Valens Semiconductor Reports Second Quarter 2024 Results
Valens Semiconductor (NYSE: VLN) reported Q2 2024 results, exceeding revenue guidance with $13.6 million. The company acquired Acroname for $7.8 million, expanding its industrial market presence. Key highlights include:
- Audio-video revenues: $8.1 million (60% of total)
- Automotive revenues: $5.5 million (40% of total)
- GAAP gross margin: 61.4%
- GAAP Net Loss: $(8.9) million
- Strong balance sheet with $130.6 million in cash and no debt
Valens engaged with over 50 customers for its VS6320 chipset and progressed on automotive OEM evaluations. Q3 2024 revenue guidance: $14.7-$15.4 million, with gross margin expected between 52.0-53.0%.
Valens Semiconductor (NYSE: VLN) ha riportato i risultati del secondo trimestre 2024, superando le previsioni di fatturato con 13,6 milioni di dollari. L'azienda ha acquisito Acroname per 7,8 milioni di dollari, ampliando la sua presenza nel mercato industriale. I punti salienti includono:
- Fatturato audio-video: 8,1 milioni di dollari (60% del totale)
- Fatturato automobilistico: 5,5 milioni di dollari (40% del totale)
- Margine lordo GAAP: 61,4%
- Perdita netta GAAP: $(8,9) milioni
- Solida situazione patrimoniale con 130,6 milioni di dollari in contante e senza debiti
Valens ha interagito con oltre 50 clienti per il suo chipset VS6320 e ha fatto progressi nelle valutazioni degli OEM automobilistici. Previsioni di fatturato per il terzo trimestre 2024: 14,7-15,4 milioni di dollari, con un margine lordo previsto tra il 52,0% e il 53,0%.
Valens Semiconductor (NYSE: VLN) reportó resultados del segundo trimestre de 2024, superando la guía de ingresos con 13,6 millones de dólares. La compañía adquirió Acroname por 7,8 millones de dólares, ampliando su presencia en el mercado industrial. Los puntos destacados incluyen:
- Ingresos de audio-video: 8,1 millones de dólares (60% del total)
- Ingresos automotrices: 5,5 millones de dólares (40% del total)
- Margen bruto GAAP: 61,4%
- Pérdida neta GAAP: $(8,9) millones
- Fuerte balance con 130,6 millones de dólares en efectivo y sin deudas
Valens se comprometió con más de 50 clientes para su chipset VS6320 y avanzó en las evaluaciones de OEM automotrices. Guía de ingresos para el tercer trimestre de 2024: 14,7-15,4 millones de dólares, con un margen bruto esperado entre el 52,0% y el 53,0%.
발렌스 반도체 (NYSE: VLN)는 2024년 2분기 실적을 발표하며, 수익 가이드를 초과한 1,360만 달러를 기록했습니다. 회사는 Acroname을 780만 달러에 인수하여 산업 시장에서의 존재감을 확장했습니다. 주요 사항은 다음과 같습니다:
- 오디오-비디오 수익: 810만 달러 (총액의 60%)
- 자동차 수익: 550만 달러 (총액의 40%)
- GAAP 총 이익률: 61.4%
- GAAP 순손실: $(890만) 달러
- 1억 3,060만 달러의 현금을 보유하고 있으며 부채가 없는 강력한 재무 구조
발렌스는 VS6320 칩셋을 위해 50명 이상의 고객과 협력했으며 자동차 OEM 평가에서 진전을 보였습니다. 2024년 3분기 수익 가이드는 1,470만 - 1,540만 달러이며, 총 이익률은 52.0%에서 53.0% 사이로 예상됩니다.
Valens Semiconductor (NYSE: VLN) a annoncé les résultats du deuxième trimestre 2024, dépassement des prévisions de revenus avec 13,6 millions de dollars. L'entreprise a acquis Acroname pour 7,8 millions de dollars, élargissant ainsi sa présence sur le marché industriel. Les points clés incluent :
- Revenus audio-vidéo : 8,1 millions de dollars (60 % du total)
- Revenus automobiles : 5,5 millions de dollars (40 % du total)
- Marge brute GAAP : 61,4 %
- Perte nette GAAP : $(8,9) millions
- Solide bilan avec 130,6 millions de dollars en liquidités et aucune dette
Valens a engagé plus de 50 clients pour son chipset VS6320 et a progressé dans les évaluations des OEM automobiles. Prévisions de revenus pour le troisième trimestre 2024 : 14,7 à 15,4 millions de dollars, avec une marge brute attendue entre 52,0 et 53,0 %.
Valens Semiconductor (NYSE: VLN) berichtete über die Ergebnisse des zweiten Quartals 2024 und übertraf die Umsatzprognose mit 13,6 Millionen Dollar. Das Unternehmen hat Acroname für 7,8 Millionen Dollar übernommen und seine Marktpräsenz im industriellen Sektor ausgebaut. Zu den wichtigen Highlights gehören:
- Audio-Video-Umsätze: 8,1 Millionen Dollar (60% des Gesamtumsatzes)
- Automobilumsätze: 5,5 Millionen Dollar (40% des Gesamtumsatzes)
- GAAP-Bruttomarge: 61,4%
- GAAP-Nettoverlust: $(8,9) Millionen
- Starke Bilanz mit 130,6 Millionen Dollar in bar und ohne Schulden
Valens arbeitete mit über 50 Kunden an seinem VS6320-Chipset und machte Fortschritte bei den Bewertungen von Automobil-OEMs. Umsatzprognose für das dritte Quartal 2024: 14,7 bis 15,4 Millionen Dollar, mit einer erwarteten Bruttomarge zwischen 52,0% und 53,0%.
- Exceeded Q2 revenue guidance due to improved customer demand
- Acquired Acroname, expanding position in industrial market
- Engaged with over 50 customers for VS6320 chipset
- Strong balance sheet with $130.6 million in cash and no debt
- Progressing on automotive OEM evaluations for VA7000 chipset
- Q2 revenues decreased to $13.6 million from $24.2 million in Q2 2023
- GAAP Net Loss increased to $(8.9) million from $(4.6) million in Q2 2023
- Adjusted EBITDA Loss increased to $(5.2) million from $(0.8) million in Q2 2023
- Lower demand from Mercedes-Benz impacting automotive revenues
- Ongoing inventory digestion affecting Audio-Video sector
Insights
Valens Semiconductor's Q2 2024 results show mixed signals. While revenue of
The acquisition of Acroname for
Valens Semiconductor's market positioning appears promising despite current challenges. The company estimates its total addressable market (TAM) in professional Audio-Video and industrial sectors at approximately
However, the current market conditions are challenging. The slow inventory digestion in the Audio-Video sector and reduced demand from automotive customers indicate a tough near-term environment. The company's ability to navigate these headwinds while capitalizing on its technological advantages in USB3 extension and MIPI A-PHY compliant chipsets will be important for its success in these competitive markets.
Valens Semiconductor's technology portfolio shows promise, particularly with the VS6320 chipset. The engagement with over 50 customers and various product launches at InfoComm International demonstrate strong market interest. The chipset's applications across USB extenders, PTZ cameras, video bars and docking stations highlight its versatility in the Audio-Video market.
The acquisition of Acroname enhances Valens' USB-focused offering for the industrial market, potentially opening new revenue streams. In the automotive sector, the VA7000 MIPI A-PHY compliant chipset is progressing through evaluations with global OEMs. This aligns with the growing importance of high-speed, reliable connectivity in modern vehicles. However, the company needs to accelerate adoption and revenue generation from these technologies to offset current market challenges and justify its innovation investments.
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,
"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
"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
"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 $1.3 million $7.2 million - 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 $0.4 million $24.2 million
- Audio-video revenues accounted for approximately60% of total revenues at$8.1 million $0.4 million $15.5 million
- Automotive revenues accounted for approximately40% of total revenues at$5.5 million $8.7 million - GAAP gross margin was
61.4% for the second quarter of 2024 (non-GAAP gross margin was64.5% ). This compared to GAAP gross margin of61.8% for the second quarter of 2023 (non-GAAP gross margin of63.1% ). GAAP Net Loss was$(8.9) million $(4.6) million 75.4% and automotive gross margin was40.9% compared to75.3% and37.8% , respectively in the second quarter of 2023. - Adjusted EBITDA Loss in the second quarter of 2024 was
$(5.2) million $(0.8) million - Strong balance sheet of
$130.6 million $139.8 million $7.8 million - Inventory balance of
$14.1 million $2.5 million $11.6 million $12.5 million
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
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 (
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
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 | ||||
( | ||||
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 | ||||
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, | ||||
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, | ||||
5. See reconciliation of GAAP to non-GAAP financial measures. | ||||
VALENS SEMICONDUCTOR LTD. | ||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
( | ||||
Three Months Ended | Six Months Ended | |||
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 | ||||
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 | ||
( | ||
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 | ||
VALENS SEMICONDUCTOR LTD. | ||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
( | ||||
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 | |||||
( | |||||
The following table provides a reconciliation of Net loss to Adjusted EBITDA, a non-GAAP measure. Adjusted EBITDA is defined | |||||
Although we provide guidance for Adjusted EBITDA, we are not able to provide guidance for projected Net profit (loss), the most directly | |||||
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 | ||||
( | ||||
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 |
|
| ||
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 |
|
| ||
Weighted average number of shares used in calculation of | 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, | ||||
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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View original content:https://www.prnewswire.com/news-releases/valens-semiconductor-reports-second-quarter-2024-results-302216474.html
SOURCE Valens Semiconductor
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