Valens Semiconductor Ltd. (NYSE:VLN)

Q1 2022 Earnings Conference Call

May 11, 2022, 08:30 AM ET

Company Participants

Daphna Golden - VP, IR

Gideon Ben-Zvi - CEO

Dror Heldenberg - CFO

Conference Call Participants

Atif Malik - Citi

Rick Schafer - Oppenheimer

Suji Desilva - ROTH Capital

Brian Dobson - Chardan

Presentation

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 First Quarter 2022 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 Industrial Relations for Valens Semiconductor. Please go ahead.

Daphna Golden

Thank you, and welcome everyone to Valens Semiconductor's first 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-F filed today 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.

We will be in Boston, New York, Tel Aviv, San Francisco and London later this month and in June for investor conferences and meetings. If you're interested in meeting with us, please email 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 today.

Q1 was a record quarter for Valens Semiconductor and a very strong start to 2022. Revenue and profitability exceeded our guidance with sales driven by continued solid demand for our core Audio-Video solutions, as well as exceptionally strong demand for our emerging automotive products.