Exceeds second quarter revenue guidance due to
improved customer demand for high-performance connectivity
solutions
Acquires Acroname, bolstering innovative
USB offering for the industrial market
Strong balance sheet supports highly selective
acquisition strategy to complement organic growth
HOD HASHARON, Israel, Aug. 7, 2024
/PRNewswire/ -- Valens Semiconductor Ltd. (NYSE: VLN), a leader in
high-performance connectivity, today reported financial results for
the second quarter ended June 30,
2024.
"Our team made solid progress executing against our long-term
strategy and capitalizing on growing market demand for our
chipsets," said Gideon Ben-Zvi, CEO
of Valens Semiconductor. "As a result, our second quarter revenue
exceeded our guidance, increasing our confidence in the positive
trends we are seeing across the diverse verticals we serve. Our
mid- and long-term opportunities remain promising despite
short-term industry challenges, including slow inventory digestion
in the Audio-Video sector."
"On May 31, 2024, we completed the
acquisition of Acroname, our first M&A transaction, expanding
our position in the industrial and Audio-Video markets.
Importantly, our strong balance sheet provides us with the
flexibility to move quickly when opportunities arise. Going
forward, we expect this highly selective acquisition strategy to
complement our organic growth initiatives.
"We continued to see growing interest in the adoption of our
latest USB3 extension technology, the VS6320 chipset. Since its
introduction late last year, we have engaged with over 50
customers, that are integrating the chipset into a wide variety of
products, as announced at InfoComm International in June. This
momentum validates the VS6320's groundbreaking technology and high
demand for reliable, streamlined, and affordable connectivity. We
expect to start generating revenue from this chipset in the second
half of 2024, before ramping up further in 2025.
"The Pro AV market presents a significant growth opportunity for
Valens Semiconductor, driven by the latest additions to the
portfolio, as well as our legacy products. Our chipset family
offers industry-leading and standard-setting solutions to customers
in the professional Audio-Video market, as well as in the
industrial, machine vision and medical end markets. We believe
these combined verticals represent a total addressable market of
approximately $1 billion per
annum.
"Additionally, we are confident that our innovative technology
will position us to take advantage of the large opportunity within
the automotive segment, which we estimate will have a total
addressable market of $4.5 billion
per annum by 2029.
"As we look to the second half of 2024 and beyond, Valens
Semiconductor remains committed to capitalizing on the promising
opportunities within our target markets. Our innovative,
standard-setting, and high-speed connectivity solutions and highly
sophisticated chipsets position us to achieve our goals and deliver
value for our stakeholders," concluded Ben-Zvi.
Key Business Highlights
- Acquired Acroname Inc., a pioneer in advanced automation and
control technologies for applications in industrial, Audio-Video,
video conferencing rooms, and embedded robotic control systems, for
$7.8 million in cash. An additional
$1.3 million was transferred to
Acroname in consideration for the amount Acroname held in cash at
closing. Further, Valens will be obligated to pay the sellers earn
out payments of up to $7.2 million,
depending on the achievement of certain revenue, EBITDA and
cashflow targets in 2024 and 2025, and development of a certain
product by June 2026. The acquisition
enables Valens to expand its position in the industrial market with
a holistic USB-focused offering.
- Engaged with over 50 customers for the VS6320, with a wide
variety of product launches announced at InfoComm International -
the largest professional Audio-Video trade show in North America, including USB extenders, PTZ
cameras, video bars, wall plates, docking stations, room appliance
controllers, and USB hub switches.
- Announced a new suite of products by Good Way Technology, one
of the world's leading PC peripheral design and manufacturing
companies, based on Valens Semiconductor's VS6320 chipset,
compliant with the HDBaseT-USB3 standard.
- Progressed on several evaluation processes with global
automotive OEMs for the VA7000 MIPI A-PHY compliant chipset and are
continuing to work with the long list of companies joining the
A-PHY ecosystem by designing and developing products based around
this technology.
Key Financial Highlights
- Second quarter 2024 revenues reached $13.6 million, of which Acroname contributed
$0.4 million, compared to
$24.2 million in the second quarter
of 2023.
- Audio-video revenues accounted for approximately 60% of
total revenues at $8.1 million, of
which Acroname contributed $0.4
million, compared to $15.5
million in the second quarter of 2023, due to ongoing
inventory digestion.
- Automotive revenues accounted for approximately 40% of
total revenues at $5.5 million,
compared to $8.7 million in the
second quarter of 2023, due to lower demand from
Mercedes-Benz.
- GAAP gross margin was 61.4% for the second quarter of 2024
(non-GAAP gross margin was 64.5%). This compared to GAAP gross
margin of 61.8% for the second quarter of 2023 (non-GAAP gross
margin of 63.1%). GAAP Net Loss was $(8.9)
million in the second quarter of 2024, compared to a GAAP
Net Loss of $(4.6) million in the
second quarter of 2023. On a segment basis, Audio-Video gross
margin was 75.4% and automotive gross margin was 40.9% compared to
75.3% and 37.8%, respectively in the second quarter of 2023.
- Adjusted EBITDA Loss in the second quarter of 2024 was
$(5.2) million, compared to Adjusted
EBITDA loss of $(0.8) million in the
second quarter of 2023.
- Strong balance sheet of $130.6
million in cash, cash equivalents and short-term deposits,
and no debt, as of June 30, 2024,
compared to $139.8 million on
March 31, 2024, with the reduction in
cash due to ongoing operational expenses and $7.8 million associated with the
acquisition.
- Inventory balance of $14.1
million on June 30, 2024, of
which $2.5 million was from Acroname.
Excluding this amount, inventories were $11.6 million, down compared to $12.5 million on March 31,
2024.
Financial Outlook
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.
"Looking ahead, we are confident in our growth potential for the
medium and long term. As the industry recovers, we are prepared to
implement our growth strategy with an even more comprehensive
portfolio of solutions, designed to penetrate new markets and
sectors," said Guy Nathanzon, CFO of Valens Semiconductor.
"Our third quarter revenues are expected to range between
$14.7 million to $15.4 million, of which $1.2 million to $1.4
million is expected to be attributed to Acroname. Gross
margin is expected to range between 52.0% and 53.0%, and adjusted
EBITDA loss is expected to range between $(6.8) million and $(6.3)
million. We have a strong cash position, and in the future,
we expect additional, highly selective synergistic M&A deals
that align with our long-term growth strategy," concluded
Nathanzon.
Conference Call Information
Valens Semiconductor will host a conference call today,
Wednesday, August 7, 2024, at
8:30 a.m. Eastern Time (ET) to
discuss its second 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; the impact of the global pandemic
caused by COVID-19 on our customers' budgets and on economic
conditions generally, as well as the length, severity of and pace
of recovery following the pandemic; 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.
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
June
30,
|
Six Months
Ended
June
30,
|
|
2024
|
2023
|
2024
|
2023
|
|
Revenues
|
13,597
|
24,175
|
25,156
|
48,055
|
|
Gross Profit
|
8,344
|
14,934
|
15,159
|
30,727
|
|
Gross Margin
|
61.4 %
|
61.8 %
|
60.3 %
|
63.9 %
|
|
Net loss
|
(8,869)
|
(4,582)
|
(18,911)
|
(9,959)
|
|
Working
Capital[1]
|
142,349
|
160,766
|
142,349
|
160,766
|
|
Cash, cash equivalents
and short-term deposits[2]
|
130,630
|
138,042
|
130,630
|
138,042
|
|
Net cash provided by
(used in) operating activities
|
(225)
|
358
|
(1,615)
|
(8,311)
|
|
Non-GAAP Financial
Data
|
|
|
|
|
|
Non-GAAP Gross
Margin[3]
|
64.5 %
|
63.1 %
|
63.3 %
|
65.1 %
|
|
Adjusted EBITDA
Loss[4]
|
(5,168)
|
(782)
|
(12,237)
|
(3,640)
|
|
Non-GAAP Earnings Loss
per share
(in U.S.
Dollars)[5]
|
$(0.04)
|
$(0.00)
|
$(0.10)
|
$(0.03)
|
|
|
1. Working Capital
is calculated as Total Current Assets, less Total Current
Liabilities, as of the last day of the period.
|
|
2. As of the last
day of the period.
|
|
3. GAAP Gross Profit
excluding share-based compensation and depreciation expenses,
divided by revenue. For the three months ended June 30, 2024, and
2023,
share-based compensation and depreciation & amortization
expenses were $423 thousand and $315 thousand,
respectively. For the six months ended June 30, 2024,
and 2023, share-based compensation and depreciation expenses
were $770 thousand and $560 thousand, respectively.
|
|
4. 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.
|
|
5. See
reconciliation of GAAP to non-GAAP financial
measures.
|
|
VALENS SEMICONDUCTOR
LTD.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(U.S. Dollars in
thousands, except share and per share amounts)
|
|
Three Months
Ended
June 30,
|
Six Months Ended
June 30,
|
|
2024
|
2023
|
2024
|
2023
|
|
|
|
|
|
|
REVENUES
|
13,597
|
24,175
|
25,156
|
48,055
|
|
COST OF
REVENUES
|
(5,253)
|
(9,241)
|
(9,997)
|
(17,328)
|
|
GROSS
PROFIT
|
8,344
|
14,934
|
15,159
|
30,727
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
Research and
development expenses
|
(9,961)
|
(12,161)
|
(20,106)
|
(26,121)
|
|
Sales and
marketing expenses
|
(4,368)
|
(4,255)
|
(8,756)
|
(9,315)
|
|
General and
administrative expenses
|
(3,397)
|
(3,701)
|
(6,968)
|
(7,533)
|
|
Change in earnout
liability
|
(28)
|
-
|
(28)
|
-
|
|
TOTAL OPERATING
EXPENSES
|
(17,754)
|
(20,117)
|
(35,858)
|
(42,969)
|
|
OPERATING
LOSS
|
(9,410)
|
(5,183)
|
(20,699)
|
(12,242)
|
|
Change in fair value of
Forfeiture Shares
|
10
|
22
|
35
|
1,529
|
|
Financial income,
net
|
540
|
601
|
1,774
|
792
|
|
LOSS BEFORE INCOME
TAXES
|
(8,860)
|
(4,560)
|
(18,890)
|
(9,921)
|
|
INCOME
TAXES
|
(21)
|
(26)
|
(38)
|
(45)
|
|
LOSS AFTER INCOME
TAXES
|
(8,881)
|
(4,586)
|
(18,928)
|
(9,966)
|
|
Equity in earnings of
investee
|
12
|
4
|
17
|
7
|
|
NET
LOSS
|
(8,869)
|
(4,582)
|
(18,911)
|
(9,959)
|
|
EARNINGS PER SHARE
DATA:
BASIC AND DILUTED
NET LOSS PER ORDINARY SHARE[6] (in
U.S. Dollars)
|
$(0.08)
|
$(0.05)
|
$(0.18)
|
$(0.10)
|
|
WEIGHTED AVERAGE
NUMBER OF SHARES AND VESTED RSUS USED
IN COMPUTING NET
LOSS PER ORDINARY SHARE
|
105,079,508
|
101,685,915
|
104,563,467
|
101,381,153
|
|
|
6. See note
5.
|
|
VALENS SEMICONDUCTOR
LTD.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(U.S. Dollars in
thousands)
|
|
ASSETS
|
June 30,
2024
|
December 31,
2023
|
|
CURRENT
ASSETS
Cash and cash
equivalents
|
24,706
|
17,261
|
|
Short-term deposits
|
105,924
|
124,759
|
|
Trade accounts receivable
|
10,021
|
14,642
|
|
Inventories
|
14,070
|
13,836
|
|
Prepaid expenses and other current assets
|
3,972
|
4,196
|
|
TOTAL CURRENT
ASSETS
|
158,693
|
174,694
|
|
LONG-TERM
ASSETS
|
|
|
|
Property and equipment, net
|
2,666
|
2,954
|
|
Operating lease right-of-use assets
|
6,777
|
2,202
|
|
Intangible assets
|
5,172
|
-
|
|
Goodwill
|
1,847
|
-
|
|
Other assets
|
633
|
708
|
|
TOTAL LONG-TERM
ASSETS
|
17,095
|
5,864
|
|
TOTAL
ASSETS
|
175,788
|
180,558
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
CURRENT
LIABILITIES[7]
|
16,344
|
15,931
|
|
LONG-TERM
LIABILITIES
|
|
|
|
Forfeiture Shares
|
3
|
38
|
|
Non-current operating leases
liabilities
|
3,774
|
190
|
|
Earnout liability
|
2,064
|
-
|
|
Other long-term liabilities
|
75
|
95
|
|
TOTAL LONG-TERM
LIABILITIES
|
5,916
|
323
|
|
TOTAL
LIABILITIES
|
22,260
|
16,254
|
|
|
|
|
TOTAL SHAREHOLDERS'
EQUITY
|
153,528
|
164,304
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
175,788
|
180,558
|
|
|
7. As of June 30, 2024, and December 31, 2023,
include $2,852 thousand and $1,766 thousand, respectively, of
current maturities of operating leases
liabilities
|
|
VALENS SEMICONDUCTOR LTD.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(U.S. Dollars in
thousands)
|
|
Three Months
Ended
June
30,
|
Six Months
Ended
June
30,
|
|
2024
|
2023
|
2024
|
2023
|
|
CASH FLOW FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
Net loss for the period
|
(8,869)
|
(4,582)
|
(18,911)
|
(9,959)
|
|
Adjustments to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
Income and expense items not involving cash
flows:
|
|
|
|
|
|
Depreciation and
amortization
|
479
|
414
|
935
|
793
|
|
Stock-based
compensation
|
3,735
|
3,987
|
7,499
|
7,809
|
|
Exchange rate
differences
|
741
|
1,021
|
1,266
|
2,273
|
|
Interest on short-term
deposits
|
642
|
177
|
917
|
(389)
|
|
Change in fair value
of forfeiture shares
|
(10)
|
(22)
|
(35)
|
(1,529)
|
|
Change in earnout
liability
|
28
|
-
|
28
|
-
|
|
Reduction in the
carrying amount of ROU assets
|
239
|
522
|
723
|
986
|
|
Equity in earnings of
investee, net of dividend received
|
12
|
4
|
17
|
7
|
|
Changes in operating assets and liabilities, net of effects of
businesses acquired:
|
|
|
|
|
|
Trade accounts
receivable
|
180
|
(3,176)
|
4,915
|
(4,575)
|
|
Prepaid expenses and
other current assets
|
101
|
1,042
|
308
|
403
|
|
Inventories
|
1,054
|
4,549
|
2,401
|
4,799
|
|
Other
assets
|
(8)
|
(8)
|
66
|
34
|
|
Current
Liabilities
|
1,659
|
(3,114)
|
(1,102)
|
(8,172)
|
|
Change in operating
lease liabilities
|
(204)
|
(457)
|
(622)
|
(859)
|
|
Other long-term
liabilities
|
(4)
|
1
|
(20)
|
68
|
|
Net cash provided by (used in) operating
activities
|
(225)
|
358
|
(1,615)
|
(8,311)
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
Investment in short-term deposits
|
(49,379)
|
(68,428)
|
(87,219)
|
(109,153)
|
|
Maturities of short-term deposits
|
47,059
|
74,810
|
104,038
|
118,954
|
|
Purchase of property and equipment
|
(235)
|
(777)
|
(265)
|
(919)
|
|
Cash
paid for business combination, net of cash acquired
|
(7,800)
|
-
|
(7,800)
|
-
|
|
Net cash provided by (used in) investing activities
|
(10,355)
|
5,605
|
8,754
|
8,882
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
Exercise of stock options
|
510
|
58
|
636
|
986
|
|
Net cash provided by financing activities
|
510
|
58
|
636
|
986
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash
equivalents
|
(324)
|
(100)
|
(330)
|
(171)
|
|
INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS
|
(10,394)
|
5,921
|
7,445
|
1,386
|
|
CASH AND CASH
EQUIVALENTS AT THE BEGINNING OF THE PERIOD
|
35,100
|
15,489
|
17,261
|
20,024
|
|
CASH AND CASH
EQUIVALENTS AT THE END OF THE PERIOD
|
24,706
|
21,410
|
24,706
|
21,410
|
|
|
|
|
|
|
SUPPLEMENT
DISCLOSURE OF CASH FLOW INFORMATION
|
|
|
|
|
|
Cash
paid for taxes
|
28
|
213
|
63
|
252
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES:
|
|
|
|
|
|
Trade accounts payable
on account of property and equipment
|
279
|
35
|
279
|
160
|
|
Fair value of earnout
liability assumed in business combination
|
2,036
|
-
|
2,036
|
-
|
|
Operating lease
liabilities arising from obtaining operating right-of-use
assets
|
4,802
|
152
|
4,833
|
436
|
|
VALENS
SEMICONDUCTOR LTD.
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES
|
|
(U.S. Dollars in
thousands)
|
|
|
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,
|
|
2024
|
2023
|
2024
|
2023
|
|
|
|
|
|
|
Net
Loss
|
(8,869)
|
(4,582)
|
(18,911)
|
(9,959)
|
|
Adjusted to exclude
the following:
|
|
|
|
|
|
Change in fair value of
Forfeiture Shares
|
(10)
|
(22)
|
(35)
|
(1,529)
|
|
Change in earnout
liability
|
28
|
-
|
28
|
-
|
|
Financial income,
net
|
(540)
|
(601)
|
(1,774)
|
(792)
|
|
Income taxes
|
21
|
26
|
38
|
45
|
|
Equity in earnings of
investee
|
(12)
|
(4)
|
(17)
|
(7)
|
|
Depreciation and
amortization
|
479
|
414
|
935
|
793
|
|
Stock-based
compensation expenses
|
3,735
|
3,987
|
7,499
|
7,809
|
|
Adjusted EBITDA
Loss
|
(5,168)
|
(782)
|
(12,237)
|
(3,640)
|
|
VALENS
SEMICONDUCTOR LTD.
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES
|
|
(U.S. Dollars in
thousands, except per share amounts)
|
|
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
|
2024
|
2023
|
2024
|
2023
|
|
|
|
|
|
|
GAAP Net Loss used
for computing Loss per Share
|
(8,869)
|
(4,582)
|
(18,911)
|
(9,959)
|
|
Earnings Per Share
Data:
|
|
|
|
|
|
GAAP Loss per Share
(in U.S. Dollars)
|
$(0.08)
|
$(0.05)
|
$(0.18)
|
$(0.10)
|
|
Weighted average
number of shares used in calculation of
net loss per
share
|
105,079,508
|
101,685,915
|
104,563,467
|
101,381,153
|
|
Three Months
Ended
June
30,
|
Six Months
Ended
June
30,
|
|
Non-GAAP Loss per
Share[8]
|
2024
|
2023
|
2024
|
2023
|
|
|
|
|
|
|
GAAP Net
Loss
|
(8,869)
|
(4,582)
|
(18,911)
|
(9,959)
|
|
Adjusted to exclude the
following:
|
|
|
|
|
|
Stock based
compensation
|
3,735
|
3,987
|
7,499
|
7,809
|
|
Depreciation and
amortization
|
479
|
414
|
935
|
793
|
|
Change in earnout
liability
|
28
|
-
|
28
|
-
|
|
Change in fair value of
Forfeiture Shares
|
(10)
|
(22)
|
(35)
|
(1,529)
|
|
Total Non-GAAP Loss
used for computing Loss per Share
|
(4,637)
|
(203)
|
(10,484)
|
(2,886)
|
|
Earnings Per Share
Data:
|
|
|
|
|
|
Non-GAAP Earnings
(Loss) per Share (in U.S. Dollars)
|
$(0.04)
|
$(0.00)
|
$(0.10)
|
$(0.03)
|
|
Weighted average
number of shares used in calculation of
net loss per share
|
105,079,508
|
101,685,915
|
104,563,467
|
101,381,153
|
|
|
8.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 divided by the
weighted average number of shares used in calculation of net loss
per share.
|
For more information, please contact:
Investor Contacts:
Michal Ben Ari
Investor Relations Manager
Valens Semiconductor
michal.benari@valens.com
Lisa Fortuna
Financial Profiles, Inc.
Valens@finprofiles.com
Media Contact:
Yoni Dayan
Head of Communications
Valens Semiconductor Ltd.
yoni.dayan@valens.com
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SOURCE Valens Semiconductor
