Valens Semiconductor Ltd (NYSE:VLN) Q3 2022 Results Conference Call November 9, 2022 8:30 AM ET

Company Participants

Daphna Golden - VP of IR

Gideon Ben-Zvi - CEO

Dror Heldenberg - CFO

Conference Call Participants

Rick Schafer - Oppenheimer

Suji Desilva - Roth Capital

Brian Dobson - Chardan Capital Markets

(Transcript provided to Seeking Alpha by the company.)

Operator

Good morning. My name is Yoni, and I will be your conference operator today. At this time, I would like to welcome everyone to Valens Semiconductor's Third Quarter 2022 Earnings Conference Call and Webcast. [Operator Instructions]

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

Daphna Golden

Thank you, and welcome everyone to Valens Semiconductor's Third Quarter 2022 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 filed with the SEC on March 2, 2022, 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 in New York, Scottsdale, Arizona, and London for investor conferences and meetings. If you are 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, everyone, for joining our call. Q3 quarterly results exceeded our guidance. Q3 2022 revenues were a record of $23.1 million, up 21% compared with Q3 2021. We also achieved better-than anticipated gross margin and adjusted EBITDA. We are increasing our full year revenue guidance and improving our adjusted EBITDA guidance for the year.

Our high-speed connectivity technology is used in diversified business activities that support people's daily lives and industries in 2 business segments – audio-video and automotive – in which we continue to diversify and expand our footprint.