Valens Semiconductor Ltd reported third-quarter FY21 revenue growth of 48.8 percent at $19.07 million, marginally beating the consensus of $19 million.
Audio-video revenues reached $17.1 million, up 38.5 percent Y/Y. Automotive revenues reached $2.0 million, an increase of over 300 percent Y/Y.
Gross margin compression of 200 bps to 72.4 percent was mainly due to higher automotive revenues that incur lower gross margin than audio-video products.
- Valens recorded quarterly bookings of $36.0 million, up over 200 percent Y/Y.
- Valens recorded a backlog of $73.4 million as of September 30.
- EPS loss was $(0.19) versus $(1.17) last year.
- Valens held $205.6 million in cash and equivalents.
Valens sees Q4 revenue of $19.4 million–$20.6 million, versus a consensus of $20.1 million. It expects Q4 gross margins of 70 percent—72 percent.
Valens raised the FY21 revenue outlook from $69 million to $69.4 million–$70.6 million versus a consensus of $69.6 million.
VLN shares closed at -14.42 percent at $9.20 in the premarket session on the last check Thursday.
By Anusuya Lahiri
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