at $1,538
thousand and $2,604 thousand
for the second and first quarters of 2022, respectively) divided by
the weighted average number of shares used in calculation of net
loss per share.
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For more information, please contact:
Daphna Golden
VP Investor Relations
Valens Semiconductor Ltd.
investors@valens.com
Moriah Shilton
Financial Profiles, Inc.
valens@finprofiles.com
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SOURCE Valens Semiconductor