$VLN

Valens Semiconductor Ltd.

CIK:0001863006|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
REVENUES	$ 70,625	$ 57,859	$ 84,161
COST OF REVENUES	(26,540)	(23,582)	(31,569)
GROSS PROFIT	44,085	34,277	52,592
OPERATING EXPENSES:
Research and development expenses	(42,655)	(40,475)	(48,171)
Sales and marketing expenses	(21,390)	(18,302)	(17,314)
General and administrative expenses	(14,264)	(16,465)	(14,024)
Change in earnout liability	169	(377)
TOTAL OPERATING EXPENSES	(78,140)	(75,619)	(79,509)
OPERATING LOSS	(34,055)	(41,342)	(26,917)
Change in fair value of Forfeiture Shares	1	37	1,713
Financial income, net	2,620	4,795	5,637
LOSS BEFORE INCOME TAXES	(31,434)	(36,510)	(19,567)
INCOME TAXES	(158)	(96)	(112)
LOSS AFTER INCOME TAXES	(31,592)	(36,606)	(19,679)
Equity in earnings of investee	9	23	18
NET LOSS	$ (31,583)	$ (36,583)	$ (19,661)
Basic net loss per Ordinary Share (in Dollars per share)	$ (0.31)	$ (0.35)	$ (0.19)
Diluted net loss per ordinary share (in Dollars per share)	$ (0.31)	$ (0.35)	$ (0.19)
Weighted average number of shares and vested RSUs used in computing net loss per Ordinary Share (in Shares)	103,142,173	105,477,191	101,985,939
Change in unrealized gain (loss) on cash flow hedges	$ (172)	$ 601
TOTAL COMPREHENSIVE LOSS	$ (31,755)	$ (35,982)	$ (19,661)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (31,583)	$ (36,583)	$ (19,661)
Income and expense items not involving cash flows:
Depreciation and amortization	2,980	2,546	1,632
Stock-based compensation	16,540	15,118	15,026
Exchange rate differences	818	660	945
Realized and unrealized losses on non-designated derivative instruments	651	609
Interest in short-term deposits	1,168	244	(848)
Change in fair value of Forfeiture Shares	(1)	(37)	(1,713)
Change in fair value of earnout liability	(169)	377
Reduction in the carrying amount of ROU assets	1,219	1,500	1,874
Equity in earnings of investee, net of dividend received	17	17	1
Changes in operating assets and liabilities, net of effects of businesses acquired:
Trade accounts receivable	(2,245)	7,185	(3,166)
Prepaid expenses and other current assets	(1,053)	991	489
Inventories	(178)	6,178	9,980
Other long-term assets	50	12	(174)
Trade accounts payable	(1,534)	594	(6,374)
Accrued compensation	1,667	839	(1,949)
Other current liabilities	(7)	2,063	(864)
Change in operating lease liabilities	(1,046)	(1,278)	(1,598)
Other long-term liabilities	(12)	(16)	41
Net cash provided by (used in) operating activities	(12,718)	1,019	(6,359)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in short-term deposits	(105,555)	(141,541)	(206,024)
Maturities of short-term deposits	135,973	170,113	208,561
Purchase of property and equipment	(1,070)	(1,867)	(1,185)
Investment in a restricted short-term deposit		(1,120)
Derivative instruments of non-designated hedges	(1,320)	(4)
Cash paid for business combination, net of cash acquired (note 3)		(7,800)
Net cash provided by investing activities	28,028	17,781	1,352
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Ordinary Shares	(23,990)	(1,016)
Exercise of stock options	903	861	1,498
Net cash provided by (used in) financing activities-	(23,087)	(155)	1,498
Effect of exchange rate changes on cash and cash equivalents	217	(483)	746
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(7,560)	18,162	(2,763)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	35,423	17,261	20,024
CASH AND CASH EQUIVALENTS AT END OF YEAR	27,863	35,423	17,261
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Trade accounts payable on account on property and equipment	100	569	611
Repurchase of Ordinary Shares		597
Fair value of earnout liability assumed in business combination		2,036
Operating lease liabilities arising from obtaining operating right-of-use assets and lease modification	$ 673	$ 6,094	$ 398

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 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
CURRENT LIABILITIES:
Trade accounts payable	4,698	6,003
Accrued compensation	7,298	4,964
Earnout liability	282
Current maturities of operating leases liabilities	1,526	975
Other current liabilities	9,130	8,384
TOTAL CURRENT LIABILITIES	22,934	20,326
LONG-TERM LIABILITIES:
Forfeiture Shares, no par value: 0 and 359,375 shares authorized, issued and outstanding as of December 31, 2025 and 2024		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
COMMITMENTS AND CONTINGENT LIABILITIES
TOTAL LIABILITIES	29,718	29,464
SHAREHOLDERS’ EQUITY:
Ordinary shares, no par value: 700,000,000 shares authorized as of December 31, 2025 and 2024; 106,352,460 and 107,614,972 shares issued and 103,050,266 and 106,342,415 shares outstanding as of December 31, 2025 and 2024, respectively (excluding 0 and 359,375 Ordinary shares subject to forfeiture)	49	49
Treasury shares at cost: 3,302,194 and 625,682 shares as of December 31, 2025 and 2024, respectively	(10,006)	(1,613)
Additional paid-in capital	360,013	357,570
Accumulated other comprehensive income	429	601
Accumulated deficit	(245,502)	(213,919)
TOTAL SHAREHOLDERS’ EQUITY	104,983	142,688
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 134,701	$ 172,152