VALENS SEMICONDUCTOR LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. Dollars in thousands, except share and per share amounts)
(Unaudited)

Three Months Ended
June 30,

Six Months Ended
June 30,

2022

2021

2022

2021

REVENUES

22,481

17,510

44,101

30,874

COST OF REVENUES

(6,697)

(5,043)

(12,877)

(8,875)

GROSS PROFIT

15,784

12,467

31,224

21,999

OPERATING EXPENSES:

    Research and development expenses

(14,904)

(10,956)

(29,031)

(21,354)

    Sales and marketing expenses 

(4,473)

(3,222)

(8,682)

(6,332)

 General and administrative expenses

(4,340)

(2,366)

(8,641)

(4,544)

TOTAL OPERATING EXPENSES

(23,717)

(16,544)

(46,354)

(32,230)

OPERATING LOSS

(7,933)

(4,077)

(15,130)

(10,231)

Change in fair value of Forfeiture Shares

1,538

-

4,142

-

Financial income (expenses), net

(3,560)

503

(3,675)

336

LOSS BEFORE INCOME TAXES

(9,955)

(3,574)

(14,663)

(9,895)

INCOME TAXES

(43)

(124)

(389)

(179)

LOSS AFTER INCOME TAXES

(9,998)

(3,698)

(15,052)

(10,074)

Equity in earnings of investee

3

-

7

-

NET LOSS

(9,995)

(3,698)

(15,045)

(10,074)

EARNINGS PER SHARE DATA:

BASIC AND DILUTED NET LOSS PER ORDINARY SHARE ^[7]  
(in U.S. Dollars)

$(0.10)

$(0.68)

$(0.15)

$(1.61)

WEIGHTED AVERAGE NUMBER OF SHARES USED

IN CALCULATION OF NET LOSS PER ORDINARY

97,442,359

11,020,299

97,296,206

10,927,357