Valens Semiconductor Ltd (VLN) 2025 Q3 法說會逐字稿

Good morning. My name is Karen, and I will be your conference operator today. At this time, I would like to welcome everyone to Valens Semiconductor's third quarter 2025 earnings conference call and webcast. (Operator Instructions) I will now turn the call over to Michal Ben Ari, Investor Relations for Valens Semiconductor. Please go ahead.

早安.我叫凱倫，今天我將擔任你們的會議接線生。在此，我謹代表Valens Semiconductor公司，歡迎各位參加2025年第三季財報電話會議及網路直播。（操作員指示）現在我將把電話轉交給 Valens Semiconductor 的投資者關係負責人 Michal Ben Ari。請繼續。

Thank you, and welcome, everyone, to Valens Semiconductor's third quarter 2025 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.

謝謝大家，歡迎參加Valens Semiconductor 2025年第三季財報電話會議。今天陪同我出席的有執行長 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 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.

提醒各位，今天的財報電話會議可能包含前瞻性陳述和預測，這些陳述和預測並不保證未來的事件或績效。這些聲明受今天新聞稿中的安全港條款約束。

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. We do not undertake any duty to revise or update such statements to reflect new information, subsequent events or changes in strategy.

有關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的討論，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 表格年度報告。我們不承擔任何義務修改或更新此類聲明以反映新的資訊、後續事件或策略變更。

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.

我們將在本次電話會議上討論一些非GAAP指標，我們認為這些指標與評估公司的財務表現相關，您可以在我們的獲利報告中找到這些指標的調節表。

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

接下來，我將把通話交給吉迪恩。

Thank you, Michal. Hello, everyone, and thank you for joining us. Before we begin with the rundown of our Q3 highlights, I would like to take a moment to acknowledge our leadership transition. As you know, this will be my last earnings call. As of tomorrow, Yoram Salinger will assume the role of Chief Executive Officer of Valens Semiconductor.

謝謝你，米哈爾。大家好，感謝各位的參與。在開始介紹我們第三季的亮點之前，我想花一點時間說明我們的領導過渡。如您所知，這將是我最後一次財報電話會議。從明天起，Yoram Salinger 將擔任 Valens Semiconductor 的執行長。

Yoram brings over 25 years of leadership experience in global high-tech companies and a track record of driving growth, innovation and successful exits. As I step down from the CEO position, I will continue to be a Board member of the company.

Yoram 在全球高科技公司擁有超過 25 年的領導經驗，並在推動成長、創新和成功退出方面有著良好的業績記錄。卸任執行長一職後，我將繼續擔任公司董事會成員。

And now let's discuss the business highlights. We are pleased to report a strong third quarter well above our initial expectations. We delivered revenues of $17.3 million, significantly above our guidance range of $15.1 million to $15.6 million as customer demand exceeded expectations in the Pro AV market, marking the sixth consecutive quarter of growth for our company.

現在我們來討論一下業務亮點。我們很高興地報告，第三季業績強勁，遠超我們最初的預期。由於專業視聽市場的客戶需求超出預期，我們實現了 1,730 萬美元的收入，遠超過先前 1,510 萬美元至 1,560 萬美元的預期範圍，這標誌著我們公司連續第六個季度實現成長。

Looking ahead to Q4 2025, we expect revenue to be in the range of $18.2 million to $18.9 million, setting us up for a seventh straight quarter of growth. For the full year of 2025, we expect revenues to be in the range of $69.4 million to $70.1 million.

展望 2025 年第四季度，我們預計營收將在 1,820 萬美元至 1,890 萬美元之間，這將使我們連續第七個季度實現成長。我們預計 2025 年全年營收將在 6,940 萬美元至 7,010 萬美元之間。

GAAP gross margin for Q3 2025 came in at 63%, better than the guidance and adjusted EBITDA loss was $4.3 million above the guidance range. I'll begin our quarterly discussion with a review of our cross-industry business unit, which covers industrial machine vision, medical and the traditional professional audio/video, where our customers have reported better-than-expected demand.

2025 年第三季 GAAP 毛利率為 63%，高於預期；調整後 EBITDA 虧損比預期高出 430 萬美元。我將首先回顧我們的跨行業業務部門，該部門涵蓋工業機器視覺、醫療和傳統專業音頻/視頻，我們的客戶反映，這些領域的需求好於預期。

In Pro AV, we are succeeding with our strategy of first targeting high-end products and allowing the rest of the market to follow. Adoption of the VS3000 chipset continued to grow, underscoring the demand for long-range distribution of uncompressed 4K Video.

在專業視聽領域，我們採取的策略是先瞄準高端產品，然後讓其他市場產品跟進，這項策略取得了成功。VS3000 晶片組的採用率持續成長，凸顯了遠距離傳輸未壓縮 4K 視訊的需求。

The VS3000 remains the only solution available that delivers HDMI 2.0 high-fidelity audio, Ethernet, USB 2.0 control signals and power over single category cable at distances up to 100 meters. One notable trend in Q3 was the growing adoption of Matrix Solutions.

VS3000 仍然是目前唯一能夠透過單一網路線傳輸 HDMI 2.0 高保真音訊、乙太網路、USB 2.0 控制訊號和電源，傳輸距離可達 100 公尺的解決方案。第三季的一個顯著趨勢是矩陣解決方案的日益普及。

These are increasingly being used to deliver high-resolution video in command and control centers, museums and live events. Several market leaders have launched state-of-the-art Matrix products powered by the VS3000, including Extron, DTP3, CrossPoint, Cremers, MTX3 and Atlona's 4K HDR switcher.

這些技術越來越多地被用於在指揮控制中心、博物館和現場活動中提供高解析度視訊。包括 Extron、DTP3、CrossPoint、Cremers、MTX3 和 Atlona 的 4K HDR 切換器在內的幾家市場領導者都推出了由 VS3000 驅動的先進矩陣產品。

We also had exciting news from the field regarding our USB 3 extension solution, the VS6320. A major player that had previously been designing with a competing technology has now engaged us in four new design based on the VS6320. We expect continued strong interest in this product moving forward.

我們也收到了一些關於我們的 USB 3 擴充解決方案 VS6320 的令人興奮的消息。一家先前一直採用競爭技術進行設計的主要廠商，現在與我們合作，基於 VS6320 進行了四項新的設計。我們預計未來市場對這款產品的興趣將持續保持強勁。

Staying with the cross-industry business unit, let's turn to industrial machine vision. In July, we announced that our VA7000 chipset, the series originally developed for automotive is powering the market's first end-to-end camera-to-processor MIPI A-PHY platform from D3 Embedded.

繼續關注跨行業業務部門，我們來看看工業機器視覺。7 月，我們宣布，我們最初為汽車行業開發的 VA7000 系列晶片組，將為 D3 Embedded 推出的市場上首個端到端攝像頭到處理器的 MIPI A-PHY 平台提供動力。

This solution provides the industry's first product-ready path to implementing the standard in AI-based embedded vision systems. We are observing strong momentum for MIPI A-PHY from within the ecosystem where companies are impressed by A-PHY's superior performance.

該解決方案為業界提供了首個可直接用於在基於人工智慧的嵌入式視覺系統中實施該標準的成熟產品路徑。我們看到 MIPI A-PHY 在生態系統中展現出強勁的發展勢頭，各公司對 A-PHY 的卓越性能印象深刻。

Next quarter, we're excited to showcase the A-PHY offering alongside customers and partners at ITE in Yokohama, Japan, an important region for Industrial Vision Systems. We continue to expect industrial 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 to follow.

下個季度，我們將在日本橫濱舉行的 ITE 展會上，與客戶和合作夥伴一起展示 A-PHY 產品。橫濱是工業視覺系統的重要地區。我們繼續預期工業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組成部分，預計到 2026 年底將實現初步收入，並在接下來的幾年中具有強勁的成長潛力。

I would like to conclude this discussion of our cross-industry business unit with an update on the notable progress we are making in medical endoscopies. You have heard us speaking about disposable endoscopies several times. It is time to be explicit.

我想以我們跨行業業務部門的最新進展來結束本次討論，並向大家介紹一下我們在醫療內視鏡領域取得的顯著進展。你們已經多次聽我們談到一次性內視鏡了。是時候把話說清楚了。

Recently, we announced some exciting news. Three OEMs will launch the first VA7000-based endoscopies on the market, including the first disposable colonoscopy with 4K Video Resolution. As a reminder, the VA7000 chipset is the first on the market with built-in electrosurgical noise cancellation.

最近，我們宣布了一些令人振奮的消息。三家原始設備製造商將推出市場上首批基於 VA7000 的內視鏡，其中包括首款具有 4K 視訊解析度的一次性大腸鏡。再次提醒，VA7000 晶片組是市面上首款內建電外科降噪功能的晶片組。

To explain how important this innovation is, I would like to cite the international standard governing safety and performance requirements for medical endoscopies: Quote, The short interruption of illumination or image display shall not be considered unacceptable degradation for endoscopy equipment, unquote. That is to say the official standard governing safety in endoscopy procedures allows for video loss. And the reason is simple. Until now, there have not been endoscopies that could flawlessly handle electromagnetic interference while supporting the highest resolution sensors.

為了解釋這項創新有多重要，我想引用管理醫療內視鏡安全和性能要求的國際標準：引用，“照明或圖像顯示的短暫中斷不應被視為內視鏡設備不可接受的性能下降。”也就是說，內視鏡檢查安全方面的官方標準允許影片遺失。原因很簡單。到目前為止，還沒有任何一款內視鏡能夠在完美應對電磁幹擾的同時，還能支援最高解析度的感應器。

Valens technology offers a solution for endoscopies vendors that provides seamless video experience, and that's the main reason why we are seeing such strong market fit, both for single-use and reusable medical endoscopies.

Valens 技術為內視鏡供應商提供了一種解決方案，可提供無縫的視訊體驗，這也是我們看到其在一次性和可重複使用醫用內視鏡領域都擁有如此強大的市場契合度的主要原因。

In the medical world, there are two major trends, reducing the use of invasive surgeries and shifting towards single-use medical devices. Valens solution addresses both of these emerging needs by enabling high-resolution video transmission and allowing for surgical procedure to be performed without electromagnetic interference.

在醫療領域，有兩大趨勢：減少侵入性手術的使用和轉向使用一次性醫療器材。Valens 的解決方案滿足了這兩種新興需求，它能夠實現高解析度視訊傳輸，並允許在不受電磁幹擾的情況下進行外科手術。

We will be showcasing the medical offering next week at the MEDICA Trade Show taking place in Dusseldorf, Germany, and we anticipate considerable interest driven by the growing momentum this solution is generating across the market.

下週，我們將在德國杜塞爾多夫舉行的 MEDICA 貿易展上展示我們的醫療產品，我們預計產品將引起廣泛關注，因為該解決方案在市場上正獲得越來越大的發展勢頭。

Our goal over the next year is to secure additional design wins and continue supporting existing ones, all with the aim of ramping into mass production starting in 2027 to 2028. This market is representing a long-term growth opportunity. It's known for its high barrier to entry, but stickiness tends to be strong once you're in.

我們未來一年的目標是爭取更多設計訂單，並繼續支持現有訂單，所有這些都是為了在 2027 年至 2028 年開始大規模生產。這個市場代表著長期的成長機會。它以高准入門檻而聞名，但一旦進入其中，粘性往往很強。

Now I would like to turn to the automotive industry. As a reminder, our opportunity in automotive is dominated by the VA7000, which offers 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。再次提醒大家，我們在汽車領域的機會主要來自 VA7000，它具有高頻寬和一流的 EMI 抗干擾能力。它是市場上首款符合 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 the solution, gaining a strong foothold for A-PHY within the global OEM community. To drive A-PHY forward and ensure it is the key connectivity standard in the automotive industry, we collaborate with multiple silicon vendors validating interoperability as their A-PHY solutions come to market.

去年底，我們宣布與歐洲領先的 OEM 廠商達成了三項設計合作，為 A-PHY 解決方案在全球 OEM 廠商群體中站穩了腳跟。為了推動 A-PHY 的發展，並確保其成為汽車行業的關鍵連接標準，我們與多家晶片供應商合作，驗證其 A-PHY 解決方案上市時的互通性。

The impact was clear in Q3 as another A-PHY provider announced the standard for design win. This makes A-PHY the first automotive standard to secure design wins across more than one silicon vendor. Another important milestone for MIPI A-PHY came from Sony Semiconductor Solutions, which announced the upcoming release of the IMX 828, the automotive industry's first image sensor with a built-in MIPI A-PHY interface.

第三季度，隨著另一家 A-PHY 供應商宣布設計中標標準，其影響顯而易見。這使得 A-PHY 成為首個在多家晶片供應商中獲得設計訂單的汽車標準。MIPI A-PHY 的另一個重要里程碑來自索尼半導體解決方案公司，該公司宣布即將發布 IMX 828，這是汽車行業首款內建 MIPI A-PHY 介面的影像感測器。

According to Sony, the camera brings a number of benefits to OEMs and Tier 1s, including reduced cost, compact board size, suppressed heat generation, reduced camera module power consumption and improved resistance to error due to external noise.

索尼表示，該相機為 OEM 廠商和一級供應商帶來了許多好處，包括降低成本、縮小電路板尺寸、抑制發熱、降低相機模組功耗以及提高抗外部雜訊幹擾能力。

Having an integrated product is a pivotal milestone for any standard. And this is why Valens partnered with Sony from the early stages of this product development, ensuring that the camera met the A-PHY specification and was interoperable with our VA7000 chipset.

擁有整合產品是任何標準發展過程中的一個重要里程碑。正因如此，Valens 從該產品開發的早期階段就與索尼合作，確保相機符合 A-PHY 規範，並能與我們的 VA7000 晶片組互通。

When Sony markets this chip to its customers and partners, it is highly likely that the Valens VA7000 will be involved on the receive side. A-PHY also received another major endorsement by the leading player in the automotive industry, Samsung Electronics. We were proud to announce last quarter that Samsung is supporting the MIPI A-PHY standard, reflecting strong market interest from global OEMs.

當索尼向其客戶和合作夥伴推銷這款晶片時，Valens VA7000 很可能會在接收端發揮作用。A-PHY 也獲得了汽車行業領導者三星電子的另一項重要認可。上個季度我們很自豪地宣布，三星正在支持 MIPI A-PHY 標準，這反映了全球 OEM 廠商對該標準的強烈市場興趣。

In addition, we will fabricate our new generation of A-PHY Solution at Samsung Foundry. Here is what Samsung Corporate VP Foundry Technology Planning stated about A-PHY: [Quote] (added by company after the call), OEMs are demanding a next-generation connectivity solution that can ferry them to higher level of ADAS and autonomous driving, and A-PHY offers the key technical breakthroughs necessary to achieve this, unquote. It's clear that the momentum around A-PHY is building all around the world.

此外，我們將在三星晶圓代工廠製造我們的新一代 A-PHY 解決方案。以下是三星公司副總裁兼晶圓代工技術規劃負責人對 A-PHY 的表述：[引述]（公司在電話會議後添加），OEM 廠商需要一種能夠幫助他們提升 ADAS 和自動駕駛水平的下一代連接解決方案，而 A-PHY 提供了實現這一目標所需的關鍵技術突破。很明顯，A-PHY 在全球範圍內的發展勢頭正在不斷增強。

We continue to be engaged in several evaluation processes with multiple OEMs, each at different stages of development. This sustained activity highlights the growing strength of the MIPI A-PHY ecosystem and its acceptance as an emerging industry standard. We remain confident in our leadership position in A-PHY, supported by three design wins with leading European OEMs and a strong partnership with Mobileye.

我們持續與多家原始設備製造商 (OEM) 進行多項評估流程，每個流程都處於不同的開發階段。這項持續的活動凸顯了 MIPI A-PHY 生態系統的日益壯大及其作為新興產業標準的接受度。我們對自身在 A-PHY 領域的領先地位依然充滿信心，這得益於我們與歐洲領先的 OEM 廠商達成的三項設計合作以及與 Mobileye 的牢固合作關係。

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

那麼，蓋伊，請你詳細談談我們的財務表現。

Thank you, Gideon. I'll start with our third quarter results and then provide our outlook for the fourth quarter and full year of 2025. We generated quarterly revenue of $17.3 million, which exceeded our guidance range of $15.1 million to $15.6 million. This compares to revenues of $17.1 million in Q2 2025 and $16 million in Q3 2024. The cross-industry business or CIB, accounted for $13.2 million or approximately 75% of total revenues, while automotive contributed $4.1 million or approximately 25% of total revenues this quarter.

謝謝你，吉迪恩。我將首先介紹我們第三季的業績，然後展望2025年第四季和全年的業績。我們本季營收為 1,730 萬美元，超過了我們先前預期的 1,510 萬美元至 1,560 萬美元的範圍。相較之下，2025 年第二季的營收為 1,710 萬美元，2024 年第三季的營收為 1,600 萬美元。本季度，跨產業業務（CIB）收入為 1,320 萬美元，約佔總收入的 75%；汽車業務收入為 410 萬美元，約佔總收入的 25%。

This compares to Q2 2025 revenues of $12.8 million from CIB and $4.3 million from automotive, which represented 75% and 25% of total revenues, respectively. In Q3 2024, revenues from CIB were $9.4 million and $6.6 million were from automotive or approximately 60% and 40% of total revenues, respectively.

相較之下，2025 年第二季 CIB 業務收入為 1,280 萬美元，汽車業務收入為 430 萬美元，分別佔總收入的 75% 和 25%。2024 年第三季度，CIB 的營收為 940 萬美元，汽車業務的收入為 660 萬美元，分別約佔總收入的 60% 和 40%。

Q3 2025 gross profit was $10.9 million compared to $10.8 million in the second quarter of 2025 and compared to $9 million in the third quarter of 2024. Q3 2025 gross margin was 63% compared to our guidance range of 58% to 60%. This compares to a Q2 2025 gross margin of 63.5% and 56.4% in Q3 2024.

2025 年第三季毛利為 1,090 萬美元，而 2025 年第二季為 1,080 萬美元，2024 年第三季為 900 萬美元。2025 年第三季毛利率為 63%，高於我們先前 58% 至 60% 的預期範圍。相較之下，2025 年第二季的毛利率為 63.5%，2024 年第三季的毛利率為 56.4%。

On a segment basis, Q3 2025 gross margin for the CIB was 69.1% and gross margin from automotive was 43.2%. This compares to Q2 2025 gross margin of 67.8% and 50.5%, respectively. And for Q3 2024 gross margin of 70.3% and 36.8%, respectively.

以業務部門劃分，2025 年第三季 CIB 的毛利率為 69.1%，汽車業務的毛利率為 43.2%。相較之下，2025 年第二季的毛利率分別為 67.8% 和 50.5%。2024 年第三季毛利率分別為 70.3% 及 36.8%。

The increase in gross margin of the CIB compared to Q2 2025 was due to change in product mix. The decrease in Q3 2025 in automotive gross margin compared to Q2 2025 was due to product versions mix and certain operational expenses related to manufacturing line transition.

CIB 毛利率較 2025 年第二季有所成長，這是由於產品組合的變化所致。2025 年第三季汽車毛利率較 2025 年第二季有所下降，原因是產品版本組合變化以及與生產線過渡相關的某些營運費用。

Non-GAAP gross margin in Q3 was strong at 66.7%, which compares to 67.2% in Q2 2025 and 60.7% in Q3 2024. Operating expenses in Q3 2025 totaled $19 million compared to $18.2 million in Q2 2025 and $21.3 million in Q3 2024.

第三季非GAAP毛利率表現強勁，達66.7%，而2025年第二季為67.2%，2024年第三季為60.7%。2025 年第三季的營運費用總計為 1,900 萬美元，而 2025 年第二季為 1,820 萬美元，2024 年第三季為 2,130 萬美元。

Research and Development expenses in Q3 totaled $10.8 million compared to $10.2 million in Q2 2025 and $10.3 million in Q3 2024. SG&A expenses in Q3 were $7.4 million compared to $8.9 million in Q2 2025 and $10.7 million in Q3 2024. The decrease compared to Q2 2025 is mainly due to income from certain batch production incident in the amount of $1.5 million recognized for insurance claim payments.

第三季研發費用總計 1,080 萬美元，而 2025 年第二季為 1,020 萬美元，2024 年第三季為 1,030 萬美元。第三季銷售、一般及行政費用為 740 萬美元，而 2025 年第二季為 890 萬美元，2024 年第三季為 1,070 萬美元。與 2025 年第二季相比，下降的主要原因是確認了 150 萬美元的保險索賠收入，該收入來自某些批量生產事故。

Change in earnout liability in Q3 was an expense of $0.7 million compared to an income of $0.8 million in Q2 2025 and an expense of $0.3 million in Q3 2024. The change compared to Q2 2025 is mainly due to reassessment of the earnout amount to be paid to the Acroname shareholders.

第三季獲利能力負債的變化為支出 70 萬美元，而 2025 年第二季為收入 80 萬美元，2024 年第三季為支出 30 萬美元。與 2025 年第二季相比，變化主要是由於對支付給 Acroname 股東的獲利能力金額進行了重新評估。

GAAP net loss in Q3 2025 was $7.3 million compared to a net loss of $7.2 million in Q2 2025 and a net loss of $10.4 million in Q3 2024. Adjusted EBITDA in Q3 2025 was a loss of $4.3 million, better than the guidance range of a loss between $7.4 million to $6.8 million. This compares to an adjusted EBITDA loss of $4 million in Q2 2025 and an adjusted EBITDA loss of $5.1 million in Q3 2024.

2025 年第三季 GAAP 淨虧損為 730 萬美元，而 2025 年第二季淨虧損為 720 萬美元，2024 年第三季淨虧損為 1,040 萬美元。2025 年第三季調整後 EBITDA 虧損 430 萬美元，優於先前預期的虧損範圍（740 萬美元至 680 萬美元）。相較之下，2025 年第二季調整後的 EBITDA 虧損為 400 萬美元，2024 年第三季調整後的 EBITDA 虧損為 510 萬美元。

GAAP loss per share for Q3 was $0.07 compared to a GAAP loss per share of $0.07 for Q2 2025 and a GAAP loss per share of $0.10 for Q3 2024. Non-GAAP loss per share in Q3 2025 was $0.04 compared to a loss per share of $0.04 in Q2 2025 and a loss per share of $0.03 in Q3 2024.

第三季的 GAAP 每股虧損為 0.07 美元，而 2025 年第二季的 GAAP 每股虧損為 0.07 美元，2024 年第三季的 GAAP 每股虧損為 0.10 美元。2025 年第三季非 GAAP 每股虧損為 0.04 美元，而 2025 年第二季每股虧損為 0.04 美元，2024 年第三季每股虧損為 0.03 美元。

The difference between GAAP and non-GAAP loss per share was mainly due to stock-based compensation, change in earnout liability, depreciation and amortization expenses and certain batch production incident income.

GAAP 和非 GAAP 每股虧損之間的差異主要歸因於股權激勵費用、或有負債的變化、折舊和攤銷費用以及某些批量生產事故收入。

Turning to the balance sheet; we ended Q3 2025 with cash, cash equivalents and short-term deposits totaling $93.5 million and no debt. This compares to $102.7 million at the end of Q2 2025 and $131 million at the end of 2024.

再來看資產負債表；截至 2025 年第三季末，我們擁有現金、現金等價物和短期存款共 9,350 萬美元，且無任何債務。相較之下，2025 年第二季末為 1.027 億美元，2024 年末為 1.31 億美元。

During Q3 2025, the company allocated $3.6 million for share repurchase program and total of $23.4 million between Jan 1, 2025, and September 30, 2025. Currently, there is no active share repurchase program. Our working capital at the end of Q3 2025 was $98.9 million compared to $106 million at the end of Q2 2025 and $133.6 million at the end of 2024. Our inventory as of September 30, 2025, was $11 million, a slight decrease from $11.5 million on June 30, 2025, and down from $11.2 million on December 31, 2024.

2025 年第三季度，該公司撥款 360 萬美元用於股票回購計劃，2025 年 1 月 1 日至 2025 年 9 月 30 日期間，總計撥款 2,340 萬美元。目前沒有正在進行的股票回購計畫。截至 2025 年第三季末，我們的營運資金為 9,890 萬美元，而截至 2025 年第二季末為 1.06 億美元，截至 2024 年末為 1.336 億美元。截至 2025 年 9 月 30 日，我們的庫存為 1,100 萬美元，比 2025 年 6 月 30 日的 1,150 萬美元略有下降，比 2024 年 12 月 31 日的 1,120 萬美元有所下降。

Now I would like to provide our guidance for the fourth quarter and full year of 2025. We expect Q4 2025 revenues to be in the range of $18.2 million to $18.9 million, meaning seventh consecutive quarters of growth in revenues.

現在我想對2025年第四季和全年業績做出預測。我們預計 2025 年第四季營收將在 1,820 萬美元至 1,890 萬美元之間，這意味著營收將連續第七個季度成長。

We expect gross margins for Q4 2025 to be in the range of 58% and 60% and we expect adjusted EBITDA loss in Q4 2025 to be in the range of $4.6 million to $4.2 million loss. For the full year 2025, we expect revenue to be in the range of $69.4 million to $70.1 million. The midpoint reflects growth of approximately 20% compared to the annual revenue of 2024.

我們預計 2025 年第四季的毛利率將在 58% 至 60% 之間，預計 2025 年第四季的調整後 EBITDA 虧損將在 460 萬美元至 420 萬美元之間。我們預計 2025 年全年營收將在 6,940 萬美元至 7,010 萬美元之間。中點反映了與 2024 年年收入相比約 20% 的成長。

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，請他作總結發言，之後將開放問答環節。

Thank you, Guy. Across each of our target markets, Valens Semiconductor is well-positioned for growth, supported by our cutting-edge technology and robust balance sheet. We remain focused on executing our long-term strategy and advancing on our path towards profitability.

謝謝你，蓋伊。憑藉尖端技術和穩健的資產負債表，Valens Semiconductor 在我們所有目標市場都處於良好的成長地位。我們將繼續專注於執行長期策略，並朝著獲利目標穩步前進。

On a personal note, I would like to say that it has been a privilege to lead the Valens team over the last 5.5 years. I'm confident that in his position as the next CEO of Valens, Yoram will accelerate Valens' growth and strengthen its position as a leader in high-performance connectivity across industries.

就我個人而言，我想說，在過去的5.5年裡，能夠領導瓦倫斯隊是我的榮幸。我相信，Yoram 擔任 Valens 下一任執行長後，將加速 Valens 的發展，並鞏固其在各行業高性能連接領域的領導地位。

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

接下來，我將開放問答環節，回答大家的問題。操作員？

(Operator Instructions)

（操作說明）

Quinn Bolton, (technical difficulty)

奎因·博爾頓（技術難題）

It's Neil Young on for Quinn Bolton. Thanks for having me to ask your question. So I wanted to ask about the gross margin across the two businesses, specifically within automotive, which dropped sequentially. So last quarter, you talked about the optimization of product costs within automotive. This quarter, it looks like the sequential drop was due to product versions mix and certain operational expenses related to manufacturing line transition.

尼爾楊代替奎因博爾頓上場。謝謝您邀請我提問。因此，我想詢問這兩個業務的毛利率情況，特別是汽車業務的毛利率，該業務的毛利率環比下降。上個季度，您談到了汽車產業產品成本的最佳化。本季環比下降似乎是由於產品版本組合以及與生產線過渡相關的某些營運費用造成的。

I was wondering if you could give a little more detail on what that is. Is this a onetime event? Should we expect this to carry over into future quarters? And then maybe for 4Q, just kind of walk us through the puts and takes in gross margin for the guide. It seems like it came in a little bit softer than I would have thought. Thanks.

我想請您詳細解釋一下那是什麼。這是一次性事件嗎？我們是否應該預期這種情況會延續到接下來的幾季？然後，或許可以針對第四季度，帶我們來了解毛利率方面的預期和預期。感覺比我想像的要軟一些。謝謝。

Sure. Hi, Quinn. So we truly believe that this was like a kind of a onetime event as related to the mix of different versions of the product during the quarter and related to onetime expenses related to a transition of certain manufacturing line. And we believe that in the next quarter, that should be improved again.

當然。你好，奎因。因此，我們真心認為這是一起一次性事件，與本季不同版本產品的組合以及與某些生產線過渡相關的一次性支出有關。我們相信，下一季情況會再次改善。

Okay. So it should maybe return to what it was in 2Q within auto or a smaller step-up?

好的。所以它或許應該恢復到第二季自動擋的水平，或是小幅提升？

We still -- I'll be a little bit cautious here, and I will try to avoid from providing the exact answer, but it should be -- again, it should be improved. It's still early to say what will be the pace of the improvement.

我們仍然——我在這裡會比較謹慎，我會盡量避免給出確切的答案，但應該——再次強調，應該有所改進。現在判斷改善的速度還為時過早。

Okay. Thanks. That's really helpful. And then the cross-industry business revenue came in definitely above what I would have expected. So I know earlier in the year or last quarter, when you guys were talking about your guide, there were some concerns around the impact of tariffs. Was that not as bad as previously feared? Sort of what's driving the strength in CIB or more specifically in Pro AV? And should we expect it to grow at a higher rate sequentially than auto in 4Q? Thanks.

好的。謝謝。這真的很有幫助。而跨產業業務收入也明顯高於我的預期。所以我知道今年早些時候或上個季度，當你們談到你們的指南時，人們對關稅的影響有一些擔憂。情況沒有之前擔心的那麼糟嗎？究竟是什麼因素推動了CIB（電腦整合業務）或更具體地說是專業視聽領域的強勁發展？我們是否應該預期它在第四季的環比成長率會高於汽車產業？謝謝。

Hi. Thank you, Quinn. Thank you for the question. We see that the tariff influences becomes milder. And this is the reason that companies are less reluctant from making new orders, and they know that they can ship what they buy. It's not yet a situation that the market is clear and the atmosphere is clear. It's improving. And as we all read the same press, it's changing daily. But the whole atmosphere around tariffs is far more relaxed, not relaxed to the level before it all started.

你好。謝謝你，奎因。謝謝你的提問。我們看到關稅的影響有所減弱。正因如此，企業才更願意下新訂單，而且他們知道自己能夠交付所購買的貨物。目前市場情勢尚不明朗，市場氛圍尚未明朗。情況正在好轉。而且由於我們都閱讀同樣的報紙，內容每天都在改變。但是，目前圍繞關稅的整體氛圍要輕鬆得多，但還沒有恢復到這一切開始之前的水平。

Sure. Thank you.

當然。謝謝。

Suji Desilva, ROTH Capital.

Suji Desilva，ROTH Capital。

Hi, Gideon and Guy. Gideon, best of luck in the transition and Yoram, best of luck in the new role. So the Pro AV upside in the quarter, can you give some color on where that was coming from and how sustainable that is? Thanks.

嗨，吉迪恩和蓋伊。吉迪恩，祝你過渡順利；約拉姆，祝你在新崗位上一切順利。鑑於本季度專業視聽領域的成長，您能否詳細說明成長的來源以及這種成長的可持續性？謝謝。

Sure. Pro AV is a very big part of the CIB. And Pro AV is mainly matrixes and conference rooms and projectors. It's all one mix. And it comes from all of them. It doesn't come particularly from one. I might say that one niche, which is starting and become higher -- bigger is the conference from camera. This is -- if there is a subsegment that might have an entry is this one.

當然。專業視聽設備是CIB（電腦資訊庫）中非常重要的組成部分。專業視聽設備主要包括矩陣、會議室和投影機。它們都是同一種混合物。它來自他們所有人。它並非特別來自某一個來源。我可以說，一個正在興起並不斷發展壯大的細分領域是攝影會議。如果說有一個子部分可能包含條目，那就是這個子部分。

But other than that, it's the stuff we know for years and the market is getting back to what it used to, and this is the Pro AV recovery. I don't think I have a lot more color to put other than that, but I believe that this covers what Pro AV is back to.

但除此之外，就是我們多年來所熟知的東西，市場正在恢復到以前的樣子，這就是專業視聽領域的復甦。除此之外，我覺得沒什麼好補充的了，但我相信這已經涵蓋了專業視聽領域目前的現狀。

Okay. Alright. Thanks, Gideon. And then my other question, maybe a bigger picture question. Can you talk about the factors that are pacing or gating MIPI A-PHY -- broader MIPI A-PHY adoption maybe across non-auto and auto, just to understand what you think is kind of left in '25 and '26 to help kind of accelerate that adoption? Thanks.

好的。好吧。謝謝你，吉迪恩。然後，我的另一個問題，或許是一個更宏觀的問題。您能否談談影響 MIPI A-PHY 普及速度或發展瓶頸的因素——例如，在非汽車和汽車領域更廣泛地採用 MIPI A-PHY，以便了解您認為在 2025 年和 2026 年還有哪些因素有助於加速其普及？謝謝。

MIPI A-PHY, as I repetitively say, a company like Valens cannot win in points. We can win in knockout. MIPI A-PHY, where it gives the advantages, the advantages are very blunt. This is correct for automotive and for medical and for industrial and where people have serious influence of electromagnetic.

MIPI A-PHY，正如我一再強調的，像 Valens 這樣的公司不可能在積分上獲勝。我們可以在淘汰賽中獲勝。MIPI A-PHY 的優點在於，它的優勢非常明顯。這對於汽車、醫療、工業以及人們受電磁波嚴重影響的領域都是正確的。

And when electromagnetic is strong and changes the whole ecosystem, this is where we are. And this is part of what the new world. The new world has more cameras that have more resolution, more bits per pixel, more -- and they require more bandwidth. This bandwidth makes the whole system to be more fragile. And when it's more fragile, MIPI A-PHY is the solution. And that's exactly where we are, and this is the reason for those wins. I'm not sure I did answer exactly your question. So if it's not, please don't hesitate to elaborate.

當電磁波強度很大，並改變整個生態系統時，我們就身處在這樣的情況下。這就是新世界的一部分。新世界擁有更多解析度更高、每像素位數更多、功能更強大的攝像頭，因此需要更大的頻寬。這種頻寬使得整個系統更加脆弱。當系統更加脆弱時，MIPI A-PHY 就是解決方案。而這正是我們所處的境地，也是我們取得勝利的原因。我不確定我是否完全回答了你的問題。如果不是，請不要猶豫，詳細說明一下。

No, Gideon, that was the color I was looking for. I mean there is sort of [opting]. It sounds like bandwidth and higher resolution video is one of the catalysts that's happening secularly in the market, understand.

不，吉迪恩，那正是我要找的顏色。我的意思是，有點…[選擇]。聽起來，頻寬和更高解析度的影片是推動市場長期發展的催化劑之一，明白嗎？

Correct.

正確的。

Alright. Thanks, Guys.

好吧。謝謝各位。

Thank you.

謝謝。

Dave Storms, Stonegate.

戴夫·斯托姆斯，斯通蓋特。

Good morning, and then thank you for taking my questions. Just wanted to start with the gross profit margin guide in Q4. Year-to-date gross profit margin is tracking around 63%, and you're obviously guiding between 58% to 60%. Is this an expectation that the mix is going to change? Is this typical seasonalities? Is this being judicious in the face of the macro environment? Any color here would be great.

早上好，謝謝您回答我的問題。首先想跟大家分享一下第四季的毛利率預期。今年迄今為止的毛利率約為 63%，而你們顯然預計毛利率將在 58% 到 60% 之間。這是預期這種組合會改變嗎？這是典型的季節性現象嗎？在當前的宏觀環境下，這種做法是否明智？這裡任何顏色都行。

Sure. So in the beginning of the quarter, we're trying to estimate the next quarter results based on product mix and the combination of the revenue drivers. And the result is what we've provided as the guidance.

當然。因此，在本季初，我們試圖根據產品組合和收入驅動因素的組合來預測下一季的業績。而最終的結果就是我們提供的指導意見。

Understood. Appreciate that. And then I just wanted to turn to the Medical segment. Great to see they had the three product launches. Curious as to what the pacing may be around for further product launches and what the logistics look like for expansion there.

明白了。謝謝。然後我就想轉到醫療板塊了。很高興看到他們推出了三款新產品。很好奇未來產品發表的節奏會是怎麼樣的，以及擴張的物流安排會是怎麼樣的。

Okay. I believe both of us are not medical doctors, but I tried to get us both to the same point of view of a medical doctor. There are stages when the doctor penetrate with the camera in order to see what is in and then he started to shoulder or to burn to do anything.

好的。我相信我們兩個都不是醫生，但我努力讓我們兩個都從醫生的角度看待問題。有些階段，醫生會用攝影機進行內視鏡檢查，看看裡面的情況，然後他開始用肩膀或燒灼的方式進行任何操作。

At this time, all the frames are lost and he is blunt and he uses the memory he had before to see that he does correctly. And the reason for that is because there is no any resistance of electromagnetic. There is no EMC. The EMI is celebrating the influence is very high. What we do enable that the continuity of the surgery without lose frames. And this is one of the reasons that it is adopted in the industry.

此時，所有幀都丟失了，他很直接，憑藉著之前的記憶來確保自己做得正確。原因在於電磁波不存在任何阻力。沒有電磁相容性問題。EMI 認為其影響力非常高。我們所做的就是確保手術的連續性，避免畫面遺失。這也是它在業界被廣泛採用的原因之一。

And the other reason is the pressure to move to a single-use endoscopy. This reason is originated by the tendency that minimally invasive surgery responsible for maybe more than 50% of the infections in hospitals. And both the -- try to move from single-use endoscopy on one hand and to have more resilient system on the other hand.

另一個原因是轉向使用一次性內視鏡的壓力。這原因源自於微創手術可能導致醫院感染病例超過 50% 的趨勢。一方面，雙方都試圖擺脫一次性內視鏡的使用；另一方面，雙方都希望建立更具彈性的系統。

And there is a third reason, which I'll mention in a second, drive to look for a solution that has immunity against electromagnetic. So the doctor will not have lost frames and the cost will be cheaper and enable single-use endoscopy.

還有第三個原因，我稍後會提到，那就是尋找一種能夠抵抗電磁幹擾的解決方案。這樣一來，醫生就不會丟失幀，成本也會更低，並且可以實現一次性內視鏡檢查。

The third is a little bit more obstruct. I'll try to explain it over the phone, is the distance between the lens and the sensor. When they are remote, the surgery sees the -- what's inside our body, like to a stroke. When they are connected, it opens up, so we can see larger picture. And this is a third motivation for why to move from traditional endoscopy to this new endoscopy that enables both bigger picture, both cheaper and electromagnetic resilience. So you can -- the doctor can do whatever he wants without losing friends.

第三個障礙物比較多。我試著在電話裡解釋一下，這是鏡頭和感光元件之間的距離。當它們是遠程的，手術可以看到——我們身體內部的情況，就像中風一樣。當它們連結起來時，視野就豁然開朗，我們可以看到更廣闊的圖像。這也是我們從傳統內視鏡轉向這種新型內視鏡的第三個原因，這種新型內視鏡既能提供更廣闊的視野，又能降低成本，而且具有抗電磁幹擾能力。所以你可以——醫生可以做任何他想做的事而不會失去朋友。

That's great color there. Thank you.

那顏色真好看。謝謝。

(Operator Instructions)

（操作說明）

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

目前沒有其他問題了。本-茲維先生，您想做總結發言嗎？

Yes. Thank you. I would like to thank you all for joining us today for our third quarter of 2025 earnings call and for your continued support and interest in Valens Semiconductor. We hope to meet you again in our next earnings call. Goodbye.

是的。謝謝。感謝各位今天參加我們2025年第三季財報電話會議，也感謝各位一直以來對Valens Semiconductor的支持與關注。我們希望在下次財報電話會議上再次見到您。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。Valens Semiconductor的業績電話會議到此結束。感謝您的參與。您可以斷開連線了。