Valens Semiconductor Ltd. VLN
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-0.31
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $70.6M | $57.9M | $84.2M | $90.7M | $70.7M | $56.9M | $60.0M | — |
| Cost of revenue | $26.5M | $23.6M | $31.6M | $27.3M | $20.1M | $13.4M | $12.6M | — |
| Gross profit | $44.1M | $34.3M | $52.6M | $63.4M | $50.6M | $43.5M | $47.5M | — |
| R&D | $42.7M | $40.5M | $48.2M | $58.2M | $46.9M | $44.7M | $52.7M | — |
| SG&A | $14.3M | $16.5M | $14.0M | $16.6M | $16.6M | $7.9M | $5.1M | — |
| Total operating expenses | $78.1M | $75.6M | $79.5M | $91.8M | $77.6M | $66.3M | $75.4M | — |
| Operating income | -$34.1M | -$41.3M | -$26.9M | -$28.4M | -$27.1M | -$22.8M | -$28.0M | — |
| Pre-tax income | -$31.4M | -$36.5M | -$19.6M | -$27.2M | -$26.1M | -$19.5M | -$25.5M | — |
| Income tax | $158.0K | $96.0K | $112.0K | $451.0K | $407.0K | $164.0K | $414.0K | — |
| Net income | -$31.6M | -$36.6M | -$19.7M | -$27.7M | -$26.5M | -$19.6M | -$25.9M | — |
| EPS, basic | -0.31 | -0.35 | -0.19 | -0.28 | -1.15 | -3.25 | — | — |
| EPS, diluted | -0.31 | -0.35 | -0.19 | -0.28 | -1.15 | -3.25 | -4.13 | — |
| Shares, diluted (wtd. avg.) | 103.1M | 105.5M | 102.0M | 97.8M | 33.0M | 10.4M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $27.9M | $35.4M | $17.3M | $20.0M | $56.8M | $26.3M | $15.6M | $26.0M |
| Short-term investments | $64.7M | $95.5M | $124.8M | $128.4M | — | — | — | — |
| Receivables | $10.0M | $7.8M | $14.6M | $11.5M | $7.1M | $8.7M | — | — |
| Inventory | $10.1M | $10.2M | $13.8M | $23.8M | $9.3M | $3.2M | — | — |
| Total current assets | $118.7M | $153.9M | $174.7M | $188.5M | $199.0M | $76.4M | — | — |
| Property, plant and equipment | $2.9M | $3.6M | $3.0M | $2.8M | $2.7M | $2.4M | $2.6M | — |
| Goodwill | $1.8M | $1.8M | — | — | — | — | — | — |
| Other intangibles | $3.8M | $4.7M | — | — | — | — | — | — |
| Total assets | $134.7M | $172.2M | $180.6M | $195.7M | $202.6M | $79.2M | — | — |
| Accounts payable | — | — | — | — | $4.5M | $1.8M | — | — |
| Total current liabilities | $22.9M | $20.3M | $15.9M | $24.8M | $15.7M | $11.2M | — | — |
| Total liabilities | $29.7M | $29.5M | $16.3M | $28.2M | $20.4M | $11.8M | — | — |
| Retained earnings | -$245.5M | -$213.9M | -$177.3M | -$157.7M | -$130.0M | -$103.5M | — | — |
| Total equity | $105.0M | $142.7M | $164.3M | $167.4M | $182.2M | -$82.2M | -$68.3M | -$45.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$12.7M | $1.0M | -$6.4M | -$22.1M | -$21.6M | -$19.6M | -$21.6M | — |
| Depreciation and amortisation | $1.8M | $1.6M | $1.6M | $1.4M | $1.1M | $1.1M | $1.0M | — |
| Stock-based compensation | $16.5M | $15.1M | $15.0M | $12.1M | $9.9M | $5.3M | $2.9M | — |
| Capital expenditure | $1.1M | $1.9M | $1.2M | $1.1M | $1.4M | $861.0K | $1.4M | — |
| Investing cash flow | $28.0M | $17.8M | $1.4M | -$11.7M | -$84.2M | $28.3M | $10.6M | — |
| Financing cash flow | -$23.1M | -$155.0K | $1.5M | $822.0K | $135.4M | $406.0K | $132.0K | — |
| Buybacks | $24.0M | $1.0M | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-055471.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $60.0M | $56.9M | $70.7M | $90.7M | $84.2M | $57.9M | $70.6M |
| Gross profit | — | $47.5M | $43.5M | $50.6M | $63.4M | $52.6M | $34.3M | $44.1M |
| Net income | — | -$25.9M | -$19.6M | -$26.5M | -$27.7M | -$19.7M | -$36.6M | -$31.6M |
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