Valens Semiconductor Ltd. (NYSE:VLN) Q2 2023 Earnings Conference Call August 9, 2023 8:30 AM ET

Company Participants

Daphna Golden - Vice President of Investor Relations

Gideon Ben-Zvi - Chief Executive Officer

Dror Heldenberg - Chief Financial Officer

Conference Call Participants

Rick Schafer - Oppenheimer

Suji Desilva - Roth MKM

Blake Friedman - Bank of America

Brian Dobson - Chardan Capital Markets

Operator

Good morning. My name is Yonie, and I will be your conference operator today. At this time, I would like to welcome everyone to Valens Semiconductor's Second Quarter 2023 Earnings Conference Call and Webcast. All participant lines have been placed in a listen-only mode. Opening remarks by Valens Semiconductor management will be followed by a question-and-answer session.

I will now turn the call over to Daphna Golden, Vice President of Investor Relations for Valence Semiconductor. Please go ahead.

Daphna Golden

Thank you, and welcome, everyone, to Valens Semiconductor's second quarter 2023 earnings call. With me today are Gideon Ben-Zvi, Chief Executive Officer; and Dror Heldenberg, Chief Financial Officer.

Earlier today, we issued a press release that is available on the Investor Relations section of our website under investors.valens.com. As a reminder, today's earnings call may include forward-looking statements and projections, which do not guarantee future events or performance. These statements are subject to the safe harbor language in today's press release. Please refer to our annual report on Form 20-F filed with the SEC on March 1, 2023, for a discussion of the factors that could cause actual results to differ materially from those expressed or implied.

We do not undertake any duty to revise or update such statements to reflect new information, subsequent events, or changes in strategy. We will be discussing certain non-GAAP measures on this call, which we believe are relevant in assessing the financial performance of the business and you can find reconciliations of these metrics within our earnings release. In the coming weeks, we will be conducting investor conferences and meetings virtually and in Chicago and Tel Aviv. If you're interested in meeting with us, please e-mail me at investors@valens.com.

With that, I will now turn the call over to Gideon.

Gideon Ben-Zvi

Thanks, Daphna, and thank you all for joining our Q2 2023 call. In Q2 2023, Valens Semiconductor revenues reached a record of $24.2 million. We also achieved better than anticipated profitability metrics on our journey towards adjusted EBITDA breakeven by the end of this year. We continue to make progress executing against our long-term growth opportunities as well.