March 2, 2022
In 2022, the company expects revenue of $ 83-85 million. Revenues from the automotive sector increased by 281%. “We are on track to restore our success from the audio-video market – in the car market”
Valens today (Wednesday) released its financial statement for 2021, the first since it was issued on the New York Stock Exchange through a merger with Spock. The company’s revenues in 2021 totaled a record $ 70.7 million, an increase of 24% compared to 202. The company, which develops ultra-fast data transmission communications chips, operates in two main markets: In the fourth quarter of 2021, its revenues were $ 20.7 million, a 46% increase over the same quarter last year.
Valence is active in two main markets: the audio-video market and the automotive market. Its revenues in 2021 from the audio-video market, which is in fact the core market in which the company has been operating since its inception, amounted to$ 62.8 million. In recent years, the company has also adapted its technology to the automotive field, given the growing need for fast and reliable communication between vehicle systems. Revenue from this segment in 2021 grew by 281% to $ 7.9 million. Revenue from the automotive market came as a result of the company’s contract with Daimler. “We are on the way to restoring our success in the automotive world from the world of audio-video, and we have achieved milestones in the past year that bring us closer to achieving the goal,” said the company’s CEO Gideon Ben-Zvi.
Wallace said the company was able to fully meet customer demand, despite supply chain constraints. As of the end of 2021 the company has accumulated orders of $ 78.2 million. The company has about $ 178.7 million in cash. In the first quarter of 2022, the company expects revenue of $ 20.6-21.0 million, and $ 83-85 million in 2022 as a whole.
Daimler’s S-Class includes the Valence chip
Valence was founded in 2006 by a group of entrepreneurs from Mysticom, and employs about 350 people, most of them in Hod Hasharon and the rest in the United States, Germany and East Asia. The technology was originally developed for the home market, however in January 2016 the company made a business turnaround and decided to adapt its technology to the needs of in-vehicle communications.
In late 2016, Valens announced its first significant collaboration in the automotive industry, with Daimler, which selected its previous chip, the VA6000, to provide the communications infrastructure of its car entertainment and telematics systems. The 2021 S-Class models already include the Valence chips.
Listen to a conversation with Valence’s VP of Marketing, Dana Zalitsky, from our # 6 program on our podcast, which aired in November 2019:
Posted in categories: Automotive, Profit Reports, News, Semiconductors
