VLN - Valens Semiconductor reports Q3 earnings beat; raises FY22 and initiates Q4 guidance range

• Valens Semiconductor press release ( NYSE: VLN ): Q3 Non-GAAP EPS of -$0.02 beats by $0.07 .
• Revenue of $23.14M (+21.3% Y/Y) beats by $0.49M .
• Non-GAAP gross margin was 70.5% compared to 72.7% in Q3 2021.
• "For the fourth quarter of 2022, revenues are expected to range between $23.1 million and $23.2 million vs. consensus of $22.71M. Gross margin is expected to range between 66.1% and 66.5%, and Adjusted EBITDA loss is expected to be in the range of $(9.7) million to $(9.0) million.  For the full year 2022, the company now expects revenues to range between $90.3 million and $90.4 million vs. consensus of $89.45M, up from the prior range of between $89.1 million and $89.8 million. Gross margin for the full year 2022 is expected to range between 69.3% and 69.4%, up from the prior range of 68.0% to 68.5%, and adjusted EBITDA loss is expected to be in the range of $(20.0) million to $(19.3) million, substantially better than our previous guidance of $(25.7) million to $(24.2) million."
• "We remain confident in our ability to reach Adjusted EBITDA breakeven by the end of next year, and to be cashflow positive starting in 2024," said Dror Heldenberg, CFO of Valens Semiconductor.

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