Valens Semiconductor Ltd. reported third quarter 2024 revenues of $16.038 million, surpassing the top end of its guidance. The company also achieved a GAAP gross margin of 56.4% and a non-GAAP gross margin of 60.7% for the quarter.
A significant development for Valens was the award of three new automotive design wins from leading European OEMs for its VA7000 MIPI A-PHY chipsets. These chipsets are expected to be integrated into certain vehicle models starting in 2026, with accelerated adoption projected for 2027 and 2028.
The company also announced organizational changes, renaming its Audio-Video Business Unit to the Cross Industry Business Unit to encompass Audio-Video, Industrial, Machine Vision, and Medical verticals. Leadership transitions include Gabi Shriki stepping down as SVP, Head of Audio-Video Business Unit, and Adar Segal being appointed SVP, Head of Automotive Sales and Business Development, effective January 1, 2025.
For the fourth quarter of 2024, Valens expects revenues to range between $16.0 million and $16.3 million, with a gross margin between 58.0% and 62.0%. Full-year 2024 revenues are projected to be between $57.2 million and $57.5 million.
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