Valens Semiconductor Ltd. · NYSE:VLN
Valens Semiconductor — Q1 2026 Earnings Presentation
24 slides from Valens Semiconductor's earnings presentation, May 13, 2026
Slide 1: Valens Semiconductor (NYSE:VLN)
Valens Semiconductor (NYSE:VLN) May 2026 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements in this presentation (this "Presentation") are “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
Slide 3: GAAP and non-GAAP Measures
GAAP and non-GAAP Measures This presentation includes GAAP and non-GAAP measures. Non-GAAP Gross Margin is defined as GAAP Gross Profit excluding share-based compensation, depreciation and amortization expenses, divided by revenue. Non-GAAP Operating Expenses is defined as GAAP Operating Expenses ex
Slide 4: The High-Performance Connectivity Company
The Highest Bandwidth High-speed connectivity for a variety of applications, with no latency. The High-Performance Connectivity The Longest Reach Unprecedented flexibility for system Company Design over the simplest wiring infrastructure. The Lowest Error Rate Reliable, error-free connectivity for S
Slide 5: The Pain Points of Wired Connectivity
The Pain Points of Wired Connectivity Too many cables Distance limitations Video resolution At our homes, offices, Extended reach Handling high-throughput, plants & vehicles compromises signal time-sensitive content integrity transmission Rough environments High costs Installation complexity EMC, EM
Slide 6: Select Customers & Products Empowered by Valens
Select Customers & Products Empowered by Valens Digital Video Industrial Entertainment Education Medical Automotive Signage Conferencing Machine Vision 4 A-PHY Design Wins 6
Slide 7: Sticking to our CORE
Sticking to our CORE The Valens Edge: A DSP-Based Approach to Error Handling Backed by 134 Patents Valens delivers the most optimized connectivity solutions for long-reach, high-resolution video. We provide superior performance wherever others can’t. 7
Slide 8: The Valens Difference: Best-in-class EMC Performance
The Valens Difference: Best-in-class EMC Performance Legacy connectivity solutions are Valens’ unique approach to noise handling RESTRICTED by noise, forcing OEMs to: LIBERATES Customers, offering them: ▪ Reduce bandwidth ▪ Scalable Bandwidth ▪ Deploy expensive wiring ▪ Simple Wiring ▪ Shorten cable
Slide 9: Spotlight on Audio-Video Success
Spotlight on Audio-Video Success Valens Created the Leading Industry Standard and Largest Interoperable Ecosystem Founding Members ▪ Inventor of HDBaseT technology – an audio-video industry standard ▪ Co-Founder of the HDBaseT Alliance, with Samsung, LG and Sony Pictures. Over 200 members developing
Slide 10: Audio-Video: Strong Growth Opportunities
Opportunity Spotlight Audio-Video: Strong Growth Opportunities Hybrid work/education leading to Select products based on the VS6320 chipset, all released to market in 2025 4K growing demand for 4K/8K video, higher frame rates, and uncompressed content Advancements in AI-based video conferencing tech
Slide 11: Spotlight on Automotive Success
Spotlight on Automotive Success Enabling State-of-the-Art Infotainment Systems In Mercedes-Benz Vehicles ▪ On the road with Mercedes since 2020 ▪ The only multi-gig connectivity over unshielded cabling (UTP) 4 Design Wins with Leading OEMs ▪ Valens is the first A-PHY silicon provider with multiple d
Slide 12: Technological Superiority
Technological Superiority Data Rate Sensor Automotive OEMs have called for a Integration global standard for next-generation sensor connectivity. That standard is MIPI A-PHY. Noise Product Immunity/ Maturity EMC ▪ Best-in-class EMC performance ▪ Clear roadmap to ultra-high bandwidth Security Ecosyst
Slide 13: Automotive: The Foundation for Next-Gen ADAS & Autonomous Systems
Growth Automotive: The Foundation for Next-Gen Engine ADAS & Autonomous Systems Total Addressable Market (TAM)1 Market Drivers $5,000 ▪ Race towards higher levels of ADAS and Software-Defined $4,500 Vehicles, leading to: $4,000 ▪ Increasing number of high-resolution sensors $3,500 ▪ Complex, central
Slide 14: Financial Outlook
Financial Outlook 14
Slide 15: Revenues
Revenues Annual Quarterly $24.2 $23.9 $100 $21.9 $90.7 $90 $84.2 $7.5 $8.7 $19.4 $16.2 $76.0 $6.1 $80 $17.3 $17.4 $16.8 $17.1 $16.9 $70.6 $16.7 $70.7 $16.0 $5.5 $70 $26.8 $7.9 $4.3 $4.1 $60.0 $19.0 $14.2 $13.6 $5.0 $5.1 $60 $56.9 $57.9 $5.9 $1.0 Millions Millions $6.6 $2.1 $4.5 $11.6 $50 $21.6 $5.5
Slide 16: Key Financial Data
Key Financial Data (US$ Millions) Annual Annual Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 2024 2025 Company $57.9 $16.8 $17.1 $17.3 $19.4 $70.6 $16.9 Cross-Industry Revenue $36.3 $11.7 $12.8 $13.2 $13.9 $51.6 $11.0 Business Automotive $21.6 $5.1 $4.3 $4.1 $5.5 $19.0 $5.9 Company 59.2% 62.9% 63.5% 63.0
Slide 17: Cash Balance, Inventory Level, Working Capital
Cash Balance1,3 Inventory Level Working Capital2 160 148.4 142.0 140 131.0 30 180.0 163.7 120 160.0 158.8 25 23.8 100 140.0 133.6 92.6 86.1 20 120.0 80 95.7 91.3 Millions 100.0 Millions Millions 15 13.8 60 80.0 10.9 10.2 10.1 40 10 60.0 40.0 20 5 20.0 - - - 1 Cash Balance is defined as cash, cash eq
Slide 18: investors@valens.com
investors@valens.com 18
Slide 19: Appendix - GAAP to Non-GAAP Reconciliation
Appendix - GAAP to Non-GAAP Reconciliation ($ Thousands) Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 Q1/24 Revenues 16,859 19,403 17,335 17,059 16,828 16,665 16,038 13,597 11,559 COGS 6,372 7,657 6,413 6,224 6,246 6,592 6,993 5,253 4,744 GAAP gross profit 10,487 11,746 10,922 10,835 10,582 10,07
Slide 20: Appendix - Company's Profit And Loss
Appendix - Company’s Profit And Loss Q1 Year ended December 31 2026 2025 2024 2023 2022 REVENUES 16,859 70,625 57,859 84,161 90,715 COST OF REVENUES (6,372) (26,540) (23,582) (31,569) (27,325) GROSS PROFIT 10,487 44,085 34,277 52,592 63,390 OPERATING EXPENSES: Research and development expenses (10,2
Slide 21: Appendix - Company's Consolidated Balance Sheet
Appendix - Company’s Consolidated Balance Sheet (U.S. dollars in thousands, except for number of shares and par value) March 31, 2026 December 31, 2025 CURRENT ASSETS: Cash and cash equivalents 28,970 27,863 Short-term deposits 57,147 64,733 Restricted short-term deposit 1,144 1,132 Trade accounts r
Slide 22: Appendix - Company's Consolidated Balance Sheet
Appendix - Company’s Consolidated Balance Sheet (U.S. dollars in thousands, except for number of shares and par value) Liabilities and Shareholders’ Equity March 31, 2026 December 31, 2025 CURRENT LIABILITIES: Trade accounts payable 4,447 4,698 Accrued compensation 7,767 7,298 Earnout liability - 28
Slide 23: Appendix - Revenue Diversity Across Customers
Appendix - Revenue Diversity Across Customers FY-2025 FY-2024 Customer A Customer A 13% 13% Customer C Customer C 11% 10% Customer D 7% Customer D 15% Customer F 3% Customer F 6% 23
Slide 24: Appendix - Revenues Diversity Across Geography
Appendix - Revenues Diversity Across Geography FY-2025 FY-2024 Israel Israel 1% China 1% Other 15% China 20% 16% Other 28% Hong Kong 13% Hong Kong 10% Hungary Hungary 24% Portugal 13% Portugal 12% 13% Germany United Germany United 4% States 6% States 13% 17% 24