UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16
OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August
Commission File Number: 001-40842
(Exact name of registrant as specified in its charter)
8 Hanagar St. POB 7152
Hod Hasharon 4501309
Israel
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
EXPLANATORY NOTE
This report on Form 6-K is being filed and shall be incorporated by reference in any registration statement filed by Valens Semiconductor Ltd. under the Securities Exchange Act of 1934, as amended, that permits incorporation by reference.
TABLE OF CONTENTS
ITEM | ||
99.1 | Condensed Consolidated Financial Statements (Unaudited) as of and for the three and six months ended June 30, 2023 | |
101.INS | XBRL Instance Document. | |
101.SCH | XBRL Taxonomy Extension Schema Document. | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document. | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | |
104 | Cover Page Interactive Data File (embedded with the Inline XBRL document). |
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VALENS SEMICONDUCTOR LTD. | |||
By: | /s/ Dror Heldenberg | ||
Name: | Dror Heldenberg | ||
Title: | Chief Financial Officer |
Date: August 9, 2023
2
Exhibit 99.1
VALENS SEMICONDUCTOR LTD.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
JUNE 30, 2023
VALENS SEMICONDUCTOR LTD.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
AS OF JUNE 30, 2023
CONTENTS
Page | |
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)- IN U.S. DOLLARS ($): | |
Balance sheets | 3-4 |
Statements of operations | 5 |
Statements of changes in shareholder’s equity | 6 |
Statements of cash flows | 7 |
Notes to consolidated financial statements | 8-18 |
2
VALENS SEMICONDUCTOR LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
June 30, 2023 | December 31, 2022 | |||||||
U.S. dollars in thousands | ||||||||
Assets | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | ||||||||
Short-term deposits | ||||||||
Trade accounts receivable | ||||||||
Prepaid expenses and other current assets | ||||||||
Inventories | ||||||||
TOTAL CURRENT ASSETS | ||||||||
LONG-TERM ASSETS: | ||||||||
Property and equipment, net | ||||||||
Operating lease right-of-use assets | ||||||||
Other assets | ||||||||
TOTAL LONG-TERM ASSETS | ||||||||
TOTAL ASSETS |
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements
3
VALENS SEMICONDUCTOR LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (continued)
June 30, 2023 | December 31, 2022 | |||||||
U.S. dollars in thousands | ||||||||
Liabilities and Shareholders’ Equity | ||||||||
CURRENT LIABILITIES: | ||||||||
Trade accounts payable | ||||||||
Accrued compensation | ||||||||
Current maturities of operating leases liabilities | ||||||||
Other current liabilities | ||||||||
TOTAL CURRENT LIABILITIES | ||||||||
LONG-TERM LIABILITIES: | ||||||||
Forfeiture Shares, | ||||||||
Non-current operating leases liabilities | ||||||||
Other long-term liabilities | ||||||||
TOTAL LONG-TERM LIABILITIES | ||||||||
TOTAL LIABILITIES | ||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (note 5) | ||||||||
SHAREHOLDERS’ EQUITY: | ||||||||
Ordinary shares, | ||||||||
Additional paid-in capital | ||||||||
Accumulated deficit | ( | ) | ( | ) | ||||
TOTAL SHAREHOLDERS’ EQUITY | ||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements
4
VALENS SEMICONDUCTOR LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Six months ended June 30 | Three months ended June 30 | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
U.S. dollars in thousands, except share and per share amounts | ||||||||||||||||
REVENUES | ||||||||||||||||
COST OF REVENUES | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
GROSS PROFIT | ||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Research and development expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Sales and marketing expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
General and administrative expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
TOTAL OPERATING EXPENSES | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
OPERATING LOSS | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Change in fair value of Forfeiture Shares | ||||||||||||||||
Financial income (expenses), net | ( | ) | ( | ) | ||||||||||||
LOSS BEFORE INCOME TAXES | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
INCOME TAXES | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
LOSS AFTER INCOME TAXES | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Equity in earnings of an investee | ||||||||||||||||
NET LOSS | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
( | ) | ( | ) | ( | ) | ( | ) | |||||||||
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements
5
VALENS SEMICONDUCTOR LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
Six months ended June 30, 2023 | ||||||||||||||||||||
Ordinary shares | Additional paid-in | Accumulated | ||||||||||||||||||
Shares | Amount | capital | deficit | Total | ||||||||||||||||
Balance as of January 1, 2023 | (*) | ( | ) | |||||||||||||||||
Exercise of options and vesting of RSUs | ||||||||||||||||||||
Stock-based compensation | - | |||||||||||||||||||
Net loss for the period | - | ( | ) | ( | ) | |||||||||||||||
Balance as of June 30, 2023 | (*) | ( | ) |
Six months ended June 30, 2022 | ||||||||||||||||||||
Ordinary shares | Additional paid-in | Accumulated | ||||||||||||||||||
Shares | Amount | capital | deficit | Total | ||||||||||||||||
Balance as of January 1, 2022 | (*) | ( | ) | |||||||||||||||||
Exercise of options | ||||||||||||||||||||
Stock-based compensation | - | |||||||||||||||||||
Net loss for the period | - | ( | ) | ( | ) | |||||||||||||||
Balance as of June 30, 2022 | (*) | ( | ) |
Three months ended June 30, 2023 | ||||||||||||||||||||
Ordinary shares | Additional paid-in | Accumulated | ||||||||||||||||||
Shares | Amount | capital | deficit | Total | ||||||||||||||||
Balance as of April 1, 2023 | (*) | ( | ) | |||||||||||||||||
Exercise of options and vesting of RSUs | ||||||||||||||||||||
Stock-based compensation | - | |||||||||||||||||||
Net loss for the period | - | ( | ) | ( | ) | |||||||||||||||
Balance as of June 30, 2023 | (*) | ( | ) |
Three months ended June 30, 2022 | ||||||||||||||||||||
Ordinary shares | Additional paid-in | Accumulated | ||||||||||||||||||
Shares | Amount | capital | deficit | Total | ||||||||||||||||
Balance as of April 1, 2022 | (*) | ( | ) | |||||||||||||||||
Exercise of options | ||||||||||||||||||||
Stock-based compensation | - | |||||||||||||||||||
Net loss for the period | - | ( | ) | ( | ) | |||||||||||||||
Balance as of June 30, 2022 | (*) | ( | ) |
(*) |
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements
6
VALENS SEMICONDUCTOR LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six months ended June 30 | Three months ended June 30 | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
U.S. dollars in thousands | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||
Net loss for the period | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||
Income and expense items not involving cash flows: | ||||||||||||||||
Depreciation | ||||||||||||||||
Stock-based compensation | ||||||||||||||||
Exchange rate differences | ||||||||||||||||
Interest on short-term deposits | ( | ) | ( | ) | ( | ) | ||||||||||
Change in fair value of Forfeiture Shares | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Reduction in the carrying amount of ROU assets | ||||||||||||||||
Equity in earnings of investee, net of dividend received | ||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Trade accounts receivable | ( | ) | ( | ) | ( | ) | ||||||||||
Prepaid expenses and other current assets | ||||||||||||||||
Inventories | ( | ) | ( | ) | ||||||||||||
Other assets | ( | ) | ||||||||||||||
Trade accounts payable | ( | ) | ( | ) | ||||||||||||
Accrued compensation | ( | ) | ||||||||||||||
Other current liabilities | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Change in operating lease liabilities | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Other long-term liabilities | ||||||||||||||||
Net cash provided by (used in) operating activities | ( | ) | ( | ) | ( | ) | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||
Investment in short-term deposits | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Maturities of short-term deposits | ||||||||||||||||
Purchase of property and equipment | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Net cash provided by investing activities | ||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||
Exercise of stock options | ||||||||||||||||
Net cash provided by financing activities | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ( | ) | ||||||||||||||
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | ||||||||||||||||
SUPPLEMENT DISCLOSURE OF CASH FLOW INFORMATION - | ||||||||||||||||
Cash paid for taxes | ||||||||||||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||||||||||
Trade accounts payable on account on property and equipment | - | |||||||||||||||
Operating lease liabilities arising from obtaining operating right-of-use assets |
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements
7
VALENS SEMICONDUCTOR LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
NOTE 1 - GENERAL:
Valens Semiconductor Ltd. (hereafter “Valens”, and together with its wholly owned subsidiaries, the “Company”), was incorporated in Israel in 2006.
As of September 30, 2021, the Company began trading on the New York Stock Exchange under the Symbol “VLN”.
Please also refer to Note 1(c) in the consolidated financial statement for the year ended December 31, 2022.
Valens is a leading provider of semiconductor products (chips), operates in the Audio-Video and Automotive industries, renowned for its Physical Layer (PHY) technology, enabling resilient high-speed connectivity over simple, low-cost infrastructure. Valens is the inventor of the HDBaseT Technology, which enables the converged delivery of ultra-high-definition digital video and audio, Ethernet, control signals, USB and power through a single cable. In the audio-video space, Valens’ HDBaseT technology enables plug-and-play digital connectivity between ultra-HD video sources and remote displays. In the automotive domain, Valens’ product offering includes both symmetric and asymmetric connectivity technology for high bandwidth transmission of native interfaces over a single low-cost wires and connectors. Valens’ advanced PHY technology for the auto industry provides the safety and resilience required to handle the noisy automotive environment, addressing the needs of Advanced Driver Assistance Systems (ADAS), Automotive Data Solutions (ADS), infotainment, telematics and backbone connectivity.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
a. |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting.
Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In our opinion, the information contained herein reflects all adjustments necessary for a fair statement of our results of operations, financial position, cash flows, and shareholders’ equity. All such adjustments are of a normal, recurring nature.
The results of operations for the six and three months ended June 30, 2023, shown in these financial statements are not necessarily indicative of the results to be expected for the full year ending December 31, 2023. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2022.
The carrying value of cash and cash equivalents, accounts receivables, deposits and accounts payable (included in the condensed consolidated balance sheets) approximates their fair value because of their generally short maturities.
There have been no material changes in our significant accounting policies as described in our consolidated financial statements for the year ended December 31, 2022, other than as stated below.
8
VALENS SEMICONDUCTOR LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued):
b. |
Trade accounts receivable are recorded at the invoiced amount and do not include finance charges. The Company performs ongoing credit evaluation of its customers and generally requires no collateral.
The Company’s accounts receivables accounting policy from January 1, 2023, following the adoption of the new CECL standard:
The Company estimates CECL on trade receivables at inception for estimated losses resulting from the inability of the Company’s customers to make required payments, based on estimated current expected credit losses. The allowance represents the current estimate of lifetime expected credit losses over the remaining duration of existing accounts receivable considering historical information, current market conditions and reasonable and supportable forecasts when appropriate. The estimate is a result of the Company’s ongoing evaluation of collectability, customer creditworthiness, historical levels of credit losses, and future expectations.
There were no write-offs of accounts receivable for the six and three months ended June 30, 2023, and 2022, respectively. There are no expected credit losses recorded as of June 30, 2023, and December 31, 2022.
The Company’s accounts receivables accounting policy until December 31, 2022, prior to the adoption of the new CECL standard:
The Company assesses the need for allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments by considering factors such as historical collection experience, credit quality, aging of the accounts receivable balances and current economic conditions that may affect a customer’s ability to pay.
c. |
Recently Adopted accounting Standards:
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (“ASC 326”): Measurement of Credit Losses on Financial Instruments to introduce a new model for recognizing credit losses on financial instruments based on estimated current expected credit losses, or CECL. Under the new standard, an entity is required to estimate CECL on trade receivables at inception, based on historical information, current conditions, and reasonable and supportable forecasts. The guidance is effective for the Company for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Early application is permitted. The Company adopted ASC 326 on January 1, 2023, and there was no material impact on the Company’s consolidated balance sheet and the consolidated statements of operations upon adoption.
9
VALENS SEMICONDUCTOR LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 3 – INVENTORIES:
June 30, 2023 | December 31, 2022 | |||||||
U.S. dollars in thousands | ||||||||
Work in process | ||||||||
Finished goods | ||||||||
Inventories write-downs amounted to
$
NOTE 4 - COMMITMENTS AND CONTINGENT LIABILITIES:
a. | Noncancelable Purchase Obligations |
The Company depends upon third party
subcontractors for manufacturing of wafers, packaging and final tests. As of June 30, 2023, and December 31, 2022, the total value of
open purchase orders for such manufacturing contractors was approximately $
The Company has noncancelable purchase
agreements for certain IP embedded in the Company products as well as certain agreement for the license of development tools used by the
development team. As of June 30, 2023, and December 31, 2022, the value of non-paid amounts related to such agreements totaled to $
b. | Legal proceedings |
As of June 30, 2023, and to date, the Company is not a party to, or subject to the provisions of any order, writ, injunction, judgment or decree of any court or governmental agency or instrumentality. There is no action, suit, proceeding or investigation by the Company currently pending or that the Company intends to initiate.
NOTE 5 - OTHER CURRENT LIABILITIES:
June 30, 2023 | December 31, 2022 | |||||||
U.S. dollars in thousands | ||||||||
Accrued vacation | ||||||||
Taxes payable | ||||||||
Contract liabilities | ||||||||
Accrued expenses- related party | ||||||||
Other Accrued expenses | ||||||||
The amounts of revenues that were included
in the contract liabilities’ balance as of December 31, 2022 and December 31, 2021 and were recognized in the period of six months
ended June 30, 2023, and June 30, 2022, were $
10
VALENS SEMICONDUCTOR LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 6 - FORFEITURE SHARES:
a. | On September 29, 2021 (the “Closing Date”, please refer to note 1c of the financial statements as of December 31, 2022), |
The Company performed
a
June 30, 2023 | December 31, 2022 | |||||||
Stock price | ||||||||
Expected term (years) | ||||||||
Expected volatility | % | % | ||||||
Risk-free interest rate | % | % |
b. |
Six months ended June 30, 2023 | Year ended December 31, 2022 | |||||||
U.S. dollars in thousands | ||||||||
Balance at beginning of period | ||||||||
Changes in fair value | ( | ) | ( | ) | ||||
Balance at end of the period |
NOTE 7 - STOCK-BASED COMPENSATION:
Stock Options
As of June 30, 2023, and December 31,
2022, the number of ordinary shares included in the Company’s option plans totaled to
As of June 30, 2023, the unrecognized compensation costs
related to those unvested stock options are $
11
VALENS SEMICONDUCTOR LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 7 - STOCK-BASED COMPENSATION (continued):
Six months ended | ||||||||
June 30, 2023 | ||||||||
Number of Options | Weighted-Average Exercise price | |||||||
Options outstanding as of December 31, 2022 | $ | |||||||
Granted during the period | $ | |||||||
Exercised during the period | ( | ) | $ | |||||
Expired during the period | ( | ) | $ | |||||
Forfeited during the period | ( | ) | $ | |||||
Options outstanding as of June 30, 2023 | $ | |||||||
Options exercisable as of June 30, 2023 | $ |
Outstanding as of June 30, 2023 | Exercisable as of June 30, 2023 | |||||||||||||||||||||||||||||||||
Range of exercise prices | Number outstanding | Weighted average remaining contractual term | Weighted average exercise price | Aggregate intrinsic value | Number Exercisable | Weighted average remaining contractual term | Weighted Average exercise price | Aggregate intrinsic value | ||||||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||||||||||
$ | $ | - | - | - | - | - | ||||||||||||||||||||||||||||
$ | $ | - | $ | - | ||||||||||||||||||||||||||||||
$ | $ | - | $ | |||||||||||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||||||||||
$ | $ | $ |
For the Six months ended on June 30, 2023 | For the six months ended on June 30, 2022 | |||||||
Expected term | ||||||||
Expected volatility | % | % | ||||||
Expected dividend rate | % | % | ||||||
Risk-free rate | % | % |
During the six months period ended
on June 30, 2023,
As of June 30, 2023, the unrecognized compensation costs
related to unvested stock options was $
The weighted-average fair value of the options that were
granted during the period ended June 30, 2023 was $
12
VALENS SEMICONDUCTOR LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 7 - STOCK-BASED COMPENSATION (continued):
The total intrinsic value of options exercised during the
period of six months ended June 30, 2023 was $
Six months ended June 30 | Three months ended June 30 | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
U.S. dollars in thousands | ||||||||||||||||
Cost of revenue | ||||||||||||||||
Research and development | ||||||||||||||||
Sales and marketing | ||||||||||||||||
General and administrative | ||||||||||||||||
Total stock-based compensation |
Restricted Stock Units
Number of RSUs | Weighted-Average Grant Date Fair Value | |||||||
RSUs outstanding at the beginning of the year | $ | |||||||
Granted during the period | $ | |||||||
Vested during the period | ( | ) | $ | |||||
Forfeited during the period | ( | ) | $ | |||||
Outstanding at the end of the period | $ | |||||||
RSUs exercisable as of June 30, 2023 | $ |
As of June 30, 2023, the unrecognized compensation cost
related to unvested RSUs totaled to approximately $
During the six months ended on June
30, 2023,
Six months ended June 30 | Three months ended June 30 | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
U.S. dollars in thousands | ||||||||||||||||
Cost of revenue | ||||||||||||||||
Research and development | ||||||||||||||||
Sales and marketing | ||||||||||||||||
General and administrative | ||||||||||||||||
Total stock-based compensation-RSUs |
13
VALENS SEMICONDUCTOR LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 8 - NET INCOME (LOSS) PER ORDINARY SHARE:
Six months ended | Three months ended | |||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||
Basic net loss per ordinary share | ||||||||||||||||
Numerator: | ||||||||||||||||
Net loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Denominator: | ||||||||||||||||
( | ) | ( | ) | ( | ) | ( | ) |
Six months ended | Three months ended | |||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||
Options | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
Private Warrants | ||||||||||||||||
Public Warrants | ||||||||||||||||
Forfeiture Shares |
NOTE 9 - FINANCIAL INCOME (EXPENSES), NET:
Six months ended June 30 | Three months ended June 30 | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
U.S. dollars in thousands | ||||||||||||||||
Foreign currency exchange differences | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Interest income on short-term deposits | ||||||||||||||||
Other | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Total financial income (expenses), net | ( | ) | ( | ) |
14
VALENS SEMICONDUCTOR LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 10 - SEGMENT AND REVENUE BY GEOGRAPHY AND BY MAJOR CUSTOMER:
a. | For the purpose of evaluating financial performance and allocating resources, the CODM reviews financial information presented on a consolidated basis accompanied by disaggregated information about revenues, gross profit and operating loss by the two identified reportable segments, to make decisions about resources to be allocated to the segments and assess their performance. Assets information is not provided to the CODM and is not being reviewed. Revenues and cost of goods sold are directly associated with the activities of a specific segment. Direct operating expenses, including general and administrative expenses, associated with the activities of a specific segment are charged to that segment. General and administrative expenses which cannot be attributed directly, are allocated evenly between segments. Other operating expenses are allocated to segments based on headcount ratio. |
Six months ended on June 30, 2023 | ||||||||||||
Audio-Video | Automotive | Consolidated | ||||||||||
U.S. dollars in thousands | ||||||||||||
Revenues | ||||||||||||
Gross profit | ||||||||||||
Research and development expenses | ||||||||||||
Sales and marketing expenses | ||||||||||||
General and administrative expenses | ||||||||||||
Segment operating profit (loss) | ( | ) | ( | ) | ||||||||
Change in fair value of Forfeiture Shares | ||||||||||||
Financial expenses, net | ||||||||||||
Loss before taxes on income | ( | ) | ||||||||||
Depreciation expenses | ||||||||||||
Stock-based compensation |
Six months ended on June 30, 2022 | ||||||||||||
Audio-Video | Automotive | Consolidated | ||||||||||
U.S. dollars in thousands | ||||||||||||
Revenues | ||||||||||||
Gross profit | ||||||||||||
Research and development expenses | ||||||||||||
Sales and marketing expenses | ||||||||||||
General and administrative expenses | ||||||||||||
Segment operating profit (loss) | ( | ) | ( | ) | ||||||||
Change in fair value of Forfeiture Shares | ||||||||||||
Financial expenses, net | ( | ) | ||||||||||
Loss before taxes on income | ( | ) | ||||||||||
Depreciation expenses | ||||||||||||
Stock-based compensation |
15
VALENS SEMICONDUCTOR LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 10 - SEGMENT AND REVENUE BY GEOGRAPHY AND BY MAJOR CUSTOMER (continued):
Three months ended on June 30, 2023 | ||||||||||||
Audio-Video | Automotive | Consolidated | ||||||||||
U.S. dollars in thousands | ||||||||||||
Revenues | ||||||||||||
Gross profit | ||||||||||||
Research and development expenses | ||||||||||||
Sales and marketing expenses | ||||||||||||
General and administrative expenses | ||||||||||||
Segment operating profit (loss) | ( | ) | ( | ) | ||||||||
Change in fair value of Forfeiture Shares | ||||||||||||
Financial expenses, net | ||||||||||||
Loss before taxes on income | ( | ) | ||||||||||
Depreciation expenses | ||||||||||||
Stock-based compensation |
Three months ended on June 30, 2022 | ||||||||||||
Audio-Video | Automotive | Consolidated | ||||||||||
U.S. dollars in thousands | ||||||||||||
Revenues | ||||||||||||
Gross profit | ||||||||||||
Research and development expenses | ||||||||||||
Sales and marketing expenses | ||||||||||||
General and administrative expenses | ||||||||||||
Segment operating profit (loss) | ( | ) | ( | ) | ||||||||
Change in fair value of Forfeiture Shares | ||||||||||||
Financial expenses, net | ( | ) | ||||||||||
Loss before taxes on income | ( | ) | ||||||||||
Depreciation expenses | ||||||||||||
Stock-based compensation |
16
VALENS SEMICONDUCTOR LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 10 - SEGMENT AND REVENUE BY GEOGRAPHY AND BY MAJOR CUSTOMER (continued):
b. | Geographic Revenues |
Six months ended June 30 | Three months ended June 30 | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
U.S. dollars in thousands | ||||||||||||||||
Israel | ||||||||||||||||
China | ||||||||||||||||
United States | ||||||||||||||||
Hong Kong | ||||||||||||||||
Hungary | ||||||||||||||||
Japan | ||||||||||||||||
Germany | ||||||||||||||||
Taiwan | ||||||||||||||||
Other | ||||||||||||||||
c. | Supplemental data - Major Customers: |
June 30, 2023 | December 31, 2022 | |||||||
Accounts Receivable | % of accounts receivable | |||||||
Customer A | % | % | ||||||
Customer B | % | % | ||||||
Customer C | % | % |
Six months ended June 30, | Three months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenues | % of revenues | % of revenues | ||||||||||||||
Customer A | % | % | % | % | ||||||||||||
Customer B | % | % | % | % | ||||||||||||
Customer D | % | % | % | % | ||||||||||||
Customer E | % | % | % | % |
17
VALENS SEMICONDUCTOR LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 10 - SEGMENT AND REVENUE BY GEOGRAPHY AND BY MAJOR CUSTOMER (continued):
d. | Long-lived assets by Geography: |
June 30, 2023 | December 31, 2022 | |||||||
U.S. dollars in thousands | ||||||||
Domestic (Israel) | ||||||||
Taiwan | ||||||||
China | ||||||||
USA | ||||||||
Singapore | ||||||||
Other | ||||||||
NOTE 11 - RELATED PARTY TRANSACTIONS
During the six months ended June 30,
2023, the Company granted
18
Document And Entity Information |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Document Information Line Items | |
Entity Registrant Name | VALENS SEMICONDUCTOR LTD. |
Document Type | 6-K |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Central Index Key | 0001863006 |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Forfeiture shares, no par value (in Dollars per share) | $ 0 | $ 0 |
Forfeiture shares, authorized | 1,006,250 | 1,006,250 |
Forfeiture shares, issued | 1,006,250 | 1,006,250 |
Forfeiture shares, outstanding | 1,006,250 | 1,006,250 |
Ordinary shares, no par value (in Dollars per share) | $ 0 | $ 0 |
Ordinary shares, shares authorized | 700,000,000 | 700,000,000 |
Ordinary shares, shares issued | 101,843,066 | 101,843,066 |
Ordinary shares, shares outstanding | 98,876,266 | 98,876,266 |
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Income Statement [Abstract] | ||||
REVENUES | $ 24,175 | $ 22,481 | $ 48,055 | $ 44,101 |
COST OF REVENUES | (9,241) | (6,697) | (17,328) | (12,877) |
GROSS PROFIT | 14,934 | 15,784 | 30,727 | 31,224 |
OPERATING EXPENSES: | ||||
Research and development expenses | (12,161) | (14,904) | (26,121) | (29,031) |
Sales and marketing expenses | (4,255) | (4,473) | (9,315) | (8,682) |
General and administrative expenses | (3,701) | (4,340) | (7,533) | (8,641) |
TOTAL OPERATING EXPENSES | (20,117) | (23,717) | (42,969) | (46,354) |
OPERATING LOSS | (5,183) | (7,933) | (12,242) | (15,130) |
Change in fair value of Forfeiture Shares | 22 | 1,538 | 1,529 | 4,142 |
Financial income (expenses), net | 601 | (3,560) | 792 | (3,675) |
LOSS BEFORE INCOME TAXES | (4,560) | (9,955) | (9,921) | (14,663) |
INCOME TAXES | (26) | (43) | (45) | (389) |
LOSS AFTER INCOME TAXES | (4,586) | (9,998) | (9,966) | (15,052) |
Equity in earnings of an investee | 4 | 3 | 7 | 7 |
NET LOSS | $ (4,582) | $ (9,995) | $ (9,959) | $ (15,045) |
Basic and diluted net loss per ordinary share (in Dollars per share) | $ (0.05) | $ (0.1) | $ (0.1) | $ (0.15) |
Weighted average number of shares used in computing net loss per ordinary share (in Shares) | 101,685,915 | 97,442,359 | 101,381,153 | 97,296,206 |
Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Income Statement [Abstract] | ||||
Diluted net loss per ordinary share | $ (0.05) | $ (0.10) | $ (0.10) | $ (0.15) |
Weighted average number of shares used in computing net loss per ordinary share, dluted | 101,685,915 | 97,442,359 | 101,381,153 | 97,296,206 |
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss for the period | $ (4,582) | $ (9,995) | $ (9,959) | $ (15,045) |
Income and expense items not involving cash flows: | ||||
Depreciation | 414 | 347 | 793 | 667 |
Stock-based compensation | 3,987 | 3,117 | 7,809 | 5,908 |
Exchange rate differences | 1,021 | 4,501 | 2,273 | 4,972 |
Interest on short-term deposits | 177 | (132) | (389) | (295) |
Change in fair value of Forfeiture Shares | (22) | (1,538) | (1,529) | (4,142) |
Reduction in the carrying amount of ROU assets | 522 | 424 | 986 | 844 |
Equity in earnings of investee, net of dividend received | 4 | 3 | 7 | 7 |
Changes in operating assets and liabilities: | ||||
Trade accounts receivable | (3,176) | 166 | (4,575) | (2,952) |
Prepaid expenses and other current assets | 1,042 | 3,245 | 403 | 3,763 |
Inventories | 4,549 | (4,852) | 4,799 | (7,996) |
Other assets | (8) | 83 | 34 | 183 |
Trade accounts payable | (1,475) | 1,691 | (6,948) | 2,779 |
Accrued compensation | 158 | 508 | (1,008) | 329 |
Other current liabilities | (1,797) | (1,010) | (216) | (366) |
Change in operating lease liabilities | (457) | (811) | (859) | (1,312) |
Other long-term liabilities | 1 | 2 | 68 | 2 |
Net cash provided by (used in) operating activities | 358 | (4,251) | (8,311) | (12,654) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Investment in short-term deposits | (68,428) | (13,088) | (109,153) | (31,340) |
Maturities of short-term deposits | 74,810 | 21,900 | 118,954 | 37,400 |
Purchase of property and equipment | (777) | (244) | (919) | (424) |
Net cash provided by investing activities | 5,605 | 8,568 | 8,882 | 5,636 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Exercise of stock options | 58 | 96 | 986 | 150 |
Net cash provided by financing activities | 58 | 96 | 986 | 150 |
Effect of exchange rate changes on cash and cash equivalents | (100) | (2,830) | (171) | (3,346) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 5,921 | 1,583 | 1,386 | (10,214) |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 15,489 | 44,994 | 20,024 | 56,791 |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 21,410 | 46,577 | 21,410 | 46,577 |
SUPPLEMENT DISCLOSURE OF CASH FLOW INFORMATION - | ||||
Cash paid for taxes | 213 | 65 | 252 | 121 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||
Trade accounts payable on account on property and equipment | 35 | 160 | 73 | |
Operating lease liabilities arising from obtaining operating right-of-use assets | $ 152 | $ 104 | $ 436 | $ 350 |
General |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
General [Abstract] | |
GENERAL | NOTE 1 - GENERAL:
Valens Semiconductor Ltd. (hereafter “Valens”, and together with its wholly owned subsidiaries, the “Company”), was incorporated in Israel in 2006.
As of September 30, 2021, the Company began trading on the New York Stock Exchange under the Symbol “VLN”.
Please also refer to Note 1(c) in the consolidated financial statement for the year ended December 31, 2022.
Valens is a leading provider of semiconductor products (chips), operates in the Audio-Video and Automotive industries, renowned for its Physical Layer (PHY) technology, enabling resilient high-speed connectivity over simple, low-cost infrastructure. Valens is the inventor of the HDBaseT Technology, which enables the converged delivery of ultra-high-definition digital video and audio, Ethernet, control signals, USB and power through a single cable. In the audio-video space, Valens’ HDBaseT technology enables plug-and-play digital connectivity between ultra-HD video sources and remote displays. In the automotive domain, Valens’ product offering includes both symmetric and asymmetric connectivity technology for high bandwidth transmission of native interfaces over a single low-cost wires and connectors. Valens’ advanced PHY technology for the auto industry provides the safety and resilience required to handle the noisy automotive environment, addressing the needs of Advanced Driver Assistance Systems (ADAS), Automotive Data Solutions (ADS), infotainment, telematics and backbone connectivity. |
Summary of Significant Accounting Policies |
6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||
Accounting Policies [Abstract] | ||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting.
Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In our opinion, the information contained herein reflects all adjustments necessary for a fair statement of our results of operations, financial position, cash flows, and shareholders’ equity. All such adjustments are of a normal, recurring nature.
The results of operations for the six and three months ended June 30, 2023, shown in these financial statements are not necessarily indicative of the results to be expected for the full year ending December 31, 2023. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2022.
The carrying value of cash and cash equivalents, accounts receivables, deposits and accounts payable (included in the condensed consolidated balance sheets) approximates their fair value because of their generally short maturities.
There have been no material changes in our significant accounting policies as described in our consolidated financial statements for the year ended December 31, 2022, other than as stated below.
Trade accounts receivable are recorded at the invoiced amount and do not include finance charges. The Company performs ongoing credit evaluation of its customers and generally requires no collateral.
The Company’s accounts receivables accounting policy from January 1, 2023, following the adoption of the new CECL standard:
The Company estimates CECL on trade receivables at inception for estimated losses resulting from the inability of the Company’s customers to make required payments, based on estimated current expected credit losses. The allowance represents the current estimate of lifetime expected credit losses over the remaining duration of existing accounts receivable considering historical information, current market conditions and reasonable and supportable forecasts when appropriate. The estimate is a result of the Company’s ongoing evaluation of collectability, customer creditworthiness, historical levels of credit losses, and future expectations.
There were no write-offs of accounts receivable for the six and three months ended June 30, 2023, and 2022, respectively. There are no expected credit losses recorded as of June 30, 2023, and December 31, 2022.
The Company’s accounts receivables accounting policy until December 31, 2022, prior to the adoption of the new CECL standard:
The Company assesses the need for allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments by considering factors such as historical collection experience, credit quality, aging of the accounts receivable balances and current economic conditions that may affect a customer’s ability to pay.
Recently Adopted accounting Standards:
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (“ASC 326”): Measurement of Credit Losses on Financial Instruments to introduce a new model for recognizing credit losses on financial instruments based on estimated current expected credit losses, or CECL. Under the new standard, an entity is required to estimate CECL on trade receivables at inception, based on historical information, current conditions, and reasonable and supportable forecasts. The guidance is effective for the Company for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Early application is permitted. The Company adopted ASC 326 on January 1, 2023, and there was no material impact on the Company’s consolidated balance sheet and the consolidated statements of operations upon adoption. |
Inventories |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | NOTE 3 – INVENTORIES:
Inventories write-downs amounted to $397 thousand and $0 thousand during the six months ended June 30, 2023, and 2022, respectively. Inventories write-downs amounted to $273 thousand and $0 thousand during the three months ended June 30, 2023, and 2022, respectively. Inventories write-downs are recorded in cost of revenues. |
Commitments and Contingent Liabilities |
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES | NOTE 4 - COMMITMENTS AND CONTINGENT LIABILITIES:
The Company depends upon third party subcontractors for manufacturing of wafers, packaging and final tests. As of June 30, 2023, and December 31, 2022, the total value of open purchase orders for such manufacturing contractors was approximately $10,038 thousand and $19,418 thousand, respectively.
The Company has noncancelable purchase agreements for certain IP embedded in the Company products as well as certain agreement for the license of development tools used by the development team. As of June 30, 2023, and December 31, 2022, the value of non-paid amounts related to such agreements totaled to $1,502 thousand and $2,783 thousand, respectively.
As of June 30, 2023, and to date, the Company is not a party to, or subject to the provisions of any order, writ, injunction, judgment or decree of any court or governmental agency or instrumentality. There is no action, suit, proceeding or investigation by the Company currently pending or that the Company intends to initiate. |
Other Current Liabilities |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER CURRENT LIABILITIES | NOTE 5 - OTHER CURRENT LIABILITIES:
The amounts of revenues that were included in the contract liabilities’ balance as of December 31, 2022 and December 31, 2021 and were recognized in the period of six months ended June 30, 2023, and June 30, 2022, were $175 and $0 respectively. |
Forfeiture Shares |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeiture Shares [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FORFEITURE SHARES | NOTE 6 - FORFEITURE SHARES:
The Company performed a Monte-Carlo simulation to calculate the fair value of such shares.
The fair value of the Forfeiture Shares was computed using the following key assumptions:
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Stock-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION | NOTE 7 - STOCK-BASED COMPENSATION:
Stock Options
As of June 30, 2023, and December 31, 2022, the number of ordinary shares included in the Company’s option plans totaled to 30,666,212 and 28,383,788, respectively.
1,086,311 out of the outstanding options that have not yet vested as of June 30, 2023, have acceleration mechanisms according to certain terms set forth in the grant agreements primarily in the case of an M&A Transaction which constitutes a Liquidation Event.
As of June 30, 2023, the unrecognized compensation costs related to those unvested stock options are $3,048 thousand, which are expected to be recognized over a weighted-average period of 1.4 years.
The following is a summary of the status of the Company’s share option plan as of June 30, 2023:
The following table summarizes information about stock options outstanding as of June 30, 2023:
The calculated fair value of option grants was estimated using the Black-Scholes option-pricing model with the following assumptions:
During the six months period ended on June 30, 2023, 212,329 options were granted to related parties (please refer to Note 11 for further information).
As of June 30, 2023, the unrecognized compensation costs related to unvested stock options was $5,985 thousand, which are expected to be recognized over a weighted-average period of 1.55 years.
The weighted-average fair value of the options that were granted during the period ended June 30, 2023 was $2.25 at the grant date.
The total intrinsic value of options exercised during the period of six months ended June 30, 2023 was $7,965 thousand.
The following table presents the classification of the stock options expenses for the periods indicated:
Restricted Stock Units
The following is a summary of the status of the Company’s RSU’s as of June 30, 2023, as well as changes during the period of six months ended June 30, 2023:
As of June 30, 2023, the unrecognized compensation cost related to unvested RSUs totaled to approximately $29,410 thousand and is expected to be expensed over a weighted-average recognition period of approximately 3.1 years.
During the six months ended on June 30, 2023, 490,529 RSU’s were granted to several related parties (please refer to Note 11 regarding Related Parties).
The following table presents the classification of RSU’s expenses for the periods indicated:
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Net Income (Loss) Per Ordinary Share |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Net Income (Loss) Per Ordinary Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INCOME (LOSS) PER ORDINARY SHARE | NOTE 8 - NET INCOME (LOSS) PER ORDINARY SHARE:
The following table sets forth the computation of basic and diluted net income (loss) per ordinary share for the periods indicated:
The following weighted-average shares of securities were not included in the computation of diluted net income (loss) per common share as their effect would have been anti-dilutive:
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Financial Income (Expenses), Net |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Income Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL INCOME (EXPENSES), NET | NOTE 9 - FINANCIAL INCOME (EXPENSES), NET:
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Segment and Revenue by Geography and By Major Customer |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Revenue by Geography and By Major Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT AND REVENUE BY GEOGRAPHY AND BY MAJOR CUSTOMER | NOTE 10 - SEGMENT AND REVENUE BY GEOGRAPHY AND BY MAJOR CUSTOMER:
The following table shows revenue by geography, based on the customers’ “bill to” location:
The following tables summarize the significant customers’ (including distributors) accounts receivable and revenues as a percentage of total accounts receivable and total revenues, respectively:
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Related Party Transactions |
6 Months Ended |
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Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 11 - RELATED PARTY TRANSACTIONS
During the six months ended June 30, 2023, the Company granted 212,329 stock options, at a weighted average exercise price of $4.97 to several executive officers, and Board of Directors (“Board”) members of the Company. In addition, during the six months ended June 30, 2023 the Company granted 490,529 RSUs to several executive officers and Board members of the Company.
The fair value of the stock options that were granted during the six months ended June 30, 2023 is $438 thousand, which is expected to be recognized over a 1-4 years vesting period, and the fair value of the granted RSUs is $2,354 thousand, which is expected to be recognized over a 1-4-years vesting period. |
Accounting Policies, by Policy (Policies) |
6 Months Ended |
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Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In our opinion, the information contained herein reflects all adjustments necessary for a fair statement of our results of operations, financial position, cash flows, and shareholders’ equity. All such adjustments are of a normal, recurring nature. The results of operations for the six and three months ended June 30, 2023, shown in these financial statements are not necessarily indicative of the results to be expected for the full year ending December 31, 2023. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2022. The carrying value of cash and cash equivalents, accounts receivables, deposits and accounts payable (included in the condensed consolidated balance sheets) approximates their fair value because of their generally short maturities. There have been no material changes in our significant accounting policies as described in our consolidated financial statements for the year ended December 31, 2022, other than as stated below.
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Accounts receivable, net | Accounts receivable, net Trade accounts receivable are recorded at the invoiced amount and do not include finance charges. The Company performs ongoing credit evaluation of its customers and generally requires no collateral. The Company’s accounts receivables accounting policy from January 1, 2023, following the adoption of the new CECL standard: The Company estimates CECL on trade receivables at inception for estimated losses resulting from the inability of the Company’s customers to make required payments, based on estimated current expected credit losses. The allowance represents the current estimate of lifetime expected credit losses over the remaining duration of existing accounts receivable considering historical information, current market conditions and reasonable and supportable forecasts when appropriate. The estimate is a result of the Company’s ongoing evaluation of collectability, customer creditworthiness, historical levels of credit losses, and future expectations. There were no write-offs of accounts receivable for the six and three months ended June 30, 2023, and 2022, respectively. There are no expected credit losses recorded as of June 30, 2023, and December 31, 2022. The Company’s accounts receivables accounting policy until December 31, 2022, prior to the adoption of the new CECL standard: The Company assesses the need for allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments by considering factors such as historical collection experience, credit quality, aging of the accounts receivable balances and current economic conditions that may affect a customer’s ability to pay. |
New Accounting Pronouncements | New Accounting Pronouncements Recently Adopted accounting Standards: In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (“ASC 326”): Measurement of Credit Losses on Financial Instruments to introduce a new model for recognizing credit losses on financial instruments based on estimated current expected credit losses, or CECL. Under the new standard, an entity is required to estimate CECL on trade receivables at inception, based on historical information, current conditions, and reasonable and supportable forecasts. The guidance is effective for the Company for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Early application is permitted. The Company adopted ASC 326 on January 1, 2023, and there was no material impact on the Company’s consolidated balance sheet and the consolidated statements of operations upon adoption. |
Inventories (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories |
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Other Current Liabilities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Current Liabilities |
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Forfeiture Shares (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Forfeiture Shares [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Forfeited Shares | The fair value of
the Forfeiture Shares was computed using the following key assumptions:
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Schedule of Changes in Fair Value of Forfeited Shares | The table below sets forth a summary of the changes in the fair value of the Forfeiture Shares classified
as Level 3:
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Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share Option Plan | The following is a summary of the status of the Company’s
share option plan as of June 30, 2023:
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Schedule of Summarizes Information about Stock Options Outstanding | The following table summarizes information about stock
options outstanding as of June 30, 2023:
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Schedule of Option-Pricing Model | The calculated fair value of option
grants was estimated using the Black-Scholes option-pricing model with the following assumptions:
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Schedule of Stock Options Expenses | The following table presents the classification of the stock
options expenses for the periods indicated:
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Schedule of Company’s RSU’s | The following is a summary of the status of the Company’s
RSU’s as of June 30, 2023, as well as changes during the period of six months ended June 30, 2023:
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Schedule of Classification of RSU's Expenses | The following table presents the classification of RSU’s
expenses for the periods indicated:
|
Net Income (Loss) Per Ordinary Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Per Ordinary Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Net Income (Loss) Per Ordinary Share | The following table sets forth the computation of basic
and diluted net income (loss) per ordinary share for the periods indicated:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted-Average Shares of Securities | The following weighted-average shares of securities were
not included in the computation of diluted net income (loss) per common share as their effect would have been anti-dilutive:
|
Financial Income (Expenses), Net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Income Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finance Income Net |
|
Segment and Revenue by Geography and By Major Customer (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Revenue by Geography and By Major Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Evaluating Financial Performance and Allocating Resources |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Table Shows Revenue by Geography | The
following table shows revenue by geography, based on the customers’ “bill to” location:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Supplemental Data - Major Customers | The following tables summarize the
significant customers’ (including distributors) accounts receivable and revenues as a percentage of total accounts receivable and
total revenues, respectively:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long Lived Assets by Geography |
|
Inventories (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Inventory Disclosure [Abstract] | ||||
Inventory write downs | $ 273 | $ 0 | $ 397 | $ 0 |
Inventories (Details) - Schedule of Inventories - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of Inventories [Abstract] | ||
Work in process | $ 8,434 | $ 9,870 |
Finished goods | 10,583 | 13,946 |
Total | $ 19,017 | $ 23,816 |
Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Commitments and Contingent Liabilities (Details) [Line Items] | ||
Agreements | $ 1,502 | $ 2,783 |
Cost of Sales [Member] | ||
Commitments and Contingent Liabilities (Details) [Line Items] | ||
Total value of open purchase orders | $ 10,038 | $ 19,418 |
Other Current Liabilities (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Other Current Liabilities [Abstract] | ||
Contract liabilities | $ 175 | $ 0 |
Other Current Liabilities (Details) - Schedule of Other Current Liabilities - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of Other Current Liabilities [Abstract] | ||
Accrued vacation | $ 3,387 | $ 3,203 |
Taxes payable | 37 | 514 |
Contract liabilities | 32 | 175 |
Accrued expenses- related party | 142 | 142 |
Other Accrued expenses | 2,177 | 2,087 |
Total other current liabilities | $ 5,775 | $ 6,121 |
Forfeiture Shares (Details) |
6 Months Ended |
---|---|
Jun. 30, 2023
shares
| |
Forfeiture Shares (Details) [Line Items] | |
Method Used For Calculating Fair Value , Monte-Carlo Simulation | Monte-Carlo simulation |
PTK Sponsor [Member] | |
Forfeiture Shares (Details) [Line Items] | |
Shares issued with respect forfeiture | 1,006,250 |
Forfeiture Shares (Details) - Schedule of Fair Value of Forfeited Shares - $ / shares |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Forfeiture Shares (Details) - Schedule of Fair Value of Forfeited Shares [Line Items] | ||
Stock price (in Dollars per share) | $ 2.53 | $ 5.37 |
Minimum [Member] | ||
Forfeiture Shares (Details) - Schedule of Fair Value of Forfeited Shares [Line Items] | ||
Expected term (years) | 1 year 3 months | 1 year 9 months |
Expected volatility | 65.32% | 51.37% |
Risk-free interest rate | 4.78% | 4.27% |
Maximum [Member] | ||
Forfeiture Shares (Details) - Schedule of Fair Value of Forfeited Shares [Line Items] | ||
Expected term (years) | 2 years 3 months | 2 years 9 months |
Expected volatility | 68.22% | 53.53% |
Risk-free interest rate | 5.27% | 4.49% |
Forfeiture Shares (Details) - Schedule of Changes in Fair Value of Forfeited Shares - Level 3 [Member] - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance at beginning of period | $ 1,751 | $ 4,658 |
Changes in fair value | (1,529) | (2,907) |
Balance at end of the period | $ 222 | $ 1,751 |
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Stock-Based Compensation (Details) [Line Items] | |||
Share-based compensation arrangement | 212,329 | ||
Unvested stock options | 5,985,000 | ||
Weighted-average period | 1 year 6 months 18 days | ||
Fair value (in Dollars per share) | $ 2.25 | ||
Options exercised (in Dollars) | $ 7,965 | ||
Valens Semiconductor Ltd. 2021 Share Incentive Plan [Member] | |||
Stock-Based Compensation (Details) [Line Items] | |||
Ordinary shares, reserved for issuance | 30,666,212 | 28,383,788 | |
Share-Based Payment Arrangement, Option [Member] | Merger And Acquisition Transaction [Member] | |||
Stock-Based Compensation (Details) [Line Items] | |||
Number of outstanding options unvested | 1,086,311 | ||
Unrecognized compensation costs (in Dollars) | $ 3,048 | ||
Cost expected to be expensed, weighted average period | 1 year 4 months 24 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Stock-Based Compensation (Details) [Line Items] | |||
Cost expected to be expensed, weighted average period | 3 years 1 month 6 days | ||
Share-based compensation arrangement | 3,772,631 | ||
Nonvested award, excluding option, cost not yet recognized, amount (in Dollars) | $ 29,410 | ||
Restricted Stock Units (RSUs) [Member] | Related Parties [Member] | |||
Stock-Based Compensation (Details) [Line Items] | |||
Share-based compensation arrangement | 490,529 |
Stock-Based Compensation (Details) - Schedule of Share Option Plan |
6 Months Ended |
---|---|
Jun. 30, 2023
$ / shares
shares
| |
Schedule of share option plan [Abstract] | |
Number of Options outstanding, Beginning balance | shares | 13,948,149 |
Weighted- Average Exercise price, Beginning balance | $ / shares | $ 0.85 |
Number of Options, Granted | shares | 212,329 |
Weighted- Average Exercise price, Granted | $ / shares | $ 4.97 |
Number of Options, Exercised | shares | (1,865,217) |
Weighted- Average Exercise price, Exercised | $ / shares | $ 0.53 |
Number of Options, Expired during the period | shares | (19,876) |
Weighted- Average Exercise price, Expired during the period | $ / shares | $ 0.75 |
Number of Options, Forfeited | shares | (28,837) |
Weighted- Average Exercise price, Forfeited | $ / shares | $ 2.85 |
Number of Options, exercisable | shares | 12,246,548 |
Weighted- Average Exercise price, exercisable | $ / shares | $ 0.96 |
Number of Options, exercisable | shares | 10,492,188 |
Weighted- Average Exercise price, exercisable | $ / shares | $ 0.86 |
Stock-Based Compensation (Details) - Schedule of Summarizes Information about Stock Options Outstanding $ / shares in Units, $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
$ / shares
shares
| |
Range of Exercise Prices One [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number outstanding (in Shares) | shares | 11,761,752 |
Weighted average remaining contractual term | 5 years 3 months |
Weighted average exercise price | $ 0.67 |
Aggregate intrinsic value (in Dollars) | $ | $ 20,598 |
Number of exercisable (in Shares) | shares | 10,292,067 |
Weighted average remaining contractual term | 4 years 11 months 19 days |
Weighted- average exercise price | $ 0.77 |
Aggregate intrinsic value (in Dollars) | $ | $ 18,144 |
Range of Exercise Prices Two [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Upper Range Limit | $ 1.87 |
Number outstanding (in Shares) | shares | 4,803 |
Weighted average remaining contractual term | 7 years 6 months 10 days |
Weighted average exercise price | $ 1.87 |
Aggregate intrinsic value (in Dollars) | $ | $ 3 |
Number of exercisable (in Shares) | shares | 3,353 |
Weighted average remaining contractual term | 7 years 6 months 10 days |
Weighted- average exercise price | $ 1.87 |
Aggregate intrinsic value (in Dollars) | $ | $ 2 |
Range of Exercise Prices Three [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Upper Range Limit | $ 2.1 |
Number outstanding (in Shares) | shares | 33,126 |
Weighted average remaining contractual term | 1 year 2 months 12 days |
Weighted average exercise price | $ 2.1 |
Aggregate intrinsic value (in Dollars) | $ | $ 14 |
Number of exercisable (in Shares) | shares | 33,126 |
Weighted average remaining contractual term | 1 year 2 months 12 days |
Weighted- average exercise price | $ 2.1 |
Aggregate intrinsic value (in Dollars) | $ | $ 14 |
Range of Exercise Prices Four [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Upper Range Limit | $ 2.4 |
Number outstanding (in Shares) | shares | 1,474 |
Weighted average remaining contractual term | 7 years |
Weighted average exercise price | $ 2.4 |
Range of Exercise Prices Five [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Upper Range Limit | $ 4.99 |
Number outstanding (in Shares) | shares | 200,183 |
Weighted average remaining contractual term | 6 years 6 months 18 days |
Weighted average exercise price | $ 4.99 |
Number of exercisable (in Shares) | shares | 24,906 |
Weighted average remaining contractual term | 6 years 6 months 18 days |
Weighted- average exercise price | $ 4.99 |
Range of Exercise Prices Six [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Upper Range Limit | $ 5.36 |
Number outstanding (in Shares) | shares | 140,000 |
Weighted average remaining contractual term | 6 years |
Weighted average exercise price | $ 5.36 |
Number of exercisable (in Shares) | shares | 35,000 |
Weighted average remaining contractual term | 6 years |
Weighted- average exercise price | $ 5.36 |
Aggregate intrinsic value (in Dollars) | $ | |
Range of Exercise Prices Seven [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Upper Range Limit | $ 7.58 |
Number outstanding (in Shares) | shares | 99,610 |
Weighted average remaining contractual term | 5 years 6 months 18 days |
Weighted average exercise price | $ 7.58 |
Aggregate intrinsic value (in Dollars) | $ | |
Number of exercisable (in Shares) | shares | 99,610 |
Weighted average remaining contractual term | 5 years 6 months 18 days |
Weighted- average exercise price | $ 7.58 |
Aggregate intrinsic value (in Dollars) | $ | |
Range of Exercise Prices Eight [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Upper Range Limit | $ 9.07 |
Number outstanding (in Shares) | shares | 5,600 |
Weighted average remaining contractual term | 5 years 5 months 15 days |
Weighted average exercise price | $ 9.07 |
Aggregate intrinsic value (in Dollars) | $ | |
Number of exercisable (in Shares) | shares | 4,126 |
Weighted average remaining contractual term | 5 years 5 months 15 days |
Weighted- average exercise price | $ 9.07 |
Aggregate intrinsic value (in Dollars) | $ | |
Minimum [Member] | Range of Exercise Prices One [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Lower Range Limit | $ 0.15 |
Maximum [Member] | Range of Exercise Prices One [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Upper Range Limit | $ 0.86 |
Stock-Based Compensation (Details) - Schedule of Option-Pricing Model |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Stock-Based Compensation (Details) - Schedule of Option-Pricing Model [Line Items] | ||
Expected dividend rate | 0.00% | 0.00% |
Minimum [Member] | ||
Stock-Based Compensation (Details) - Schedule of Option-Pricing Model [Line Items] | ||
Expected term | 3 years | 4 years |
Expected volatility | 48.35% | 46.73% |
Risk-free rate | 3.62% | 1.37% |
Maximum [Member] | ||
Stock-Based Compensation (Details) - Schedule of Option-Pricing Model [Line Items] | ||
Expected term | 5 years | 6 years |
Expected volatility | 63.84% | 47.71% |
Risk-free rate | 4.21% | 3.00% |
Stock-Based Compensation (Details) - Schedule of Stock Options Expenses - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation -Stock Options | $ 1,304 | $ 1,560 | $ 2,647 | $ 3,080 |
Cost of revenue [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation -Stock Options | 46 | 60 | 96 | 114 |
Research and development [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation -Stock Options | 309 | 456 | 631 | 907 |
Sales and marketing [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation -Stock Options | 278 | 329 | 570 | 655 |
Selling, general and administrative [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation -Stock Options | $ 671 | $ 715 | $ 1,350 | $ 1,404 |
Stock-Based Compensation (Details) - Schedule of Company’s RSU’s - Restricted Stock Units [Member] |
6 Months Ended |
---|---|
Dec. 31, 2023
$ / shares
shares
| |
Stock-Based Compensation (Details) - Schedule of Company’s RSU’s [Line Items] | |
Number of RSUs, Beginning Balance | shares | 3,779,716 |
Weighted-Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 6.08 |
Number of RSUs, Granted | shares | 3,772,631 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | $ 5.17 |
Number of RSUs, Vested | shares | (1,101,583) |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | $ 6.26 |
Number of RSUs, Forfeited | shares | (130,311) |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | $ 5.56 |
Number of RSUs, Ending Balance | shares | 6,320,453 |
Weighted-Average Grant Date Fair Value, Ending Balance | $ / shares | $ 5.52 |
Number of RSUs, RSU exercisable | shares | 5,947,712 |
Weighted-Average Grant Date Fair Value, RSU exercisable | $ / shares | $ 5.52 |
Stock-Based Compensation (Details) - Schedule of Classification of RSU's Expenses - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Cost of revenue [Member] | ||||
Stock-Based Compensation (Details) - Schedule of Classification of RSU's Expenses [Line Items] | ||||
Total stock-based compensation-RSUs | $ 151 | $ 84 | $ 288 | $ 155 |
Research and development [Member] | ||||
Stock-Based Compensation (Details) - Schedule of Classification of RSU's Expenses [Line Items] | ||||
Total stock-based compensation-RSUs | 1,462 | 809 | 2,779 | 1,467 |
Sales and marketing [Member] | ||||
Stock-Based Compensation (Details) - Schedule of Classification of RSU's Expenses [Line Items] | ||||
Total stock-based compensation-RSUs | 613 | 344 | 1,197 | 614 |
Selling, general and administrative [Member] | ||||
Stock-Based Compensation (Details) - Schedule of Classification of RSU's Expenses [Line Items] | ||||
Total stock-based compensation-RSUs | 457 | 320 | 898 | 592 |
Total stock-based compensation-RSUs [Member] | ||||
Stock-Based Compensation (Details) - Schedule of Classification of RSU's Expenses [Line Items] | ||||
Total stock-based compensation-RSUs | $ 2,683 | $ 1,557 | $ 5,162 | $ 2,828 |
Net Income (Loss) Per Ordinary Share (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Ordinary Share - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Numerator: | ||||
Net loss | $ (4,582) | $ (9,995) | $ (9,959) | $ (15,045) |
Denominator: | ||||
Weighted average common shares – basic and diluted | 101,685,915 | 97,442,359 | 101,381,153 | 97,296,206 |
Basic and dilutive net loss per common share | $ (0.05) | $ (0.1) | $ (0.1) | $ (0.15) |
Net Income (Loss) Per Ordinary Share (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Ordinary Share (Parentheticals) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Schedule Of Basic And Diluted Net Income Loss Per Ordinary Share [Abstract] | ||||
Dilutive Weighted average common shares | 101,685,915 | 97,442,359 | 101,381,153 | 97,296,206 |
Dilutive net loss per common share | $ (0.05) | $ (0.10) | $ (0.10) | $ (0.15) |
Net Income (Loss) Per Ordinary Share (Details) - Schedule of Weighted-Average Shares of Securities - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 12,315,780 | 15,300,870 | 13,097,348 | 15,378,561 |
Restricted Stock Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,486,973 | 3,649,756 | 5,050,085 | 2,748,135 |
Private Warrants [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,330,000 | 3,330,000 | 3,330,000 | 3,330,000 |
Public Warrants [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,750,000 | 5,750,000 | 5,750,000 | 5,750,000 |
Forfeiture Shares [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,006,250 | 1,006,250 | 1,006,250 | 1,006,250 |
Financial Income (Expenses), Net (Details) - Schedule of Finance Income Net - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Schedule of Finance Income Net [Abstract] | ||||
Foreign currency exchange differences | $ (1,021) | $ (3,554) | $ (2,273) | $ (3,865) |
Interest income on short-term deposits | 1,630 | 199 | 3,090 | 404 |
Other | (8) | (205) | (25) | (214) |
Total financial income (expenses), net | $ 601 | $ (3,560) | $ 792 | $ (3,675) |
Segment and Revenue by Geography and By Major Customer (Details) - Schedule of Evaluating Financial Performance and Allocating Resources - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Segment Reporting Information [Line Items] | ||||
Revenues | $ 24,175 | $ 22,481 | $ 48,055 | $ 44,101 |
Gross profit | 14,934 | 15,784 | 30,727 | 31,224 |
Research and development expenses | 12,161 | 14,904 | 26,121 | 29,031 |
Sales and marketing expenses | 4,255 | 4,473 | 9,315 | 8,682 |
General and administrative expenses | 3,701 | 4,340 | 7,533 | 8,641 |
Change in fair value of Forfeiture Shares | 22 | 1,538 | 1,529 | 4,142 |
Financial expenses, net | 601 | (3,560) | 792 | (3,675) |
Loss before taxes on income | 4,586 | 9,998 | 9,966 | 15,052 |
Depreciation expenses | 414 | 347 | 793 | 667 |
Stock-based compensation | 3,987 | 3,117 | 7,809 | 5,908 |
Consolidated [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 24,175 | 22,481 | 48,055 | 44,101 |
Gross profit | 14,934 | 15,784 | 30,727 | 31,224 |
Research and development expenses | 12,161 | 14,904 | 26,121 | 29,031 |
Sales and marketing expenses | 4,255 | 4,473 | 9,315 | 8,682 |
General and administrative expenses | 3,701 | 4,340 | 7,533 | 8,641 |
Segment operating profit (loss) | (5,183) | (7,933) | (12,242) | (15,130) |
Change in fair value of Forfeiture Shares | 22 | 1,538 | 1,529 | 4,142 |
Financial expenses, net | 601 | (3,560) | 792 | (3,675) |
Loss before taxes on income | (4,560) | (9,955) | (9,921) | (14,663) |
Depreciation expenses | 414 | 347 | 793 | 667 |
Stock-based compensation | 3,987 | 3,117 | 7,809 | 5,908 |
Audio-Video [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 15,469 | 18,335 | 31,828 | 35,067 |
Gross profit | 11,644 | 14,414 | 24,734 | 27,881 |
Research and development expenses | 4,822 | 5,122 | 11,094 | 11,392 |
Sales and marketing expenses | 1,892 | 1,917 | 4,009 | 3,695 |
General and administrative expenses | 1,857 | 2,081 | 3,756 | 4,244 |
Segment operating profit (loss) | 3,072 | 5,294 | 5,875 | 8,550 |
Depreciation expenses | 173 | 161 | 352 | 303 |
Stock-based compensation | 1,678 | 1,326 | 3,287 | 2,517 |
Automotive [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 8,706 | 4,146 | 16,227 | 9,034 |
Gross profit | 3,290 | 1,370 | 5,993 | 3,343 |
Research and development expenses | 7,339 | 9,782 | 15,027 | 17,639 |
Sales and marketing expenses | 2,363 | 2,556 | 5,306 | 4,987 |
General and administrative expenses | 1,844 | 2,259 | 3,777 | 4,397 |
Segment operating profit (loss) | (8,255) | (13,227) | (18,117) | (23,680) |
Depreciation expenses | 241 | 186 | 441 | 364 |
Stock-based compensation | $ 2,309 | $ 1,791 | $ 4,522 | $ 3,391 |
Segment and Revenue by Geography and By Major Customer (Details) - Schedule of Table Shows Revenue by Geography - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Schedule of Table Shows Revenue by Geography [Abstract] | ||||
Revenues | $ 24,175 | $ 22,481 | $ 48,055 | $ 44,101 |
Israel [Member] | ||||
Schedule of Table Shows Revenue by Geography [Abstract] | ||||
Revenues | 543 | 749 | 1,266 | 1,279 |
China [Member] | ||||
Schedule of Table Shows Revenue by Geography [Abstract] | ||||
Revenues | 2,332 | 2,533 | 4,755 | 5,339 |
United States [Member] | ||||
Schedule of Table Shows Revenue by Geography [Abstract] | ||||
Revenues | 1,981 | 3,681 | 3,441 | 7,238 |
Hong Kong [Member] | ||||
Schedule of Table Shows Revenue by Geography [Abstract] | ||||
Revenues | 2,383 | 3,965 | 4,134 | 7,286 |
Hungary [Member] | ||||
Schedule of Table Shows Revenue by Geography [Abstract] | ||||
Revenues | 6,955 | 2,486 | 13,013 | 6,399 |
Japan [Member] | ||||
Schedule of Table Shows Revenue by Geography [Abstract] | ||||
Revenues | 2,248 | 3,239 | 4,605 | 5,274 |
Germany [Member] | ||||
Schedule of Table Shows Revenue by Geography [Abstract] | ||||
Revenues | 2,989 | 965 | 5,637 | 2,807 |
Taiwan [Member] | ||||
Schedule of Table Shows Revenue by Geography [Abstract] | ||||
Revenues | 1,748 | 2,679 | 4,992 | 4,030 |
Other [Member] | ||||
Schedule of Table Shows Revenue by Geography [Abstract] | ||||
Revenues | $ 2,996 | $ 2,184 | $ 6,212 | $ 4,449 |
Segment and Revenue by Geography and By Major Customer (Details) - Schedule of Supplemental Data - Major Customers |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Customer A [Member] | Accounts Receivable [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 30.00% | 10.00% | |||
Customer A [Member] | Revenue Benchmark [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 21.00% | 10.00% | 19.00% | 10.00% | |
Customer B [Member] | Accounts Receivable [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 13.00% | 26.00% | |||
Customer B [Member] | Revenue Benchmark [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 11.00% | 15.00% | 11.00% | 12.00% | |
Customer C [Member] | Accounts Receivable [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 0.00% | 16.00% | |||
Customer D [Member] | Revenue Benchmark [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 9.00% | 14.00% | 9.00% | 11.00% | |
Customer E [Member] | Revenue Benchmark [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 6.00% | 7.00% | 8.00% | 6.00% |
Segment and Revenue by Geography and By Major Customer (Details) - Schedule of Long Lived Assets by Geography - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of Long Lived Assets by Geography [Abstract] | ||
Long lived assets | $ 6,350 | $ 6,614 |
Domestic (Israel) [Member] | ||
Schedule of Long Lived Assets by Geography [Abstract] | ||
Long lived assets | 5,459 | 5,827 |
Taiwan [Member] | ||
Schedule of Long Lived Assets by Geography [Abstract] | ||
Long lived assets | 417 | 184 |
China [Member] | ||
Schedule of Long Lived Assets by Geography [Abstract] | ||
Long lived assets | 206 | 225 |
USA [Member] | ||
Schedule of Long Lived Assets by Geography [Abstract] | ||
Long lived assets | 154 | 217 |
Singapore [Member] | ||
Schedule of Long Lived Assets by Geography [Abstract] | ||
Long lived assets | 98 | 124 |
Other [Member] | ||
Schedule of Long Lived Assets by Geography [Abstract] | ||
Long lived assets | $ 16 | $ 37 |
Related Party Transactions (Details) |
6 Months Ended |
---|---|
Jun. 30, 2023
$ / shares
shares
| |
Related Party Transactions [Abstract] | |
Options granted | 212,329 |
Weighted average exercise price (in Dollars per share) | $ / shares | $ 4.97 |
Granted shares RSU | 490,529 |
Fair value, description | The fair value of the stock options that were granted during the six months ended June 30, 2023 is $438 thousand, which is expected to be recognized over a 1-4 years vesting period, and the fair value of the granted RSUs is $2,354 thousand, which is expected to be recognized over a 1-4-years vesting period. |
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