Q2 2024 Valens Semiconductor Ltd Earnings Call Transcript
Key Points
- Valens Semiconductor Ltd (VLN) exceeded its revenue guidance for Q2 2024, reporting $13.6 million in revenue.
- The company achieved a GAAP gross margin of 61.4%, slightly above the guided range.
- Valens Semiconductor Ltd (VLN) has a strong balance sheet with $130.6 million in cash and cash equivalents and no debt.
- The recent acquisition of Acroname is expected to enhance Valens' position in the industrial and audio-video markets.
- The VS6320 chipset has seen significant adoption, with over 50 customers developing products based on it, and mass production started in July 2024.
- Valens Semiconductor Ltd (VLN) experienced a significant reduction in audio-video revenue compared to the previous year, attributed to high inventory levels and macroeconomic weakness.
- The company reported a GAAP net loss of $8.9 million for Q2 2024, compared to a net loss of $4.6 million in Q2 2023.
- Adjusted EBITDA loss for Q2 2024 was $5.2 million, higher than the loss of $0.8 million in Q2 2023.
- The company's inventory levels remain high, although they have been reducing over the past five quarters.
- Valens Semiconductor Ltd (VLN) provided a cautious outlook for Q3 2024, with expected revenues of $14.7 million to $15.4 million and an adjusted EBITDA loss of $6.3 million to $6.8 million.
Good morning. My name is Maya. And I will be your conference operator today. At this time, I would like to welcome everyone to Valens Semiconductor's second-quarter 2024 earnings conference call. (Operator Instructions)
I will now turn the call over to Lisa Fortuna, Investor Relations for Valens Semiconductor. Please go ahead.
Thank you. And welcome, everyone, to the Valens Semiconductor's second-quarter 2024 earnings conference call. With me today are Gideon Ben-Zvi, Chief Executive Officer; and Guy Nathanzon, Chief Financial Officer.
Earlier today, we issued a press release that is available on the Investor Relations section of our website under investors.valens.com. As a reminder, today's earnings call may include forward-looking statements and projections, which do not guarantee future events or performance. These statements are subject to the Safe Harbor language in today's press release. Please refer to our Annual Report on Form 20-F filed with the SEC on February 28, 2024, for
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