Valens Semiconductor (VLN) investor relations material

Executive summary

• Q1 2026 revenue reached $16.9 million, surpassing the top end of guidance and reflecting strong adoption in both cross-industry and automotive segments.

• GAAP gross margin was 62.2%, above guidance, and adjusted EBITDA loss was $5.5 million, outperforming expectations.

• The company maintains a strong position in high-speed connectivity for audio-video and automotive markets, with over 50M chipsets sold and 134 patents.

• Strategic wins in automotive, notably with Mercedes-Benz and Mobileye, and leadership in HDBaseT technology drive future growth.

• Key product launches and industry events showcased advanced chip capabilities, driving customer enthusiasm and future growth opportunities.

Financial highlights

• Q1 2026 revenue was $16.9 million, up from $16.8 million in Q1 2025 but down from $19.4 million in Q4 2025.

• GAAP gross margin was 62.2%; non-GAAP gross margin was 65.2%.

• Operating expenses totaled $19.4 million, down from $20.9 million in Q4 2025.

• GAAP net loss was $8.3 million; adjusted EBITDA loss was $5.5 million, outperforming guidance.

• Ended Q1 with $86.1 million in cash and no debt.

Outlook and guidance

• Q2 2026 revenue expected between $17.2 million and $17.6 million.

• Q2 gross margin projected at 60%-62%; adjusted EBITDA loss expected between $4.9 million and $4.4 million.

• Full-year 2026 revenue guidance remains $75 million-$77 million, with anticipated stronger performance in the second half due to new product launches.