Valens Semiconductor Ltd (VLN) 2024 Q4 法說會逐字稿

Good morning. My name is Yoni, and I will be your conference operator today. At this time, I would like to welcome everyone to Valens Semiconductor's fourth-quarter and full-year 2024 earnings conference call and webcast. (Operator Instructions)

早安.我叫 Yoni，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Valens Semiconductor 2024 年第四季和全年財報電話會議和網路廣播。（操作員指示）

I will now turn the call over to Michal Ben Ari, Investor Relations, for Valens Semiconductor. Please go ahead.

現在我將電話轉給 Valens Semiconductor 投資者關係部門的 Michal Ben Ari。請繼續。

Thank you, and welcome, everyone, to Valens Semiconductor's fourth-quarter 2024 and full-year 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.valens.com. As a reminder, today's earnings call may include forward-looking statements and projections, which do not guarantee future events or performance.

感謝大家，歡迎大家參加 Valens Semiconductor 2024 年第四季和全年財報電話會議。今天和我一起的還有執行長 Gideon Ben-Zvi；以及財務長 Guy Nathanzon。今天早些時候，我們發布了一份新聞稿，可在我們網站 investors.valens.com 的投資者關係部分查閱。提醒一下，今天的收益電話會議可能包括前瞻性陳述和預測，這些陳述和預測不保證未來事件或表現。

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 26, 2025, for a discussion of the factors that could cause the actual results to differ materially from those expressed or implied.

這些聲明均受今天新聞稿中的安全港條款約束。請參閱我們於 2025 年 2 月 26 日向美國證券交易委員會提交的 20-F 表年度報告，以了解可能導致實際結果與明示或暗示的結果有重大差異的因素。

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 reconciliation of these metrics within our earnings release.

我們不承擔修改或更新此類聲明以反映新資訊、後續事件或策略變更的任何義務。我們將在本次電話會議上討論某些非公認會計準則指標，我們認為這些指標與評估業務的財務表現相關，您可以在我們的收益報告中找到這些指標的對帳。

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

說完這些，我現在將發言權交給吉迪恩。

Thank you, Michal. Hello, everyone, and thank you for joining us. 2024 was a challenging year for many companies around the world, including semiconductor companies in many markets, and these challenges affected Valens as well. However, although our sales were slowed by continued inventory digestion and weakness in our customer markets, we believe that we are emerging from the bottom of the cycle and that 2025 will prove a turnaround year for our company.

謝謝你，Michal。大家好，感謝大家的參與。 2024年對全球許多公司來說都是充滿挑戰的一年，包括許多市場的半導體公司，這些挑戰也影響了瓦倫斯。然而，儘管我們的銷售因持續的庫存消化和客戶市場的疲軟而放緩，但我們相信我們正在走出週期的底部，2025年將成為我們公司的轉折之年。

I want to start by giving you some highlights for 2024. First, we announced three design wins in the automotive industry for ADAS platforms. Second, we successfully completed our first acquisition, Acroname, which will enable Valens to expand its position in the industrial market with a holistic USB-focused offering.

首先我想先向大家介紹一下 2024 年的一些亮點。首先，我們宣佈在汽車產業贏得了三項 ADAS 平台設計大獎。其次，我們成功完成了首次收購 Acroname，這將使 Valens 能夠透過以 USB 為中心的整體產品擴大其在工業市場中的地位。

Third, we released the VS6320 chipset, the first ASIC-based USB 3.2 high-performance extension solution on the market. Fourth, we defined a goal to penetrate a new market that has high growth potential, industrial machine vision, and established specific cooperation with companies in this space. Fifth, we announced an ambitious five-year plan that, if achieved, could see us more than quadruple our top-line revenues over the coming years.

第三，我們發布了VS6320晶片組，這是市場上第一款基於ASIC的USB 3.2高效能擴充解決方案。第四，我們確定了目標，打入一個具有高成長潛力的新興市場——工業機器視覺，並與該領域的公司建立了具體的合作。第五，我們宣布了一項雄心勃勃的五年計劃，如果該計劃得以實現，我們未來幾年的營業收入將增長四倍以上。

As part of the five-year plan, we reorganized our corporate structure in order to maximize our ability to reach new high-growth potential markets. Over the next few minutes, I will walk you through the details of this plan and explain why I expect that we will achieve our goals. But before I do, I want to provide a quick overview of our fourth-quarter financial performance.

作為五年計劃的一部分，我們重組了公司結構，以最大限度地提高我們進入新的高成長潛在市場的能力。在接下來的幾分鐘裡，我將向你們介紹這個計畫的細節，並解釋為什麼我預期我們會實現我們的目標。但在此之前，我想先簡單概述一下我們第四季的財務表現。

We reported revenues of $16.7 million, which exceeded the top end of our guidance. GAAP gross margin for the fourth quarter came in at 60.4%, above the midpoint of the guidance, and adjusted EBITDA loss was $3.7 million better than the guidance range. Importantly, we have a robust balance sheet of $131 million of cash and cash equivalents.

我們報告的收入為 1,670 萬美元，超出了我們預期的最高水準。第四季 GAAP 毛利率為 60.4%，高於預期中位數，調整後 EBITDA 虧損比預期範圍好 370 萬美元。重要的是，我們擁有 1.31 億美元現金和現金等價物的強勁資產負債表。

Now let's turn to the five-year plan, and I'll start with the cross-industry business unit or CIB, and I'll bring down into the various sub-verticals included within it. First and foremost, the professional audio-video vertical. This is the bread and butter of Valens. It's where we got our start all those years ago with the HDBaseT standard. And to this day, it accounts for the bulk of our revenues.

現在讓我們談談五年計劃，我將從跨行業業務部門或 CIB 開始，然後深入其中包含的各個子垂直領域。首先，也是最重要的，是專業音視頻垂直領域。這是瓦倫斯的衣食父母。多年前，我們就是從這裡開始採用 HDBaseT 標準。直到今天，它仍然是我們收入的主要來源。

We have set clear goals for ProAV. As part of our five-year plan, we shared that the video conferencing vertical alone represents a large opportunity for the company, which we estimate will signify a TAM $350 million by 2029. Although this market is currently addressed by our legacy HDBaseT solutions, we believe that there are significant additional growth opportunities here, fueled by a variety of market dynamics, including increased demand for video and video peripherals inside meeting rooms as well as the growing popularity of USB as the interface of choice for meeting rooms.

我們為ProAV設定了明確的目標。作為我們五年計畫的一部分，我們表示，僅視訊會議垂直領域就為公司帶來了巨大的機遇，我們估計到 2029 年，其 TAM 將達到 3.5 億美元。雖然目前我們傳統的 HDBaseT 解決方案已經滿足了這個市場的需求，但我們相信，這裡還有巨大的額外增長機會，這得益於各種市場動態，包括對會議室內視頻和視頻外圍設備的需求增加，以及 USB 作為會議室首選接口的日益普及。

We are well positioned to capitalize on these trends with our newest chipset, the VS6320, which we believe is the most reliable and cost-efficient extension solution for USB 3.2 on the market today. Last quarter, inventory digestion continued to impact our ProAV sales. However, we believe we are emerging from the bottom of the cycle. As such, we are seeing increasing interest in our solutions, which are set to be integrated into products that are expected to hit the market in the next few years.

我們已做好準備，利用我們最新的晶片組 VS6320 來利用這些趨勢，我們相信這是當今市場上最可靠、最具成本效益的 USB 3.2 擴展解決方案。上個季度，庫存消化繼續影響我們的 ProAV 銷售。然而，我們相信我們正在走出週期的底部。因此，我們看到人們對我們的解決方案的興趣日益濃厚，這些解決方案將整合到預計未來幾年上市的產品中。

We are thrilled with the positive market feedback following the launch of the latest chipsets. This was most recently evident at IFC, the industry's most renowned international conference for innovations in video conferencing, education, digital signage, entertainment, and more. There we showcased a variety of meeting room setups enabled by two of our newest chipsets, the VS6320 and the VA7000, and we announced that our solutions are powering the latest generation of products for some of ProAV largest manufacturers.

最新晶片組推出後，市場給了我們正面的回饋，對此我們感到非常高興。這一現象最近在 IFC 上得到了最明顯的體現，IFC 是業界最著名的國際會議，旨在展示視訊會議、教育、數位看板、娛樂等領域的創新。我們在那裡展示了由我們的兩款最新晶片組 VS6320 和 VA7000 支援的各種會議室設置，並且我們宣布我們的解決方案正在為一些 ProAV 最大製造商的最新一代產品提供支援。

For example, we recently announced that our technology for the extension of USB empowered was officially endorsed by audio-video leader, Sennheiser, and that our solution can be used to extend the company's popular TeamConnect Bar product line.

例如，我們最近宣布，我們的 USB 擴充技術已獲得音訊視訊領導者 Sennheiser 的正式認可，並且我們的解決方案可用於擴展該公司廣受歡迎的 TeamConnect Bar 產品線。

In addition, we demonstrated that Valens's cutting-edge chipsets can power Logitech's innovative Rally Camera Streamline Kit and Logitech's XL product, which enables unmatched flexibility for advanced video conferencing and hybrid learning applications. Both of these products illustrate how our chipsets can capitalize on important trends we see playing out within the video conferencing space. More conference room of all sizes from small huddle rooms to large corporate conference rooms, more displays, more cameras, more video bars, all of which are opportunities for Valens to broaden its presence in this market.

此外，我們還證明了 Valens 的尖端晶片組可以為羅技創新的 Rally Camera Streamline Kit 和羅技的 XL 產品提供支持，從而為高級視訊會議和混合學習應用提供無與倫比的靈活性。這兩款產品都說明了我們的晶片組如何利用我們在視訊會議領域看到的重要趨勢。從小型會議室到大型企業會議室，各種規模的會議室越來越多，顯示器越來越多，攝影機越來越多，視訊吧越來越多，所有這些都是 Valens 擴大其在這個市場影響力的機會。

I would like to remind you that our technology is already embedded within all major projector brands, including Axon, Panasonic, and NEC Sharp, and it is the extension solution of choice for all major audio/video distribution equipment companies such as Crestron, Extron, [Acciona], and Kramer. We are the de facto providers of comprehensive meeting room connectivity solutions.

我想提醒您，我們的技術已經嵌入所有主要投影機品牌，包括 Axon、Panasonic 和 NEC Sharp，並且它是所有主要音訊/視訊分發設備公司（如 Crestron、Extron、[Acciona] 和 Kramer）的首選擴展解決方案。我們是全面的會議室連接解決方案的實際提供者。

We estimate that in 2025, we will return to growth given the following factors. Our customers are entering 2025 with much healthier inventory levels, and they report increased activity with more new bids and installations in their end markets.

我們預計，到2025年，我們將恢復成長，原因如下。我們的客戶將以更健康的庫存水準進入 2025 年，他們報告稱其終端市場中的新投標和安裝活動有所增加。

Staying with the cross-industry business unit, we are going to move to our new high-growth markets, industrial machine vision, and medical endoscopes. We are long been active in industrial and medical, offering IPC connectivity in the former and medical imaging connectivity in the latter.

我們將繼續保持跨行業業務部門，轉向新的高成長市場、工業機器視覺和醫療內視鏡。我們長期活躍於工業和醫療領域，為工業提供 IPC 連接，為醫療提供醫學影像連接。

Additionally, as outlined in our five-year plan, we believe the industrial machine vision and medical endoscopy vertical represents new and exciting opportunity with high potential upside. In the industrial machine vision vertical, we are heavily promoting our VS6320 and VA7000 chipsets, which extend the commonly used USB3.2 and CSI-2 interfaces, respectively. We are actively engaged with leading camera module manufacturers, including Teledyne e2v, FRAMOS, Leopard Imaging, and D3 Embedded among others, and these collaborations are developing quickly.

此外，正如我們的五年計劃中所述，我們相信工業機器視覺和醫學內視鏡垂直領域代表著新的、令人興奮的機遇，具有很高的潛在上升空間。在工業機器視覺垂直領域，我們大力推廣 VS6320 和 VA7000 晶片組，它們分別擴展了常用的 USB3.2 和 CSI-2 介面。我們積極與領先的相機模組製造商合作，包括 Teledyne e2v、FRAMOS、Leopard Imaging 和 D3 Embedded 等，這些合作正在快速發展。

For example, in Q4, D3 officially began selling camera modules based on the VA7000 A-PHY chipset offering half a dozen A-PHY models. We will be showcasing these chipsets among others at the Embedded World Conference taking place in Nuremberg next month. There is really no substitute for seeing live demonstrations of our chipsets and this premier machine vision event will be an excellent opportunity to further broaden our customer base.

例如，在第四季度，D3 正式開始銷售基於 VA7000 A-PHY 晶片組的相機模組，提供六種 A-PHY 型號。我們將於下個月在紐倫堡舉行的嵌入式世界大會上展示這些晶片組。觀看我們晶片組的現場演示確實沒有什麼可以替代的，而這首屈一指的機器視覺活動將是進一步擴大我們的客戶群的絕佳機會。

In total, our five-year plan anticipated our potential TAM for the industrial machine vision vertical can reach $460 million by 2029, and I believe that we are well positioned to capture a significant share of this market. Our goal for 2025 is to achieve new design wins based on our advanced chipsets with expected commercialization starting from 2026 and beyond.

總的來說，我們的五年計畫預計，到 2029 年，工業機器視覺垂直領域的潛在 TAM 將達到 4.6 億美元，我相信我們已做好準備，佔據這個市場的很大份額。我們 2025 年的目標是基於我們先進的晶片組實現新的設計勝利，並預計從 2026 年開始商業化。

A couple of words about Acroname, the company we acquired in May 2024. We believe that Acroname has the potential to expand our position in the professional audio/video and industrial markets. Just last month, Acroname announced a new product based on the Valens VS6320 for point-to-point USB3 and USB2 switch extension with advanced power delivery.

關於 Acroname（我們在 2024 年 5 月收購的公司）的幾句話。我們相信 Acroname 有潛力擴大我們在專業音訊/視訊和工業市場的地位。就在上個月，Acroname 宣布推出一款基於 Valens VS6320 的新產品，用於點對點 USB3 和 USB2 交換器擴展，並具有先進的電力傳輸功能。

The product allows AV installers and OEM product manufacturer to control, manage, and extend USB devices, streamlining product deployment for the machine vision, corporate, and education industries. This is the result of significant synergies between Valens and Acroname and is precisely what we envisioned when we purchased Acroname. Rounding out the cross-industry business units, our five-year plan envisions that our medical vertical could provide long-term potential upside as our VA7000 chipset A-PHY used in endoscopes.

該產品允許 AV 安裝人員和 OEM 產品製造商控制、管理和擴展 USB 設備，簡化機器視覺、企業和教育行業的產品部署。這是 Valens 和 Acroname 之間顯著協同效應的結果，也正是我們收購 Acroname 時所設想的。在完善跨行業業務部門後，我們的五年計劃設想，我們的醫療垂直業務可以提供長期的潛在優勢，因為我們的 VA7000 晶片組 A-PHY 可用於內視鏡。

I'm talking about more reliable, uncompressed video with high resolutions suitable for computer-aided detection and AI applications. We have a variety of projects with companies in this space, some in the stage of preparing for clinical trials, while others are readying to seek FDA approval. To be clear, this is currently a small market, and our solutions are only now starting to gain traction. However, in the long term, we are excited about how this vertical could evolve.

我說的是更可靠、未壓縮的高解析度視頻，適用於電腦輔助檢測和人工智慧應用。我們與該領域的公司開展了各種項目，其中一些正處於準備臨床試驗的階段，而另一些則準備尋求 FDA 批准。需要明確的是，這目前是一個小市場，我們的解決方案現在才開始獲得關注。然而，從長遠來看，我們對這個垂直產業的發展感到興奮。

I would like to turn now to the automotive industry. Our five-year plan clearly highlights this industry as a key component in our long-term vision. This is a vast long-term opportunity with an estimated TAM of $4.5 billion per year by 2029 with significant upside during the following years when there is wide market adoption of sophisticated ADAS systems. And once again, I am confident that we will capture a significant share of this market, primarily through our flagship automotive chipset, the VA7000, which is the first to comply with the MIPI A-PHY standard for high-speed sensor connectivity.

現在我想談談汽車產業。我們的五年計劃明確強調該行業是我們長期願景的關鍵組成部分。這是一個巨大的長期機遇，預計到 2029 年 TAM 將達到每年 45 億美元，並且在接下來的幾年裡，隨著複雜的 ADAS 系統被市場廣泛採用，其上升空間巨大。我再次堅信，我們將佔據這個市場的很大份額，主要透過我們的旗艦汽車晶片組 VA7000，它是第一個符合 MIPI A-PHY 高速感測器連接標準的晶片組。

My confidence was bolstered during 2024 when we achieved three design wins with leading European OEMs for the VA7000. As you know, our ability to meet our ambitious five-year targets in automotive depends on how quickly the MIPI A-PHY standard takes hold within the industry, and these design wins provide a strong foothold for A-PHY within the OEM community. We are eager to build on these wins to promote A-PHY across the industry, and we will use the validation we received from these OEMs as a springboard to convince other of the superiority of the technology.

2024 年，我們與歐洲領先的 OEM 廠商就 VA7000 獲得了三項設計勝利，這增強了我的信心。如您所知，我們能否實現汽車領域雄心勃勃的五年目標取決於 MIPI A-PHY 標準在行業內的普及速度，而這些設計的勝利為 A-PHY 在 OEM 社區中奠定了堅實的基礎。我們渴望在這些勝利的基礎上在整個行業中推廣 A-PHY，我們將利用從這些 OEM 獲得的驗證作為跳板，讓其他人相信該技術的優越性。

We are currently in the midst of several evaluation processes at various stages with multiple OEMs. I would like to highlight one particular evaluation process we are undergoing with a top five global OEM. This OEM recently benchmarked our VA7000 A-PHY compliant chipset against competing solutions.

目前，我們正與多家 OEM 進行處於不同階段的評估流程。我想強調我們正在與全球五大 OEM 進行的一個特殊評估過程。該 OEM 最近對我們的 VA7000 A-PHY 相容晶片組與競爭解決方案進行了基準測試。

As a result of intensive testing, which took place over the span of months, our technology won by knockout and was found far superior across the majority of testing parameters, including resilience to EMC, satellite reception, noise injection, latency, and more. We believe that this testing gives our solution a significant competitive edge.

經過數月的密集測試，我們的技術最終以壓倒性優勢勝出，在大多數測試參數中都表現出色，包括對 EMC 的適應性、衛星接收、噪音注入、延遲等。我們相信，這次測試將使我們的解決方案具有顯著的競爭優勢。

Our goal in automotive for 2025 is to achieve new design wins based on the VA7000 chipsets with leading OEMs with expected commercialization within a few years. As you may recall, our first generation of automotive chipsets, the VA6000, has been in mass production since 2021 in Mercedes-Benz. This contract has generated $21.6 million of revenues during 2024, and we expect it to account for most of our automotive revenues during 2025 as well.

我們在 2025 年汽車領域的目標是與領先的 OEM 合作，贏得基於 VA7000 晶片組的新設計勝利，並有望在幾年內實現商業化。大家可能還記得，我們​​的第一代汽車晶片組 VA6000 自 2021 年起已在梅賽德斯·奔馳投入量產。該合約在 2024 年創造了 2,160 萬美元的收入，我們預計它也將占我們 2025 年汽車收入的大部分。

With that, I will turn the call to Guy to discuss our financial performance in more detail.

說完這些，我將把電話轉給蓋伊，讓他更詳細地討論我們的財務表現。

Thank you, Gideon. Let me start with our fourth-quarter and full-year 2024 results, and then I'll provide our outlook for the first quarter of 2025.

謝謝你，吉迪恩。我先介紹我們 2024 年第四季和全年的業績，然後介紹一下我們對 2025 年第一季的展望。

We achieved quarterly revenue of $16.7 million, the fourth consecutive quarter of revenue growth, which exceeded our guidance of between $16 million to $16.3 million. This compares to revenue of $16 million in Q3 2024 and $21.9 million in Q4 2023.

我們實現了季度營收 1,670 萬美元，這是連續第四個季度實現營收成長，超過了我們預期的 1,600 萬美元至 1,630 萬美元之間的營收。相較之下，2024 年第三季的營收為 1,600 萬美元，2023 年第四季的營收為 2,190 萬美元。

The cross-industry business, or CIB, accounted for $11.7 million or approximately 70% of total revenue, while automotive contributed $5 million or approximately 30% of total revenue this quarter. This compares to Q3 2024 revenue of $9.4 million from CIB and $6.6 million from automotive, which represented 60% and 40% of total revenue, respectively. It also compares to Q4 2023 revenue of $15.8 million from the CIB and $6.1 million from automotive, representing 70% and 30% of total revenue, respectively.

跨產業業務（CIB）貢獻了 1,170 萬美元，約佔本季總收入的 70%，而汽車業務貢獻了 500 萬美元，約佔本季總收入的 30%。相較之下，2024 年第三季 CIB 營收為 940 萬美元，汽車收入為 660 萬美元，分別佔總營收的 60% 和 40%。相較之下，2023 年第四季 CIB 營收為 1,580 萬美元，汽車收入為 610 萬美元，分別佔總收入的 70% 和 30%。

Q4 2024 gross margin was 60.4% compared to our guidance of between 58% and 62%. This compares to a Q3 2024 gross margin of 56.4% and Q4 2023 of 61.7%. On a segment basis, Q4 gross margin from the cross-industry business was 64.7% and gross margin from automotive was 50.5%. This compares to a Q3 2024 gross margin of 70.2% and 37%, respectively, and Q4 2023 gross margin of 76.6% and 22.6%, respectively.

2024 年第四季毛利率為 60.4%，而我們的預期為 58% 至 62%。相較之下，2024 年第三季的毛利率為 56.4%，2023 年第四季的毛利率為 61.7%。依分部劃分，第四季跨產業業務毛利率為64.7%，汽車業務毛利率為50.5%。相較之下，2024 年第三季的毛利率分別為 70.2% 和 37%，2023 年第四季的毛利率分別為 76.6% 和 22.6%。

The increase in Q4 automotive gross margin was due to an optimization of our product cost. The decrease in gross margin of the cross-industry business, CIB, was due to a product mix shift and lower fixed cost absorption.

第四季汽車毛利率的提高是由於我們產品成本的最佳化。跨產業業務 CIB 的毛利率下降是由於產品結構轉變和固定成本吸收降低。

Non-GAAP gross margin in Q4 was 64.5%, which compares to 60.7% in Q3 2024 and 63.1% in Q4 2023. Operating expense in Q4 2024 totaled $18.5 million compared to $21.3 million at the end of Q3 2024 and to $15.3 million in Q4 2023.

第四季非公認會計準則毛利率為 64.5%，而 2024 年第三季為 60.7%，2023 年第四季為 63.1%。2024 年第四季的營運費用總計 1,850 萬美元，而 2024 年第三季末為 2,130 萬美元，2023 年第四季為 1,530 萬美元。

Research and development expense in Q4 totaled $10.1 million compared to $10.3 million in Q3 2024 and $8.6 million in Q4 2023. The increase compared to Q4 2023 is mainly due to payroll-related expenses of Acroname's workforce in the amount of $0.9 million.

第四季研發費用總計 1,010 萬美元，而 2024 年第三季為 1,030 萬美元，2023 年第四季為 860 萬美元。與 2023 年第四季相比的成長主要是由於 Acroname 員工的薪資相關費用為 90 萬美元。

SG&A expenses in Q4 were $8.3 million compared to $10.7 million in Q3 2024 and $6.6 million in Q4 2023. The quarterly decrease was mainly driven by a $2.2 million expense resulting from a certain batch production incident expense recorded in Q3 2024.

第四季的銷售、一般及行政費用為 830 萬美元，而 2024 年第三季為 1,070 萬美元，2023 年第四季為 660 萬美元。季度下降主要是由於 2024 年第三季記錄的某次批量生產事故費用導致的 220 萬美元支出。

GAAP net loss in Q4 was $7.3 million compared to a net loss of $10.4 million in Q3 2024 and a net profit of $2.8 million in Q4 2023. Adjusted EBITDA in Q4 was a loss of $3.7 million, lower than the guidance range of loss between $4.9 million and $4 million. This compares to an adjusted EBITDA loss of $5.1 million in Q3 2024 and an adjusted EBITDA profit of $2.2 million in Q4 2023.

第四季 GAAP 淨虧損為 730 萬美元，而 2024 年第三季淨虧損為 1,040 萬美元，2023 年第四季淨利為 280 萬美元。第四季調整後的 EBITDA 虧損 370 萬美元，低於 490 萬美元至 400 萬美元的指導虧損範圍。相較之下，2024 年第三季調整後 EBITDA 虧損為 510 萬美元，2023 年第四季調整後 EBITDA 利潤為 220 萬美元。

GAAP loss per share in Q4 was $0.07 compared to a GAAP loss per share of $0.10 for Q3 2024 and a GAAP profit per share of $0.03 for Q4 2023. Non-GAAP loss per share in Q4 2024 was $0.02 compared to a loss per share of $0.03 in Q3 2024 and a profit per share of $0.06 in Q4 2023. The main difference between GAAP and non-GAAP loss per share was due to stock-based compensation, depreciation, and amortization expense and expense relating to a certain batch production incident. I will now turn to the full year 2024 results.

第四季 GAAP 每股虧損為 0.07 美元，而 2024 年第三季 GAAP 每股虧損為 0.10 美元，2023 年第四季 GAAP 每股盈餘為 0.03 美元。2024 年第四季非公認會計準則每股虧損為 0.02 美元，而 2024 年第三季每股虧損為 0.03 美元，2023 年第四季每股獲利為 0.06 美元。GAAP 每股虧損和非 GAAP 每股虧損之間的主要差異是由於股票薪酬、折舊和攤銷費用以及與某一批量生產事件相關的費用。現在我將介紹 2024 年全年業績。

Total revenue for the year 2024 were $57.9 million, exceeding our guidance of between $57.2 million to $57.5 million. This compared to full-year revenue from 2023 of $84.2 million. Revenue from the cross-industry business were $36.3 million, of which Acroname contributed $3.4 million compared to $57.4 million in 2023. This decrease was due to customer working through excess inventory, which slowed the pace of orders as well as the weakness in their end markets.

2024 年的總收入為 5,790 萬美元，超過了我們預期的 5,720 萬美元至 5,750 萬美元。相比之下，2023 年全年收入為 8,420 萬美元。跨產業業務收入為 3,630 萬美元，其中 Acroname 貢獻了 340 萬美元，而 2023 年則為 5,740 萬美元。下降的原因是客戶處理過剩庫存，從而減緩了訂單速度以及終端市場的疲軟。

Automotive business revenue was $21.6 million, down 19.4% from $26.8 million in 2023 due to gradual price erosion and a reduction in the number of units sold to Mercedes-Benz. GAAP gross margin was 59.2% for the full year 2024 compared to 62.5% in 2023.

汽車業務收入為 2,160 萬美元，較 2023 年的 2,680 萬美元下降 19.4%，原因是價格逐漸下降以及銷售給梅賽德斯·奔馳的車輛數量減少。2024 年全年 GAAP 毛利率為 59.2%，而 2023 年為 62.5%。

On a segment basis, 2024 gross margin from the cross-industry business was 71% and gross margin from automotive was 39.5%. This compares to gross margin of 77.1% and 31.1%, respectively, in 2023. The increase in 2024 automotive gross margin was due to an optimization of our product cost. The decrease in gross margin of the CIB was due to a product mix shift and lower fixed cost absorption. Non-GAAP gross margin was 62.9% for the full year 2024 compared to 63.9% in 2023.

以分部計算，2024年跨產業業務的毛利率為71%，汽車業務的毛利率為39.5%。相較之下，2023 年的毛利率分別為 77.1% 和 31.1%。2024 年汽車毛利率的增加是由於我們產品成本的最佳化。CIB 毛利率的下降是由於產品結構變化和固定成本吸收降低所致。2024 年全年非公認會計準則毛利率為 62.9%，而 2023 年為 63.9%。

Full-year 2024 operating expense were lowered, reaching $75.6 million compared to $79.5 million in 2023. The year-over-year decrease of $3.9 million in OpEx was driven by a decrease in R&D expense, mainly due to the efficiency plan we deployed at the end of Q3 2023.

2024 年全年營運費用有所降低，從 2023 年的 7,950 萬美元降至 7,560 萬美元。營運支出年減 390 萬美元，原因是研發費用減少，這主要歸功於我們在 2023 年第三季末部署的效率計畫。

R&D expense decreased by $7.7 million due to a $2.2 million decrease in payroll expense, a $3.3 million decrease in IP-related expense and a $1 million decrease in chip tapeout expense. On the other hand, operating expense were negatively impacted by the increase in SG&A expense in the amount of $3.4 million year over year, mainly due to a $2.2 million expense relating to a certain batch production incident recorded in 2024.

研發費用減少了 770 萬美元，因為薪資費用減少了 220 萬美元，IP 相關費用減少了 330 萬美元，晶片流片費用減少了 100 萬美元。另一方面，銷售、一般及行政費用 (SG&A) 年比增加 340 萬美元，對營業費用產生負面影響，這主要是由於 2024 年記錄的某次批量生產事故產生了 220 萬美元的費用。

Moving to net loss and adjusted EBITDA. GAAP net loss for the full year 2024 increased to $36.6 million from $19.7 million in 2023. Adjusted EBITDA loss for the full year 2024 was $21.1 million, a decrease compared to $10.3 million in 2023. GAAP net loss per share for 2024 was $0.35, a decrease compared to $0.90 in 2023. Non-GAAP loss per share for 2024 was $0.15, a decrease compared to $0.05 in 2023.

轉向淨虧損和調整後的 EBITDA。2024 年全年 GAAP 淨虧損從 2023 年的 1,970 萬美元增至 3,660 萬美元。2024 年全年調整後 EBITDA 虧損為 2,110 萬美元，較 2023 年的 1,030 萬美元下降。2024 年每股 GAAP 淨虧損為 0.35 美元，較 2023 年的 0.90 美元下降。2024 年非公認會計準則每股虧損為 0.15 美元，較 2023 年的 0.05 美元下降。

Now turning to the balance sheet. We ended 2024 with a strong balance sheet with cash, cash equivalents, and short-term deposits totaling $131 million and no debt. This compares to $133.1 million at the end of Q3 2024 and $142 million at the end of 2023. Our working capital at the end of the quarter was $133.6 million compared to $136.1 million at the end of Q3 2024 and $158.8 million at the end of 2023.

現在轉向資產負債表。截至 2024 年，我們的資產負債表表現強勁，現金、現金等價物及短期存款總額達 1.31 億美元，且無負債。相較之下，2024 年第三季末為 1.331 億美元，2023 年底為 1.42 億美元。本季末的營運資金為 1.336 億美元，而 2024 年第三季末為 1.361 億美元，2023 年底為 1.588 億美元。

Our inventory, as of December 31, 2024, was $10.2 million, down from $11.7 million on September 30, 2024, and $13.8 million on December 31, 2023. Maintaining a robust balance sheet allows us to execute our strategy, fund our growth plans, and position us for sustainable profitability.

截至 2024 年 12 月 31 日，我們的庫存為 1,020 萬美元，低於 2024 年 9 月 30 日的 1,170 萬美元和 2023 年 12 月 31 日的 1,380 萬美元。保持穩健的資產負債表使我們能夠執行我們的策略，資助我們的成長計劃，並實現可持續盈利。

During 2024, we completed the acquisition of Acroname for a total consideration of $7.8 million in cash and potential earn-out of up to an additional $7.2 million that should be paid during 2025, depending on the achievement of certain revenue, EBITDA and cash flow targets in 2024 and 2025 and the development of a certain product by June 2026. The company is actively looking for more acquisition opportunities with a focus on companies generating revenue with a clear path to profitability, particularly in the ProAV and the industrial machine vision markets.

2024 年，我們完成了對 Acroname 的收購，總對價為 780 萬美元現金，並可能額外支付高達 720 萬美元的收益，這筆款項應在 2025 年支付，具體取決於 2024 年和 2025 年實現某些收入、EBITDA 和現金流目標以及具體取決於 2026 年到 2026 年實現某些收入、EBITDA 和現金流目標以及到 2026 年到 2026 年到 2026 年的某種開發人員。該公司正在積極尋找更多的收購機會，並專注於那些能夠創造收入並擁有明確獲利途徑的公司，特別是在ProAV和工業機器視覺市場。

In addition, we recently announced another share repurchase program of up to $15 million following the completion of a $10 million program we announced in late 2024. The new share repurchase program reflects our confidence in the company's long-term growth and commitment to enhancing our shareholders' value.

此外，繼 2024 年底宣布的 1,000 萬美元股票回購計畫完成後，我們最近又宣布了另一項高達 1,500 萬美元的股票回購計畫。新的股票回購計畫反映了我們對公司長期成長的信心以及對提升股東價值的承諾。

Now I would like to provide our guidance for the first quarter of 2025 and the full year of 2025. For 2025, we expect our annual revenue to be in the range of $71 million to $76 million, which represents a year-over-year growth of 23% to 31%. We expect Q1 revenue to be in the range of $16.3 million to $16.6 million. We expect gross margin for Q1 to be in the range of 60.8% to 61.3%, and we expect adjusted EBITDA loss in Q1 to be in the range of $4.5 million to $4.2 million loss.

現在，我想提供我們對 2025 年第一季和 2025 年全年的指導。到 2025 年，我們預計年收入將在 7,100 萬美元至 7,600 萬美元之間，年增 23% 至 31%。我們預計第一季的營收將在 1,630 萬美元至 1,660 萬美元之間。我們預計第一季的毛利率將在 60.8% 至 61.3% 之間，我們預計第一季的調整後 EBITDA 虧損將在 450 萬美元至 420 萬美元之間。

I would like to remind you that our five-year plan, which we presented in November 2024, set our long-term financial goals. We are targeting that by 2029, our revenue will be in the range of $220 million to $300 million with gross margin in the range of 50% to 60% and EBITDA margin in the range of 15% to 20%.

我想提醒大家，我們在 2024 年 11 月提出的五年計畫設定了我們的長期財務目標。我們的目標是到 2029 年，我們的營收將在 2.2 億美元至 3 億美元之間，毛利率在 50% 至 60% 之間，EBITDA 利潤率在 15% 至 20% 之間。

I'll now turn the call back to Gideon for his closing remarks before opening the call for Q&A.

現在，我將把電話轉回給吉迪恩，請他作結束語，然後再開始問答環節。

Thank you, Guy. We believe that Valens Semiconductor is well positioned for a return to growth in our target markets, leveraging our industry-leading technology and robust balance sheet. We remain committed to executing our long-term strategy to drive renewed growth and profitability. Before opening the call for questions, I want to express my gratitude to the entire Valens global team for their ongoing commitment and dedication.

謝謝你，蓋伊。我們相信，憑藉我們行業領先的技術和強勁的資產負債表，Valens Semiconductor 完全有能力在目標市場中恢復成長。我們將繼續致力於執行我們的長期策略，以推動新的成長和獲利能力。在開始提問之前，我想對整個 Valens 全球團隊的持續承諾和奉獻表示感謝。

With that, I will now open the call to answer your questions. Operator?

現在，我將開始回答大家的問題。操作員？

(Operator Instructions) Quinn Bolton, Needham & Company.

（操作員指示）Quinn Bolton，Needham & Company。

It's Neil Young on for Quinn Bolton. So within the cross-industry business, which end markets are showing the strongest demand in the near term? Are there any showing weakness? And then also looking forward, how should we think about the growth trajectory for this segment throughout 2025? Thanks. And then I have a follow-up.

尼爾楊 (Neil Young) 取代奎因博爾頓 (Quinn Bolton)。那麼在跨產業業務中，哪些終端市場在短期內表現出最強勁的需求？有示弱的嗎？展望未來，我們該如何看待 2025 年這一領域的成長軌跡？謝謝。然後我有一個後續問題。

Thanks for the question. And the answer is not simple. The answer is mixed, and I will try to simplify it. There is the -- we have the traditional audio-video market, which we are a strong player, and this was the market that suffered from weakness in the past year.

謝謝你的提問。答案並不簡單。答案是混合的，我將嘗試簡化它。我們在傳統音訊視訊市場佔有一席之地，並且在該市場中佔據主導地位，但去年該市場表現疲軟。

Yet the market have new opportunities, which are very natural for us to continue such as the huddle room, the small conference room, and all the traction that is to connect the cameras, which is just below the TV to the room. And this is a market which is a growing market for us. And in a sense, it's a kind of a low-hanging fruit because it's a natural progress for our customers.

然而，市場有新的機遇，這對我們來說自然會繼續下去，例如小型會議室、小型會議室以及將位於電視下方的攝影機連接到房間的所有牽引力。對我們來說，這是一個正在成長的市場。從某種意義上說，這是一種唾手可得的成果，因為對我們的客戶來說，這是一個自然的進步。

When we speak about industrial market, we definitely speak about larger magnitude, but it's not as fast as not a natural growth because some of the customers are new customers. So on one hand, you have more demanding market. We answered a very painful need, but it's a market with a different characteristic.

當我們談論工業市場時，我們肯定會談論更大的規模，但它並不像自然成長那麼快，因為有些客戶是新客戶。因此，一方面，你的市場要求更高。我們滿足了一個非常痛苦的需求，但這是一個具有不同特徵的市場。

So if you look at the market, the traditional ProAV, the new AV opportunity, which is the conference room and the market of the machine vision, I believe there is -- the differences will be about the timing, about the magnitude, and sometimes longer time is also longer magnitude, which is natural in this case. But in general, all three of them are very appealing to us, and we're very much looking forward for all the three.

因此，如果你看市場，傳統的 ProAV、新的 AV 機會（即會議室和機器視覺市場），我相信存在差異 - 差異在於時間、幅度，有時更長的時間也是更長的幅度，在這種情況下這是很自然的。但總的來說，這三部電影對我們來說都非常有吸引力，我們對這三部電影都非常期待。

Okay. Great. Thanks. And then could you walk us through the key drivers behind the gross margin guide for the first quarter? And then additionally, do you see this level sustaining beyond the first quarter? Or should we expect any fluctuations in the margin profile throughout the rest of the year? Thanks.

好的。偉大的。謝謝。然後您能否向我們介紹第一季毛利率指南背後的關鍵驅動因素？另外，您是否認為這一水平會在第一季之後持續下去？或者我們應該預期今年剩餘時間內利潤率會出現波動？謝謝。

So for the CIB, we've seen a product -- specific product shift. It might be changed in the following quarters. For the automotive, we think it will be more sustainable because we were able to optimize the cost structure of the device, of the chip, and this is why we believe it will continue in the following quarters as well. And the overall -- the average gross margin of the overall company is very much dependent on the ratio of the revenue between the CIB and automotive. So -- and it's yet to be seen.

因此，對於 CIB，我們看到了產品—特定產品的轉變。在接下來的幾個季度中，它可能會發生變化。對於汽車而言，我們認為它將更具可持續性，因為我們能夠優化設備和晶片的成本結構，這就是為什麼我們相信它在接下來的幾個季度也將繼續下去。總體而言，整個公司的平均毛利率在很大程度上取決於 CIB 和汽車之間的收入比率。所以——這還有待觀察。

Rick Schafer, Oppenheimer.

里克·謝弗，奧本海默。

Good morning. This is Wei Mok on the line for Rick. Thanks for taking the questions and congrats on the results. For my first question, in your prepared remarks, you talked about emerging from the bottom of the cycle. I was wondering if you can expand on this. Anything you can share on customer demand today compared to 90 days ago? And what are you seeing that gives you confidence in this outlook? Thanks.

早安.我是 Wei Mok，接聽 Rick 的電話。感謝您回答問題並對結果表示祝賀。對於我的第一個問題，在您準備好的發言中，您談到了走出週期底部的問題。我想知道您是否可以對此進行詳細說明。與 90 天前相比，您能分享今天的客戶需求嗎？您看到的什麼讓您對這項前景充滿信心？謝謝。

Okay. Thank you very much for the question, Wei. And the answer here is as follows. We have some access and we speak with our customers to learn from them what they sense from the market. And we -- some of them have obviously suffered from the same weakness in the past year, and they are our sources to know the recovery of the market. So this is one source, and this is one of the reasons for this optimism.

好的。非常感謝魏先生的提問。答案如下。我們有一些管道，並且與客戶交談，以了解他們對市場的感受。我們——其中一些顯然在過去一年中遭受了同樣的疲軟，他們是我們了解市場復甦的消息來源。所以這是一個來源，也是這種樂觀情緒的原因之一。

The other source of the optimism is that we're actually not looking only in the same market that we did before. And we add to the market we had before also the connecting the camera to the room and the USB-C connection, our product VS6320, which represents new opportunities for us.

樂觀的另一個來源是，我們實際上並不僅僅關注我們以前關注的市場。我們在先前的市場上還增加了將攝影機連接到房間和 USB-C 連接的產品 VS6320，這對我們來說代表著新的機會。

One of them we announced a few weeks ago about the collaboration with Sennheiser. And we hope -- and we are working on this market very hard. And this is a natural growth of this market, which I think we prepared ourselves well enough to be positioned well for this market.

其中之一就是我們幾週前宣布的與森海塞爾的合作。我們希望——並且我們正在努力開拓這個市場。這是這個市場的自然成長，我認為我們已經做好了充分的準備，能夠很好地適應這個市場。

So the answer is both the source of our customers that share with us optimism about the recovery that they see. And this is actually the best way for us to know what happens in this market because they are the ones that are sensing their customers and their channel. And the other is the product road map that enable us to penetrate other segments of this market, which we didn't haven't been before.

因此，答案是我們的客戶都和我們一樣對他們所看到的復甦抱持樂觀態度。這實際上是我們了解這個市場情況的最佳方式，因為他們是能夠感知其客戶和管道的人。另一個是產品路線圖，它使我們能夠滲透到這個市場的其他領域，這是我們以前從未涉足過的。

Great. That's good to hear and thanks. And for my second question, I want to shift over to auto. In December, there was an M&A announced for one of your competitors in the in-vehicle connectivity market. I was wondering if you could share your thoughts on this? How does it change the competitive landscape? And how do you see A-PHY positioned to compete against them?

偉大的。很高興聽到這個消息，謝謝。對於我的第二個問題，我想轉到自動。12月，貴公司宣布對車載連接市場的一家競爭對手進行併購。我想知道您是否可以分享您對此的想法？它如何改變競爭格局？您認為 A-PHY 如何與他們競爭？

Yeah, we definitely sensed this M&A. We are not here to explain every M&A and the logic behind it. We are very persistent that whenever you go out with the resolution and the bandwidth, the problems are different, and we are very confident that A-PHY is the best and by far, the unique solution to cope with high bandwidth with unshielded cables, and the fact that one company been acquired or the second company being acquired that represents a derivative or what's supposed to be a derivative of Ethernet doesn't confuse us.

是的，我們確實感受到了這次併購。我們並不是想要解釋每一次併購及其背後的邏輯。我們非常堅持，只要使用不同的解析度和頻寬，問題就會有所不同，我們非常有信心，A-PHY 是迄今為止最好的、也是唯一的解決方案，可以應對非屏蔽電纜的高頻寬，而且一家公司被收購或第二家公司被收購代表著以太網的衍生品或應該是以太網的衍生品，這一事實不會讓我們感到困惑。

I can tell you something we said it in the past. We could go with the standard very easily. For us, it's a definitely subset of complexity of what we chose to do. We chose to go on A-PHY not because we just look for the highest technological barrier. We chose on A-PHY because we predicted that the market when they go on higher resolution and the big higher bandwidth and the ADAS system wants to cover more potential accident cases, they would have no chance but to have more data and more data is more bandwidth, and more bandwidth is more exposure to noise.

我可以告訴你我們過去說過的一些話。我們可以很容易地遵循該標準。對我們來說，這絕對是我們選擇做的事情的複雜性的子集。我們選擇採用A-PHY並不是因為我們只尋求最高的技術障礙。我們之所以選擇 A-PHY，是因為我們預測，當市場轉向更高的解析度和更高的頻寬，而 ADAS 系統想要覆蓋更多的潛在事故情況時，他們就沒有機會，只能擁有更多的數據，而更多的數據意味著更多的頻寬，更多的頻寬意味著更多的雜訊暴露。

And Valens' ability to do it is unbeatable in a big, big gap. And we're always welcoming companies to challenge my sentence here and my declaration here. And yes, we hear news and definitely, every company has to do to maximize their ability and their presence.

而瓦倫斯做到這一點的能力在巨大的差距中是無與倫比的。我們始終歡迎各公司對我在這裡的判決和在這裡的聲明提出質疑。是的，我們聽到了消息，而且確實，每家公司都必須盡力發揮自己的能力和影響力。

At the end of the day, there is marketing and there are chips. And it comes chip against chip, semiconductor against semiconductor, we believe we are not winning in points. We are winning in knockout. And the three design wins we had are people who have far easier and more access to any other technology than to us, and it simply failed, and they came to us.

歸根究底，有行銷，有晶片。當晶片與晶片、半導體與半導體之間發生衝突時，我們認為我們無法在積分上獲勝。我們在淘汰賽中獲勝。我們贏得的三個設計勝利者都是那些比我們更容易獲得任何其他技術的人，但我們的設計失敗了，所以他們來找我們。

Suji Desilva, ROTH Capital.

羅仕資本（ROTH Capital）的蘇吉·德席爾瓦（Suji Desilva）。

So maybe perhaps on the auto side, you could update us on the three European OEMs. And just remind us of the L2/L2+ the programs and what the timeframe expectation is there? That would be helpful. Thanks.

因此，也許在汽車方面，您可以向我們介紹三家歐洲原始設備製造商 (OEM) 的情況。並提醒我們 L2/L2+ 程序以及預期的時間範圍是怎樣的？那將會很有幫助。謝謝。

Okay. Hi, Suji. Good to see you a while ago in the show -- in the CES show. And the answer is as follows. We have dates, and I will tell you what we predict it is. But I want to say a statement. We are working in the automotive industry. Automotive industry, sometimes there are delays which are dependent because of a different total component relating to a seat of the car and postpone the whole car. And we are subject to this. So we have the date, but to have the date, we have expected that we'll start to see chips shipped and embedded in the cars within end of 2026.

好的。你好，Suji。很高興不久前在 CES 展會上見到您。答案如下。我們有日期，我會告訴你我們的預測。但我想說一句。我們從事汽車業。汽車行業，有時會出現延誤，這是因為與汽車座椅相關的不同總部件導致的，並推遲了整輛汽車的交付。我們也受此影響。所以我們有日期，但為了確定日期，我們預計將在 2026 年底開始看到晶片出貨並嵌入汽車中。

It can be a little bit earlier or later, but that's what we're hitting for. But this is this market. And I guess everyone knows automotive, know that's very hard to predict the exact date. It has also an advantage. It also lasts more because of that.

可能早一點，也可能晚一點，但這就是我們想要的。但這就是這個市場。我想每個人都了解汽車，知道很難預測確切的日期。它也有一個優點。因此，它的持續時間也更長。

So actually, from the end of the day, what you think is actually will be out of the design win after several years, it also takes more time. So the long tail is also longer. So that's -- who wants to play in the automotive industry, that's the game, and we decided to play.

因此實際上，從一天結束的時候開始，你認為幾年後設計就會成功，這也需要更多的時間。所以長尾巴也比較長。所以，誰想在汽車產業玩，這就是遊戲，我們決定玩。

Okay. And the cars were L2/L2+, can you, just to clarify or L3?

好的。這些車是 L2/L2+，您能澄清一下還是 L3？

I will tell you that you will be very happy to drive each of them.

我會告訴你，駕駛每一輛你都會非常開心。

Okay. Good to know. And then great. And then maybe switching over to the industrial side, the medical imaging, what's the timing of that opportunity? And are you using go-to-market partners there for -- to target that market?

好的。很高興知道。然後就好了。然後也許轉向工業方面、醫學影像，這個機會的時機是什麼？您是否正在利用那裡的市場合作夥伴來瞄準該市場？

Okay. Well, I must say that the medical, and I must admit is a market that came to us. We were not proactive in meeting this market, and we are very happy about the market been approaching us because the unique need that seems that we have here.

好的。好吧，我必須說，醫療，我必須承認，這是一個來到我們身邊的市場。我們並沒有積極主動地滿足這個市場，但我們很高興市場已經與我們接洽，因為我們在這裡似乎有獨特的需求。

When we had the meeting in New York with the investors, we were -- put it many, many years ahead. I'm today more optimistic that it will be earlier than I said, but it will be -- I don't have enough information to give a date, but I would say it's earlier than what we thought significantly.

當我們在紐約與投資者開會時，我們已經把它提前了很多年。我今天更樂觀地認為它會比我說的要早，但它將是——我沒有足夠的資訊來確定日期，但我想說它比我們想像的要早得多。

Okay. Great. And then maybe lastly, Gideon, just -- you said acquisitions are an important part of the strategy. How is the environment for targets, valuations? Just any thoughts there as to how the opportunity is right now for you guys?

好的。偉大的。最後，吉迪恩，您說收購是該策略的重要組成部分。目標和估值的環境如何？你們覺得現在這個機會對你們來說怎麼樣？

There are different opportunities. Some of the opportunities are around companies that made many M&As and found out that they are serving too much of debt and they are selling some of the activities that were not merged very good in them, which is one kind.

有不同的機會。一些公司進行過多次併購，發現它們承擔了太多的債務，因此它們正在出售一些沒有很好地合併的業務，這是一個機會。

And the other are companies which are -- might be good companies, but VCs, which are tired of being so many year as the company or family businesses that are -- there are no inheritance and no next generation to take it. So a lot of -- both the AV and the industrial are not VC backed and not private equity backed.

另一類公司可能是好公司，但創投家已經厭倦了多年來作為公司或家族企業的存在——沒有遺產，也沒有下一代來繼承。因此，許多 AV 和工業都沒有得到創投或私募股權的支持。

It's a lot of family businesses and the nature of family business is different than those which we are far more aware on the public market and VC and all this chain. So -- and a lot has fluctuated. So we don't see very big change -- very large changes in the expectation for price or the willingness to sell. For good and for bad, it's the same market. It's less volatile than markets that are exposed to pension funds, stock market, VCs, private equity and so forth.

這裡有許多家族企業，而且家族企業的性質與我們在公開市場、創投和整個產業鏈中所了解的企業不同。所以——很多事情都發生了波動。因此，我們沒有看到很大的變化——價格預期或銷售意願的變化很大。不管好壞，這都是同一個市場。與退休基金、股票市場、創投、私募股權等市場相比，它的波動性較小。

Dave Storms, Stonegate.

戴夫‧斯托姆斯 (Dave Storms)，Stonegate。

I wanted to start by asking about maybe the cadence of your guidance for 2025. Should we expect a gradual ramp through the year? Or are there other variables that could lead to a step-up that we should keep in mind?

我想先詢問一下您對 2025 年的指導節奏。我們是否應該期待全年逐步上升的勢頭？或者是否存在其他我們應該牢記的可能導致升壓的變數？

Can you -- I skipped some of the words. He's asking about design wins in 2025?

你能嗎——我跳過了一些單字。他詢問的是 2025 年的設計勝利嗎？

Cadence of your guidance in 2025?

您在 2025 年的指導節奏如何？

Oh, our guidance. Okay. That's Guy's, please.

哦，我們的指導。好的。這是蓋伊的。

So we did not provide -- we provide overall guidance for the year, and we provided the guidance, which is $71 million to $76 million of revenue. We provided the guidance for the first quarter, $16.3 million to $16.6 million. We did not provide on the following quarters.

因此，我們沒有提供——我們提供的是年度總體指導，我們提供了指導，即收入為 7100 萬美元至 7600 萬美元。我們給出了第一季的預期，1630萬美元至1660萬美元。我們沒有提供接下來幾季的資訊。

Generally speaking, I would say that we expect some ramp in the second half of the year because, for example, the 6320 designs that are expected to be matured and released to the market -- commercialized to the market during the second half of the year. But this is currently what we could say.

總的來說，我認為我們預計下半年會有一些成長，因為例如 6320 設計預計將在下半年成熟並推向市場 - 商業化。但目前我們只能這麼說。

Understood. And then just on the CIB, curious as to what you're seeing in the new customer acquisition environment and maybe see how you see that evolving over 2025 as some of this inventory digestion takes its course.

明白了。然後就 CIB 而言，我很好奇您在新客戶獲取環境中看到了什麼，也許您可以看看隨著部分庫存消化的進行，您認為 2025 年這種情況將如何發展。

Well, as I'm -- first, thanks for the question. And as I said before, the inventory digestion, we see it recovering. And we think 2025 will be between high part or almost not the total recovery of the market, but the market is recovering.

嗯，首先，感謝您的提問。正如我之前所說，我們看到庫存消化正在恢復。我們認為 2025 年將是市場復甦的高峰期，或幾乎不會完全復甦，但市場正在復甦。

And so we see the recovery, and we feel there are digestion of inventory in most of the customers, not with all of the customers, but with the majority. Some of them are at the level of 2019 now, some are not. But in general, we see that the inventory crisis is behind us and picking up back.

因此，我們看到了復甦，我們感覺大多數客戶都在消化庫存，不是所有客戶，而是大多數客戶。其中一些現在已經達到了2019年的水平，有些則沒有。但總體而言，我們看到庫存危機已經過去並且正在回升。

(Operator Instructions) There are no further questions at this time. Mr. Ben-Zvi, would you like to make your concluding statement?

（操作員指示）目前沒有其他問題。本·茲維先生，您願意做最後發言嗎？

Yes, please. I would like to thank you all for joining today and for the fourth quarter and full year of 2024 earnings call and for your continued support, interest in Valens Semiconductor. And I'm sure and hope that we'll meet again in our next earnings call and looking forward for this interest in Valens and thank you all.

是的，請。我要感謝大家今天的參加以及 2024 年第四季和全年財報電話會議，以及你們對 Valens Semiconductor 的持續支持和關注。我確信並希望我們能在下次財報電話會議上再次見面，並期待對瓦倫斯的興趣，謝謝大家。

Thank you. This concludes the Valens Semiconductor results conference call. Thank you for your participation. You may go ahead and disconnect.

謝謝。瓦倫斯半導體公司業績電話會議到此結束。感謝您的參與。您可以繼續並斷開連線。