<SEC-DOCUMENT>0001213900-25-040382.txt : 20250507
<SEC-HEADER>0001213900-25-040382.hdr.sgml : 20250507
<ACCEPTANCE-DATETIME>20250507064133
ACCESSION NUMBER:		0001213900-25-040382
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250507
FILED AS OF DATE:		20250507
DATE AS OF CHANGE:		20250507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Valens Semiconductor Ltd.
		CENTRAL INDEX KEY:			0001863006
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40842
		FILM NUMBER:		25919173

	BUSINESS ADDRESS:	
		STREET 1:		8 HANAGAR ST. POB 7152
		CITY:			HOD HASHARON, 4501309
		STATE:			L3
		ZIP:			00000
		BUSINESS PHONE:		972-9-762-6900

	MAIL ADDRESS:	
		STREET 1:		8 HANAGAR ST. POB 7152
		CITY:			HOD HASHARON, 4501309
		STATE:			L3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ea0240931-6k_valens.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
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<p style="text-align: center; margin-top: 0; margin-bottom: 0"></p>

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<p style="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM 6-K</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 <br>
OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of May 2025</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Commission File Number: 001-40842</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>VALENS SEMICONDUCTOR LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact name of registrant as specified in its
charter)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>8 Hanagar St. POB 7152</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Hod Hasharon 4501309</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Israel</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Address of principal executive office)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F <font style="font-family: Times New Roman, Times, Serif">&#9746;</font>
Form 40-F <font style="font-family: Times New Roman, Times, Serif">&#9744;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<!-- Field: Page; Sequence: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXPLANATORY NOTE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit 99.1 to this report, furnished on Form
6-K, is incorporated by reference into the Registrant&#8217;s registration statement on Form F-3 (File No. <a href="http://www.sec.gov/Archives/edgar/data/1863006/000119312522258899/d316528dposam.htm">333-260390</a>)
and Form S-8 (File Nos. <a href="http://www.sec.gov/Archives/edgar/data/1863006/000095010321014787/dp158559_s8.htm">333-259849</a>, <a href="http://www.sec.gov/Archives/edgar/data/1863006/000121390023002926/ea171494-s8_valenssemi.htm">333-269250</a>
and <a href="http://www.sec.gov/Archives/edgar/data/1863006/000095010324000695/dp205272_s8.htm">333-276520</a>), except with respect to
the second and third paragraphs and all text under the heading &#8220;Financial Outlook,&#8221; which shall not be deemed &#8220;filed&#8221;
for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TABLE OF CONTENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&nbsp;</b></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; width: 9%"><font style="font-size: 10pt"><b>ITEM</b></font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 90%">&nbsp;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">99.1</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt"><a href="ea024093101ex99-1_valens.htm">Earnings Release dated May 7, 2025</a></font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="3"><font style="font-size: 10pt"><b>VALENS SEMICONDUCTOR LTD.</b></font></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 60%">&nbsp;</td>
    <td style="width: 4%">&nbsp;</td>
    <td style="width: 5%">&nbsp;</td>
    <td style="width: 31%">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">By:</font></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">/s/ Gideon Ben-Zvi</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Name: </font></td>
    <td><font style="font-size: 10pt">Gideon Ben-Zvi</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Title:</font></td>
    <td><font style="font-size: 10pt">Chief Executive Officer</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: May 7, 2025</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">3</p>
<p style="margin: 0"></p>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ea024093101ex99-1_valens.htm
<DESCRIPTION>EARNINGS RELEASE DATED MAY 7, 2025
<TEXT>
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<p style="text-align: right; margin: 0"><b>Exhibit 99.1</b></p>

<p style="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="ex99-1_001.jpg"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Valens Semiconductor Reports First Quarter 2025
Results</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Key Financial Highlights:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Q1 revenues: $16.8 million, exceeding the top end of our guidance.</td></tr></table>

<p style="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Q1 gross margin: 62.9% GAAP; 66.7% non-GAAP.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Cash, cash equivalents and short-term deposits: $112.5 million.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">HOD HASHARON, Israel,&nbsp;May 7, 2025&nbsp;/PRNewswire/
-- Valens Semiconductor Ltd. (NYSE: VLN), a leader in high-performance connectivity, today reported financial results for the first quarter
ended March 31, 2025.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Valens had a positive start to 2025,&rdquo; said Gideon Ben-Zvi,
CEO of Valens Semiconductor. &ldquo;In ProAV, we're beginning to emerge from the bottom of the sales cycle, and we're seeing increasing
interest in our solutions from our customers. In the high-growth-potential machine vision market, we showcased our chips at major trade
conferences while announcing partnerships with a variety of leading companies in this space. In automotive, the interest in the MIPI A-PHY
standard continued to build; after announcing our partnership with Mobileye on our three design wins, we held successful interoperability
testing with seven A-PHY silicon vendors. We're eager to use this momentum to spur us to greater heights in Q2.&rdquo;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;We&rsquo;ve rounded out the first quarter
of 2025 having, once again, exceeded the top end of our revenue guidance,&rdquo; said Guy Nathanzon, CFO of Valens Semiconductor. &ldquo;We
believe we are now well positioned to capitalize on the significant business opportunities that lie ahead, across the variety of industries
we serve. We have also recently announced another share repurchase program of up to $15 million, reflecting the confidence we have in
the company&rsquo;s long-term growth. Regarding the new tariffs &ndash; while it looks like semiconductors are currently exempt, it is
still too early to estimate the direct impact on our operations and the impact on our customers&rsquo; end-market demand. We are monitoring
developments closely and will communicate once we have better visibility.&rdquo;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><u>Q1 2025 Financial Highlights: </u></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Q1 revenues reached $16.8 million, exceeding our guidance of $16.3-$16.6 million, compared to $16.7 million
in Q4 2024 and $11.6 million in Q1 2024.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">o</font></td><td style="text-align: justify">Q1 Cross-Industry Business (&ldquo;CIB&rdquo;) revenues, accounted for approximately 70% of total revenues
at $11.7 million compared to $11.7 million dollars in Q4 2024 and $7.2 million in Q1 2024.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">o</font></td><td style="text-align: justify">Q1 Automotive revenues accounted for approximately 30% of total revenues at $5.1 million, compared to
$5.0 million dollars in Q4 2024 and $4.4 million in Q1 2024.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Q1 GAAP gross margin was 62.9% (non-GAAP gross margin was 66.7%), above
the guidance. This is compared to a GAAP gross margin of 60.4% for Q4 2024 and 59.0% for Q1 2024 (non-GAAP gross margin of 64.5% in Q4
2024 and 62.0% in Q1 2024). On a segment basis, Q1 gross margin from the CIB was 69.1% and gross margin from Automotive was 48.4%. This
compares to a Q4 2024 gross margin of 64.7% and 50.5%, respectively, and a Q1 2024 gross margin of 77.2% and 29.1%, respectively. The
increase in Q1 automotive gross margin compared to Q1 2024 was due to an optimization of our product cost. The increase in gross margin
of the CIB compared to Q4 2024 was due to an inventory adjustment in Q4 2024.</td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Q1 GAAP net loss amounted to $(8.3) million, compared to a net loss of $(7.3) million dollars in Q4 2024
and a net loss of $(10.0) million dollars in Q1 2024.</td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Q1 adjusted EBITDA was a loss of $(4.3) million, within the guidance range of $(4.5)-$(4.2) million EBITDA
loss. This compares to an adjusted EBITDA loss of $(3.7) million dollars in Q4 2024 and an adjusted EBITDA loss of $(7.1) million dollars
in Q1 2024.</td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Cash balance as of March 31, 2025, was $112.5 million. This compares
to a cash balance of $131.0 million as of December 31, 2024. During the first quarter of 2025 the company used $9.6 million for the share
repurchase programs, announced in December 2024 and in February 2025.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><u>Q1 2025 Business Highlights: </u></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Received endorsement from Sennheiser for our extension technology to use with the company&rsquo;s TeamConnect
Bar solutions</td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Partnered with RGo Robotics and CHERRY Embedded Solutions to design optimized AI robotic systems</td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">In April, announced that Valens&rsquo; VA7000 MIPI A-PHY-compliant chipsets will form the in-car, sensor to
compute connectivity infrastructure for Mobileye EyeQ<i>&trade;</i>6 High automated and autonomous production programs underway with a
group of global automotive brands</td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Successfully completed product interoperability testing with seven MIPI A-PHY silicon vendors to advance
the standard ecosystem in China and globally</td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Announced a new share repurchase program of $15 million, which was launched on March 17, 2025. During
the first quarter of 2025 the company completed the first repurchase program of $10 million announced in December 2024.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><u>Financial Outlook for Q2 2025</u></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For Q2 2025, Valens Semiconductor expects revenues
to range between $16.5 million and $16.8 million, gross margin to range between 63.0% and 64.0%, and adjusted EBITDA loss to range between
$(4.9) million and $(4.4) million.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Disclaimer: Valens Semiconductor does not provide
GAAP net profit (loss) guidance as certain elements of net profit (loss), including share-based compensation expenses and warrant valuations,
are not predictable due to the high variability and difficulty of making accurate forecasts. Adjusted EBITDA is a non-GAAP measure. See
the tables below for additional information regarding this and other non-GAAP metrics used in this release.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><u>Conference Call Information </u></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>&nbsp;</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Valens Semiconductor will host a conference
call today, Wednesday, May 7, 2025, at 8:30 a.m. Eastern Time (ET) to discuss its first quarter 2025 financial results and business outlook.
To access this call, dial (at least 10 minutes before the scheduled time) +1 (888) 281-1167 (U.S.), 0 (808) 101-2717 (UK), 03 918 0610
(Israel) or +972 3 918 0610 (all other locations). A live webcast of the conference call will be available via the investor relations
section of Valens Semiconductor&rsquo;s website at Valens
- Financials - Quarterly Results. The live webcast can also be accessed by clicking here.
A replay of the conference call will be available on Valens Semiconductor&rsquo;s website shortly after the call concludes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><u>NYSE Rule 203.01 Annual Financial Report
Announcement</u></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Pursuant to Rule 203.01
of the New York Stock Exchange Manual, Valens Semiconductor Ltd. hereby announces to holders of its ordinary shares that its Annual Report
on Form 20-F for 2024 (including its full year 2024 audited financial statements), filed with the U.S. Securities and Exchange Commission
on February 26, 2025, is available in the investor relations section of its website at https://investors.valens.com/financials/secfilings/default.aspx.
While the company encourages the sustainable approach of downloading and reading the report online, hard copies of the 2024 Annual Report
will be provided free of charge, upon request, as follows: Valens Semiconductor Ltd., 8 Hanagar St. POB 7152, Hod Hasharon 4501309, Israel,
or by emailing: investors@valens.com.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><u>Forward-Looking Statements</u></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This press release includes
&ldquo;forward-looking statements&rdquo; within the meaning of the &ldquo;safe harbor&rdquo; provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as &ldquo;estimate,&rdquo; &ldquo;plan,&rdquo;
&ldquo;project,&rdquo; &ldquo;forecast,&rdquo; &ldquo;intend,&rdquo; &ldquo;will,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo;
&ldquo;seek,&rdquo; &ldquo;target&rdquo; or other similar expressions that predict or indicate future events or trends or that are not statements
of historical matters. These forward-looking statements include, but are not limited to, statements regarding our anticipated future results,
including financial results, our five-year plan, currency exchange rates, and contract wins, and future economic and market conditions.
These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of
Valens Semiconductor&rsquo;s (&ldquo;Valens&rdquo;) management and are not predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as a guarantee,
an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible
to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Valens Semiconductor. These
forward-looking statements are subject to a number of risks and uncertainties, including the cyclicality of the semiconductor industry;
the effect of inflation and a rising interest rate environment on our customers and industry; the ability of our customers to absorb inventory;
competition in the semiconductor industry, and the failure to introduce new technologies and products in a timely manner to compete successfully
against competitors; if Valens fails to adjust its supply chain volume due to changing market conditions or fails to estimate its customers&rsquo;
demand; disruptions in relationships with any one of Valens&rsquo; key customers; any difficulty selling Valens&rsquo; products if customers do not
design its products into their product offerings; Valens&rsquo; dependence on winning selection processes; even if Valens succeeds in winning
selection processes for its products, Valens may not generate timely or sufficient net sales or margins from those wins; sustained yield
problems or other delays or quality events in the manufacturing process of products; our ability to effectively manage, invest in, grow,
and retain our sales force, research and development capabilities, marketing team and other key personnel; our ability to timely adjust
product prices to customers following price increase by the supply chain; our ability to adjust our inventory level due to reduction in
demand due to inventory buffers accrued by customers; our expectations regarding the outcome of any future litigation in which we are
named as a party; our ability to adequately protect and defend our intellectual property and other proprietary rights; our ability to
successfully integrate or otherwise achieve anticipated benefits from acquired businesses; the market price and trading volume of the
Valens ordinary shares may be volatile and could decline significantly; further deterioration of macroeconomic conditions due to ongoing
global political and economic uncertainty, including with respect to China-Taiwan relations and increasing trade and other tariff-related
tensions (as our current guidance assumes the estimated production and/or demand impact on us of current tariff conditions); political,
economic, governmental and tax consequences associated with our incorporation and location in Israel; and those factors discussed in Valens&rsquo;
Form 20-F filed with the SEC on February 26, 2025 under the heading &ldquo;Risk Factors,&rdquo; and other documents of Valens filed, or
to be filed, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There may be additional risks that Valens does not presently know or that
Valens currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.
In addition, forward-looking statements reflect Valens&rsquo; expectations, plans or forecasts of future events and views as of the date of
this press release. Valens anticipates that subsequent events and developments may cause Valens&rsquo; assessments to change. However, while
Valens may elect to update these forward-looking statements at some point in the future, Valens specifically disclaims any obligation
to do so. These forward-looking statements should not be relied upon as representing Valens&rsquo; assessment as of any date subsequent to the
date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><u>About Valens&nbsp;Semiconductor</u></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Valens Semiconductor is a leader in high-performance
connectivity, enabling customers to transform the digital experiences of people worldwide. Valens&rsquo; chipsets are integrated into countless
devices from leading customers, powering state-of-the-art audio-video installations, next-generation videoconferencing, and enabling the
evolution of ADAS and autonomous driving. Pushing the boundaries of connectivity, Valens sets the standard everywhere it operates, and
its technology forms the basis for the leading industry standards such as HDBaseT&reg; and MIPI A-PHY. For more information, visit&nbsp;https://www.valens.com/.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b></b> <b>VALENS SEMICONDUCTOR LTD.</b></p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt"><b>SUMMARY OF FINANCIAL RESULTS</b></font></p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt"><b>(U.S. Dollars in thousands, except per share amounts)</b></font></p>



<p style="margin: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended<br>
 March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%">Revenues</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 9%; text-align: right">16,828</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 9%; text-align: right">11,559</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Gross Profit</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">10,582</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">6,815</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Gross Margin</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">62.9</td><td style="text-align: left">%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">59.0</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net Loss</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(8,308</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(10,042</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><font style="font-size: 10pt">Working Capital<sup>[1]</sup></font></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">119,820</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">153,272</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><font style="font-size: 10pt">Cash, Cash Equivalents and Short-Term Deposits<sup>[2]</sup></font></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">112,540</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">139,787</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net Cash Used in Operating Activities</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(7,611</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(1,390</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-decoration: underline; font-weight: bold; text-align: left">Non-GAAP Financial Data</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><font style="font-size: 10pt">Non-GAAP Gross Margin<sup>[3]</sup></font></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">66.7</td><td style="text-align: left">%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">62.0</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><font style="font-size: 10pt">Adjusted EBITDA Loss<sup>[4]</sup></font></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(4,346</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(7,069</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Non-GAAP Loss Per Share<sup>[5]</sup>&nbsp;(in U.S. Dollars)</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(0.03</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(0.06</td><td style="text-align: left">)</td></tr>
  </table>





<p style="margin: 0">&nbsp;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

<!-- Field: Rule-Page --><div style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="margin-top: 0; margin-bottom: 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-size: 10pt"><i>1.</i></font></td><td style="text-align: justify"><font style="font-size: 10pt"><i>Working Capital is calculated
as Total Current Assets, less Total Current Liabilities, as of the last day of the period.</i></font></td>
</tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><i>2.</i></td><td style="text-align: justify"><i>As of the last day of the period. </i></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><i>3.</i></td><td style="text-align: justify"><i>Non-GAAP Gross Margin
                                            is defined as:&nbsp;GAAP Gross Profit excluding share-based compensation and depreciation
                                            and amortization expenses, divided by revenue. For the&nbsp;three months ended March 31,
                                            2025, and 2024, share-based compensation and depreciation and amortization expenses were
                                            $650 thousand and $347 thousand, respectively.</i></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font-style: italic; vertical-align: top; text-align: justify">
<td style="font-style: italic; width: 0.25in; text-align: left">4.</td><td style="font-style: italic; text-align: justify">Adjusted EBITDA is defined as Net profit (loss) before financial
income (expense), net, income taxes, equity in earnings of investee, and depreciation and amortization, further adjusted to exclude share-based
compensation and change in fair value of Forfeiture Shares and in earnout liability, which may vary from period-to-period. We caution
investors that amounts presented in accordance with our definition of Adjusted EBITDA may not be comparable to similar measures disclosed
by other issuers, because not all issuers calculate Adjusted EBITDA in the same manner. Adjusted EBITDA should not be considered as an
alternative to Net loss or any other performance measures derived in accordance with GAAP or as an alternative to cash flows from operating
activities as a measure of our liquidity. Please refer to the appendix at the end of this press release for a reconciliation to the most
directly comparable measure in accordance with GAAP. </td>
</tr><tr style="font-style: italic; vertical-align: top; text-align: justify">
<td style="font-style: italic; text-align: left">&nbsp;</td><td style="font-style: italic; text-align: justify">&nbsp;</td></tr>
     <tr style="font-style: italic; vertical-align: top; text-align: justify">
<td style="font-style: italic; text-align: left">5.</td><td style="font-style: italic; text-align: justify">See reconciliation of GAAP to non-GAAP financial measures.</td></tr>
     </table>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt"><b>VALENS SEMICONDUCTOR LTD.</b></font></p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt"><b>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS</b></font></p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt"><b>(U.S. Dollars in thousands, except share and per share amounts)</b></font></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid">Three Months Ended <br>
March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 76%; font-weight: bold">REVENUES</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 9%; text-align: right">16,828</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 9%; text-align: right">11,559</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; padding-bottom: 1.5pt">COST OF REVENUES</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,246</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,744</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">GROSS PROFIT</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">10,582</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">6,815</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">OPERATING EXPENSES:</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Research and development&nbsp;expenses</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(10,590</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(10,145</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Sales and marketing expenses</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(5,607</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(4,388</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">General and administrative expenses</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(3,667</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(3,571</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Change in earnout liability</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(174</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">TOTAL OPERATING EXPENSES</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(20,038</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,104</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">OPERATING LOSS</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(9,456</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(11,289</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in">Change in fair value of Forfeiture Shares</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">-</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">25</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Financial income, net</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,238</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,234</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">LOSS BEFORE INCOME TAXES</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(8,218</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(10,030</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">INCOME TAXES</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(93</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(17</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">LOSS AFTER INCOME TAXES</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(8,311</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(10,047</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Equity in earnings of investee</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">NET LOSS</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">(8,308</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">(10,042</td><td style="font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">EARNINGS PER SHARE DATA:</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">&nbsp;</td><td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">&nbsp;</td><td style="font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><b></b> <b>BASIC AND DILUTED NET LOSS PER ORDINARY SHARE<sup>[6]</sup>&nbsp;(in U.S. Dollars)</b></td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(0.08</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(0.10</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; padding-bottom: 1.5pt">WEIGHTED AVERAGE NUMBER OF SHARES USED IN CALCULATION OF NET LOSS PER ORDINARY SHARE</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">105,255,959</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">104,047,426</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Change in unrealized losses on cash flow hedges</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(542</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">TOTAL COMPREHENSIVE LOSS</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(8,850</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  </table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><i>6.</i></td><td style="text-align: justify"><i>See footnote&nbsp;5.</i></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

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    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt"><b>VALENS SEMICONDUCTOR LTD.</b></font></p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt"><b>CONDENSED CONSOLIDATED BALANCE SHEETS</b></font></p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt"><b>(U.S. Dollars in thousands)</b></font></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, <br>
2025</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&nbsp;31,<br>
 2024</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">ASSETS</td><td style="font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">&nbsp;</td><td style="font-weight: bold">&nbsp;</td><td style="font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">&nbsp;</td><td style="font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">CURRENT ASSETS</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: right">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: right">&nbsp;</td><td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; font-weight: normal; font-style: normal; text-align: left">Cash and cash equivalents</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 9%; text-align: right">40,997</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 9%; text-align: right">35,423</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Short-term deposits</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">71,543</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">95,532</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Restricted Short-term deposit</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,153</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,138</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Trade accounts receivable</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">9,551</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">7,751</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Inventories</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">10,858</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">10,155</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Prepaid expenses and other current assets</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,597</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,904</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">TOTAL CURRENT ASSETS</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">136,699</td><td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">153,903</td><td style="font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">&nbsp;</td><td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">&nbsp;</td><td style="font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">LONG-TERM ASSETS:</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Property and equipment, net</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">3,498</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">3,555</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Operating lease right-of-use assets</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">7,253</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">7,458</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Intangible assets</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">4,467</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">4,702</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Goodwill</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,847</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,847</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Other assets</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">798</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">687</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">TOTAL LONG-TERM ASSETS</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">17,863</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">18,249</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">TOTAL ASSETS</td><td style="font-weight: bold; padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">154,562</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">172,152</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><b>LIABILITIES AND EQUITY</b></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">  CURRENT LIABILITIES</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">16,879</td><td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">20,326</td><td style="font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">LONG-TERM LIABILITIES</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in">Forfeiture Shares</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Non-current operating leases liabilities</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">6,412</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">6,645</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Earnout liability</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">2,587</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">2,413</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Other long-term liabilities</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">76</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">79</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">TOTAL LONG-TERM LIABILITIES</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">9,076</td><td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">9,138</td><td style="font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">TOTAL LIABILITIES</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">25,955</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">29,464</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">TOTAL SHAREHOLDERS&rsquo; EQUITY</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">128,607</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">142,688</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">TOTAL LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</td><td style="font-weight: bold; padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">154,562</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">172,152</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  </table>







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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt"><b>VALENS SEMICONDUCTOR LTD.</b></font></p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt"><b>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b></font></p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt"><b>(U.S. Dollars in thousands)</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended <BR> March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">CASH FLOW FROM OPERATING ACTIVITIES</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; width: 76%; font-weight: bold; text-align: left">Net loss for the period</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 9%; text-align: right">(8,308</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 9%; text-align: right">(10,042</td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font-weight: bold; text-align: left">Adjustments to reconcile net loss to net cash used in operating activities:</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left"><font style="font-size: 10pt"><b>Income and expense items not involving cash
flows:</b></font></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.375in; text-align: left">Depreciation and amortization</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">770</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">456</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in; text-align: left">Stock-based compensation</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">4,166</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">3,764</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.375in; text-align: left">Exchange rate differences</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">140</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">525</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left">Realized and unrealized losses on non-designated derivative instruments</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(204</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">-</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.375in; text-align: left">Interest on short-term deposits</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">517</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">275</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in">Change in fair value of forfeiture shares</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">-</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(25</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.25in; text-align: left">Change in earnout liability</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">174</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">-</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in; text-align: left">Reduction in the carrying amount of ROU assets</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">418</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">484</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.375in; text-align: left">Equity in earnings of investee, net of dividend received</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(3</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">5</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font-weight: bold; text-align: left">Changes in operating assets and&nbsp;liabilities, net of effects of business acquired:</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.375in; text-align: left">Trade accounts receivable</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(1,800</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">4,735</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in; text-align: left">Prepaid expenses and other current assets</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">825</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">207</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.375in">Inventories</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(762</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,347</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in; text-align: left">Other assets</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(115</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">74</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.375in; text-align: left">Current Liabilities</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(3,196</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(2,761</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in; text-align: left">Change in operating lease liabilities</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(230</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(418</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.375in; text-align: left; padding-bottom: 1.5pt">Other long-term liabilities</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(16</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font-weight: bold; text-align: left">Net cash used in operating activities</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">(7,611</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">(1,390</td><td style="font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">CASH FLOWS FROM INVESTING ACTIVITIES:</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Investment in short-term deposits</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(30,005</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(37,840</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Maturities of short-term deposits</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">53,278</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">56,979</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Purchase of property and equipment</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(357</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(30</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Derivative instruments of non-designated hedges</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(265</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font-weight: bold; text-align: left">Net cash provided by investing activities</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">22,651</td><td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">19,109</td><td style="font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES:</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; padding-bottom: 1.5pt">Repurchase of Ordinary Shares</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(9,585</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; padding-bottom: 1.5pt">Exercise of stock options</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">188</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">126</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font-weight: bold; text-align: left">Net cash provided by (used in) financing activities</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">(9,397</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">126</td><td style="font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font-weight: bold; text-align: left">Effect of exchange rate changes on cash and cash equivalents</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(69</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(5</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">INCREASE IN CASH AND CASH EQUIVALENTS</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">5,574</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">17,839</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">35,423</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,261</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">40,997</td><td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">35,100</td><td style="font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">SUPPLEMENT DISCLOSURE OF CASH FLOW INFORMATION</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Cash paid for taxes</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">19</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">35</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Trade accounts payable on account of property and equipment</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">62</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">212</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Operating lease liabilities arising from obtaining operating right-of-use assets</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">213</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">31</td><td style="text-align: left">&nbsp;</td></tr>
  </table>




<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>VALENS SEMICONDUCTOR LTD.</b></p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt"><b>RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES</b></font></p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt"><b>(U.S. Dollars in thousands)</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt">The following table provides a reconciliation of Net loss to Adjusted EBITDA, a non-GAAP measure. Adjusted EBITDA is defined as Net profit (loss) before financial income (expense), net, income taxes, equity in earnings of investee and depreciation and amortization, further adjusted to exclude share-based compensation and change in fair value of Forfeiture Shares and change in earnout liability, which may vary from&nbsp;period-to-period.&nbsp;We caution investors that amounts presented in accordance with our definition of Adjusted EBITDA may not be comparable to similar measures disclosed by other issuers, because not all issuers calculate Adjusted EBITDA in the same manner. Adjusted EBITDA should not be considered as an alternative to Net loss or any other performance measures derived in accordance with GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt">Although we provide guidance for Adjusted EBITDA, we are not able to provide guidance for projected Net profit (loss), the most directly comparable GAAP measures. Certain elements of Net profit (loss), including share-based compensation expenses and warrant valuations, are not predictable due to the high variability and difficulty of making accurate forecasts. As a result, it is impractical for us to provide guidance on Net profit (loss) or to reconcile our Adjusted EBITDA guidance without unreasonable efforts. Consequently, no disclosure of projected Net profit (loss) is included. For the same reasons, we are unable to address the probable significance of the unavailable information.</font></p>



<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended <br>
March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; font-weight: bold; text-align: left">Net Loss</td><td style="width: 1%; font-weight: bold">&nbsp;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&nbsp;</td><td style="width: 9%; font-weight: bold; text-align: right">(8,308</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%; font-weight: bold">&nbsp;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&nbsp;</td><td style="width: 9%; font-weight: bold; text-align: right">(10,042</td><td style="width: 1%; font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Adjusted to exclude the following:</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in">Change in fair value of Forfeiture Shares</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">-</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(25</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Change in earnout liability</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">174</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">-</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Financial income, net</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(1,238</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(1,234</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Income taxes</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">93</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">17</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Equity in earnings of investee</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(3</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(5</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in">Depreciation</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">770</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">456</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Stock-based compensation expenses</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,166</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,764</td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Adjusted EBITDA Loss</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">(4,346</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">(7,069</td><td style="font-weight: bold; text-align: left">)</td></tr>
  </table>





<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt"><b>VALENS SEMICONDUCTOR LTD.</b></font></p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt"><b>RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES</b></font></p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt"><b>(U.S. Dollars in thousands, except per share amounts)</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt">The following tables provide a calculation of the GAAP Loss per share and reconciliation to Non-GAAP Loss per share.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>



<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid">Three Months Ended<br>
 March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td><u>GAAP Loss per Share</u></td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; font-weight: bold; text-align: left">GAAP Net Loss used for computing Loss per Share</td><td style="width: 1%; font-weight: bold">&nbsp;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&nbsp;</td><td style="width: 9%; font-weight: bold; text-align: right">(8,308</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%; font-weight: bold">&nbsp;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&nbsp;</td><td style="width: 9%; font-weight: bold; text-align: right">(10,042</td><td style="width: 1%; font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">&nbsp;</td><td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">&nbsp;</td><td style="font-weight: bold; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-decoration: underline">Earnings Per Share Data:</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">GAAP Loss per Share (in U.S. Dollars)</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(0.08</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(0.10</td><td style="font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Weighted average number of shares used in calculation of net loss per share</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">105,255,959</td><td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">104,047,426</td><td style="font-weight: bold; text-align: left">&nbsp;</td></tr>
  </table>





<p style="margin: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid"><b>Three Months Ended<br>
</b> <b>March 31,</b></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td>
    <td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td>
    <td style="font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td><font style="font-size: 10pt"><b><u>Non-GAAP Loss per Share</u><sup>[7]</sup></b></font></td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">GAAP Net Loss</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 9%; text-align: right">(8,308</td>
    <td style="width: 1%; text-align: left">)</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 9%; text-align: right">(10,042</td>
    <td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Adjusted to exclude the following:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&nbsp;Stock based compensation</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">4,166</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,764</td>
    <td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Depreciation</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">770</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">456</td>
    <td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Change in fair value of Forfeiture Shares</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(25</td>
    <td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Change in earnout liability</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">174</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Total Non-GAAP Loss used for computing Loss per Share</td>
    <td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td>
    <td style="font-weight: bold; text-align: right">(3,198</td>
    <td style="font-weight: bold; text-align: left">)</td>
    <td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td>
    <td style="font-weight: bold; text-align: right">(5,847</td>
    <td style="font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold"><b><u>Earnings Per Share Data:</u></b></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Non-GAAP Loss per Share (in U.S. Dollars)</td>
    <td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">$</td>
    <td style="font-weight: bold; text-align: right">(0.03</td>
    <td style="font-weight: bold; text-align: left">)</td>
    <td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">$</td>
    <td style="font-weight: bold; text-align: right">(0.06</td>
    <td style="font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">Weighted average number of shares used in calculation of net loss per share</td>
    <td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td>
    <td style="font-weight: bold; text-align: right">105,255,959</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td>
    <td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td>
    <td style="font-weight: bold; text-align: right">104,047,426</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td></tr>
</table>

<p style="margin: 0">&nbsp;</p>

<p style="margin: 0"></p>

<!-- Field: Rule-Page --><div style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="margin: 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><i>7.</i></td><td style="text-align: justify"><i>The company calculates its non-GAAP Loss per Share as GAAP
Net Loss adjusted to exclude the following: Stock based compensation, depreciation and amortization, and the change in fair value of
Forfeiture Share and earnout liability divided by the weighted average number of shares used in calculation of net loss per share.</i></td>
</tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><u>For more information, please contact:</u></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michal Ben Ari<br>
Investor Relations Manager<br>
Valens Semiconductor Ltd.<br>
michal.benari@valens.com</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Miri Segal</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MS-IR IR for Valens</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">msegal@ms-ir.com</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Media&nbsp;Contact:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yoni Dayan<br>
Head of Communications<br>
Valens Semiconductor Ltd.<br>
yoni.dayan@valens.com</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Logo -&nbsp;https://mma.prnewswire.com/media/2309625/Valens_Semiconductor_Logo.jpg</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</p>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="text-align: center; margin-top: 0; margin-bottom: 0">9</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>






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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
