Valens Semiconductor Ltd. (NYSE:VLN) Q2 2024 Earnings Conference Call August 7, 2024 8:30 AM ET
Company Participants
Lisa Fortuna - IR
Gideon Ben-Zvi - CEO
Guy Nathanzon - CFO
Conference Call Participants
Operator
Good morning. My name is Maya, and I will be your conference operator today. At this time, I would like to welcome everyone to Valen Semiconductors Second Quarter 2024 earnings conference call on webcast. [Operator Instructions]. I will now turn the call over to Lisa Fortuna, Investor Relations for Valens Semiconductor. Please go ahead.
Lisa Fortuna
Thank you and welcome everyone to the Valens Semiconductor second quarter 2024 earnings call. With me today are Gideon Ben-Zvi, Chief Executive Officer and Guy Nathanzon, Chief Financial Officer. Earlier today, we issued a press release that is available on the investor relations section of our website under investors.velens.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 20F, filed with the SEC on February 28, 2024 for 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.
With that, I'll now turn the call over to Gideon.
Gideon Ben-Zvi
Hello, everyone, and thank you for joining Valens Semiconductor's second quarter 2024 earning call. This quarter our team made solid progress executing against our long term strategy and capitalizing on growing market demand for our high performance connectivity solutions. This resulted in revenue exceeding our guidance, increasing our confidence in the positive trends we are seeing across the diverse verticals we serve. In the audio, video market, we continue to see growing interest in an adopting of our latest USB 3 extension technology the VS6320 chipsets.
Reflecting this momentum, we entered exciting new partnerships and collaborations in recent months, strengthening our go to market strategy, we believe we are poised to capitalize on the $1 billion annual total addressable market in audio, video connectivity, for video conferencing, machine vision, industrial, medical and other verticals. In addition a recent acquisitions of Acronames, the first M&A transaction of Valens Semiconductor elevates our presence in these verticals. All of these developments occur despite continuous challenges, including slow inventory digestion in the audio video segment despite these short term challenges, our mid and long term opportunities remain promising.