Key Financial Highlights:
-- Q4 2025 revenues: $19.4 million, exceeding the top end of our guidance
-- Q4 2025 gross margin: 60.5% GAAP; 63.9% non-GAAP, exceeding the top end
of our guidance
-- Cash, cash equivalents and short-term deposits as of December 31, 2025:
$92.6 million
HOD HASHARON, Israel, Feb. 25, 2026 /PRNewswire/ -- Valens Semiconductor Ltd. (NYSE: VLN), a leader in high-performance connectivity, today reported financial results for the fourth quarter and full year ended December 31, 2025.
"We are pleased to report a strong fourth quarter, well above our initial expectations, delivering revenues of $19.4 million, which brings us to $70.6 million yearly revenues in 2025," said Yoram Salinger, CEO of Valens Semiconductor. "Valens' fourth-quarter results mark our seventh consecutive quarter of revenue growth and a 22% growth year-over-year increase. While we expect to maintain growth in 2026, the pace and extent of that growth may be affected by macroeconomic conditions and the pace of adoption of new technologies, which could continue to reduce visibility and increase uncertainty."
"Valens has delivered some remarkable achievements over the years, both in the Audio-Video arena and in the Automotive market. Hence, my outlook for the company and my strategy for achieving our growth targets is to concentrate our resources on these core businesses. In these markets, Valens brings unmatched technology leadership and brand recognition, and our focus will continue to be on meaningful growth opportunities," Salinger concluded.
"Our yearly guidance reflects our expectation for continued growth, based on the visibility we have today, while acknowledging that macroeconomic uncertainty may impact the pace of our growth," said Guy Nathanzon, CFO of Valens Semiconductor. "Given the current environment and reduced visibility beyond the near term, we will provide single-year growth projections going forward. Further, at the beginning of 2026, we announced an operational efficiency plan, which is expected to save approximately $5 million annually in operating expenses."
Q4 2025 Financial Highlights:
-- Q4 2025 revenues reached $19.4 million, exceeding our guidance of
$18.2-$18.9 million, compared to $17.3 million in Q3 2025 and $16.7
million in Q4 2024.
-- Q4 2025 Cross-Industry Business ("CIB") revenues accounted for
approximately 70% of total revenues at $13.9 million compared to
$13.2 million in Q3 2025 and $11.7 million in Q4 2024.
-- Q4 2025 Automotive revenues accounted for approximately 30% of
total revenues at $5.5 million, compared to $4.1 million in Q3
2025 and $5.0 million in Q4 2024.
-- Q4 2025 GAAP gross margin was 60.5% (non-GAAP gross margin was 63.9%),
above the guidance of 58%-60%. This is compared to a GAAP gross margin of
63.0% for Q3 2025 and 60.4% for Q4 2024 (non-GAAP gross margin of 66.7%
in Q3 2025 and 64.5% in Q4 2024). On a segment basis, Q4 2025 gross
margin from the CIB was 66.4% and gross margin from Automotive was 45.9%.
This compares to a Q3 2025 gross margin of 69.1% and 43.2%, respectively,
and Q4 2024 gross margin of 64.7% and 50.5%, respectively. The decrease
in gross margin of the CIB compared to Q3 2025 was due to a change in
product mix. The increase in Q4 2025 in automotive gross margin compared
to Q3 2025 was due to cost optimization.
-- Q4 2025 GAAP net loss amounted to $(8.8) million, compared to a net loss
of $(7.3) million in Q3 2025 and a net loss of $(7.3) million in Q4 2024.
-- Q4 2025 adjusted EBITDA was a loss of $(4.3) million, within the guidance
range of a $(4.6)-$(4.2) million adjusted EBITDA loss. This compares to
an adjusted EBITDA loss of $(4.3) million in Q3 2025 and an adjusted
EBITDA loss of $(3.7) million in Q4 2024.
Full Year 2025 Financial Highlights
-- 2025 revenues reached $70.6 million, exceeding our guidance of between
$69.4 million to $70.1 million. This compares to full year revenues from
2024 of $57.9 million.
-- CIB revenues accounted for 73.1% (equivalent to $51.6 million)
compared to 62.7% (equivalent to $36.3 million) in 2024. The
increase was due to the recovery in the Audio-Video market.
-- Automotive revenues accounted for 26.9% (equivalent to $19.0
million), compared to 37.3% (equivalent to $21.6 million) in 2024.
The decrease was due to gradual price erosion and a reduction in
the number of units sold to Mercedes Benz.
-- 2025 GAAP gross margin was 62.4% (non-GAAP gross margin was 66.1%). This
compared to a GAAP gross margin of 59.2% for 2024 (and non-GAAP gross
margin of 62.9%). On a segment basis, 2025 gross margin from the CIB was
68.1% and gross margin from Automotive was 47.0%. This compares to gross
margin of 71.0% and 39.5%, respectively, in 2024. The increase in the
2025 automotive gross margin was due to an optimization of our product
cost. The decrease in gross margin of the CIB was due to a product mix
shift.
-- 2025 GAAP net loss was $(31.6) million, compared to a GAAP net loss of
$(36.6) million in 2024.
-- Adjusted EBITDA loss in 2025 was $(16.9) million, compared to $(21.1)
million in 2024.
-- Cash, cash equivalents and short-term deposits as of December 31, 2025
was $92.6 million with no debt. This compares to a cash balance of $93.5
million as of September 30, 2025 and $131.0 million as of December 31,
2024. During 2025 the company allocated a total of $24.0 million for
share repurchase programs and spent $14.4 million for ongoing operations
during 2025.
-- Inventory balance of $10.1 million on December 31, 2025 was down from
$11.0 million on September 30, 2025, and $10.2 million on December 31,
2024.
Business Highlights in Q4 2025 and Following Events
-- Fourth MIPI A-PHY design win with a premium carmaker serving the Chinese
market.
-- Valens, Imavix Engineering and CIS Corporation, partner to offer the
first MIPI A-PHY-based platform for machine vision, integrating Valens'
VA7000 chipset.
-- Valens and Sakae Riken Kogyo to unveil the automotive market's first
production-ready MIPI A-PHY-enabled e-mirror.
-- Implementation of an operational efficiency plan expected to save
approximately $5 million annually in operating expenses.
Financial Outlook for Q1 and Full Year 2026
For Q1 2026, Valens expects revenues to range between $16.3 million to $16.7 million, gross margin to range between 57% to 59%, and adjusted EBITDA loss to range between $(7.9) million to $(7.5) million.
For the full year 2026, Valens expect revenues to range between $75.0 million to $77.0 million, an increase of approximately 8% (midpoint of the guidance) compared to the annual revenue of 2025.
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.
Conference Call Information
Valens Semiconductor will host a conference call today, Wednesday, February 25, 2026, at 8:30 a.m. Eastern Time $(ET)$ to discuss its fourth quarter and full year 2025 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.
NYSE Rule 203.01 Annual Financial Report Announcement
Pursuant to Rule 203.01 of the New York Stock Exchange Manual, Valens Semiconductor Ltd. hereby announces to holders of its ordinary shares that its Annual Report on Form 20-F for 2025 (including its full year 2025 audited financial statements), filed with the U.S. Securities and Exchange Commission on February 25, 2026, is available in the investor relations section of its website at https://investors.valens.com/financials/secfilings/default.aspx. While the company encourages the sustainable approach of downloading and reading the report online, hard copies of the 2025 Annual Report will be provided free of charge, upon request, as follows: Valens Semiconductor Ltd., 8 Hanagar St. POB 7152, Hod Hasharon 4501309, Israel, or by emailing: investors@valens.com.
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, our anticipated growth projections, our ability to concentrate our resources on our core businesses, our expectations regarding future revenues, gross margin, and adjusted EBITDA loss, 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; 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 or suppliers; 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; risks related to our use of AI technologies; 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; further deterioration of macroeconomic conditions due to ongoing global political and economic uncertainty, including with respect to China-Taiwan relations and increasing trade and other tariff-related tensions (as our current guidance assumes the estimated production and/or demand impact on us of current tariff conditions); political, economic, governmental and tax consequences, as well as geopolitical tensions, associated with our incorporation and location in Israel; and those factors discussed in Valens' Form 20-F filed with the SEC on February 25, 2026 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$(R)$ 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 Year Ended
December 31, December 31,
------------------
2025 2024 2025 2024
---------- ---------- -------- --------
Revenues 19,403 16,665 70,625 57,859
Gross Profit 11,746 10,073 44,085 34,277
Gross Margin 60.5 % 60.4 % 62.4 % 59.2 %
Net loss (8,770) (7,317) (31,583) (36,583)
Working Capital([1]) 95,724 133,577 95,724 133,577
Cash, cash equivalents and
short-term deposits([2]) 92,596 130,955 92,596 130,955
Net cash provided by (used in)
operating activities (295) (330) (12,718) 1,019
Non-GAAP Financial Data
--------------------------------
Non-GAAP Gross Margin([3]) 63.9 % 64.5 % 66.1 % 62.9 %
Adjusted EBITDA Loss([4]) (4,256) (3,688) (16,915) (21,063)
Non-GAAP Loss per share (in
U.S. Dollars)([5]) $(0.04) $(0.02) $(0.14) $(0.15)
VALENS SEMICONDUCTOR LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. Dollars in thousands, except share and per share amounts)
Three Months Ended Year Ended
December 31, December 31,
------------------------ -------------------------
2025 2024 2025 2024
----------- ----------- ------------ -----------
REVENUES 19,403 16,665 70,625 57,859
COST OF REVENUES (7,657) (6,592) (26,540) (23,582)
----------- ----------- ------------ -----------
GROSS PROFIT 11,746 10,073 44,085 34,277
OPERATING EXPENSES:
Research and
development
expenses (11,064) (10,061) (42,655) (40,475)
Sales and marketing
expenses (5,416) (4,666) (21,390) (18,302)
General and
administrative
expenses (4,689) (3,671) (14,264) (16,465)
Change in earnout
liability 250 (85) 169 (377)
----------- ----------- ------------ -----------
TOTAL OPERATING
EXPENSES (20,919) (18,483) (78,140) (75,619)
----------- ----------- ------------ -----------
OPERATING LOSS (9,173) (8,410) (34,055) (41,342)
Change in fair
value of
Forfeiture Shares - (1) 1 37
Financial income,
net 431 1,136 2,620 4,795
----------- ----------- ------------ -----------
LOSS BEFORE INCOME
TAXES (8,742) (7,275) (31,434) (36,510)
INCOME TAXES (30) (44) (158) (96)
----------- ----------- ------------ -----------
LOSS AFTER INCOME
TAXES (8,772) (7,319) (31,592) (36,606)
Equity in earnings
of investee 2 2 9 23
----------- ----------- ------------ -----------
NET LOSS (8,770) (7,317) (31,583) (36,583)
LOSS PER SHARE
DATA: BASIC AND
DILUTED NET LOSS
PER ORDINARY
SHARE([6]) (in
U.S. Dollars) $(0.09) $(0.07) $(0.31) $(0.35)
----------- ----------- ------------ -----------
WEIGHTED AVERAGE
NUMBER OF SHARES
AND VESTED RSUS
USED IN COMPUTING
NET LOSS PER
ORDINARY SHARE 102,373,128 106,683,126 103,142,173 105,477,191
----------- ----------- ------------ -----------
Other comprehensive
income (loss):
----------- ----------- ------------ -----------
Change in
unrealized gain
(loss) on cash
flow hedges (392) 601 (172) 601
----------- ----------- ------------ -----------
TOTAL COMPREHENSIVE
LOSS (9,162) (6,716) (31,755) (35,982)
----------- ----------- ------------ -----------
VALENS SEMICONDUCTOR LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. Dollars in thousands)
ASSETS December 31, 2025 December 31, 2024
------------------ -----------------
CURRENT ASSETS
Cash and cash equivalents 27,863 35,423
Short-term deposits 64,733 95,532
Restricted Short-term deposit 1,132 1,138
Trade accounts receivable 9,971 7,751
Prepaid expenses and other
current assets 4,842 3,904
Inventories 10,117 10,155
----------------- -----------------
TOTAL CURRENT ASSETS 118,658 153,903
LONG-TERM ASSETS
Property and equipment, net 2,901 3,555
Operating lease right-of-use
assets 6,901 7,458
Intangible assets 3,762 4,702
Goodwill 1,847 1,847
Other assets 632 687
----------------- -----------------
TOTAL LONG-TERM ASSETS 16,043 18,249
----------------- -----------------
TOTAL ASSETS 134,701 172,152
================= =================
LIABILITIES AND SHAREHOLDERS'
EQUITY CURRENT
LIABILITIES([7]) 22,934 20,326
LONG-TERM LIABILITIES
Forfeiture Shares - 1
Non-current operating leases
liabilities 6,717 6,645
Earnout liability - 2,413
Other long-term liabilities 67 79
----------------- -----------------
TOTAL LONG-TERM LIABILITIES 6,784 9,138
TOTAL LIABILITIES 29,718 29,464
----------------- -----------------
TOTAL SHAREHOLDERS' EQUITY 104,983 142,688
----------------- -----------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 134,701 172,152
================= =================
VALENS SEMICONDUCTOR LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. Dollars in thousands)
Three Months Ended Year Ended
December 31, December 31,
-------------------- --------------------
2025 2024 2025 2024
--------- --------- --------- ---------
CASH FLOW FROM OPERATING
ACTIVITIES:
Net loss for the period (8,770) (7,317) (31,583) (36,583)
Adjustments to reconcile net
loss to net cash provided by
(used in) operating
activities:
Income and expense items not
involving cash flows:
Depreciation and
amortization 709 788 2,980 2,546
Stock-based compensation 4,870 3,859 16,540 15,118
Exchange rate differences 449 (693) 818 660
Realized and unrealized
losses on non-designated
derivative instruments (4) 609 651 609
Interest on short-term
deposits 273 (361) 1,168 244
Change in fair value of
forfeiture shares - 1 (1) (37)
Change in earnout
liability (250) 85 (169) 377
Reduction in the carrying
amount of ROU assets 260 (119) 1,219 1,500
Equity in earnings of
investee, net of dividend
received 18 (4) 17 17
Changes in operating assets
and liabilities, net of
effects of businesses
acquired:
Trade accounts receivable (76) (534) (2,245) 7,185
Prepaid expenses and other
current assets (779) (294) (1,053) 991
Inventories 818 1,503 (178) 6,178
Other assets 35 19 50 12
Current Liabilities 2,468 1,906 126 3,496
Change in operating lease
liabilities (324) 209 (1,046) (1,278)
Other long-term
liabilities 8 13 (12) (16)
--------- --------- --------- ---------
Net cash provided by (used
in) operating activities (295) (330) (12,718) 1,019
CASH FLOWS FROM INVESTING
ACTIVITIES:
Investment in short-term
deposits (28,210) (37,879) (105,555) (141,541)
Maturities of short-term
deposits 24,033 40,695 135,973 170,113
Purchase of property and
equipment (252) (880) (1,070) (1,867)
Investment in a restricted
short-term deposit - (1,120) - (1,120)
Cash paid for business
combination, net of cash
acquired - - - (7,800)
Derivative instruments of
non-designated hedges (5) (4) (1,320) (4)
--------- --------- --------- ---------
Net cash provided by (used
in) investing activities (4,434) 812 28,028 17,781
CASH FLOWS FROM FINANCING
ACTIVITIES:
Repurchase of Ordinary Shares (597) (1,016) (23,990) (1,016)
Exercise of stock options 443 169 903 861
--------- --------- --------- ---------
Net cash used in financing
activities (154) (847) (23,087) (155)
Effect of exchange rate
changes on cash and cash
equivalents 38 345 217 (483)
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS AND RESTRICTED
DEPOSIT (4,845) (20) (7,560) 18,162
CASH AND CASH EQUIVALENTS AT THE
BEGINNING OF THE PERIOD 32,708 35,443 35,423 17,261
--------- --------- --------- ---------
CASH, CASH EQUIVALENTS AND
RESTRICTED DEPOSIT AT THE END
OF THE PERIOD 27,863 35,423 27,863 35,423
SUPPLEMENTAL DISCLOSURE OF
NON-CASH INVESTING AND
FINANCING ACTIVITIES:
Trade accounts payable on
account of property and
equipment 6 260 100 569
Repurchase of Ordinary Shares - 597 - 597
Fair value of earnout liability
assumed in business
combination - - - 2,036
Operating lease liabilities
arising from obtaining
operating right-of-use assets 66 682 673 6,094
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 expense (income), 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 and earnout liability, which may vary from period-to-period, and certain batch production incident expenses(income). 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 Year Ended
December 31, December 31,
2025 2024 2025 2024
--------- --------- --------- ---------
Net Loss (8,770) (7,317) (31,583) (36,583)
Adjusted to exclude the
following:
Change in fair value of
Forfeiture Shares - 1 (1) (37)
Change in earnout liability (250) 85 (169) 377
Financial income, net (431) (1,136) (2,620) (4,795)
Income taxes 30 44 158 96
Equity in earnings of
investee (2) (2) (9) (23)
Certain batch production
incident expenses (income) (412) (10) (2,211) 2,238
Depreciation and amortization 709 788 2,980 2,546
Stock-based compensation
expenses 4,870 3,859 16,540 15,118
--------- --------- --------- ---------
Adjusted EBITDA Loss (4,256) (3,688) (16,915) (21,063)
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 Year Ended
December 31, December 31,
------------------------ --------------------------
GAAP Loss per Share 2025 2024 2025 2024
------------------------ ----------- ----------- ------------ ------------
GAAP Net Loss used for
computing Loss per
Share (8,770) (7,317) (31,583) (36,583)
Loss Per Share Data:
------------------------
GAAP Loss per Share (in
U.S. Dollars) $(0.09) $(0.07) $(0.31) $(0.35)
Weighted average number
of shares used in
calculation of net loss
per share 102,373,128 106,683,126 103,142,173 105,477,191
Three Months Ended Year Ended
December 31, December 31,
------------------------ --------------------------
Non-GAAP Loss per
Share([8]) 2025 2024 2025 2024
------------------------ ----------- ----------- ------------ ------------
GAAP Net Loss (8,770) (7,317) (31,583) (36,583)
Adjusted to exclude the
following:
Stock based compensation 4,870 3,859 16,540 15,118
Depreciation and
amortization 709 788 2,980 2,546
Certain batch production
incident expenses
(income) (412) (10) (2,211) 2,238
Change in earnout
liability (250) 85 (169) 377
Change in fair value of
Forfeiture Shares - 1 (1) (37)
Total Non-GAAP Loss used
for computing Loss per
Share (3,853) (2,594) (14,444) (16,341)
Loss Per Share Data:
------------------------
Non-GAAP Loss per Share
(in U.S. Dollars) $(0.04) $(0.02) $(0.14) $(0.15)
Weighted average number
of shares used in
calculation of net loss
per share 102,373,128 106,683,126 103,142,173 105,477,191
(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 and amortization expenses, divided by revenue. For the three months ended December 31, 2025, and 2024, share-based compensation and depreciation and amortization expenses were $654 thousand and $681 thousand, respectively. For the twelve months ended December 31, 2025, and 2024, share-based compensation and depreciation and amortization expenses were $2,570 thousand and $2,135 thousand, respectively.
(4) Adjusted EBITDA is defined as Net profit (loss) before financial expense (income), 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 and earnout liability, which may vary from period-to-period, and certain batch production incident expenses (income). 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.
(6) See note 5.
(7) The current liabilities as of December 31, 2025, include an amount of $2.0 million attributable to the earnout liability
(8) The company calculates its non-GAAP Loss per Share as GAAP Net Loss adjusted to exclude the following: Stock based compensation, depreciation and amortization, certain batch production incident expenses (income) and the change in fair value of Forfeiture Share and earnout liability, 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 Ltd.
michal.benari@valens.com
Miri Segal
MS-IR IR for Valens
msegal@ms-ir.com
Media Contact:
Yoni Dayan
Head of Communications
Valens Semiconductor Ltd.
yoni.dayan@valens.com
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