Valens Semiconductor Ltd. (NYSE: VLN), a premier provider of high-speed connectivity solutions for the audio-video and automotive markets, today reported financial results for the quarter ended March 31, 2023.
“Valens Semiconductor revenues reached a record of $23.9 million dollars in the first quarter of 2023, and we also achieved better than anticipated profitability metrics,” said Gideon Ben-Zvi, CEO of Valens Semiconductor.
“Turning to our business segments, our automotive business continued to demonstrate resiliency, with our VA6000 chipset deployments in Mercedes-Benz cars. The bids we are participating in with several automotive OEMS for the deployment of the VA7000 chipset family, our high-speed connectivity solution required for Advanced Driver-Assistance Systems (ADAS), are moving along well and we remain on track to announce our first design wins this year. In the audio-video segment, we taped out our newest product, the VS6320 chipset. Conversations with prospective customers for the VS6320 continue to progress and we expect relatively quick adoption by them. We anticipate first engineering samples to be shipped by the fourth quarter of this year, and we believe our customers will introduce their new products embedding the VS6320 during the second half of 2024.
“While we are confident that we will continue the progress made in the first quarter into another successful quarter, we are all facing a heightened level of uncertainty due to dynamics such as inflation and rising interest rates as we look to the rest of the year. At Valens Semiconductor, we remain focused on those elements in our control. We are executing our long-term growth strategy while driving financial discipline and operational excellence – and are emphasizing opportunities that we believe will deliver value to all stakeholders,” concluded Ben-Zvi.
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