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Valens Semiconductor Reports Third Quarter 2021 Results
Nov 11, 2021, 06:00 ET

HOD HASHARON, Israel, Nov. 11, 2021 /PRNewswire/ -- Valens Semiconductor Ltd. (NYSE: VLN), a premier provider of high-speed connectivity solutions for the audio-video and automotive markets, today reported financial results for the third quarter ended September 30, 2021.

Third Quarter 2021 Highlights

- Record revenue of $19.1 million in the third quarter of 2021, an increase of 48.8% from the third quarter of 2020
- Audio-video revenues reached $17.1 million, up 38.5% from the third quarter of 2020
- Automotive revenues reached $2.0 million, an increase of more than 300% from the year-ago quarter, and representing 10.4% of third quarter revenue
- Gross profit increased from $9.5 million from third quarter 2020 to $13.8 million
- Gross margin was 72.4% compared to 74.4% last year, primarily driven by an increase in automotive revenues that incur lower gross margin than audio-video products
- Record quarterly bookings of $36.0 million, up more than 200% year-over-year
- Record backlog of $73.4 million as of September 30, 2021
- Closed Business Combination with PTK Acquisition Corp. (the "Merger"), raising $155 million in gross proceeds (before deal-related expenses) and listed on the NYSE on September 30, 2021
- Substantially strengthened the balance sheet with $205.6 million of cash, cash equivalents and short-term deposits with zero debt
- Introduced fourth quarter guidance and increased guidance for the full year 2021
https://www.prnewswire.com/news-releases/valens-semiconductor-reports-third-quarter-2021-results-301421881.html