Valens Semiconductor Ltd.

The grade, in three tenses

Headline 4.9 out of ten, 7 of 9 metrics filed and 2 estimated: past 4.4 out of ten, present 4.8 out of ten, future 5.5 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2021. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 2.4 out of ten. +2.7% a year over 7 filed years; profitable in 0 of 7. 24th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 3.9 out of ten. CrossAssetData estimate 3.9/10, confidence 35 of 100 (one part). 39th percentile among 94 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Financial health (present): 6.4 out of ten. ROE -30%: lost 30¢ per shareholder dollar. Leverage 22%: owes 22¢ per asset dollar. 64th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 2.4 out of ten. bottom 24% of 97 in its family; net margin -44.7%. 24th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 5.3 out of ten. CrossAssetData estimate 5.3/10, confidence 20 of 100 (family median). 50th percentile among 78 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Room to expand (future): 6.7 out of ten. top 33% of 94 in its family for room to expand. 67th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 3.6 out of ten. bottom 37% of 93 in its family for growth drivers. 37th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 5.6 out of ten. top 44% of 88 in its family for expectations against reality. 56th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 20-F filed 2026-02-25 for the period ended 2025-12-31 (on EDGAR). Newest filing: Form 6-K, 2026-09-22. Filings on record since 2021. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 20-F filed 2026-02-25.

The people

Yoram Salinger has run Valens since November 13, 2025. He took over from Gideon Ben Zvi, chief executive from 2020 until November 12, 2025, who remains a director, as he has been since 2011. Salinger came from the cybersecurity company Perception Point, which he led until its acquisition by Fortinet in 2024; before that he ran Red-Bend Software, a maker of software management for phones and cars that Harman International bought. [1, 2, 3, 4]

Guy Nathanzon has been chief financial officer since 2024, after finance posts at chip designers including Altair Semiconductor and Provigent. Two business heads took their posts in February 2025: Gili Friedman, from Sony Semiconductor Israel, leads the newly formed Cross-Industry Business Unit, and Adar Segal, formerly in senior sales at Cadence, the Automotive Business. Amir Boim, with Valens since 2016, has managed operations since 2020, and David Chairman, also there since 2016, has run research and development since 2021. [5, 6, 7, 8, 9, 10, 11]

Peter Mertens, once chief technology officer of Volvo Cars and a member of Audi's board of management, has chaired the board since 2020. Yahal Zilka, co-founder of Magma Venture Partners, has been a director since 2007, and Moshe Lichtman, a former Microsoft corporate vice president, since 2017. The largest holder is Value Base, with 20.26% of the shares; Tal Yaacobi, a managing partner of the Value Base Fund, joined the board in 2024. The insider filings this site holds begin only in March 2026, when all sixteen people on that record first filed. [12, 13, 14, 15, 16, 17, 18]

At the end of 2025 Valens counted 233 employees and contractors, down from 259 a year earlier, most of them in Israel, where research and development is the largest department. In January 2026 it announced a plan to cut its workforce across departments by about 10% to improve efficiency. None of its employees works under a collective bargaining agreement, and some are military reservists who can be called to active duty. [19, 20, 21, 22]

How it operates

Valens designs chipsets that carry large amounts of data (video, audio, USB, Ethernet, control signals and power) over long runs of a single low-cost cable. It is fabless, meaning it designs the chips and outsources all of the manufacturing. It has two business units: Cross-Industry, covering professional audio-video (video conferencing, education, digital signage, entertainment), industrial vision and medical devices; and Automotive, covering in-car infotainment, driver-assistance systems (ADAS) and long vehicles such as trucks. [23, 24, 25, 26, 27]

Its chips sit inside audio-video products from Crestron, EPSON, Extron, Harman, Legrand, LG Electronics, Logitech, NEC, Panasonic, Samsung, Siemens, Sony and Sennheiser, in industrial PCs from B&R and Siemens, and in medical equipment from Siemens, Drager and Eizo. In cars it supplies Mercedes-Benz in volume: it promotes its chips to the carmakers, which decide the technology, but sells to the Tier 1 suppliers that build the systems, among them Bosch, Continental and Valeo. [28, 29, 30, 31, 32]

Revenue spreads over more than 200 customers, yet the three largest took about 31% in 2025, down from 38%, and two unnamed customers each passed a tenth of revenue, at 13% and 11%. About 40% of sales went through distributors, up from 34%. Sales run on short-term purchase orders; customers' twelve-month forecasts are generally not binding. [33, 34, 35, 36, 37]

By the customer's billing address, no country dominates: China took 10.6 million dollars, 15.0% of 2025 revenue, the United States 9.6 million (13.6%), Portugal 9.2 million (13.0%), Hong Kong 9.1 million (12.9%) and Hungary 9.0 million (12.8%), the one large market that shrank, down 28.6%. Israel, its home, brought in less than one percent. The company reports in US dollars, and its payroll costs rose in 2025 partly on the dollar's exchange rate against the Israeli shekel. [38, 39, 40, 41]

It owns no factories. All its silicon wafers are designed to be made at TSMC, and in 2025 it announced a partnership with Samsung Foundry to make its future MIPI A-PHY chips on an automotive process. ASE and UTAC assemble and test them, and inventory sits mainly in Asia and Europe, close to customers' factories. It also pays royalties for other companies' designs built into its chips, between 0.25% and 3.5% of the revenue per chip plus up to 0.10 dollars a chip. [42, 43, 44]

The specifics

Valens built its business on two standards founded on its own technology. It invented HDBaseT, which sends ultra-high-definition video, audio, Ethernet, USB, controls and up to 100W of power over one ordinary cable for up to 100 meters, and co-founded the HDBaseT Alliance with LG, Samsung and Sony Pictures; by December 2025 it had sold tens of millions of HDBaseT chipsets. In 2020 the MIPI Alliance chose its technology as the basis of MIPI A-PHY, a standard for fast links from a car's cameras and sensors to its computers, which the IEEE also adopted in 2021, and late that year Valens shipped the industry's first A-PHY chips. [45, 46, 47, 48, 49, 50]

It protects the technology with about 134 issued patents and 6 pending applications, and holds 25% of HDBaseT Licensing LLC, formed with LG Electronics, Samsung Electronics and Sony Pictures Technologies to license the patents tied to the standard. The filing names no competitor; it says some rivals are larger and better resourced, that chip prices fall fast over a product's life, and that competing standards could be preferred by customers. [51, 52, 53, 54, 55]

Founded in Israel in 2006, Valens became a public company in September 2021 through a business combination with PTK Acquisition Corp. In May 2024 it made its first acquisition, Acroname, which specializes in automation and control technology for professional audio-video and industrial vision, with earnout payments of up to 7.2 million dollars to Acroname's former owners. In 2025 it spent about 24 million dollars on two share repurchase programs and ended the year with 92.6 million dollars of cash, cash equivalents and short-term deposits, down from 131.0 million. [56, 57, 58, 59, 60, 61, 62, 63]

Quality lapses cost money: in March 2024 a customer complained of a faulty production batch; Valens remedied the problem, replaced the products and booked 2.2 million dollars of expenses. By the end of 2025 it was in advanced talks on a settlement in which its insurer would pay the customer 1.5 million dollars. Its headquarters and research sit in Hod Hasharon, Israel; the filing points to the war that followed the October 7, 2023 attacks and the June 2025 conflict with Iran, says its facilities have not been damaged, and warns that staff called up for military service can delay new products. [64, 65, 66, 67, 68]

What drives growth, line by line

Cross Industry Business. The larger line: 51.7 million dollars, 73.1% of 2025 revenue, up 42.3%. The filing credits a recovery in the audio-video market after the 2024 down-cycle, when customers worked slowly through their inventories, which lifted demand for its chips. The line's gross margin slipped to 68.1% from 71.0% on a shift in product mix, and its research spending rose 20.3%, driven by payroll, the dollar-shekel exchange rate and a full year of Acroname. [38, 69, 70, 71]

Automotive. 19.0 million dollars, 26.9% of revenue, down 12.0%, which the filing puts down to fewer chips sold for Mercedes-Benz cars and a lower average selling price. Cost cutting on the product raised the line's gross margin to 47.0% from 39.5%, and its research spending fell 15.9% as the VA7000 chips matured in production and in-house electromagnetic testing replaced outside labs. The company says its automotive chips earn lower margins than its cross-industry ones, so it expects some erosion of gross margin as the mix shifts toward cars. [38, 72, 73, 71, 74, 75]

What comes next, in the company's own words: three carmakers from one group of brands chose its A-PHY chips in 2024 for next-generation driver assistance, with commercialization expected in 2027; in early 2026 it won a fourth A-PHY design with a premium carmaker serving the Chinese market; Mobileye chose it as the connectivity for its EyeQ6H; and in 2025 three endoscope makers picked its VA7000 chips. It also says carmakers are taking longer to decide on new technology, and that a customer's evaluation and development stages bring no meaningful revenue. [76, 77, 78, 79, 80]

What the desk infers (inferred, not filed)

• Nearly all of Valens's automotive revenue in 2025 came from one program, the Mercedes-Benz infotainment system; the A-PHY design wins it presents as its automotive future had not yet turned into meaningful car sales. Because: The filing ties automotive demand to demand for Mercedes-Benz cars and puts the 2025 fall down to fewer chips sold for Mercedes-Benz cars and a lower selling price. [81, 72] Its first automotive chips power the Mercedes-Benz infotainment system across all its passenger car models, with revenue since 2021. [82] The three carmakers that chose A-PHY in 2024 expect commercialization only in 2027, and a customer's evaluation and development stages bring no meaningful revenue. [76, 80] Confidence 75 of 100. Wrong if: A filing that attributes a meaningful part of automotive revenue to A-PHY chips or to a carmaker other than Mercedes-Benz before 2027.
• Most of the revenue billed to Portugal and Hungary comes from the Tier 1 suppliers' plants that build Mercedes-Benz systems with Valens chips, so those two countries stand in for the automotive line. Because: Automotive sales are made to Tier 1 suppliers, and Mercedes-Benz embeds the chips through Tier 1s such as Bosch, Continental and Valeo. [31, 32] The filing places revenue by the customer's bill-to location. [39] Portugal and Hungary brought in 13.0% and 12.8% of 2025 revenue, together close to the automotive line's 26.9%. [38] Hungary's revenue fell 28.6% in 2025, the year automotive revenue fell 12.0% on fewer chips sold for Mercedes-Benz cars. [38, 72] Confidence 50 of 100. Wrong if: A disclosure showing that most revenue billed to Portugal or Hungary comes from audio-video, industrial or medical customers rather than automotive suppliers.
• The cross-industry line's higher margins most likely come from Valens being the incumbent supplier of chips for HDBaseT, a standard it invented and helps run, rather than from scale. Because: Valens invented HDBaseT and co-founded the alliance that promotes it with LG, Samsung and Sony Pictures. [45] It calls itself the incumbent provider of HDBaseT chipsets, with almost all of the world's major consumer electronics companies as customers. [83] The cross-industry line earned a 68.1% gross margin in 2025, against 47.0% in automotive. [70, 73] It owns a quarter of the company that licenses the patents tied to the standard. [52] Confidence 55 of 100. Wrong if: A second supplier shipping HDBaseT chipsets in volume to the same audio-video makers while the line keeps its margin, or a margin that holds while Valens's HDBaseT sales shrink.

Sources

1. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Yoram Salinger has served as the Chief Executive Officer of Valens since November 13, 2025.”
2. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Gideon Ben Zvi served as the Chief Executive Officer of Valens from 2020 until November 12, 2025, and has served as a member of the board of directors of Valens since 2011.”
3. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Most recently, he served as CEO of cybersecurity company Perception Point, where he led the company through a period of exceptional revenue growth, culminating in its acquisition by Fortinet in 2024.”
4. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Previously, as CEO of Red-Bend Software, he built it into a global leader in mobile and automotive software management with its technology embedded in over two billion devices, leading to its successful acquisition by Harman International.”
5. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Guy Nathanzon joined Valens in 2024 as its Chief Financial Officer, and as such is responsible for Valens’ finance, accounting, and strategic financial planning.”
6. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “CFO of Altair Semiconductor Ltd, fabless semiconductor company in the communication industry and CFO of Provigent Inc, fabless semiconductor company in the wireless infrastructure industry that was acquired by Broadcom.”
7. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Gili Friedman joined Valens Semiconductor in February 2025 as Senior Vice President and Head of the newly formed Cross Industry Business Unit.”
8. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Prior to joining Valens, Gili served as Vice President of Sales and Business Development at Sony Semiconductor Israel”
9. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Mr. Segal leads Valens’ Automotive Business unit since February 2025. Mr. Segal has over 25 years of experience in technology-driven Sales, sales management and partnerships across the high-tech global industry, including advanced semiconductors and automotive solutions. Prior to joining Valens, Mr. Segal served in senior sales positions in Cadence”
10. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Amir Boim joined Valens in 2016. Amir is SVP Operations and manages the Operations of Valnes since 2020.”
11. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “David Chairman joined Valens in 2016 and manages the R&D of Valens since 2021.”
12. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Peter Mertens has served as the Chairperson of Valens’ Board of Directors since 2020. Mr. Mertens brings more than 35 years of experience in the automotive industry, having held senior positions with major OEMs, including CTO at Volvo Cars for six years, General Motors Global Line Executive for eight years, various management positions at Mercedes-Benz, and member of the Board of Management of Audi AG, responsible for Technical Development and Design.”
13. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Yahal Zilka has served as a member of the board of directors of Valens since 2007. Mr. Zilka is a co-founder of 10D and serves as a co-Managing Partner, since 2019, and also a co-founder of Magma Venture Partners”
14. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Moshe Lichtman has served as a member of the Board of Valens since 2017.”
15. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Prior to that Mr. Lichtman was Corporate VP at Microsoft where he led several global consumer and enterprise businesses.”
16. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Value Base Ltd. (1) 21,333,352 20.26”
17. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Tal Yaacobi has served as a member of the Board of Valens since 2024. Mr. Yaacobi is a managing partner at Value Base Fund, an Israeli private equity fund that invest in Israeli and Israeli related private and public entities.”
18. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
19. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “As of December 31, 2025, we had 233 employees and contractors, primarily based in Israel, compared to 259 employees and contractors, as of December 31, 2024. Our research and development team is the largest department in the Company”
20. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “In January 2026, we announced a plan to improve operational efficiency, which includes a reduction in force across the Company’s departments by approximately 10%.”
21. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “None of our employees work under any collective bargaining agreements.”
22. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “impact our employees, some of which are military reservists being called to active military duty”
23. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Valens is a high-performance connectivity company, providing chipsets that allow for the wired distribution of large amounts of data over long distances.”
24. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “The Company’s high performance connectivity technology enables the simultaneous delivery of ultra-high-definition digital video and audio, Ethernet, USB, control signals, and power, all through a single low cost, long-reach cable.”
25. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “We work in a fabless model, i.e., we outsource all our manufacturing operations, utilizing third-party foundry, assembly, and testing facilities.”
26. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “The first is the Cross-Industry Business Unit, which encompasses Professional Audio-Video (verticals include Video Conferencing, Education, Digital Signage, Entertainment), Industrial Vision (verticals include Machine Vision and Embedded Vision) and Medical. The second is the Automotive Business Unit (verticals include In-Cabin, ADAS, and Long Vehicles).”
27. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “In addition to solution provided to Stoneridge for tractor-trailer connectivity, in 2025 we added long-reach capabilities to our VA7000 family.”
28. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “is used by key leading audio-video product manufacturers, including Crestron, EPSON, Extron, Harman, Legrand | AV, LG Electronics, Logitech, NEC, Panasonic, Samsung, Siemens, Sony, Sennheiser and many more.”
29. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Valens chips can be found in the products of the largest IPC vendors, including B&R and Siemens.”
30. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Valens chips can be found in the products from market leaders, including Siemens, Drager, and Eizo.”
31. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “We currently supply components in mass volume to Mercedes-Benz, a leading Automotive OEM, which embeds our chipsets in multiple platforms through various Tier 1 suppliers such as Bosch, Continental, and Valeo”
32. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “In the automotive space, we typically promote our products to the OEMs who are in most cases the final decision makers on the technology that will be deployed in their cars, as well as to Tier 2 automotive suppliers, with actual sales made to Tier 1s.”
33. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “We have a wide distribution of our revenues across over 200 customers (not including Acroname’s customers). In 2025 and 2024, our three largest customers, each year, collectively represented approximately 31% and 38% of our total revenue, respectively.”
34. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “of Revenues Revenues Customer A 13 % 13 % 2 % Customer C 11 % 10 % 8 % Customer D 7 % 15 % 17 % Customer F 3 % 6 % 11”
35. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Approximately 40% and 34% of our net sales in fiscal years 2025 and 2024 respectively were made to distributors.”
36. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Our contracts are typically based on short-term purchase orders that comply with our products’ lead time.”
37. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Although we often receive a 12-month forecast from our customers, these forecasts, are generally not binding and may be unreliable.”
38. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
39. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “The following table shows revenue by geography, based on the customers’ “bill to” location”
40. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “We present our combined financial statements in U.S. dollars (“U.S. dollars”, “USD,” “US$” or”
41. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “On the other hand, payroll expenses increased by approximately $2.5 million due to several factors: the impact of the USD/ILS currency, the full consolidation of Acroname and an increase in the stock-based compensation expenses.”
42. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “As of today, all our silicon wafers, which are the basic element of any semiconductor product, are designed to be manufactured at TSMC, the largest foundry in the world. In 2025 the Company announced a partnership with Samsung Foundry to fabricate the future MIPI A-PHY chipsets of the Company using its advanced automotive process node. We use third party contract manufacturers for our assembly and test operations, including Advanced Semiconductor Engineering (‘ASE’), and UTAC.”
43. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “We store our product inventory in certain locations, mainly in Asia and Europe, close to many of our customers’ manufacturing facilities.”
44. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “we incur royalty payment expenses for certain third-party IP embedded in our chips, which represent between 0.25% and 3.5% of revenue earned per chip, plus up to $0.10 per chip depending on the chip.”
45. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Valens invented the HDBaseT connectivity technology and co-founded the HDBaseT Alliance, together with LG, Samsung, and Sony Pictures, as a standards association promoting HDBaseT technology.”
46. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “HDBaseT is the global standard for the convergence and distribution of ultra-high-definition video & audio, Ethernet, control signals, USB and up to 100W of power over a single, low cost commonly used cable for up to 328 feet/100 meters.”
47. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “As of December 2025, Valens has sold tens of millions of HDBaseT chipsets, with a customer base comprised of almost all of the world’s major consumer electronics companies.”
48. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “was once again confirmed in 2020 when the MIPI Alliance selected Valens’ technology to form the baseline for its high-speed in-vehicle video connectivity standard (MIPI A-PHY).”
49. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “In 2021, the IEEE Standards Association also adopted A-PHY as an IEEE standard.”
50. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “In late 2021, Valens introduced the first chipsets in the industry to comply with the MIPI A-PHY standard, providing a reliable and resilient solution for high-speed in-vehicle connectivity.”
51. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “As of February 1, 2026, we owned approximately 134 issued patents, and 6 pending patent applications in USA, China, Japan, South Korea and the European Patent Office (EPO).”
52. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “In March 2010, the Company incorporated, together with LG Electronics, Samsung Electronics and Sony Pictures Technologies Inc., the HDBaseT Licensing LLC (the “LLC”) in Oregon, USA. The Company holds a 25% stake in the LLC. The LLC’s purposes are (i) to hold, obtain, license and/or acquire rights to certain IP associated with or connected to or related to technical specifications developed by the HDBaseT Alliance”
53. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Moreover, some of our competitors are well-established entities, are larger than us and have greater resources than we do.”
54. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “The products we develop and sell are subject to rapid declines in average selling prices over the life of the products.”
55. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Some industry standards may not be widely adopted or implemented uniformly, and competing standards may emerge that may be preferred by our customers or end users.”
56. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Valens was incorporated on October 26, 2006, as a private limited liability company under the laws of the State of Israel.”
57. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “was essential in the successful execution of Valens Semiconductor’s becoming a public company in September 2021.”
58. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “On May 25, 2021, the Company entered into a Business Combination Agreement with PTK Acquisition Corp. (“PTK”), (the “Business Combination”).”
59. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Our first acquisition was in 2024 when Valens acquired Acroname, a pioneering company specializing in advanced automation and control technologies for the professional AV and industrial vision markets.”
60. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “For example, in May 2024, we acquired Acroname Inc. (“Acroname”)”
61. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “The Company recorded earnout liability in connection with earnout payments of up to $7.2 million to Acroname’s former shareholders.”
62. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “due to expenses made in connection with two share repurchase programs in the overall amount of approximately $24 million.”
63. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Our working capital balance as of December 31, 2025, and December 31, 2024, were $95.7 million and $133.6 million respectively, of which our cash, cash equivalents and short-term deposits balance as of December 31, 2025, and December 31, 2024, were $92.6 million and $131.0 million, respectively.”
64. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “In March 2024, we received a complaint from a customer indicating an alleged batch production incident. We subsequently identified and remedied the production issue and delivered replaced products. The customer made a claim for related expenses reimbursement and for this reason we have recorded expenses in 2024 of $2.2 million dollars.”
65. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “As of December 31, 2025, the Company, the insurer and the customer are involved in advanced discussions of a final settlement, which includes a payment of $1.5 million dollars by the insurance company to the customer”
66. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Our corporate headquarter is in Hod Hasharon, Israel, where we occupy an office space totaling approximately 59,201 square feet (5,500 square meter), under a lease agreement that expires in February 2029.”
67. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “In June 2025, a short-duration armed conflict erupted between Israel, the United States and Iran, involving strikes on Iranian military and nuclear infrastructure and retaliatory missile and drone attacks before a ceasefire was reached.”
68. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “This event followed the October 7th, 2023 events in Israel, in which, Hamas terrorists infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets”
69. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Cross Industry Business revenues increased by $15.4 million, or 42.3%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. This increase derived from the recovery trend in the Audio Video market, that resulted in higher demand for our products, following the down-cycle in 2024 that was caused by a slow pace of inventory digestion.”
70. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Gross profit for Cross Industry Business was $35.2 million, or 68.1% of Cross Industry Business revenues, for the year ended December 31, 2025, compared to $25.8 million, or 71.0% of Cross Industry Business revenues, for the year ended December 31, 2024. The increase in Gross profit for Cross Industry Business derives from an increased product demand, while the decrease in gross margines is mainly attributed to a product mix shift.”
71. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Cross Industry Business research and development expenses increased by $4.8 million, or 20.3%, and Automotive research and development expenses decreased by $2.7 million, or 15.9%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. The increase in Cross Industry Business research and development expenses is mainly driven by an increase in payroll expenses, due to the USD/ILS currency impact, as well as the acquisition of Acroname in May 2024, that fully manifested in 2025.”
72. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Automotive revenues decreased by $2.6 million, or 12%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. This decrease derived from both a continuation of decline in the number of product units sold by us for installation in Mercedes-Benz cars, as well as the erosion in the average selling price (ASP).”
73. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Gross profit for Automotive was $8.9 million, or 47.0% of automotive revenues, for the year ended December 31, 2025, up from a gross profit of $8.5 million, or 39.5% of automotive revenues, for the year ended December 31, 2024. The increase in gross profit in the Automotive segment was due to product cost optimization.”
74. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “The decrease in the Automotive research and development expenses was mainly due to the production maturity of our VA7000 chipset family that required less qualification effort, as well as the decreased need in external labs and service providers in connection with electromagnetic interference R&D activities due to the development of in-house infrastructure.”
75. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “The gross margin of our cross-industry products is higher than the gross margin of our automotive products. Hence, as our product mix shifts towards a higher percentage of automotive revenue, we expect to experience some erosion in our gross margin.”
76. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “2024 marked a milestone year in which three OEMs, which belong to a group of automotive brands, selected Valens’ MIPI A-PHY chipsets for their next-generation ADAS connectivity, with commercialization expected in 2027. In early 2026, Valens secured a 4th A-PHY design win with a premium carmaker serving the Chinese market”
77. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “In addition, Valens was selected as the connectivity solution of choice for the EyeQ6H by Mobileye, an industry leader in ADAS and autonomous driving.”
78. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “In 2025, Valens established a foothold in the industry, with three design wins with endoscope OEMs for designs based on our MIPI A-PHY compliant chipset – VA7000.”
79. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Although we are witnessing slower and longer decision making around new technology adoption, we believe that these evaluations will eventually mature to the selection of our A-PHY technology by OEMs”
80. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “During the first and second stages, Valens does not generate any meaningful revenues.”
81. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “In the Automotive segment, the demand for our products is affected by the demand for Mercedes-Benz cars, which in turn, can be affected by changes in tariff rates.”
82. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “Valens’ first generation of automotive connectivity chipsets is the solution powering the Mercedes-Benz MBUX infotainment system, across all Mercedes-Benz passenger car models. Revenues from this engagement began in 2021 and continued since.”
83. Valens Semiconductor Ltd., Form 20-F filed 2026-02-25: “In professional audio-video, Valens is the incumbent provider of chipsets that comply with the HDBaseT standard. Backed by the HDBaseT Alliance, which is co-managed by Valens, LG, Samsung and Sony Pictures, HDBaseT gained the Company a leadership position in the market.”

Where the revenue comes from

Lines of business in fiscal 2025: Cross Industry Business 73%, Automotive 27%. By geography: Other 28%, China 15%, United States 14%, Portugal 13%, Hong Kong 13%, Hungary 13%. As tagged in its annual report (Form 20-F, filed 2026-02-25).

Who runs it

Salinger, Yoram (CEO); Flomenboim, Karine Pinto (Chief Financial Officer); Nathansohn, Guy (CFO); Martin, Dean (SVP Head of Automotive,); Rozenberg, Haine Yael (VP Finance); Chairman, David (SVP, R&D); Boim, Amir (SVP, Operations and PMO); Elkavets, Nelly (SVP, Human Resources); Segal, Adar (SVP, Head of Automotive Busine); Friedman, Gili (SVP, Head of Cross-Industry Bu); and 9 more. 19 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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