Valens Semiconductor Ltd. · NYSE:VLN
Valens Semiconductor — Q4 2025 Earnings Presentation
26 slides from Valens Semiconductor's earnings presentation, Feb 25, 2026
Slide 1: Valens Semiconductor
Valens Semiconductor (NYSE:VLN) February 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 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: Video Conferencing: Changing the Way We Work, Learn and Live
Growth Video Conferencing: Engine Changing the Way We Work, Learn and Live Total Addressable Market (TAM)1 Market Drivers $400 ▪ New AI era of intelligent meeting experiences, led by $350 Microsoft Teams and Zoom ▪ Democratization of video conferencing for remote and $300 in-room participants $250 ▪
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: A-PHY Ecosystem
A-PHY Ecosystem Platform Vendors Camera & Radar Module Vendors eiCAM and NCM25-AC A-PHY e-mirror FSC300 thinCAM module A-PHY camera Huashan-2 A1000 L Surround View System ADAS SoC SAC8539 & SAC8904 SoCs A-PHY camera FSM:GO modular 4D A-PHY radar A-PHY modules platform Ride platform A-PHY platform A-
Slide 14: 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 15: Spotlight on New Opportunities
Opportunity Spotlight Spotlight on New Opportunities Robotics and Factory Automation New Partnerships & Product Launches Established strategic relationships that led to the first VA7000-based platforms on the market for machine and embedded vision, alongside a variety of A-PHY-based products from le
Slide 16: Financial Outlook
Financial Outlook 16
Slide 17: Revenues
Revenues Annual Quarterly $24.2 $23.9 $23.1 $23.5 $100 $22.5 $21.9 $21.6 $3.5 $90.7 $3.7 $90 $4.1 $84.2 $7.5 $8.7 $19.4 $16.2 $4.9 $6.1 $80 $76.0 $17.3 $16.7 $16.8 $17.1 $16.5 $70.7 $70.6 $16.0 $5.5 $70 $26.8 $7.9 $4.3 $4.1 $60.0 $14.2 $13.6 $5.0 $5.1 $60 $56.9 $57.9 $19.0 $1.0 Millions Millions $6.
Slide 18: Key Financial Data
Key Financial Data (US$ Millions) Annual Annual Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 2024 2025 Company $11.6 $13.6 $16.0 $16.7 $57.9 $16.8 $17.1 $17.3 $19.4 $70.6 Cross- Revenue Industry $7.2 $8.1 $9.4 $11.7 $36.3 $11.7 $12.8 $13.2 $13.9 $51.6 Business Automotive $4.4 $5.5
Slide 19: Recent Announcements
Recent Announcements Fourth MIPI A-PHY design win with Valens, Imavix Engineering and CIS Corporation a premium carmaker serving the partner to offer the first MIPI A-PHY-based Chinese market platform for machine vision, integrating Valens’ VA7000 chipset Valens and Sakae Riken Kogyo to unveil Imple
Slide 20: investors@valens.com
investors@valens.com 20
Slide 21: Appendix - GAAP to Non-GAAP Reconciliation
Appendix - GAAP to Non-GAAP Reconciliation ($ Thousands) Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 Q1/24 Revenues 19,403 17,335 17,059 16,828 16,665 16,038 13,597 11,559 COGS 7,657 6,413 6,224 6,246 6,592 6,993 5,253 4,744 GAAP gross profit 11,746 10,922 10,835 10,582 10,073 9,045 8,344 6,815 GAAP g
Slide 22: Appendix - Company's Profit And Loss
Appendix - Company’s Profit And Loss Year ended December 31 2025 2024 2023 2022 REVENUES 70,625 57,859 84,161 90,715 COST OF REVENUES (26,540) (23,582) (31,569) (27,325) GROSS PROFIT 44,085 34,277 52,592 63,390 OPERATING EXPENSES: Research and development expenses (42,655) (40,475) (48,171) (58,207)
Slide 23: 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) December 31 Assets 2025 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 recei
Slide 24: 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) December 31 Liabilities and Shareholders’ Equity 2025 2024 CURRENT LIABILITIES: Trade accounts payable 4,698 6,003 Accrued compensation 7,298 4,964 Earnout liability 282 - Current m
Slide 25: 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% 25
Slide 26: 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% 26