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Valens Semiconductor reported first quarter financial results, exceeding revenue guidance and raising second quarter guidance. The company made progress in expanding collaborations and partnerships, saw increased interest in their high-performance USB 3.0 extension solution, and identified growth areas in audio-video and automotive markets. Despite macroeconomic headwinds, the company remains optimistic about its long-term growth potential.
Key financial highlights include $11.6 million in revenues for Q1 2024, with a GAAP gross margin of 59.0%. The company reported a GAAP Net Loss of $(10.0) million and an Adjusted EBITDA Loss of $(7.1) million. Valens Semiconductor has a robust balance sheet with $139.8 million in cash and no debt as of March 31, 2024.
For the second quarter, revenues are expected to range between $12.5 million and $13.0 million, with a gross margin of 52.0%-52.5%. Adjusted EBITDA loss is expected to be between $(8.3) million and $(8.0) million. The company remains prepared to advance its growth strategy as the semiconductor industry improves.
Valens Semiconductor, a high-performance connectivity leader, will participate in investor conferences in May 2024. The CFO will engage in one-on-one meetings and present at events in Israel. Valens Semiconductor is known for its chipsets integrated into various devices, driving audio-video installations, video conferencing, ADAS, and autonomous driving. For more information, visit their website.
Valens Semiconductor and Black Sesame Technologies have partnered to integrate A-PHY connectivity into Black Sesame's Huashan-2 A1000 autonomous driving chip and the Wudang C1200 cross-domain computing platform. This collaboration aims to offer enhanced connectivity solutions for automotive OEM and Tier1 customers, showcasing Valens' VA7000 chipsets. The Huashan-2 A1000 is already in vehicles from major Chinese automakers, while the Wudang C1200 Series provides high MCU computing power for intelligent functions in vehicles. MIPI A-PHY, the industry's first automotive standard for high-speed sensor connectivity, is expected to bring significant benefits to OEM customers.
