Valens Semiconductor Ltd. (NYSE:VLN) Q3 2024 Earnings Conference Call November 6, 2024 8:30 AM ET

Company Participants

Michal Ben Ari – Investor Relations
Gideon Ben-Zvi – Chief Executive Officer
Guy Nathanzon – Chief Financial Officer

Conference Call Participants

Suji Desilva – Roth Capital
Kevin Cassidy – Rosenblatt
Dustin Fowler – Oppenheimer

Operator

Good morning. My name is Yoni [ph], and I will be your conference operator today. At this time, I would like to welcome everyone to Valens Semiconductor’s Third Quarter 2024 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 Michal Ben Ari, Investor Relations for Valens Semiconductor. Please go ahead.

Michal Ben Ari

Thank you, and welcome, everyone, to the Valens Semiconductor’s third 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 sections 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 February 28, 2024, 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.

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

Gideon Ben-Zvi

Thank you, Michal. Hello, everyone, and thank you for joining Valens Semiconductor’s third quarter 2024 earnings call. We are pleased to report solid results and strong execution in the third quarter. We are proud to be an industry leader in audio video and automotive markets. Demand for our high performance connectivity solutions grew as customers adopted our technology to create cutting edge products.

With this momentum, we exceeded the top end of our revenue guidance. We advanced our long-term growth strategy with some key accomplishments. These included the three new automotive design wins with leading European OEMs and a successful entry into the industrial machine vision market.