Valens Semiconductor Ltd (VLN) 2025 Q1 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 Valence Semiconductors first quarter 2025 earnings conference call and webcast. (Operator Instructions) Opening remarks by Valence 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.

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 Valence Semiconductors 2025 年第一季財報電話會議和網路廣播。（操作員指示）Valence 半導體管理層的開幕詞之後將進行問答環節。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 First Quarter 2025 Earnings Call. With me today are Gideon Ben-Zvi, Chief Executive Officer; and Guy Nathanzon, Chief Financial Officer.

感謝大家，歡迎大家參加 Valens Semiconductor 2025 年第一季財報電話會議。今天與我一起的還有執行長 Gideon Ben-Zvi 和財務長 Guy Nathanzon。

Earlier today, we issued a press release that is available on the Investor Relations section of our website under investors.valens.com.

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。

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

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。這些聲明均受今天新聞稿中的安全港語言約束。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 reconciliations 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有關，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. Valens kicked off 2025 on a high note, delivering solid performance across key metrics. We reported revenues of $16.8 million, which exceeded the top end of our guidance. GAAP gross margin for the first quarter came in at 62.9%, above the guidance and adjusted EBITDA loss was $4.3 million within the guidance range.

謝謝你，Michal。大家好，感謝大家的參與。瓦倫斯以優異的成績開啟了 2025 年，在各項關鍵指標上均取得了穩健的表現。我們報告的收入為 1,680 萬美元，超出了我們預期的最高水準。第一季 GAAP 毛利率為 62.9%，高於預期，調整後 EBITDA 虧損為 430 萬美元，在預期範圍內。

Beyond the numbers, I'd like to highlight some of our key achievements in Q1 that reinforce my confidence in our growth potential for the near future. And I will start with our Cross-Industry Business unit, or CIB, which consists of a variety of industries, professional audio/video, industrial, machine, vision and medical.

除了數字之外，我還想強調我們在第一季取得的一些關鍵成就，這些成就增強了我對我們近期成長潛力的信心。我將從我們的跨行業業務部門（CIB）開始，該部門由各種行業組成，包括專業音訊/視訊、工業、機器、視覺和醫療。

In Pro AV, last quarter, inventory digestion continued to impact our sales. But as expected, we are emerging from the bottom of the cycle. As such, we are seeing an increasing interest in our solutions, which are currently being integrated into products that are set to hit the market by the middle of 2026. The interest of our Pro AV solutions was most apparent during a couple of industry events.

在 Pro AV 領域，上個季度，庫存消化繼續影響我們的銷售。但正如預期的那樣，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，這些解決方案目前正在整合到預計 2026 年中期上市的產品中。在一些行業活動中，人們對我們的專業 AV 解決方案的興趣最為明顯。

First, in February, we were at ISE, 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 rooms setup powered by our latest chipset, the VS6320 and the VA7000. We also announced the integration of the chipset into next-gen products from top manufacturers and showcasing products from customers such as Sennheiser and Logitech. These partnerships reflect key industry trends more rooms, more displays, more video equipment, all creating more opportunities for Valens.

首先，二月，我們參加了 ISE，這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。在那裡，我們展示了採用我們最新的晶片組 VS6320 和 VA7000 的各種會議室設置。我們還宣布將該晶片組整合到頂級製造商的下一代產品中，並展示來自森海塞爾和羅技等客戶的產品。這些合作關係反映了關鍵的行業趨勢：更多的房間、更多的顯示器、更多的視訊設備，所有這些都為瓦倫斯創造了更多的機會。

Second, in InfoComm China in April, we were honored with a Best of Show Editor's Choice Award in the Best Technology Application category. This award was for our innovation in USB 3 extension with our VS6320 chip and is further testament to the superiority of our technology. InfoComm China is an influential conference, and China is a large and growing market. So this sort of recognition is important as we continue to promote our chipset offering.

其次，在四月的InfoComm China展會上，我們榮獲了最佳技術應用類別的「最佳展會編輯選擇獎」。該獎項是對我們利用 VS6320 晶片在 USB 3 擴展方面的創新的肯定，進一步證明了我們技術的優越性。InfoComm China是一個頗具影響力的展會，中國是一個龐大且不斷成長的市場。因此，當我們繼續推廣我們的晶片組產品時，這種認可非常重要。

As mentioned in previous calls, we are seeing growing adoption of our VS6320 chipset for the extension of USB 3. There are now over 70 products that have hit the market with our chip inside. Examples of recently released 6320-based products include Hall Technologies’ Discovery 3 Series, Inogeni’s U Bridge wall plates and PRO ITAV extenders, all of which hit the market over the last couple of months.

正如之前的電話會議中所提到的，我們看到越來越多的人採用我們的 VS6320 晶片組來擴展 USB 3。目前已有超過 70 種產品搭載我們的晶片進入市場。最近發布的基於 6320 的產品包括 Hall Technologies 的 Discovery 3 系列、Inogeni 的 U Bridge 牆板和 PRO ITAV 擴展器，這些產品均在過去幾個月內上市。

Staying with our cross-industry business unit, I would like to discuss another industry, machine vision, where once again, a recent international conference shined the spotlight of our technology with very positive customer feedback. In March, at the Embedded World event in Nuremberg, we showcased our innovative connectivity solutions, the VA7000 and VS6320. Initially developed for the automotive and PRO AV industries, these chipsets are already proven and mass produced and are now being repurposed to extend commonly used machine vision protocols.

繼續討論我們的跨行業業務部門，我想討論另一個行業，即機器視覺，最近的一次國際會議再次聚焦我們的技術，並獲得了非常積極的客戶回饋。三月份，在紐倫堡舉行的嵌入式世界展會上，我們展示了創新的連接解決方案 VA7000 和 VS6320。這些晶片組最初是為汽車和 PRO AV 行業開發的，已經過驗證並投入量產，現在正被重新用於擴展常用的機器視覺協議。

At the conference, we met with the leading players in the industry, all of whom were impressed by our technology. There is no substitute for seeing live demonstrations of our chipset and this renowned industry event was an excellent opportunity to further broaden our customer base. Our project with leading machine vision players continue to progress, and we are confident that our A-PHY based solution will soon begin to wedge this industry open.

在會議上，我們見到了業界的領導人物，他們都對我們的技術印象深刻。沒有什麼可以取代觀看我們晶片組的現場演示，這一著名的行業盛會是進一步擴大我們的客戶群的絕佳機會。我們與領先的機器視覺製造商合作的專案正在不斷取得進展，我們相信，基於 A-PHY 的解決方案很快就會打開這個產業的大門。

One machine vision partnership I would like to mention, which we announced just prior to the show is with RGo Robotics, and CHERRY Embedded Solutions. This collaboration integrates RGo's advanced Perception Engine, Valens VA7000 chipsets and CHERRY's Rockchip-based hardware module. The collaboration delivers unprecedented design flexibility, cost efficiency and performance for mobile machine manufacturers, enabling AI robotics applications.

我想提及的一個機器視覺合作夥伴關係，我們在展會前宣布了與 RGo Robotics 和 CHERRY Embedded Solutions 的合作。此次合作整合了 RGo 先進的感知引擎、Valens VA7000 晶片組和 CHERRY 基於 Rockchip 的硬體模組。此次合作為行動機械製造商提供了前所未有的設計靈活性、成本效率和性能，從而實現了人工智慧機器人應用。

Valens chipsets offer a number of important advantages in this industry. First, Valens chips support the highest-resolution video, increasing the precision of automated machine vision solutions. Second, the Valens chips are standardized, facilitating the implementation of smaller form factor camera modules. Third, like all our other chips, Valens solutions are the most EMI resilient on the market, important for ensuring 24/7 operation in the noisy electromagnetic environment of the factory floor. And fourth, due to their ability to operate over low-cost cables and connectors, these chipsets enable significant total system cost reduction.

Valens 晶片組在該行業中具有許多重要優勢。首先，Valens晶片支援最高解析度的視頻，提高了自動化機器視覺解決方案的精確度。其次，Valens晶片是標準化的，有利於實現更小尺寸的相機模組。第三，與我們所有其他晶片一樣，Valens 解決方案是市場上抗 EMI 能力最強的解決方案，這對於確保在工廠車間嘈雜的電磁環境中全天候運作至關重要。第四，由於這些晶片組能夠透過低成本電纜和連接器運行，因此可以顯著降低系統總成本。

Here is what the head of BD at CHERRY had to say, and I quote, "The addition of Valens VA7000 MIPI A-PHY connectivity into our portfolio opens new opportunities for our platform." The co-Founder and CEO of RGo Robotics agreed and I quote again, "Our Robotics Perception Engine demands high-quality video data, and that's exactly what Valens' connectivity solution provides while allowing us to distance the processing unit from the sensors."

以下是 CHERRY 商務開發主管的原話，我引用一下：“將 Valens VA7000 MIPI A-PHY 連接添加到我們的產品組合中，為我們的平台開闢了新的機遇。”RGo Robotics 的聯合創始人兼首席執行官對此表示同意，我再次引用他的話：“我們的機器人感知引擎需要高質量的視頻數據，而這正是 Valens 的連接解決方​​案所提供的，同時允許我們將處理單元與傳感器分開。”

Next week, at Automate Detroit, we will be showcasing our machine vision solutions with partners that are adding A-PHY technology to their platforms such as D3 Embedded and Framos. In addition, our A-PHY chipset has been shortlisted for the Shows, Innovation award. We are very proud of this industry's recognition.

下週，在 Automate Detroit 上，我們將與合作夥伴一起展示我們的機器視覺解決方案，這些合作夥伴將 A-PHY 技術添加到他們的平台（例如 D3 Embedded 和 Framos）中。此外，我們的A-PHY晶片組已入圍展會創新獎。我們對獲得業界的認可感到非常自豪。

In all, we continue to support our customers in bringing solutions to the market based on our VA7000 and VS6320 chipsets, and we are confident that the machine vision industry will become an even more significant source of revenues for us before long. We expect initial revenue from the end of 2026 with significant potential growth during the following years.

總而言之，我們將繼續支援客戶基於我們的 VA7000 和 VS6320 晶片組向市場推出解決方案，我們相信機器視覺產業不久將成為我們更重要的收入來源。我們預計初始收入將於 2026 年底實現，並在接下來的幾年中具有顯著的潛在成長。

I would like to turn now to the automotive industry. As a reminder, our opportunity in automotive is dominated by the VA7000 chipset, the first in the industry to comply with the MIPI A-PHY standard for high-speed sensor connectivity. Late last year, we announced three design wins with leading European OEMs for this solution, gaining a strong foothold for A-PHY within the OEM community. The momentum for MIPI A-PHY continued to build in Q1 2025 as we announced two significant milestones.

現在我想談談汽車產業。提醒一下，我們在汽車領域的機會主要由 VA7000 晶片組主導，它是業界第一款符合 MIPI A-PHY 高速感測器連接標準的晶片組。去年年底，我們宣布與歐洲領先的 OEM 廠商達成了該解決方案的三項設計合作，為 A-PHY 在 OEM 領域贏得了穩固的立足點。隨著我們宣布兩個重要的里程碑，MIPI A-PHY 的發展勢頭在 2025 年第一季繼續增強。

The first is that Mobileye, a global leader in ADAS systems, selected our chips for the in-car sensor to compute connectivity infrastructure for Mobileye's EyeQ6 High production programs underway with a group of global automotive brands. That is to say the design wins we announced last year came about through a strong collaboration with one of the most central automotive Tier 1 in the industry, Mobileye.

首先，ADAS 系統的全球領導者 Mobileye 選擇了我們的晶片作為車載感測器，以計算 Mobileye 與一組全球汽車品牌正在進行的 EyeQ6 High 生產計劃的連接基礎設施。也就是說，我們去年宣布的設計勝利是透過與業內最核心的汽車一級供應商之一 Mobileye 的密切合作實現的。

Most importantly, in announcing this partnership, we are signaling to the OEM community that A-PHY has the backing of a key industry player like Mobileye and that they will be working with us to bring this solution to other OEMs around the world. Here is what the Executive Vice President of Engineering at Mobileye said, "MIPI A-PHY delivers efficient and robust high-performance standardized connectivity and we look forward to working with Valens to broaden the MIPI A-PHY ecosystem and deliver this technology to more market-leading automakers."

最重要的是，透過宣布這項合作關係，我們向 OEM 社群發出訊號，A-PHY 得到了 Mobileye 等主要產業參與者的支持，並且他們將與我們合作，將這項解決方案帶給世界各地的其他 OEM。Mobileye 工程執行副總裁表示：“MIPI A-PHY 提供高效、強大的高性能標準化連接，我們期待與 Valens 合作，拓寬 MIPI A-PHY 生態系統，並將這項技術提供給更多市場領先的汽車製造商。”

The second significant milestone that we announced is the successful interoperability with 7 vendors of A-PHY Silicon. Note that interoperability is a hallmark of any true standard. So having multiple suppliers for MIPI A-PHY can only broaden the A-PHY pie or the A-pie as I like to call it.

我們宣布的第二個重要里程碑是與 7 家 A-PHY 矽片供應商成功實現互通性。請注意，互通性是任何真正標準的標誌。因此，擁有多個 MIPI A-PHY 供應商只能擴大 A-PHY 的份額，或者我喜歡稱之為 A-pie。

I will make special mention to one of these A-PHY vendors, OmniVision, a global supplier of imaging solutions of automotive OEMs, which is integrating A-PHY directly inside the sensor. After Sony, OmniVision is the second major company to announce this type of integration, which is only possible because A-PHY is a standard. Here is what Heng Fan, Senior Director of design at OmniVision said, "Integrating MIPI A-PHY directly into our sensors provides significant value for our OEM customers and partners."

我要特別提到其中一家 A-PHY 供應商 OmniVision，這是一家汽車 OEM 成像解決方案的全球供應商，它將 A-PHY 直接整合在感測器內部。繼索尼之後，OmniVision 是第二家宣布推出此類整合技術的大型公司，而這只有在 A-PHY 成為標準的情況下才有可能實現。OmniVision 高級設計總監 Heng Fan 表示：“將 MIPI A-PHY 直接整合到我們的感測器中，為我們的 OEM 客戶和合作夥伴帶來了巨大的價值。”

I would like to take a moment to discuss the growth of MIPI A-PHY in China. We are hearing that the Chinese automotive ecosystem is rapidly adopting the A-PHY standard. From a variety of local A-PHY silicon vendors to Tier 2 and Tier 1 suppliers designing around this specification to significant interest from OEMs in this technology. Of course, China is unlike any other country in the world. They are fast to adopt new technologies, but there are also a series of regulations that we are required to adhere to when attempting to penetrate this market.

我想花點時間討論一下MIPI A-PHY在中國的發展。我們聽說中國汽車生態系統正在迅速採用 A-PHY 標準。從各種本地 A-PHY 矽片供應商到圍繞此規範設計的二級和一級供應商，以及 OEM 對此技術的濃厚興趣。當然，中國與世界上任何其他國家都不同。他們很快就採用了新技術，但在我們試圖打入這個市場時也必須遵守一系列法規。

To address some of these challenges, we have partnered with a local Chinese firm, ESWIN Computing to present Chinese automakers the opportunity to source locally manufactured production-ready MIPI A-PHY chipsets for both sensor and display connectivity. This partnership allows us to access the large and growing MIPI A-PHY business opportunity that exists in the Chinese market.

為了應對其中的一些挑戰，我們與中國本土公司 ESWIN Computing 合作，為中國汽車製造商提供購買本地生產的、可用於生產的 MIPI A-PHY 晶片組的機會，用於感測器和顯示器連接。此次合作使我們能夠獲得中國市場上龐大且不斷成長的 MIPI A-PHY 商機。

Additionally, with regard to our activities in China, we were proud to display our A-PHY technology at the Auto Shanghai Conference at the end of April. At our booth, we unveiled a number of A-PHY demonstrations with major players in the automotive industry.

此外，關於我們在中國的活動，我們很自豪地在 4 月底的上海車展上展示了我們的 A-PHY 技術。在我們的展位上，我們與汽車行業的主要參與者一起進行了多項 A-PHY 演示。

First, we had Qualcomm's Snapdragon Ride 4 evaluation platform with A-PHY connectivity. Second, we had Chinese Tier 1 supplier De-say SV with an A-PHY Surround View System. Third, we had Horizon Robotics’ Journeys platform with A-PHY. And finally, an ADAS reference design with SigmaStar based on A-PHY. It's clear that the momentum around A-PHY continues to build. We continue to participate in several evaluation processes at various stages with multiple OEMs.

首先，我們有具有 A-PHY 連結能力的 Qualcomm Snapdragon Ride 4 評估平台。其次，我們擁有配備 A-PHY 環景系統的中國一級供應商 De-say SV。第三，我們擁有 Horizo​​​​n Robotics 的 A-PHY 的 Journeys 平台。最後，基於 A-PHY 的 SigmaStar 的 ADAS 參考設計。顯然，A-PHY 的發展勢頭正在持續增強。我們持續與多家 OEM 合作參與不同階段的多個評估流程。

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. I'll start with our first quarter 2025 results and then provide our outlook for the second quarter. We achieved quarterly revenue of $16.8 million, which exceeded our guidance of between $16.3 million to $16.6 million. This compares to revenue of $16.7 million in Q4 2024 and $11.6 million in Q1 2024.

謝謝你，吉迪恩。我將從我們 2025 年第一季的業績開始，然後提供我們對第二季的展望。我們實現了 1,680 萬美元的季度收入，超過了我們預期的 1,630 萬美元至 1,660 萬美元之間的收入。相較之下，2024 年第四季的營收為 1,670 萬美元，2024 年第一季的營收為 1,160 萬美元。

The Cross-Industry Business or CIB accounted for $11.7 million or approximately 70% of total revenue, while Automotive contributed $5.1 million or approximately 30% of total revenue this quarter. This compares to Q4 2024 revenue of $11.7 million from CIB and $5 million from automotive, which represented 70% and 30% of total revenue, respectively. It also compares to Q1 2024 revenue of $7.2 million from the CIB and $4.4 million from automotive, representing 60% and 40% of total revenue, respectively.

跨產業業務或 CIB 佔本季總收入的 1,170 萬美元，約佔總收入的 70%，而汽車業務貢獻了 510 萬美元，約佔總收入的 30%。相較之下，2024 年第四季 CIB 營收為 1,170 萬美元，汽車收入為 500 萬美元，分別佔總收入的 70% 和 30%。相較之下，2024 年第一季 CIB 營收為 720 萬美元，汽車收入為 440 萬美元，分別佔總營收的 60% 和 40%。

In Q1 2025, gross profit was $10.6 million compared to $10.1 million in the fourth quarter of 2024 and compared to $6.8 million in the first quarter of 2024. Q1 2025 gross margin was 62.9% compared to our guidance of between 60.8% and 61.3%. This compares to Q4 2024 gross margin of 60.4% and Q1 2024 of 59%. On a segment basis, Q1 2025 gross margin from the Cross-Industry Business was 69.1% and gross margin from automotive was 48.4%. This compares to a Q4 2024 gross margin of 64.7% and 50.5%, respectively, and a Q1 2024 gross margin of 77.2% and 29.1%, respectively.

2025 年第一季毛利為 1,060 萬美元，而 2024 年第四季為 1,010 萬美元，2024 年第一季為 680 萬美元。2025 年第一季毛利率為 62.9%，而我們的預期為 60.8% 至 61.3%。相較之下，2024 年第四季的毛利率為 60.4%，2024 年第一季的毛利率為 59%。按分部劃分，2025 年第一季跨產業業務的毛利率為 69.1%，汽車業務的毛利率為 48.4%。相較之下，2024 年第四季的毛利率分別為 64.7% 和 50.5%，2024 年第一季的毛利率分別為 77.2% 和 29.1%。

The increase in gross margin of the Cross-Industry Business, CIB, compared to Q4 2024 was due to an inventory adjustment in Q4 2024. The increase in Q1 2025 Automotive gross margin compared to Q1 2024 was due to an optimization of our product costs.

跨產業業務 CIB 的毛利率與 2024 年第四季相比有所增加，原因是 2024 年第四季進行了庫存調整。2025 年第一季汽車毛利率與 2024 年第一季相比有所增加，這是由於我們優化了產品成本。

Non-GAAP gross margin in Q1 was 66.7%, which compares to a 64.5% in Q4 2024 and 62% in Q1 2024. Operating expenses in Q1 2025 totaled $20 million compared to $18.5 million at the end of Q4 2024 and $18.1 million in Q1 2024.

第一季非公認會計準則毛利率為 66.7%，而 2024 年第四季為 64.5%，2024 年第一季為 62%。2025 年第一季的營運費用總計 2,000 萬美元，而 2024 年第四季末為 1,850 萬美元，2024 年第一季為 1,810 萬美元。

Research and development expenses in Q1 totaled $10.6 million compared to $10.1 million in Q4 2024 and $10.1 million in Q1 2024. SG&A expenses in Q1 were $9.3 million compared to $8.3 million in Q4 2024 and $8 million in Q1 2024.

第一季研發費用總計 1,060 萬美元，而 2024 年第四季為 1,010 萬美元，2024 年第一季為 1,010 萬美元。第一季的銷售、一般及行政費用為 930 萬美元，而 2024 年第四季為 830 萬美元，2024 年第一季為 800 萬美元。

GAAP net loss in Q1 was $8.3 million compared to a net loss of $7.3 million in Q4 2024 and a net loss of $10 million in Q1 2024. Adjusted EBITDA in Q1 was a loss of $4.3 million within the guidance range of a loss between $4.5 million and $4.2 million. This compares to an adjusted EBITDA loss of $3.7 million in Q4 2024 and an adjusted EBITDA loss of $7.1 million in Q1 2024.

第一季的 GAAP 淨虧損為 830 萬美元，而 2024 年第四季的淨虧損為 730 萬美元，2024 年第一季的淨虧損為 1,000 萬美元。第一季調整後的 EBITDA 虧損 430 萬美元，處於 450 萬美元至 420 萬美元的指導虧損範圍內。相較之下，2024 年第四季調整後 EBITDA 虧損為 370 萬美元，2024 年第一季調整後 EBITDA 虧損為 710 萬美元。

GAAP loss per share for Q1 was $0.08 compared to a GAAP loss per share of $0.07 for Q4 2024 and a GAAP loss per share of $0.10 for Q1 2024. Non-GAAP loss per share in Q1 2025 was $0.03 compared to a loss per share of $0.02 in Q4 2024 and a loss per share of $0.07 in Q1 2024. The difference between GAAP and non-GAAP loss per share was due to stock-based compensation and depreciation and amortization expenses.

第一季 GAAP 每股虧損為 0.08 美元，而 2024 年第四季 GAAP 每股虧損為 0.07 美元，2024 年第一季 GAAP 每股虧損為 0.10 美元。2025 年第一季非公認會計準則每股虧損為 0.03 美元，而 2024 年第四季每股虧損為 0.02 美元，2024 年第一季每股虧損為 0.07 美元。GAAP 每股虧損和非 GAAP 每股虧損之間的差異是由於股票薪酬以及折舊和攤銷費用造成的。

Now turning to the balance sheet. We ended Q1 2025 with cash, cash equivalents and short-term deposits totaling $112.5 million and no debt. This compares to $131 million at the end of Q4 2024 and $139.8 million at the end of Q1 2024. In November 2024, we announced a first share repurchase plan of up to $10 million and in February 2025 on another plan of up to $15 million. During the quarter, we spent $9.6 million on both plans.

現在轉向資產負債表。截至 2025 年第一季度，我們的現金、現金等價物和短期存款總額為 1.125 億美元，且沒有債務。相較之下，2024 年第四季末為 1.31 億美元，2024 年第一季末為 1.398 億美元。2024 年 11 月，我們宣布了第一項高達 1000 萬美元的股票回購計劃，並於 2025 年 2 月宣布了另一項高達 1500 萬美元的計劃。本季度，我們在這兩項計劃上花費了 960 萬美元。

Our working capital at the end of the first quarter was $119.8 million compared to $133.6 million at the end of Q4 2024 and $153.3 million at the end of Q1 2024. Our inventory as of March 31, 2025, was $10.9 million, a slight increase from $10.2 million on December 31, 2024, and down from $12.5 million on March 31, 2024.

我們第一季末的營運資金為 1.198 億美元，而 2024 年第四季末為 1.336 億美元，2024 年第一季末為 1.533 億美元。截至 2025 年 3 月 31 日，我們的庫存為 1,090 萬美元，較 2024 年 12 月 31 日的 1,020 萬美元略有增加，但低於 2024 年 3 月 31 日的 1,250 萬美元。

Now I would like to provide our guidance for the second quarter of 2025. We expect Q2 revenue to be in the range of $16.5 million to $16.8 million. We expect gross margin for Q2 of 2025 to be in the range of 63% to 64%, and we expect adjusted EBITDA loss in Q2 2025 to be in the range of $4.9 million to $4.4 million loss.

現在我想提供我們對 2025 年第二季的指導。我們預計第二季的營收將在 1,650 萬美元至 1,680 萬美元之間。我們預計 2025 年第二季的毛利率將在 63% 至 64% 之間，我們預計 2025 年第二季的調整後 EBITDA 虧損將在 490 萬美元至 440 萬美元之間。

Before turning the call back to Gideon, I want to refer to the new tariffs. While semiconductors are currently exempt from these tariffs, it is still too early to estimate the direct impact on our operations and the impact on our customers' end market demand. We are closely monitoring the situation, and we will provide updates to the investment community as we get more information.

在將電話轉回吉迪恩之前，我想提一下新的關稅。雖然半導體目前不受這些關稅的影響，但現在估計其對我們營運的直接影響以及對我們客戶終端市場需求的影響還為時過早。我們正在密切關注局勢，一旦獲得更多信息，我們將向投資界提供最新消息。

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 Global 團隊的持續承諾和奉獻表示感謝。

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

現在，我將開始回答大家的問題。操作員？

Thank you, ladies and gentlemen. At this time we will begin the question and answer session. (Operator Instructions)

謝謝各位，女士們、先生們。現在我們將開始問答環節。（操作員指示）

Rick Schaeffer of Oppenheimer. Please go ahead.

奧本海默的里克·謝弗。請繼續。

This is Wei Mok on the line for Rick. Firstly, congrats on the Mobileye win. I was wondering how does this partnership change the dynamic in which you pursue future OEM wins with A-PHY. Since Mobileye is already collaborating across several OEMs, does that by virtue mean you will be working closely with those OEMs?

我是 Wei Mok，接聽 Rick 的電話。首先，恭喜Mobileye獲勝。我想知道這種合作關係如何改變您透過 A-PHY 追求未來 OEM 勝利的動態。既然 Mobileye 已經與多家 OEM 廠商合作，這是否意味著您將與這些 OEM 廠商密切合作？

Rick, thank you for your question, and I'm happy to answer about -- actually, it's almost an invited question for me. The Mobileye collaboration is a collaboration which is purely on quality. What Valens provided here is the need to elevate in the quality and the bandwidth of cameras that are coming into the ECU of Mobileye, a need that, of course, is more resolution, as more bandwidth more exposed to a noise that can ruin the whole system. And we proved that by this elevation and by this increase in bandwidth, we can do things which others can't. And this is the nature of the deal.

里克，謝謝你的提問，我很樂意回答——實際上，對我來說這幾乎是一個受邀提出的問題。與 Mobileye 的合作是一次純粹以品質為重點的合作。Valens 在這裡提出的是需要提高進入 Mobileye ECU 的攝影機的品質和頻寬，當然，這需要更高的分辨率，因為更高的頻寬會使其更容易受到雜訊的影響，而雜訊可能會毀掉整個系統。我們證明，透過這種提升和頻寬的增加，我們可以做到別人做不到的事。這就是交易的本質。

About how it will influence is other deals, it's time to tell, but the essence is that Mobileye is moving up, is elevating their capabilities and requires better cameras, which provide more data, and we are there for them. So we believe even those systems that initially they are installed or have their own design wins with other chips, those customers would like to elevate in some stage, and then we will be there.

至於它將如何影響其他交易，現在是時候說明了，但本質是 Mobileye 正在進步，正在提升他們的能力，並且需要更好的攝像頭，從而提供更多的數據，而我們將為他們提供幫助。因此，我們相信，即使那些最初安裝的系統或擁有與其他晶片相同的設計，那些客戶也希望在某個階段有所提升，然後我們就會到達那裡。

I guess that if you ask Mobileye, they would -- as I said in the press release, they see our solution as a solution that is taking -- helping them take the connection between the camera and to the ECU up. I hope I answered exactly what you -- but if it's not the answer, let me know.

我想如果你問 Mobileye，他們會——正如我在新聞稿中所說的那樣，他們認為我們的解決方案是一種幫助他們建立攝影機和 ECU 之間的連接的解決方案。我希望我回答的正是您的問題——但如果這不是答案，請告訴我。

No, yes. I was just wondering, because Mobileye is already working with other large OEMs, are you working directly closer to those OEMs? Or will you still be pursuing OEM design wins independently?

不，是的。我只是想知道，由於 Mobileye 已經與其他大型 OEM 合作，您是否與這些 OEM 有更直接的合作？還是您仍將獨立追求 OEM 設計勝利？

Of course, we are -- this market is the market, everyone speaks to everyone. And the influence is quite a matrix if you look at it from above. And yes, we need the customers and need Mobileye and this market is a market that's Tier 1s and Tier 2s and OEMs are knowing each other. It's -- OEM is always aware who is the Tier 2 that to the Tier 1 and sometimes even the whole negotiation is done between the Tier 2 and the OEM and only the technical and the delivery is done through the Tier 1.

當然，我們是──這個市場就是市場，每個人都會跟每個人說話。如果你從上方看的話，其影響是一個相當大的矩陣。是的，我們需要客戶，需要 Mobileye，這個市場是 Tier 1、Tier 2 和 OEM 互相了解的市場。OEM 始終清楚誰是 Tier 2，誰是 Tier 1，有時甚至整個談判都是在 Tier 2 和 OEM 之間進行的，只有技術和交付是透過 Tier 1 完成的。

The case of Mobileye is different because Mobileye are acting in the market on both as Tier 1 and Tier 2. So actually, all answers are right. Sometimes you fix the OEM, Tier 1, sometimes to both. But in all cases, the OEM is fully aware and involved in the decision as we will be the service.

Mobileye 的情況有所不同，因為 Mobileye 在市場上既充當 Tier 1，又充當 Tier 2。所以實際上所有答案都是正確的。有時您會修復 OEM、Tier 1，有時則修復兩者。但在所有情況下，OEM 都充分了解並參與決策，因為我們將提供服務。

Okay. Got it. That's clear. And as for my follow-up is on tariffs. I really appreciate the color that you're not seeing any direct impacts, so what gives you this level of visibility? And while there is no direct impact, are you seeing any second or third order effects? So any indirect impacts to your business from tariffs?

好的。知道了。這很清楚。我的後續問題是關於關稅。我真的很欣賞你沒有看到任何直接影響的顏色，那麼是什麼讓你有這種程度的可見性？雖然沒有直接影響，但您是否看到任何二階或三階效應？那麼關稅對您的業務有任何間接影響嗎？

Of course, this is something we cannot disclose at this stage, but the nature of this market that an OEM, which is very prestigious has the circles around and the circles around, and that's the whole idea of our business model is to create a presence to start with the strong -- with those give us the credibility and to move on. And when we'll have news to announce, believe me, we will not wait a minute.

當然，這是我們現階段無法透露的事情，但這個市場的本質是，非常有聲望的 OEM 廠商擁有一個又一個的圈子，而我們的商業模式的整個想法就是從強大的企業開始，創造一個存在感——這些企業給予我們信譽並繼續前進。當我們有新聞要宣佈時，相信我，我們不會等待一分鐘。

Great. Thank you.

偉大的。謝謝。

Quinn Bolton of Needham & Company

尼德漢姆公司的奎因·博爾頓

Let me offer my congratulations on the steady results. I wanted to follow up on the Mobileye question, Gideon, you mentioned that as camera resolution and bandwidth goes up, that hopefully pushes solution or customers to adopt your solution. Can you give us a sense, is there a camera resolution where the incumbent technology that Mobileye uses with a large semiconductor competitor maxes out? Like are we talking 8 megapixel resolutions? Does it have to be something higher? Just any kind of metrics around the resolution where the MIPI A-PHY standard may really start to show dramatic benefits relative to the Texas Instruments FPD-Link technology?

我對取得的穩定成績表示祝賀。我想跟進 Mobileye 的問題，Gideon，您提到隨著相機解析度和頻寬的提高，希望能夠推動解決方案或客戶採用您的解決方案。您能否告訴我們，Mobileye 與大型半導體競爭對手使用的現有技術的攝影機解析度是否能夠達到最大值？就像我們談論的是 800 萬像素解析度？一定要更高一點嗎？圍繞分辨率的任何指標是否真的可以表明 MIPI A-PHY 標準相對於德州儀器 FPD-Link 技術具有顯著優勢？

Thanks very much for the question, and I would be happy to answer without drilling too much into technology because the answer is quite technique, and I will try to leave it in a way which is not too technique. I hope I will succeed. Bandwidth is not only resolution. Bandwidth is also frames per second. It's also how many pixels, how many bites per pixel, bits per pixel, all these together create the bandwidth. The higher the bandwidth, the more exposed is to noise. And this is something which is quite not intuitive.

非常感謝您提出這個問題，我很樂意回答，但不會深入探討太多技術問題，因為答案相當有技術性，我會嘗試以一種不太技術性的方式來回答它。我希望我會成功。頻寬不僅僅是解析度。頻寬也是每秒幀數。還有像素數、每個像素有多少位元組、每個像素有多少位數，所有這些加在一起就構成了頻寬。頻寬越高，受雜訊影響越大。這是非常不直覺的事。

When we move from a 4-gigabit bandwidth to 8 gigabit bandwidth, we move to twice the bandwidth. But the fragility and the exposure to noise is not wise. It's not linear. It's far more, meaning that if a car that is moving to a higher bandwidth will be driving near a cellular antenna on a bridge or near a truck or whatever, the result can be lost frames and lost frames meaning that missing the red light or missing the passenger or missing something.

當我們從 4 千兆位元頻寬轉移到 8 千兆位元頻寬時，頻寬就增加了一倍。但脆弱性和暴露在噪音中是不明智的。它不是線性的。這意味著，如果一輛使用更高頻寬的汽車在橋上的蜂窩天線附近或卡車附近行駛，則可能會丟失幀，丟失幀意味著錯過紅燈或錯過乘客或錯過某些東西。

Now as the calculation of what the bandwidth is, whether it's 8 megapixel camera or 4 megapixel camera, 30 or 60 or 24 per second or 10, 12, 14 or whatever number of pixel. Each of them has its calculation. And yes, they can play with it. They can definitely decide to move one up and one down in order to stay with lower bandwidth and use the incumbent technology in order not to move to the next stage and sometimes they do it. But there is a level that they cannot do it anymore.

現在計算一下頻寬，無論是 800 萬像素相機還是 400 萬像素相機，每秒 30 或 60 或 24 像素，還是 10、12、14 或任何其他像素數。他們每個人都有自己的算計。是的，他們可以玩它。他們絕對可以決定將一個階段向上移動或向下移動，以保持較低的頻寬，並使用現有技術，以免進入下一階段，有時他們會這樣做。但到了某個程度，他們就無法再這樣做了。

And they understand that in order to move to the next stage of quality of the ADAS, it requires the next mode of the quality of information. It is retrieved in order to digest it and make a decision. Red light, yes or no, passenger, yes or no, bicycles, yes or no. And sometimes -- not sometimes, often, this requires only one way to know it is enough information. Of course, the other side is the quality of the Mobileye, which is, of course, a Supreme system that analyzes it, but you need a certain level of information to analyze. I want to go on something very detailed, if I may.

他們明白，為了進入 ADAS 品質的下一階段，需要下一個資訊品質模式。檢索它是為了消化它並做出決定。紅燈，是或否，乘客，是或否，自行車，是或否。有時——不是有時，而是通常，這只需要一種方法來知道足夠的資訊。當然，另一方面是Mobileye的質量，它當然是一個分析它的至尊系統，但你需要一定程度的資訊才能進行分析。如果可以的話，我想進一步詳細地討論一些事情。

Think about a car that is going and it has -- the speed it is going, breaking distance is 150 meters. But there is a very small foot of a child just out of the sidewalk in 100 meters. A certain resolution or certain bandwidth will not see the foot of the child, and this is exactly how to prevent casualty or accident by going upwards resolution. I hope I was not too technical and I gave the answer.

想像一輛正在行駛的汽車，它的行駛速度為 150 公尺。但剛過100米，人行道上就出現了一個小孩的很小的腳。一定的解析度或一定的頻寬是看不到小孩的腳的，這正是透過提高解析度來防止傷亡或事故發生的方法。我希望我的回答不是太專業並且我給了答案。

No, that was very helpful. I wanted to follow up. You mentioned the MIPI A-PHY interoperability testing in China and your work with the local partner. I guess two questions there. Can you give us some sense how those -- how you're progressing in terms of conversations with Chinese auto OEMs? When could you start to see adoption of your solution in the China market? And to the extent you're working with that local partner, does that have any impact on profitability or margins for your solution since you're working with that partner on the go-to-market strategy?

不，這非常有幫助。我想跟進一下。您提到了在中國進行的 MIPI A-PHY 互通性測試以及您與當地合作夥伴的合作。我想這裡有兩個問題。您能否向我們介紹一下您與中國汽車原始設備製造商的對話進度如何？什麼時候能開始看到您的解決方案在中國市場被採用？就您與當地合作夥伴的合作程度而言，這是否會對您的解決方案的盈利能力或利潤率產生任何影響，因為您正在與該合作夥伴一起制定市場進入策略？

Yes, there are several sections in this question, I will try not to miss any of them. First, China become a place of innovation. And we are very happy to see that innovation and A-PHY goes together. There is no place that A-PHY has been accepted in the market more than China, and we see so many A-PHY players, and we are helping interoperability to everyone. We're happy to bring competitors to the market even if they eat part of our lunch. And we do it because at the end of the day, we have a superior technology and a lot of those ships would be acquired purchased from us. So we help the ecosystem, and we're happy to see how the ecosystem is vibrant and how the ecosystem is active. So this is about A-PHY and China.

是的，這個問題有幾個部分，我會盡量不要錯過任何一個。第一，中國成為創新之地。我們非常高興看到創新與 A-PHY 結合。沒有哪個地方的 A-PHY 市場接受度比中國更高，我們看到如此多的 A-PHY 參與者，我們正在幫助每個人實現互通性。我們很樂意將競爭對手引入市場，即使他們搶走了我們的部分市場份額。我們這樣做是因為最終我們擁有先進的技術，許多船舶都是從我們這裡購買的。所以我們幫助生態系統，我們很高興看到生態系統如何充滿活力，生態系統如何活躍。這是關於 A-PHY 和中國的事情。

About us in China. Yes, we are -- China has often need -- requires different business models. This business models without getting too detailed, requires JVs and other, I would say, mechanics in order to penetrate the market. And we adopt them. We don't try to teach the Chinese Israeli way, the opposite. We are trying to learn the Chinese way. And in order to penetrate the market, we understand that we need to do some adjustment if we do those adjustments.

關於我們在中國。是的，中國經常需要不同的商業模式。這種商業模式不需要太詳細，我想說，需要合資企業和其他機制才能打入市場。我們收養了它們。我們不會嘗試用中國以色列人的方式去教他們，恰恰相反。我們正在努力學習中國的方式。為了打入市場，我們知道我們需要做一些調整，如果我們要進行這些調整的話。

And the last question is whether we speak to OEMs. Of course, we do. You know that there are many, many OEMs in China. There are many mergers. There are many -- it's a lot of activities. And I believe that we are very well aware and accepted in China as a superior technology. I believe that there is most, if not all of the Chinese manufacturer know about A-PHY and it is an option, know about Valens it's an option. And we are working very hard in order to create news for us and for the markets.

最後一個問題是我們是否與 OEM 進行過交談。當然有。你知道中國有很多很多的原始設備製造商。有很多合併。有很多——有很多活動。我相信，我們在中國已經充分認識到並接受了這項先進技術。我相信，即使不是全部，大多數中國製造商也都知道 A-PHY 是一個選擇，也知道 Valens 是一個選擇。我們正在努力為自己和市場創造新聞。

Okay. Great. And then just last quick one for Guy. You guys gave 2025 guidance, I think, originally back at the Analyst Day late last year. I think you reiterated on your last conference call. I didn't see any comment about 2025 guidance. I'm not sure if you're willing to reiterate that this morning or whether you're pulling that guidance given some of the tariff uncertainty. But just any comment on the 2025 annual guidance?

好的。偉大的。最後再給 Guy 講一個簡短的故事。我認為，你們最初在去年年底的分析師日上給了 2025 年的指引。我想您在上次電話會議上重申了這一點。我沒有看到任何關於 2025 年指導的評論。我不確定您是否願意在今天早上重申這一點，或者考慮到關稅的不確定性，您是否會撤回該指導。但對 2025 年年度指導有什麼評論嗎？

At this stage, there is no change on the guidance. We keep them as we said. And yes, we're closely tracking the situation and the impact of the tariffs. And if there is any change, we will let you know. But at this stage, we keep everything as is.

現階段，指導意見沒有改變。我們按照我們所說的保留它們。是的，我們正在密切關注關稅的情況和影響。如果有任何變化，我們會通知您。但現階段，我們保持一切原樣。

Perfect. Thank you.

完美的。謝謝。

Suji da Silva of Ross Capital.

羅斯資本的蘇吉·達席爾瓦。

Hi Gideon. Hi Guy. Congrats on the steady results here. Switching over to the CIB segment. As you talked about the mid-'26 ramp of some of the newer products, can you talk about which end markets might lead that professional AV, industrial, machine vision or medical? And then which products would lead the ramp? Was it -- is it VA7000 or VS6320 or will it be both together?

你好，吉迪恩。嗨，蓋伊。恭喜您取得穩定的成果。切換到 CIB 段。當您談到 26 年中期一些新產品的推出時，您能否談談哪些終端市場可能會引領專業 AV、工業、機器視覺或醫療市場？那麼哪些產品會引領這股趨勢呢？它是 VA7000 還是 VS6320，或者兩者兼而有之？

Okay. There are -- we are active in several markets in the CIB. There is traditional Pro AV, the market which suffered from inventory digestion, and we look that there is recovery in the market. There is a market which is -- it is somehow can be called Pro AV, but it's in AV more than Pro AV, which is the conference rooms, a market which we are helping to ramp it up. It needs definitely with the 6320 and somehow with the 3000, we are from the VS family.

好的。我們在 CIB 的多個市場中活躍。傳統的 Pro AV 市場遭受了庫存消化的影響，我們預計該市場正在復甦。有一個市場——它可以被稱為專業 AV，但它比專業 AV 更側重於 AV，即會議室市場，我們正在幫助它擴大規模。它肯定需要 6320，並且以某種方式需要 3000，我們來自 VS 家族。

And if we're moving to a USB 3 extension and to an extension of industrial camera, both the VS6320, the chip that was made for the audio-video and the VA7000 series for automotive, both of them find a way to extension and connecting cameras in the industrial world to the computing power that calculates and help monitoring the industrial process.

如果我們轉向 USB 3 擴展和工業攝影機的擴展，那麼 VS6320（用於音訊視訊的晶片）和用於汽車的 VA7000 系列都可以找到擴展和連接工業領域攝影機的方法，從而計算並幫助監控工業製程的運算能力。

So the answer is that in the industrial machine vision and support both the chips from automotive and audio-video with very few changes in notification being found the chips that are suitable for this market, which we're very happy about this reuse.

因此答案是，在工業機器視覺領域，支援汽車和音訊視訊晶片，只需很少的通知變化就能找到適合這個市場的晶片，我們對這種重複使用感到非常高興。

Okay. All right. And the other question really is -- I'm sorry, go ahead. On the financial model, given where do you think the breakeven revenue is kind of revisiting what you talked about at the Analyst Day, perhaps? And then what do you think the expected CIB/auto mix would be at that point?

好的。好的。另一個問題實際上是——抱歉，請繼續。在財務模型上，您認為損益平衡收入是否與您在分析師日上談論的內容有些相似？那麼您認為當時預期的 CIB/auto 組合會是什麼呢？

Well, it's a question of thinking timing. We see the progress in all the 3 sections of CIB and automotive and audio-video. Of course, automotive is everyone knows, is the slowest in the market. We thought that CIB will be slower than AV. We're not sure it is. CIB, there is a lot of enthusiasm in the market, and we hope it is definitely faster than automotive. The question whether it's slower than audio-video or not. We are in the stage of understanding it. I believe it is a lot closer in the speed to audio-video than to automotive.

嗯，這是一個思考時機的問題。我們看到了CIB、汽車和影音三個領域都取得了進展。當然，汽車是眾所周知的，是市場上最慢的。我們認為 CIB 會比 AV 慢。我們不確定是否如此。CIB，市場熱情很高，我們希望它的速度肯定比汽車更快。問題是它是否比音頻視頻慢。我們正處於理解階段。我相信它的速度更接近音頻視頻而不是汽車。

So the mix of the 3 is very much depends on timing. I guess that when we will be at this breakeven point we spoke, it will be not 1/3, 1/3 and 1/3, but maybe not very far away from there. But it's very hard to give you exactly what will be the mix and what will be the mix. But probably Guy should elaborate here more than I do.

因此，三者的混合很大程度取決於時機。我想，當我們達到我們所說的損益平衡點時，它不會是 1/3、1/3 和 1/3，但可能也不會太遠。但很難確切地告訴你混合會是什麼以及混合會是什麼。但蓋伊可能應該比我更詳細地闡述這一點。

Thank you, Gideon. Suji, so I will give you again the data we have provided during the Analyst Day. First of all, we expect to be EBITDA positive at annual run rate of revenue of $120 million roughly a year. We did not say when we expect it to happen. We said about the guidance for '25. And we said where is our goal for 2029, which is anywhere between $220 million to $300 million by 2029.

謝謝你，吉迪恩。Suji，所以我將再次向您提供我們在分析師日期間提供的數據。首先，我們預計年營收運行率約 1.2 億美元時 EBITDA 將為正值。我們沒有透露預計何時會發生這種情況。我們談到了 25 年的指導。我們問了 2029 年的目標是什麼，到 2029 年應該會達到 2.2 億美元到 3 億美元之間。

The second element, we said what are the expectations on 2029 of the allocations. And we said that we expect to have the CIB anywhere between $90 million to $100 million of revenue, and we expect to see on automotive $65 million to $110 million, Machine Vision and Industrial, $35 million to $50 million and for potential acquisitions, $30 million to $40 million, altogether, $220 million to $300 million of revenue by this year.

第二個要素，我們說了 2029 年分配的預期是什麼。我們表示，預計 CIB 的收入將在 9,000 萬至 1 億美元之間，其中汽車業務的收入為 6,500 萬至 1.1 億美元，機器視覺和工業業務的收入為 3,500 萬至 5,000 萬美元，潛在收購的收入為 3,000 萬至 4,000 萬美元，總計今年的收入將達到 2.2 億美元。

We did not say or mention anything about the allocation of the different verticals or segments in the breakeven point, in the EBITDA positive point because, first of all, we have still limited visibility to answer this question. But we -- I can say the following. We said that we expect initial ramp-up from the CIB business starting from '25 and beyond, Machine Vision and Industrial from '26 and beyond and ramping up of the revenue in the automotive from '27, late '26, '27 and beyond.

我們沒有說或提到任何有關損益平衡點、EBITDA 正點中不同垂直產業或細分市場的分配情況，因為首先，我們對回答這個問題的了解仍然有限。但是我們——我可以說以下內容。我們表示，我們預計 CIB 業務將從 25 年開始逐步成長，機器視覺和工業業務將從 26 年開始逐步成長，而汽車業務的收入將從 27 年、26 年底、27 年以後逐步成長。

I think that these are the inputs we gave during the earnings day. I think that that probably can help you do the calculation on the specific question you have asked.

我認為這些都是我們在收益日給予的投入。我認為這可能有助於您對所問的特定問題進行計算。

Okay, thanks, very helpful, thanks.

好的，謝謝，非常有幫助，謝謝。

Robert Lynch of Stonegate Capital Partners.

Stonegate Capital Partners 的 Robert Lynch。

Hi Gideon. Hi guy. This is Robert Lynch on for Dave Storms. I just have a couple of questions here. The first one is just around margins, and I apologize if this is repetitive. Automotive gross margins improved significantly in Q1 to 48.4% from 29.1% just a year ago. Can you provide more detail on what drove this improvement? I understand it came from optimization of product cost. But if you could just provide more color on what specific initiatives allowed for a decrease in costs? And do you find these margin levels to be sustainable, going forward here?

你好，吉迪恩。嗨，夥計。我是羅伯特‧林奇 (Robert Lynch)，取代戴夫‧斯托姆斯 (Dave Storms)。我只有幾個問題。第一個只是關於邊緣，如果重複的話我深表歉意。第一季汽車毛利率大幅提升，從去年同期的 29.1% 升至 48.4%。您能否提供更多細節來說明推動這項改進的因素？我理解這是出於產品成本的最佳化。但是，您能否更詳細說明哪些具體措施可以降低成本？您認為這些利潤水準在未來是否可持續？

So unfortunately, I don't have too much to say above what we said. We do ongoing efforts to improve the cost of manufacturing, and we do different type of things all the time. Specifically in Q4, we had some inventory adjustment we said in Q1, we did not. But I would call it kind of ongoing efforts and routine activities in order to improve the margin all the time. In addition, typically, we have also the element of the product mix, which also has some impact on the gross margin. So these are the typical elements that influence the gross margin of the company.

因此很遺憾，對於我們所說的內容，我沒有太多要說的。我們不斷努力降低製造成本，並且一直在做不同類型的事情。具體來說，在第四季度，我們進行了一些庫存調整，但我們在第一季沒有這樣做。但我認為這是一種持續的努力和日常活動，目的是不斷提高利潤率。此外，通常我們也會考慮產品組合因素，這也會對毛利率產生一定的影響。這些都是影響公司毛利率的典型因素。

Okay. Understood. I really appreciate the color there. And just had one more around working capital. Given the slight volatility here in the supply chain, excuse me, how are you approaching working capital management to balance inventory levels as well as liquidity and the flexibility needed to meet customer demand amid these macro headwinds? Anything there?

好的。明白了。我真的很欣賞那裡的色彩。我還有一個關於營運資金的問題。鑑於供應鏈中存在的輕微波動，請問，在宏觀不利因素的影響下，您如何處理營運資本管理以平衡庫存水準以及流動性和滿足客戶需求所需的靈活性？有什麼？

Well, there are 2 parts of the question. I'll take the first one. Because of Valens's very strong balance sheet, our policy is 0 risk in being a very good supplier to our customer. And because we know the digestion now is very stable, we rather have a bigger buffer and continue to be a company that each of our customers will complement us, and this is part of the company's pride. And I think this is one of the better use of capital, and this is the part of the question. I guess Guy would take the second part.

嗯，這個問題有兩個部分。我要第一個。由於 Valens 的資產負債表非常強勁，我們的政策是零風險，成為客戶的優秀供應商。而且因為我們知道現在的消化情況非常穩定，我們寧願擁有更大的緩衝，繼續成為每個客戶都會補充我們的公司，這也是公司引以為傲的一部分。我認為這是更好地利用資本的方式之一，這也是問題的一部分。我猜蓋伊會選第二部分。

So I think that eventually, lead time got back to normal levels of the pre-COVID. And that means both lead time that Valens provides to its customers and the same -- and the opposite Valens gets from its suppliers. So we're trying to manage the inventory in the most efficient way that we could, adjusting the lead time and keeping some buffers in order to make sure that we can always supply on time. And this is the way we maintain the inventories.

因此我認為最終交貨時間會恢復到疫情之前的正常水平。這意味著 Valens 既要向客戶提供交貨時間，又要從供應商處獲得交貨時間。因此，我們正在嘗試以最有效的方式管理庫存，調整交貨時間並保留一些緩衝，以確保我們始終能夠按時供貨。這就是我們維護庫存的方式。

Okay, great. Thank you

好的，太好了。謝謝

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

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

目前沒有其他問題。本·茲維先生，您願意做最後發言嗎？

Yes, please. Thank you. I would like to thank you all for joining us for the questions and for the discussion and joining us today for our first quarter 2025 earnings call and for your continued support and interest in Valens Semiconductor. Hope to meet you again in our next earnings call, and thank you, and goodbye.

是的，請。謝謝。我想感謝大家加入我們的提問和討論，並參加我們今天的 2025 年第一季財報電話會議，以及對 Valens Semiconductor 的持續支持和關注。希望在下次財報電話會議上再次見到您，謝謝您，再見。

Thank you. This concludes the Valens semiconductor results conference call.

謝謝。瓦倫斯半導體業績電話會議到此結束。

Thank you for your participation. You may go ahead and disconnect.

感謝您的參與。您可以繼續並斷開連線。