“Revenues in the third quarter of 2022 were a record for Valence, and reflected the growing demand for the leading connectivity products in our industry,” said Gideon Ben-Zvi, CEO of Valence
Valens (NYSE: VLN), a provider of high-speed connectivity solutions to the audio-video and automotive markets, reported financial results for the third quarter ended September 30, 2022.
Record quarterly revenue of $23.1 million, an increase of 21.3% compared to the third quarter of 2021 and an increase of 2.9% compared to the second quarter of 2022
Gross profit on a GAAP basis in the third quarter of 2022 was 69.7% compared to 72.4% in the third quarter of 2021, and it reflects a higher share of the company’s automotive business revenues (Non-GAAP gross profit was 70.5% compared to 72.7% in the third quarter of 2021)
GAAP net loss in the third quarter of 2022 was $5.3 million, compared to a net loss of $8.5 million in the third quarter of 2021, and adjusted EBITDA loss in the third quarter was $1.7 million, compared to $2.7 million in the third quarter of 2021 2021
“Revenues in the third quarter of 2022 were a record for Valence, and reflected the growing demand for the leading connectivity products in our industry,” said Gideon Ben-Zvi, CEO of Valence. “Our audio-video business continued to expand into new vertical applications – from corporations, education and industry, to medicine and more. In automotive, we expect to double our revenue in 2022 compared to 2021 and expect to further double in 2023 compared to 2022. We have received initial RFIs for our VA7000 A-PHY chipsets, an important milestone towards the expected adoption of this advanced connectivity solution, when potential customers of automotive original equipment manufacturers and Tier 1 continue to advance their developments. We are on track for first design wins next year with mass production expected to begin in 2025.
“Since we went public in the third quarter of last year, we have positively exceeded our business goals and made significant progress against our business goals and growth strategy, which is supported by our solid balance sheet. We believe we have sufficient resources to continue to invest and expand our competitive advantages, improve our product portfolio and increase our market presence. We remain focused on the best opportunities that we believe will drive long-term sustainable growth and profitability for the company and all of its stakeholders.”