Valens Semiconductor Ltd.

Thank you for standing by and welcome to the Valen Semiconductor First Quarter 2026 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press star one. Thank you. I'd now like to turn the call over to Mikey Benary, Investor Relations. You may begin.

Thank you and welcome everyone to Valen Semiconductors' first quarter 2026 earnings call. With me today are Yoram Zeinger, Chief Executive Officer, and Guy Nathanson, Chief Financial Officer. Earlier today, we issued a press release that is available on the investor relations section of our website under investors.valence.com. As a reminder, today's earning call may include forward-looking statements and projections which do not guarantee future events or performance. These statements are subject to the safe harbor language in today's press release. Please refer to our annual report on Form 20F, filed with the FEC on February 25, 2026, for a discussion of the factors that could cause actual results to differ materially from those expressed or implied. We do not undertake any duty to revise or update such statements to reflect new information, subsequent events, or changes in strategy. We will be discussing certain non-GAAP measures on this call, which we believe are relevant in assessing the financial performance of the business, and you can find reconciliation of these metrics within our earnings release. With that, I will now turn the call over to Yola.

Thank you, Mikey. Hello, everyone, and thank you for joining us. During our last call, we discussed how microeconomic conditions and slow pace of technology adoption could affect our business in 2026. And our first quarter was in line with our expectations. Nevertheless, we are pleased to report that our revenues exceeded the top end of our guidance at $16.9 million. Gap gross margin for the first quarter came at 62.2%, well above the guidance. Our adjusted EBITDA was a loss of $5.5 million, a smaller than anticipated loss compared to our guidance. I'd like to highlight some of our key achievements in Q1, and I'll start with audio video. We continue to see strong adoption of one of our newest chips, the VS3000, as the industry trends towards high resolution video. As a reminder, this chip is the only one on the market that can extend uncompressed HDMI 2.0 over widely used category cables. In Q1, we saw additional products hit the market based on this chip. One exciting example came from a leading AV manufacturer, Extron, which released to the market new metric switches built for premium collaboration spaces, what they're calling the DTP3 cost point 42 series. Our chip is the cornerstone technology underpinning this product, supporting uncompressed video, audio, and controls up to 330 feet. This is great news for Valence, as the BS3000 is the most advanced HD-based chip we offer, and is a pillar of the growth opportunity in our core audio-video market. We are also seeing healthy traction with our newest VS6320 chip. As a reminder, this is the first and only high-performance USB 3.2 extension solution built on a dedicated chip. Continuing the momentum, in Q1, we saw another major AV manufacturer release to the market a product based on the VS6320. We are encouraged by the continued adoption of this innovative chip as we move further into 2026. Both chips features notably at our booth during key first quarter events, CES in January and ISE in February. Across both events, our customers and partners were enthusiastic about our technology demonstrations and the innovations our chips can enable. innovations like multi-camera extension over a single cat cable single box extension of uncompressed 4k video and usb3 streamlined infrastructure supporting multiple cameras and sources and full room conferencing set up with usbc to usbc extension we look forward to replicating the success of those events at additional audio video focused show around the world, including the upcoming Infocomm International show in Las Vegas. I'd like to turn now into the automotive industry. Our opportunity in automotive is dominated by the VA7000 chipset, which offers high-performance connectivity of cameras and radars used in ADAS and autonomous driving. The VA7000 is the first chipset on the market to comply with the MIPI AFI standard. Our ability to promote this chipset hinges not only on its clear technological advantages for Williams, but also in the compliance with the standard. As you know, the automotive industry has been actively working to move away from proprietary solutions driven by concerns around vendor lock-in and supply chain uncertainty. The defining characteristic of a true standard is interoperability. that AFI-compliant components from different suppliers can work together seamlessly. In Q1, we demonstrated exactly that at AutoChina, a valence de-signalizers connected to AFI signalizers from two other service vendors. This marks the first free company demonstration of any interoperable service connectivity solution anywhere in the world for any service standard. This is not just technical milestones. It directly reinforces one of the core value propositions of our AFI offering, eliminating vendor lock-in, reducing supply chain risk, and enabling a more flexible multi-vendor ecosystem for the OEMs. Of course, we continue to participate in several other evaluation processes at various stages with multiple OEMs. With that, I would like to turn the call to Guy to discuss our financial performance in more detail.