Valens Semiconductor Reports Third Quarter 2024 Results

^1. Working Capital is calculated as Total Current Assets, less Total Current Liabilities, as of the last day of the period.
^2. As of the last day of the period.
^3. GAAP Gross Profit excluding share-based compensation, depreciation and amortization expenses, divided by revenue. For the three months ended September 30, 2024, and 2023, share-based compensation, depreciation and amortization expenses were $684 thousand and $312 thousand, respectively. For the nine months ended September 30, 2024, and 2023, share-based compensation, depreciation and amortization expenses were $1,454 thousand and $872 thousand, respectively.
^4. Adjusted EBITDA is defined as Net profit (loss) before financial income (expense), net, income taxes, equity in earnings of investee and depreciation and amortization, further adjusted to exclude share-based compensation, certain batch production incident expenses and change in fair value of Forfeiture Shares and earnout liability, which may vary from period-to-period. We caution investors that amounts presented in accordance with our definition of Adjusted EBITDA may not be comparable to similar measures disclosed by other issuers, because not all issuers calculate Adjusted EBITDA in the same manner. Adjusted EBITDA should not be considered as an alternative to Net loss or any other performance measures derived in accordance with GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity. Please refer to the appendix at the end of this press release for a reconciliation to the most directly comparable measure in accordance with GAAP.
^5. See reconciliation of GAAP to non-GAAP financial measures.
^6. See note 5.
^7. The company calculates its non-GAAP Loss per Share as GAAP Net Loss adjusted to exclude the following: Stock-based compensation, depreciation and amortization, certain batch production incident expenses and the change in fair value of Forfeiture Share and earnout liability divided by the weighted average number of shares used in calculation of net loss per share.