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Segment and Revenue by Geography and By Major Customer | 3 Months Ended
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Mar. 31, 2025
Segment and Revenue by Geography and by Major Customer [Abstract] |
SEGMENT AND REVENUE BY GEOGRAPHY AND BY MAJOR CUSTOMER | NOTE 14 - SEGMENT AND REVENUE BY GEOGRAPHY AND BY MAJOR CUSTOMER:
| a. | The chief operating decision maker (the “CODM”) is the Company’s Chief Executive Officer, who makes resource allocation decisions and assesses performance based on financial information prepared on a consolidated basis, accompanied by disaggregated information about revenues, gross profit and operating loss by the two identified reportable segments. The Company’s business includes two operating segments based on the two markets the Company serves:
Cross Industry Business: The Company’s solutions for the non-automotive verticals, including audio-video, industrial, machine vision and medical markets, that deliver superior, plug-and-play convergence and distribution of different interfaces, through a single long-distance category cable. Automotive: Valens Automotive delivers safe & resilient high-speed in-vehicle connectivity for advanced car architectures, realizing the vision of connected and autonomous cars. For the purpose of evaluating financial performance and allocating resources, the CODM reviews financial information presented on a consolidated basis accompanied by disaggregated information about revenues, gross profit and operating loss by the two identified reportable segments, to make decisions about resources to be allocated to the segments and assess their performance. Assets information is not provided to the CODM and is not reviewed. Revenues and cost of goods sold are directly associated with the activities of a specific segment. Direct operating expenses, including general and administrative expenses, associated with the activities of a specific segment are charged to that segment. General and administrative expenses which cannot be attributed directly, are allocated evenly between segments. Other operating expenses are allocated to segments based on headcount ratio. The CODM monitors the gross profit of each segment to analyze fluctuations relative to prior periods (cost reductions, change in product mix etc.). The CODM uses segment operating profit (loss) to evaluate income (loss) generated from segment assets in deciding whether to reinvest profits into the segment. Segment operating profit (loss) is used to monitor budget versus actual results, in order to assess the performance of the segment.
|  | Three months ended on March 31, 2025 |
|  | CIB |  |  | Automotive |  |  | Consolidated |
|  | U.S. dollars in thousands |
Revenues |  |  | 11,753 |  |  |  | 5,075 |  |  |  | 16,828 |
Cost of revenues |  |  | (3,629 | ) |  |  | (2,617 | ) |  |  | (6,246 | )
Gross profit |  |  | 8,124 |  |  |  | 2,458 |  |  |  | 10,582 |
Research and development expenses |  |  | 6,653 |  |  |  | 3,937 |  |  |  | 10,590 |
Sales and marketing expenses |  |  | 2,791 |  |  |  | 2,816 |  |  |  | 5,607 |
General and administrative expenses |  |  | 2,029 |  |  |  | 1,638 |  |  |  | 3,667 |
Change in earnout liability |  |  | 174 |  |  |  | - |  |  |  | 174 |
Segment operating loss |  |  | (3,523 | ) |  |  | (5,933 | ) |  |  | (9,456 | )
Change in fair value of Forfeiture Shares |  |  |  |  |  |  |  |  |  |  | - |
Financial income, net |  |  |  |  |  |  |  |  |  |  | 1,238 |
Loss before taxes on income |  |  |  |  |  |  |  |  |  |  | (8,218 | )
Depreciation and Amortization expenses |  |  | 537 |  |  |  | 233 |  |  |  | 770 |
Stock-based compensation |  |  | 1,875 |  |  |  | 2,291 |  |  |  | 4,166 |
|  | Three months ended on March 31, 2024 |
|  | CIB |  |  | Automotive |  |  | Consolidated |
|  | U.S. dollars in thousands |
Revenues |  |  | 7,177 |  |  |  | 4,382 |  |  |  | 11,559 |
Cost of revenues |  |  | (1,638 | ) |  |  | (3,106 | ) |  |  | (4,744 | )
Gross profit |  |  | 5,539 |  |  |  | 1,276 |  |  |  | 6,815 |
Research and development expenses |  |  | 5,857 |  |  |  | 4,288 |  |  |  | 10,145 |
Sales and marketing expenses |  |  | 1,873 |  |  |  | 2,515 |  |  |  | 4,388 |
General and administrative expenses |  |  | 1,839 |  |  |  | 1,732 |  |  |  | 4,858 |
Segment operating loss |  |  | (4,030 | ) |  |  | (7,259 | ) |  |  | (11,289 | )
Change in fair value of Forfeiture Shares |  |  |  |  |  |  |  |  |  |  | 25 |
Financial income, net |  |  |  |  |  |  |  |  |  |  | 1,234 |
Loss before taxes on income |  |  |  |  |  |  |  |  |  |  | (10,030 | )
Depreciation and Amortization expenses |  |  | 228 |  |  |  | 228 |  |  |  | 456 |
Stock-based compensation |  |  | 1,721 |  |  |  | 2,043 |  |  |  | 3,764 |
| b. | Geographic Revenues
The following table shows revenue by geography, based on the customers’ “bill to” location:
|  | Three months ended March 31 |
|  | 2025 |  |  | 2024 |
|  | U.S. dollars in thousands |
Israel |  |  | 64 |  |  |  | 253 |
Hungary |  |  | 2,880 |  |  |  | 2,071 |
United States |  |  | 2,686 |  |  |  | 1,450 |
Portugal |  |  | 2,237 |  |  |  | 1,867 |
China |  |  | 2,221 |  |  |  | 1,519 |
Hong Kong |  |  | 1,815 |  |  |  | 733 |
Switzerland |  |  | 1,476 |  |  |  | 21 |
Japan |  |  | 1,329 |  |  |  | 1,198 |
Other |  |  | 2,120 |  |  |  | 2,447 |
|  |  | 16,828 |  |  |  | 11,559 |
| c. | Supplemental data - Major Customers:
The following tables summarize the significant customers’ (including distributors) accounts receivable and revenues as a percentage of total accounts receivable and total revenues, respectively:
|  | March 31, 2025 |  |  | December 31, 2024 |
Accounts Receivable |  | % of Account Receivable |
Customer A |  |  | 18 | % |  |  | 14 | %
Customer B |  |  | 17 | % |  |  | 14 | %
Customer C |  |  | 16 | % |  |  | 18 | %
Customer D |  |  | 11 | % |  |  | 16 | %
|  | Three months ended March 31 |
|  | 2025 |  |  | 2024 |
|  | % of Revenues |
Revenues |  |  |  |  |  |
Customer A |  |  | 13 | % |  |  | 16 | %
Customer B |  |  | 11 | % |  |  | 2 | %
Customer E |  |  | 4 | % |  |  | 15 | %
Customer F |  |  | 5 | % |  |  | 11 | %
Customer G |  |  | 8 | % |  |  | 10 | %
| d. | Long-lived assets by Geography:
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | U.S. dollars in thousands |
Domestic (Israel) |  |  | 9,085 |  |  |  | 9,482 |
China |  |  | 228 |  |  |  | 314 |
USA |  |  | 873 |  |  |  | 931 |
Other |  |  | 207 |  |  |  | 286 |
|  |  | 10,393 |  |  |  | 11,013 |

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- Definition The entire disclosure for reporting segments including data and tables. 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