VLN - Valens Semiconductor to cut 15% jobs as part of streamline operations lowers FY23 guidance
2023-06-08 06:37:33 ET
- Valens Semiconductor ( NYSE: VLN ) is aligning Research & Development (R&D) resources by streamlining development platforms, resulting in 15% employee headcount reduction across various departments
- This streamlining is expected to save approximately $9 million annually in operating expenses and is expected to be completed by end of Q3 2023.
- The company has been witnessing a significantly slower than anticipated pace of bookings in 2H23 and additional customer requests to push out delivery, due to their delayed inventory digestion amid the company is reducing revenue expectations for the 2H23.
- The Company reiterates its second quarter 2023 guidance provided on May 10, 2023.
- Q3 revenue are expected to reach a bottom, and to range between $14M-$14.2M, with recovery expected in Q4.
- FY23 revenues in the range of $83.8M and $84.2M (prior guidance of $97M-$100M), with automotive revenues contributing approximately 30%.
- FY23 Gross margin in the range of 61.9% and 62.5%.
- FY23 Adjusted EBITDA loss in the range of $(18.3) million to $(16.5) million.
- Reiterates Adjusted EBITDA breakeven expected by the end of 2023.
- VLN -3.8% premarket to $2.26
- Source: Press Release
For further details see:
Valens Semiconductor to cut 15% jobs as part of streamline operations, lowers FY23 guidance