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 fourth quarter and full year ended December 31, 2022.
“2022 was a year of many successes for Valens Semiconductor, and the fourth quarter ended the year on a strong note. We continued to strengthen the Company’s leadership position in the audio-video market and are now gaining share also in the automotive space,” said Gideon Ben-Zvi, CEO of Valens Semiconductor. “We accomplished record annual and quarterly revenues of $90.7 million in 2022, and $23.5 million in Q4, driven primarily by greater than expected revenues in our audio-video products, and we doubled our annual automotive sales. In the audio-video market, we executed our long-term strategy to leverage our disruptive connectivity offerings across a diversified set of verticals, and we engaged in new audio-video business, with products originally designed for automotive. In automotive, our growth in 2022 was driven primarily by the expansion into additional Mercedes-Benz car models. As we prepare for mass production of the latest VA7000 family, we enriched its feature set and continued to build out its supporting ecosystem. We are currently participating in several automotive OEM bids and are expecting to announce our first design wins for use of our VA7000 chipsets in 2023.
“We achieved better than anticipated profitability metrics for the fourth quarter and the full year. While the level of uncertainty is currently higher than what we have seen through the past few quarters, we remain focused on what is in our control – innovation, our go-to-market strategy and execution. We anticipate automotive revenues to be substantially higher in 2023, compared to 2022. While we do not provide bottom line GAAP profitability guidance, we can confirm we are well on the way to achieving adjusted EBITDA breakeven by the end of this year, 2023.
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