Valens Semiconductor Ltd (VLN) 2025 Q2 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 second-quarter 2025 earnings conference call and webcast. (Operator Instructions) Opening remarks by Valens Semiconductor management will be followed by a question-and-answer session.

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 2025 年第二季財報電話會議和網路廣播。（操作員指示）Valens Semiconductor 管理層的開幕致詞之後將進行問答環節。

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

現在我將把電話轉給 Valens Semiconductor 投資者關係部的 Michal Ben Ari。請繼續。

Thank you and welcome everyone to Valen semiconductor second quarter, 2025 earnings goal. 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.

感謝並歡迎大家關注 Valen 半導體 2025 年第二季獲利目標。今天與我一起的還有執行長 Gideon Ben-Zvi 和財務長 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。

As a reminder, today's earning 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-20F filed with the SEC on February 26, 2025, for a discussion of the factors that could cause actual results to defer materially from those expressed or implied. We do not undertake any duty to revise or update such statements to reflect new information subsequent events or changes in strategy.

提醒一下，今天的財報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 20F 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大不相同的因素。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。

We'll 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. We are pleased with our performance in Q2 where we exhibit our guidance and delivered revenues of $17.1 million. This marked the fifth consecutive quarter of growth for our company. GAAP gross margin came in at 63.5% in the mid-range of the guidance; and adjusted EBITDA loss was $4.0 million above the guidance range.

謝謝你，麥可。大家好，感謝大家的參與。我們對第二季的業績感到滿意，我們達到了預期並實現了 1,710 萬美元的收入。這是我們公司連續第五個季度實現成長。GAAP 毛利率達到 63.5%，處於指導範圍的中間範圍；調整後的 EBITDA 虧損比指導範圍高出 400 萬美元。

Nevertheless, like many in our industry, we haven't been immune to the impact of global tariffs. These have prompted some customers to lower their forecast for the second half of the year, which we expect will affect our revenue outlook. Therefore, we are updating our full-year 2025 revenue guidance to be in the range of $66 million to $71 million. Still, the momentum continues and the new guidance range reflects a 14% to 23% increase compared to 2024, which is in line with the long-term plans we presented.

然而，與我們行業中的許多公司一樣，我們也未能免受全球關稅的影響。這些因素促使一些客戶下調了對下半年的預測，我們預計這將影響我們的收入前景。因此，我們將 2025 年全年營收預期更新為 6,600 萬美元至 7,100 萬美元之間。儘管如此，這種勢頭仍在繼續，新的指導範圍與 2024 年相比增長了 14% 至 23%，這與我們提出的長期計劃一致。

Before we dive in to the activities in Q2, I would like to remind you of our go-to market strategy at Valens which begins by targeting integration into high-end products. Our chips have always been known across industries for offering the best connectivity available, the highest bandwidth, the simplest wiring infrastructure, the most resilient to interferences.

在我們深入探討第二季的活動之前，我想提醒大家注意 Valens 的行銷策略，首先瞄準高端產品的整合。我們的晶片一直以提供最佳的連接性、最高的頻寬、最簡單的佈線基礎設施和最強的抗干擾能力而聞名於各行各業。

For this reason, when we enter a new market, we expect penetration to take time. Companies start with extensive evaluation of the chip, then integrated into high-end models. After that, months or sometimes even years later, we see the market catching up.

因此，當我們進入一個新市場時，我們預期滲透需要時間。該公司首先對晶片進行廣泛的評估，然後將其整合到高端型號中。此後，幾個月甚至幾年後，我們看到市場迎頭趕上。

What starts out as a high-end-only requirement becomes the new normal and the volume increase accordingly. We call it expectation inflation. And when this happens, our chips go from being a niche connectivity solution for premium products to mass and for flagship product lines.

最初只是高端產品的要求，現在卻變成了新常態，產量也隨之增加。我們稱之為預期通膨。當這種情況發生時，我們的晶片將從高階產品的利基連接解決方案轉變為大眾和旗艦產品線。

I'm bringing this up now because in Q2, we saw the latest examples of how this strategy bears fruit with our VS3000 chip. So that's where I'm going to begin our quarterly discussion. I'll start Cross-Industry Business units, which covers professional audio video, industrial machine vision, and medical.

我現在提出這一點是因為在第二季度，我們看到了這項策略如何在我們的 VS3000 晶片上取得成果的最新例子。這就是我要開始我們的季度討論的地方。我將啟動跨行業業務部門，涵蓋專業音訊視訊、工業機器視覺和醫療。

In the first half of 2025, we experienced growing demands from our customers, mainly in the ProAV market and especially for the VS3000. This chip remains the only solution on the market for the long range distribution of uncompressed HDMI 2.0 delivering high-fidelity audio (inaudible) USB 2.0 control and power over a simple category cable up to 100 meters. What we saw during the course of Q2 was a third of new products based on this chip going from around 100 at the end of 2024 to more than 150 today. This is a reflection of a market catching up, so to speak.

2025 年上半年，我們感受到顧客需求不斷成長，主要是在 ProAV 市場，尤其是對 VS3000 的需求。該晶片仍然是市場上唯一一款能夠實現非壓縮 HDMI 2.0 遠距離分佈的解決方案，可透過長達 100 公尺的簡單分類電纜提供高保真音訊（聽不清楚）USB 2.0 控制和電源。我們在第二季度看到，基於該晶片的新產品有三分之一從 2024 年底的 100 種左右增加到今天的 150 多種。可以這麼說，這是市場迎頭趕上的體現。

While customers may have in the past been okay with low-resolution video conferencing setup or sub-optimal office layouts, expectations of inflation has guided our customers to solve these issues with the VS3000 chipset. Here are a few notable examples of customers who have already launched products built on our VS3000 chip.

雖然客戶過去可能已經接受了低解析度的視訊會議設定或次優的辦公室佈局，但通貨膨脹的預期引導我們的客戶使用 VS3000 晶片組來解決這些問題。以下是一些已經推出基於我們的 VS3000 晶片的產品的客戶的值得注意的例子。

Market leader, Crestron, based its DM Essentials line on this technology. INOGENI has introduced a three-host switcher for USB and HDMI. Kramer Electronics brought to market an all-in-one (inaudible) presentation matrix. And AVPro Edge has released 18-gigabit 4X4 and 8X8 matrix switches. We expect momentum for these chips to continue as we carry forward into the end of 2025 and beyond.

市場領導者 Crestron 基於這項技術推出了其 DM Essentials 系列。INOGENI 推出了用於 USB 和 HDMI 的三主機切換器。Kramer Electronics 為市場推出了一體化（聽不清楚）演示矩陣。AVPro Edge 發布了 18 千兆位元 4X4 和 8X8 矩陣交換器。我們預計，這些晶片的勢頭將持續到 2025 年底及以後。

We received further recognition of the VS3000 growing market penetration at InfoComm International where three of our customers won awards for products based on this chipset. Apantac for its innovative dual-sided digital signage solution; Rethink AV for a fully uncompressed 4K and USB 3.2 extension solution in a single box, which also use the VS6320; and Msolutions for the first-of-its-kind device capable of extending uncompressed 4K video over USB Type-C using display link out mode.

在 InfoComm International 展會上，VS3000 不斷增長的市場滲透率得到了進一步認可，我們的三位客戶憑藉基於該晶片組的產品獲得了獎項。Apantac 推出了創新的雙面數位看板解決方案；Rethink AV 推出了一款在單一盒子中完全未壓縮的 4K 和 USB 3.2 擴展解決方案，該解決方案還使用 VS6320；Msolutions 推出了首款能夠使用顯示鏈接輸出模式通過 USB Type-C 視頻未壓縮 4K 擴展的設備。

It wasn't just our customers. Valens also won awards during the two InfoComm events in Beijing and Orlando. At InfoComm China in April, we were honored with the Best of Show Editors Choice Award in the Best Technology Application category for our VS6320 chip. At InfoComm International in June, we were honored with the Best of Show Award of our VA7000 chip recognized for its innovation, features set, and industry impact.

這不僅僅是我們的客戶。Valens 也曾在北京和奧蘭多的兩場 InfoComm 活動中獲獎。在四月份的 InfoComm China 展會上，我們的 VS6320 晶片榮獲了最佳技術應用類別的最佳展會編輯選擇獎。在六月的 InfoComm International 展會上，我們的 VA7000 晶片因其創新性、功能集和行業影響力而獲得最佳展示獎。

Our technology was at the heart of our AI-powered 360-degree immersive experience. With an eight-camera setup along with the HDBaseT Alliance boost perimeter, we enabled real-time gesture recognition and dynamic camera angle control which could be used in applications such as retail and in-person entertainment. This demonstration was created in collaboration with D3 Embedded LOOQ Sensing Technologies, and enabled by NVIDIA.

我們的技術是人工智慧驅動的 360 度沉浸式體驗的核心。透過八相機設定以及 HDBaseT Alliance 增強週邊，我們實現了即時手勢辨識和動態攝影機角度控制，可用於零售和現場娛樂等應用。該演示是與 D3 Embedded LOOQ Sensing Technologies 合作創建的，並由 NVIDIA 提供支援。

Staying within the Cross-Industry Business unit, I would like to discuss another industry, machine vision. This is another example of go-to market strategy, target the market with the premium offering and let the market catch up.

在跨行業業務部門，我想討論另一個行業，機器視覺。這是進入市場策略的另一個例子，用優質產品瞄準市場，然後讓市場迎頭趕上。

Valens' A-PHY offering attracted strong interest across a couple of events, Automate in Detroit and ISS in Japan. This was thanks to our chipsets' robust EMI performance, language capabilities, and suitability for compact high-bandwidth camera assistance. Our presence helped strengthen relationships with key players, positioning A-PHY as the leading candidate for (inaudible) factory automation and inspection systems.

Valens 的 A-PHY 產品在底特律的 Automate 和日本的 ISS 等活動中引起了人們的強烈興趣。這要歸功於我們的晶片組強大的 EMI 性能、語言功能以及對緊湊型高頻寬相機輔助的適用性。我們的存在有助於加強與主要參與者的關係，使 A-PHY 成為（聽不清楚）工廠自動化和檢測系統的領先候選人。

In July, we were proud to announce that our VA7000 chipset is enabling the market-first comprehensive camera to processors MIPI A-PHY platform offered by D3 Embedded. The platform brings to market the first product (inaudible) solution for implementing the standard in embedded vision systems offering D3's customer a series of unique benefits. These include unparalleled EMI resilience, longer linked distances, and the ability to operate over simple low-cost cablings.

7 月份，我們很自豪地宣布，我們的 VA7000 晶片組將支援 D3 Embedded 提供的市場首個綜合攝影機到處理器 MIPI A-PHY 平台。該平台向市場推出了第一個在嵌入式視覺系統中實施標準的產品（聽不清楚）解決方案，為 D3 的客戶提供一系列獨特的優勢。這些包括無與倫比的 EMI 彈性、更長的連接距離以及透過簡單的低成本電纜運行的能力。

The chips also features built-in advanced diagnostic for continuous linked monitoring and preventive maintenance. This directly addresses one of the major challenges in factory flow machine vision, ensuring round-the-clock system reliability as equipment ages and operating conditions involved. The platform includes some additional components from other leading companies. A processor from NVIDIA, the Jetson Orin NX or Nano, and sensors from Sony. In addition, D3 Embedded is offering six A-PHY design core discovery series SKUs.

該晶片還具有內建的高級診斷功能，可實現持續的連結監控和預防性維護。這直接解決了工廠流程機器視覺的主要挑戰之一，確保在設備老化和操作條件下全天候系統的可靠性。該平台包含一些來自其他領先公司的附加元件。NVIDIA 的處理器、Jetson Orin NX 或 Nano 以及索尼的傳感器。此外，D3 Embedded 還提供六種 A-PHY 設計核心發現系列 SKU。

On the significance of this partnership, D3 Embedded CEO, Scott Reardon, remarked, A-PHY ability to deliver high-speed data over long distance with exceptional electromagnetic compatibility is a game changer for the industry. Investing in this technology was crucial because it addresses the key challenges our customers face: Reliable connectivity in harsh environments and simplified system design including the industries's first-ever use of (inaudible) per channel for multi-gig use cases. By building this platform around MIPI A-PHY and partnering with Valens Semiconductor, we are giving developers a powerful flexible toolset to accelerate innovation in embedded vision.

談到此次合作的意義，D3 Embedded 執行長 Scott Reardon 表示，A-PHY 能夠以出色的電磁相容性遠距離傳輸高速數據，這將改變整個產業。投資這項技術至關重要，因為它解決了我們的客戶面臨的關鍵挑戰：在惡劣環境下實現可靠的連接，以及簡化的系統設計，包括業界首次在多千兆用例中使用（聽不清楚）每個通道。透過圍繞 MIPI A-PHY 建立該平台並與 Valens Semiconductor 合作，我們為開發人員提供了強大靈活的工具集，以加速嵌入式視覺領域的創新。

In all, we continue to support our customers in bringing solutions to the market based on our VA7000 and VS6320 chipsets. We expect Machine Vision to become an increasingly meaningful part of our revenue mix in the coming quarters with initial revenue anticipated by the end of 2026 and strong growth potential in the years that follow.

總而言之，我們將繼續支援我們的客戶基於我們的 VA7000 和 VS6320 晶片組向市場推出解決方案。我們預計，機器視覺將在未來幾季成為我們收入結構中越來越重要的一部分，預計初始收入將在 2026 年底實現，並在隨後的幾年中具有強勁的成長潛力。

I would like to close out the discussion of our Cross-Industry Business unit with the update on the notable progress we're making in medical endoscopies. We had two road shows in Europe and Japan where we showcase our VA7000 chipsets and their ability to support a new generation of reliable high-quality endoscopic procedures.

我想透過介紹我們在醫學內視鏡領域取得的顯著進展來結束我們跨行業業務部門的討論。我們在歐洲和日本舉辦了兩場路演，展示了我們的 VA7000 晶片組及其支持新一代可靠高品質內視鏡手術的能力。

While I can't disclose specific names, we have received initial feedback from some of the largest players in the industry. We came away more confident than ever that Valens' value proposition is essential in moving the market forward. As a reminder, this is still a small part of our business, but one with significant long term potential. Unlocking this potential starts with validation of our offering from the industry's leading players and in Q2, we begin to see that validation taking shape.

雖然我不能透露具體的名字，但我們已經收到了業內一些最大參與者的初步回饋。我們比以往任何時候都更相信，Valens 的價值主張對於推動市場至關重要。提醒一下，這仍然是我們業務的一小部分，但具有巨大的長期潛力。釋放這項潛力首先需要產業領導者對我們產品的驗證，而在第二季度，我們開始看到驗證逐漸成形。

Now I'd like to turn to the automotive industry. As a reminder, our opportunity in Automotive is dominated by the VA7000, the same chipset that drives our offering in the machine vision and medical industries. The VA7000 extends an interface CSI 2 that is used commonly across a number of industries offering high bandwidth and best-in-class EMI immunity. It is the first chipset on the market to comply with the MIPI A-PHY standard for high-speed sensor connectivity.

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 主導，該晶片組也推動了我們在機器視覺和醫療行業的產品。VA7000 擴展了多個行業常用的 CSI 2 接口，可提供高頻寬和一流的 EMI 抗擾度。它是市場上第一款符合 MIPI A-PHY 高速感測器連接標準的晶片組。

Late last year, we announced three design wins with leading European OEMs for this solution, gaining a strong foothold for the A-PHY within the OEM community. Building on the momentum, in Q2, we brought the VA7000 and the broader A-PHY ecosystem to the global stage.

去年年底，我們宣布該解決方案已獲得三項歐洲領先 OEM 廠商的設計認可，為 A-PHY 在 OEM 領域贏得了穩固的立足點。在此勢頭的基礎上，我們在第二季度將 VA7000 和更廣泛的 A-PHY 生態系統推向了全球舞台。

At Auto Shanghai, we unveiled a number of demonstrations showing A-PHY connectivity with products from major industry players. First, we have Qualcomm Snapdragon Ride 4 evaluation platform with A-PHY connectivity. Second, we have Chinese Tier 1 supplier (inaudible) with an A-PHY surround view system. Third, we had the Horizon Robotics Journey with A-PHY. And finally, in ADAS reference designs with (inaudible) based on A-PHY.

在上海車展上，我們進行了多項演示，展示了 A-PHY 與主要產業參與者產品的連結。首先，我們有具有 A-PHY 連結能力的 Qualcomm Snapdragon Ride 4 評估平台。其次，我們有一家擁有 A-PHY 環景系統的中國一級供應商（聽不清楚）。第三，我們與A-PHY合作進行了地平線機器人之旅。最後，在基於 A-PHY 的 ADAS 參考設計中（聽不清楚）。

I'd like to make note of one event that really made waves within the industry. The MIPI Alliance Annual Meeting that took place in Warsaw towards the end of June, which brought together 117 representatives from 36 companies from around the world.

我想提一下在業界真正引起轟動的一件事。MIPI 聯盟年會於 6 月底在華沙舉行，來自全球 36 家公司的 117 名代表齊聚一堂。

The keynote address at the opening plenary was given by a senior vice president at Mobileye. I remind you that in Q1, we announced that Mobileye is the Tier 1 involved in our three A-PHY design wins. In his address, the executive stated that Mobileye anticipates a significant expansion of the A-PHY ecosystem with active participation from all services and camera sensor vendors. In addition, he provides certain feedback about the Valens VA7000 (inaudible) integration highlighting performance, design flexibility, and fast time to market.

開幕全體會議的主題演講由 Mobileye 的一位高級副總裁發表。我提醒您，在第一季度，我們宣布 Mobileye 是我們三項 A-PHY 設計大獎的一級供應商。該高層在演講中表示，Mobileye 預計 A-PHY 生態系統將顯著擴展，所有服務和攝影機感測器供應商都將積極參與。此外，他還對 Valens VA7000（聽不清楚）整合提供了一些反饋，重點突出了性能、設計靈活性和快速上市時間。

In that same meeting, a representative of (inaudible) automotive OEM shared with the audience why his company chose Valens A-PHY compliance chipset for their ADAS platforms. His endorsement of our technology was exceptionally strong from highlighting its superior (inaudible) immunity to its support for smaller, more cost-effective cameras, and more. He summed it up best when he said, A-PHY is much better performance than the incumbent solutions.

在同一次會議上，（聽不清楚）汽車 OEM 的代表與觀眾分享了為什麼他的公司為其 ADAS 平台選擇 Valens A-PHY 相容晶片組。他對我們技術的認可非常強烈，從強調其卓越的（聽不清楚）免疫力到支持更小、更具成本效益的相機等等。他總結得非常好，他說，A-PHY 的表現比現有的解決方案好得多。

I will (inaudible) the momentum of A-PHY in Asia. Earlier this year, we announced interoperability testing with seven different A-PHY silicon vendors in China, a testament of the vast market opportunity that exist there for the standardized connectivity solution.

我將（聽不清楚）A-PHY 在亞洲的發展勢頭。今年早些時候，我們宣布與中國七家不同的 A-PHY 矽片供應商進行互通性測試，證明了標準化連接解決方案在中國存在巨大的市場機會。

In addition, we announced a special partnership with a local company ESWIN Computing, which will allow us to streamline our sales into the Asian markets. This kind of localization activity places us in a stronger competitive position as we advertise our chips to the many global OEMs based out of China. As an example, our chipsets are currently undergoing advanced testing by a leading Chinese OEM which wants to use our solution with the local (inaudible) for its next generation data system.

此外，我們宣布與當地公司 ESWIN Computing 建立特殊合作夥伴關係，這將使我們能夠簡化在亞洲市場的銷售。當我們向中國以外的眾多全球 OEM 廠商宣傳我們的晶片時，這種在地化活動使我們處於更強大的競爭地位。例如，我們的晶片組目前正在接受一家中國領先 OEM 的高級測試，該 OEM 希望將我們的解決方案與本地（聽不清楚）結合用於其下一代數據系統。

It's clear that momentum around A-PHY is building all around the world. We continue to participate in several evaluation processes at various stages with multiple OEMs.

顯然，A-PHY 的勢頭正在全球範圍內興起。我們持續與多家 OEM 合作參與不同階段的多個評估流程。

Now, before I turn the call to Guy, I want to take a moment to acknowledge the leadership transition we announced in May. I'll be stepping down as CEO of Valens Semiconductor by the end of 2025. It's been an honor leading this exceptional team for over 5.5 years through major milestones, from listing on the New York Stock Exchange, to securing three designs for the MIPI A-PHY-compliant VA7000 chipsets, to expanding into new verticals like Machine Vision and Medical. This planned transition is designed to ensure continuity and preserve momentum moving forward. Needless to say, if additional time is required, I'll extend my stay until a successor is in place. I plan to remain actively involved as a board member and as a shareholder thereafter.

現在，在我將電話轉給蓋伊之前，我想花點時間來回顧我們在五月宣布的領導層變動。我將於 2025 年底卸任 Valens Semiconductor 執行長一職。我很榮幸能夠在五年半的時間裡帶領這支傑出的團隊實現多個重要里程碑，從在紐約證券交易所上市，到獲得符合 MIPI A-PHY 標準的 VA7000 晶片組的三種設計，再到擴展到機器視覺和醫療等新的垂直領域。此次計劃中的過渡旨在確保連續性並保持前進的動力。不用說，如果需要更多時間，我會延長任期，直到繼任者到位。我計劃此後繼續以董事會成員和股東的身份積極參與。

With that, Guy, please go ahead and discuss our financial performance in more detail.

蓋伊，請繼續詳細討論我們的財務表現。

Thank you, Gideon. I'll start with our second quarter results and then provide our outlook for the third quarter of 2025. We generated quarterly revenue of $17.1 million, which exceeded our guidance of between $16.5 million to $16.8 million. This compares to revenue of $16.8 million in Q1 2025 and $13.6 million in Q2 2024.

謝謝你，吉迪恩。我將從我們的第二季業績開始，然後提供我們對 2025 年第三季的展望。我們實現了 1,710 萬美元的季度收入，超過了我們預期的 1,650 萬美元至 1,680 萬美元之間的收入。相較之下，2025 年第一季的營收為 1,680 萬美元，2024 年第二季的營收為 1,360 萬美元。

The Cross-Industry Business or CIB accounted for $12.8 million or approximately 75% of the total revenue while Automotive contributed $4.3 million or approximately 25% of total revenue this quarter. This compares to Q1 2025 revenue of $11.7 million from CIB and $5.1 million from Automotive, which represented 70% and 30% of total revenue, respectively. In Q2 2024, revenue from CIB was $8.1 million and $5.5 million was from Automotive, representing 60% and 40% of total revenue, respectively.

跨產業業務或 CIB 佔本季總收入的 1,280 萬美元，約佔總收入的 75%，而汽車業務貢獻了 430 萬美元，約佔本季總收入的 25%。相較之下，2025 年第一季 CIB 的營收為 1,170 萬美元，汽車收入為 510 萬美元，分別佔總營收的 70% 和 30%。2024 年第二季度，CIB 營收為 810 萬美元，汽車收入為 550 萬美元，分別佔總收入的 60% 和 40%。

Q2 2025 gross profit was $10.8 million compared to $10.6 million in the first quarter of 2025, and compared to $8.3 million in the second quarter of 2024. Q2 2025 gross margin was 63.5% compared to our guidance of between 63% and 64%. This compares to a Q1 2025 gross margin of 62.9% and 61.4% in Q2 2024.

2025 年第二季毛利為 1,080 萬美元，而 2025 年第一季為 1,060 萬美元，而 2024 年第二季為 830 萬美元。2025 年第二季毛利率為 63.5%，而我們的預期為 63% 至 64%。相較之下，2025 年第一季的毛利率為 62.9%，2024 年第二季的毛利率為 61.4%。

On a segment basis, Q2 2025 gross margin for the CIB was 67.8% and gross margin for Automotive was 50.5%. This compared to a Q1 2025 gross margin of 69.1% and 48.4%, respectively, and a Q2 2024 gross margin of 75.4% and 40.9%, respectively. The decrease in the gross margin of the CIB compared Q2 2024 was due to a change in product mix. The increase in Q2 2025 in Automotive gross margin compared to Q1 2025 was due to an optimization of our product cost.

以細分市場來看，2025 年第二季 CIB 的毛利率為 67.8%，汽車的毛利率為 50.5%。相較之下，2025 年第一季的毛利率分別為 69.1% 和 48.4%，2024 年第二季的毛利率分別為 75.4% 和 40.9%。與 2024 年第二季相比，CIB 毛利率下降是由於產品結構的變化。2025 年第二季汽車毛利率與 2025 年第一季相比有所增加，這是由於我們產品成本的最佳化。

Non-GAAP gross margin in Q2 was strong at 67.2%, which compares to 66.7% in Q1 2025 and 64.5% in Q2 2024.

第二季非公認會計準則毛利率強勁，達到 67.2%，而 2025 年第一季為 66.7%，2024 年第二季為 64.5%。

Operating expenses in Q2 2025 totaled $18.2 million, compared to $20 million in the end of Q1 2025 and $17.8 million in Q2 2024. The decrease compared to Q1 2025 is mainly due to the change in earnout liability. Research and development expenses in Q2 totaled $10.2 million, compared to $10.6 million in Q1 2025 and $10 million in Q2 2024. SG&A in Q2 were $8.9 million compared to $9.3 million in Q1 2025 and $7.8 million in Q2 2024.

2025 年第二季的營運費用總計 1,820 萬美元，而 2025 年第一季末為 2,000 萬美元，2024 年第二季為 1,780 萬美元。與 2025 年第一季相比的下降主要是由於獲利責任的變化。第二季研發費用總計 1,020 萬美元，而 2025 年第一季為 1,060 萬美元，2024 年第二季為 1,000 萬美元。第二季銷售、一般及行政費用為 890 萬美元，而 2025 年第一季為 930 萬美元，2024 年第二季為 780 萬美元。

GAAP net loss in Q2 was $7.2 million, compared to a net loss of $8.3 million in Q1 2025 and a net loss of $8.9 million in Q2 2024.

第二季 GAAP 淨虧損為 720 萬美元，而 2025 年第一季淨虧損為 830 萬美元，2024 年第二季淨虧損為 890 萬美元。

Adjusted EBITDA in Q2 was a loss of $4 million, better than the guidance range of loss between $4.9 million and $4.4 million. This compares to an adjusted EBITDA loss of $4.3 million in Q1 2025, and an adjusted EBITDA loss of $5.2 million in Q2 2024.

第二季調整後的 EBITDA 虧損 400 萬美元，優於 490 萬美元至 440 萬美元之間的指導虧損範圍。相較之下，2025 年第一季調整後 EBITDA 虧損為 430 萬美元，2024 年第二季調整後 EBITDA 虧損為 520 萬美元。

GAAP loss per share for Q2 was $0.07, compared to a GAAP loss per share of $0.08 in Q1 2025 and a GAAP loss per share of $0.08 for Q2 2024. Non-GAAP loss per share in Q2 2025 was $0.04, compared to a loss per share of $0.03 in Q1 2025 and a loss per share of $0.04 in Q2 2024. The difference between GAAP and non-GAAP loss per share was mainly due to a stock-based compensation, change in earnout liability, and depreciation and amortization expenses.

第二季 GAAP 每股虧損為 0.07 美元，而 2025 年第一季 GAAP 每股虧損為 0.08 美元，2024 年第二季 GAAP 每股虧損為 0.08 美元。2025 年第二季非公認會計準則每股虧損為 0.04 美元，而 2025 年第一季每股虧損為 0.03 美元，2024 年第二季每股虧損為 0.04 美元。GAAP 每股虧損和非 GAAP 每股虧損之間的差異主要是由於股票薪酬、獲利負債變動以及折舊和攤提費用。

Now turning to our balance sheet. We ended Q2 with cash, cash equivalent, and short-term deposits totaling $102.7 million and no debt. This compares to $112.5 million at the end of Q1 2025 and $130.6 million at the end of Q2 2024.

現在轉向我們的資產負債表。截至第二季末，我們的現金、現金等價物和短期存款總額為 1.027 億美元，且沒有債務。相較之下，2025 年第一季末為 1.125 億美元，2024 年第二季末為 1.306 億美元。

In November '24, we launched our initial share repurchase program of up to $10 million. Followed by second plan in February 2025, increasing our commitment by an additional $15 million. While the first plan was completed during Q1 2025, during Q2, we invested $10.2 million from the second plan demonstrating our ongoing dedication to returning value to our shareholders. During July 2025, we have completed the share repurchase program under the second plan.

2024 年 11 月，我們啟動了高達 1,000 萬美元的初始股票回購計畫。隨後，第二項計畫於 2025 年 2 月啟動，我們的承諾將額外增加 1,500 萬美元。第一項計劃於 2025 年第一季完成，而在第二季度，我們投資了第二項計劃中的 1,020 萬美元，表明我們始終致力於為股東帶來價值回報。2025年7月，我們完成了第二項計畫下的股票回購計畫。

Our working capital at the end of Q2 was $106 million, compared to $119.8 million at the end of Q1 2025 and $142.3 million at the end of Q2 2024. Our inventory as of June 30, 2025, was $11.5 million, a slight increase from $10.9 million on March 31, 2025; and down from $14.1 million on June 30, 2024.

我們第二季末的營運資金為 1.06 億美元，而 2025 年第一季末為 1.198 億美元，2024 年第二季末為 1.423 億美元。截至 2025 年 6 月 30 日，我們的庫存為 1,150 萬美元，較 2025 年 3 月 31 日的 1,090 萬美元略有增加；低於 2024 年 6 月 30 日的 1,410 萬美元。

Now I would like to provide our guidance for the third quarter of 2025. As Gideon mentioned, the uncertainty surrounding tariffs has led some customers to reduce their forecast. Therefore, we expect Q3 revenue to be in the range of $15.1 million to $15.6 million. For 2025, we expect revenue to be in the range of $66 million to $71 million. We expect gross margin for Q3 to be in the range of 58% to 60%. And we expect adjusted EBITDA loss in Q3 to be in the range of $7.4 million to $6.8 million loss.

現在我想提供我們對 2025 年第三季的指導。正如吉迪恩所提到的，關稅的不確定性導致一些客戶降低了他們的預測。因此，我們預計第三季營收將在 1,510 萬美元至 1,560 萬美元之間。到 2025 年，我們預計收入將在 6,600 萬美元至 7,100 萬美元之間。我們預計第三季的毛利率將在 58% 至 60% 之間。我們預計第三季調整後的 EBITDA 虧損將在 740 萬美元至 680 萬美元之間。

Although we have adjusted our full-year guidance due to the unpredictable impact of tariffs, our confidence in the company's long-term strategy and market opportunity remains unchanged.

儘管由於關稅的不可預測的影響，我們調整了全年業績指引，但我們對公司長期策略和市場機會的信心保持不變。

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 to return to growth across our target markets, supported by our industry-leading technologies and robust balance sheet. Our focus remains in executing our long-term strategy to drive sustainable growth and profitability.

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。我們的重點仍然是執行我們的長期策略，以推動永續成長和獲利。

I would also like to extend a heartfelt thank you to our employees who are true to the spirit of Valens and much like our technology, demonstrates remarkable resilience and determination.

我還要向我們的員工表示衷心的感謝，他們忠於瓦倫斯的精神，並且像我們的技術一樣，表現出非凡的韌性和決心。

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)

（操作員指示）

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Hey. This is Neil Young, on for Quinn Bolton. Thanks for taking my questions. You mentioned that the downward revision to both the 3Q and full-year revenue guide is primarily tied to tariffs. Could you help us understand how the pressure is distributed across the two segments, specifically, one segment, CIB, or Automotive seeing a more pronounced impact in 3Q? Thanks.

嘿。這是尼爾楊 (Neil Young)，代替奎因博爾頓 (Quinn Bolton)。感謝您回答我的問題。您提到，第三季和全年收入指南的下調主要與關稅有關。您能否幫助我們了解壓力在兩個細分市場中的分佈情況，具體來說，CIB 或汽車細分市場在第三季受到的影響更為明顯？謝謝。

Thank you for the question, and I'll be pleased to answer. We are selling semiconductor to electronic and automotive industries. They are the ones who are impacted by the tariffs because their products are produced in countries which are tariffs exposed and this is the reason we are exposed. It's not that our chips are on the tariffs. It's our customers who integrate our chips of those who are in the tariffs. And this is valid both for automotive and for audio video.

謝謝您的提問，我很樂意回答。我們向電子和汽車行業銷售半導體。他們受到關稅的影響，因為他們的產品是在受關稅影響的國家生產的，而這也是我們受到影響的原因。並不是說我們的籌碼就在關稅上。我們的客戶將我們的晶片與關稅範圍內的晶片整合在一起。這對於汽車和音頻視頻都是有效的。

Okay. Great. Thanks. In first quarter and second quarter, you talked about the optimization of product costs within Automotive. Do you foresee that repeating in 3Q and boosting Auto gross margin? I guess, if possible, could you just discuss what you expect from gross margin across the two segments in 3Q and maybe throughout the rest of the year. Thanks.

好的。偉大的。謝謝。在第一季和第二季度，您談到了汽車產品成本的最佳化。您是否預見到第三季會重複這種情況並提高汽車毛利率？我想，如果可能的話，您能否討論一下您對第三季以及今年剩餘時間這兩個部門的毛利率的預期？謝謝。

So we provided the guidance for the third quarter on the gross margin, and we typically do not provide allocation between the different segments for Q3 in terms of the gross margin.

因此，我們提供了第三季的毛利率指導，並且通常不會在第三季的不同部門之間進行毛利率分配。

Neil, are you done?

尼爾，你做完了嗎？

I am. Thank you.

我是。謝謝。

Rick Schafer, Oppenheimer.

里克·謝弗，奧本海默。

Hi. This is Wei Mok on the line for Rick and thanks for taking the question. With the 3Q outlook and a revised full-year guidance lowered to $66 million to $71.1 million, it looks like 3Q should be the bottom. And with some of the tariff policies starting to take shape, are you seeing any improvements in orders and bookings compared to 30 days ago? Which business do you see that rebound accelerate in 4Q?

你好。我是 Wei Mok，代表 Rick 進行採訪，感謝您回答這個問題。隨著第三季前景和修訂後的全年指引下調至 6,600 萬美元至 7,110 萬美元，看起來第三季應該是底部。隨著一些關稅政策開始成形，與 30 天前相比，訂單和預訂量是否有所改善？您認為哪些業務在第四季會加速反彈？

I'm sorry. Can you please repeat? I'm not sure I did understand the question.

對不起。你能再說一次嗎？我不確定我是否理解了這個問題。

Yeah, sure. So you provided the 3Q outlook. It looks like it's going to be declining from around 10% for 3Q. But then with the full-year guidance, it looks like it's going to be recovering 25% in 4Q. So which business do you see that accelerating in 4Q.

是的，當然。所以您提供了第三季的展望。看起來它將從第三季的 10% 左右下降。但根據全年預期，看起來第四季它將恢復 25%。那麼您認為哪些業務在第四季會加速發展？

Again, we do not provide allocation between the different segments, not in terms of revenue as well as other parameters. We provide the numbers for the overall company. I would say that in both segments we see kind of a temporary weakness for the third quarter and a better visibility for the fourth quarter. And all together for the year, we reduced the guidance as already indicated.

再次強調，我們不提供不同部門之間的分配，無論是收入或其他參數。我們提供整個公司的數據。我想說的是，在這兩個領域，我們都看到第三季度出現了暫時的疲軟，而第四季的可見性則有所提高。正如之前所指出的，我們今年的整體指導價已經下調。

Okay. Great. That's all for me. Thanks.

好的。偉大的。對我來說就這些了。謝謝。

Suji Desilva, Roth Capital.

羅斯資本的 Suji Desilva。

Hi, Gideon. Hi, Guy. Any color on the Auto three OEM design wins. What the next milestones are that we should be watching for?

你好，吉迪恩。你好，蓋伊。Auto Three OEM 設計上的任何顏色均獲勝。我們應該關注的下一個里程碑是什麼？

Hi, Suji. Thank you for your question. Yeah, I can provide some information yet I can't tell the names, but I can say it's very prestigious companies and it creates a positive noise in the industry that such respective companies selected us purely on quality and our capability to do more than others and the uniqueness of our solution. And we know that we will generate more attention and we do with other OEMs. Of course, we cannot disclose anything which is in the process, only after we have something formally. But we are working with it and leveraging the success of these three OEMs.

你好，Suji。感謝您的提問。是的，我可以提供一些信息，但我不能說出名字，但我可以說這是非常有名望的公司，它在行業中產生了積極的反響，這些公司純粹是基於質量和我們比其他公司做得更多的能力以及我們解決方案的獨特性而選擇我們的。我們知道我們將會引起更多的關注，就像我們與其他 OEM 一樣。當然，我們不能透露任何正在進行的事情，只有在正式得到消息後才能透露。但我們正在與其合作並利用這三家 OEM 的成功經驗。

Okay. All right. Thanks, Gideon. Thanks, guys.

好的。好的。謝謝，吉迪恩。謝謝大家。

Robert Lynch, Stonegate.

羅伯特‧林奇 (Robert Lynch)，《石門》 (Stonegate)。

Hi, Guy. Hi, Gideon. Good morning. Thank you for taking my questions. I'm on for Dave Storms today. I just wanted to ask a question around customer acquisition in Industrial Machine Vision. There appear to be some strong tailwinds in Machine Vision following the D3 platform. Could you speak to the customer acquisition trends within that segment? And how the pipeline is shaping up moving forward?

你好，蓋伊。你好，吉迪恩。早安.感謝您回答我的問題。今天我代表 Dave Storms 出場。我只是想問一個有關工業機器視覺客戶獲取的問題。繼 D3 平台之後，機器視覺領域似乎出現了一些強勁的順風。您能談談該領域的客戶獲取趨勢嗎？管道未來的進展如何？

Yeah. Thank you for the question and I will answer as follows: First, the Machine Vision, we have a very good product market fit. It is both AI. It's both cameras that need to be remoted with very low error rate, with very high bandwidth, and with no compression. So it's exactly what we know to provide and very unique. This market is a market that is growing and we are speaking with the leading customers in this industry and already have design wins. And we'll hopefully have a lot more design wins to discuss in the future. And it's mainly with our VA7000 and also a lot of interest with the VS6320.

是的。感謝您的提問，我的回答如下：首先，機器視覺，我們的產品市場契合度非常好。這兩者都是人工智慧。這兩款攝影機都需要以非常低的錯誤率、非常高的頻寬以及無壓縮的方式進行遠端控制。這正是我們所知道的並且非常獨特。這個市場正在成長，我們正在與這個行業的領先客戶洽談，並且已經贏得了設計勝利。我們希望未來能有更多設計成果可供討論。它主要與我們的 VA7000 有關，並且對 VS6320 也有很大興趣。

The Machine Vision looks as a very natural progress and very natural development of our products, both from Automotive and Audio Video, that find their way to this industry. And this is the source of where we see the demand.

機器視覺看起來是我們產品（無論是汽車還是音頻視頻）的一個非常自然的進步和發展，並進入了這個行業。這就是我們看到的需求的來源。

Right. I really appreciate the color there. I guess, moving forward and one more left, what momentum are you seeing across end markets like logistics and ProAV? Are you seeing any acceleration in customer activity across those verticals or anything else out there?

正確的。我真的很欣賞那裡的色彩。我想，繼續前進，還有一個問題，您在物流和 ProAV 等終端市場看到了什麼樣的發展勢頭？您是否看到這些垂直領域或其他領域的客戶活動加速？

Yeah. Thanks again for this question and the answer is divided into two. In the regular market, the original market we have, we see a recovery. It's not very fast recovery, but there is recovery. Definitely, the tariffs have made it less positively that it could. But there is recovery in the traditional audio video market and there is a new developing market which is the conference rooms where we have, again, a very good product market fit for the future conference room. Conference room is a growing market. You can see the cameras in a lot more rooms that are complementary to the whole video conferencing experience. And this is a market which we're growing into in this audio video. And I would call it a derivative of the segment. I think this is the best definition of the growth. So we have the recovery of the traditional and this additional new segment as well.

是的。再次感謝這個問題，答案分為兩個。在常規市場，也就是我們原有的市場，我們看到了復甦。雖然恢復得不是很快，但還是有恢復的。毫無疑問，關稅已經降低了其應有的正面作用。但傳統音訊視訊市場正在復甦，並且有一個新興市場，即會議室，我們再次擁有一個非常適合未來會議室的產品市場。會議室是一個不斷成長的市場。您可以在更多房間中看到攝影機，它們可以補充整個視訊會議體驗。這是我們在這個音訊視訊領域正在拓展的市場。我將其稱為該片段的衍生品。我想，這就是成長最好的定義。因此，我們不僅恢復了傳統業務，還恢復了新增業務。

Right. Thank you very much for the color there. I'll hop back in the queue. Really appreciate it. And congratulations on Q2.

正確的。非常感謝那裡的色彩。我會重新回到隊列中。真的很感激。恭喜第二季度圓滿成功。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Hey, guys. Thanks for taking my question. I just wanted to ask, obviously, tariff uncertainty has caused customers to reduce near-term forecasts. But have you seen any change in their product development plans? Anything that might affect your longer term opportunity in the machine vision market?

嘿，大家好。感謝您回答我的問題。我只是想問一下，顯然，關稅的不確定性已經導致客戶降低近期預測。但是您是否看到他們的產品開發計劃有任何變化？有什麼事情可能會影響您在機器視覺市場的長期機會？

Hi. Thanks again for the question. We don't see a particular change in what the companies are looking to develop. Even the opposite, we see that they are strict to their plans. And the development of the market, the same development, maybe the speed changes, maybe the tariffs have some influence, but the companies are looking ahead, I believe, with the same focus and the same product roadmap and going through the same customers of their customers.

你好。再次感謝您的提問。我們沒有看到這些公司尋求發展的領域有特別的變化。甚至相反，我們看到他們嚴格執行他們的計劃。市場的發展也是同樣的，速度可能會發生變化，關稅也可能會有一些影響，但我相信，各家公司都在展望未來，擁有相同的重點、相同的產品路線圖，並且面向相同的客戶。

Great. Thank you for that. And then in the prepared script, Gideon, you mentioned the Snapdragon Ride platform, and I wasn't sure. Could you just expand on what you're doing with that platform? Are you part of that reference design? Was it just a demo to show interoperability? Any other information you could provide would be helpful.

偉大的。謝謝你。然後，吉迪恩，在準備好的腳本中，您提到了 Snapdragon Ride 平台，但我不確定。您能否詳細說明一下您在該平台上所做的事情？您是該參考設計的一部分嗎？這只是為了展示互通性的演示嗎？您提供的任何其他資訊都會有所幫助。

Yeah. We show and it's very important for us to show not only that our chips have an advantage. We show how simple it is for the customers to integrate. And some of the advantages for Valens is that integrating the VA7000 to customers is very fast and creates stability also very fast. So this is the reason we are making our ourselves compatible to chips like Qualcomm and NVIDIA and others in the industry. And yes, it works well and it shows interoperability very fast.

是的。我們展示的不僅僅是我們的晶片具有優勢，這對我們來說非常重要。我們向客戶展示了整合是多麼簡單。Valens 的優勢之一是能夠非常快速地將 VA7000 整合到客戶中，並且能夠非常快速地實現穩定性。這就是我們讓自己的產品與高通、NVIDIA 等業內晶片相容的原因。是的，它運作良好，並且很快就顯示出互通性。

Got it. Okay. Thank you.

知道了。好的。謝謝。

(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, thank you. I would like to thank you all for joining us today for our second quarter 2025 earnings call and for your continued support and interest in Valens Semiconductor. And we hope to meet you again in our next earnings call. Thank you and good-bye.

是的，謝謝。我要感謝大家今天參加我們的 2025 年第二季財報電話會議，並感謝大家對 Valens Semiconductor 的持續支持和關注。我們希望在下次財報電話會議上再次與您見面。謝謝，再見。

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。