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Valens Semiconductor Reports Second Quarter 2024 Results

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Exceeds second quarter revenue guidance due to improved customer demand for high-performance connectivity solutions

Acquires Acroname, bolstering innovative USB offering for the industrial market

Strong balance sheet supports highly selective acquisition strategy to complement organic growth

HOD HASHARON, Israel, Aug. 7, 2024 /PRNewswire/ — Valens Semiconductor Ltd. (NYSE: VLN), a leader in high-performance connectivity, today reported financial results for the second quarter ended June 30, 2024.

 

“Our team made solid progress executing against our long-term strategy and capitalizing on growing market demand for our chipsets,” said Gideon Ben-Zvi, CEO of Valens Semiconductor. “As a result, our second quarter revenue exceeded our guidance, increasing our confidence in the positive trends we are seeing across the diverse verticals we serve. Our mid- and long-term opportunities remain promising despite short-term industry challenges, including slow inventory digestion in the Audio-Video sector.”

“On May 31, 2024, we completed the acquisition of Acroname, our first M&A transaction, expanding our position in the industrial and Audio-Video markets. Importantly, our strong balance sheet provides us with the flexibility to move quickly when opportunities arise. Going forward, we expect this highly selective acquisition strategy to complement our organic growth initiatives.

“We continued to see growing interest in the adoption of our latest USB3 extension technology, the VS6320 chipset. Since its introduction late last year, we have engaged with over 50 customers, that are integrating the chipset into a wide variety of products, as announced at InfoComm International in June. This momentum validates the VS6320’s groundbreaking technology and high demand for reliable, streamlined, and affordable connectivity. We expect to start generating revenue from this chipset in the second half of 2024, before ramping up further in 2025.

“The Pro AV market presents a significant growth opportunity for Valens Semiconductor, driven by the latest additions to the portfolio, as well as our legacy products. Our chipset family offers industry-leading and standard-setting solutions to customers in the professional Audio-Video market, as well as in the industrial, machine vision and medical end markets. We believe these combined verticals represent a total addressable market of approximately $1 billion per annum.

“Additionally, we are confident that our innovative technology will position us to take advantage of the large opportunity within the automotive segment, which we estimate will have a total addressable market of $4.5 billion per annum by 2029.

“As we look to the second half of 2024 and beyond, Valens Semiconductor remains committed to capitalizing on the promising opportunities within our target markets. Our innovative, standard-setting, and high-speed connectivity solutions and highly sophisticated chipsets position us to achieve our goals and deliver value for our stakeholders,” concluded Ben-Zvi.

Key Business Highlights

Acquired Acroname Inc., a pioneer in advanced automation and control technologies for applications in industrial, Audio-Video, video conferencing rooms, and embedded robotic control systems, for $7.8 million in cash. An additional $1.3 million was transferred to Acroname in consideration for the amount Acroname held in cash at closing. Further, Valens will be obligated to pay the sellers earn out payments of up to $7.2 million, depending on the achievement of certain revenue, EBITDA and cashflow targets in 2024 and 2025, and development of a certain product by June 2026. The acquisition enables Valens to expand its position in the industrial market with a holistic USB-focused offering.Engaged with over 50 customers for the VS6320, with a wide variety of product launches announced at InfoComm International – the largest professional Audio-Video trade show in North America, including USB extenders, PTZ cameras, video bars, wall plates, docking stations, room appliance controllers, and USB hub switches.Announced a new suite of products by Good Way Technology, one of the world’s leading PC peripheral design and manufacturing companies, based on Valens Semiconductor’s VS6320 chipset, compliant with the HDBaseT-USB3 standard.Progressed on several evaluation processes with global automotive OEMs for the VA7000 MIPI A-PHY compliant chipset and are continuing to work with the long list of companies joining the A-PHY ecosystem by designing and developing products based around this technology.

Key Financial Highlights

Second quarter 2024 revenues reached $13.6 million, of which Acroname contributed $0.4 million, compared to $24.2 million in the second quarter of 2023.
–  Audio-video revenues accounted for approximately 60% of total revenues at $8.1 million, of which Acroname contributed $0.4 million, compared to $15.5 million in the second quarter of 2023, due to ongoing inventory digestion.
–  Automotive revenues accounted for approximately 40% of total revenues at $5.5 million, compared to $8.7 million in the second quarter of 2023, due to lower demand from Mercedes-Benz.GAAP gross margin was 61.4% for the second quarter of 2024 (non-GAAP gross margin was 64.5%). This compared to GAAP gross margin of 61.8% for the second quarter of 2023 (non-GAAP gross margin of 63.1%). GAAP Net Loss was $(8.9) million in the second quarter of 2024, compared to a GAAP Net Loss of $(4.6) million in the second quarter of 2023. On a segment basis, Audio-Video gross margin was 75.4% and automotive gross margin was 40.9% compared to 75.3% and 37.8%, respectively in the second quarter of 2023.Adjusted EBITDA Loss in the second quarter of 2024 was $(5.2) million, compared to Adjusted EBITDA loss of $(0.8) million in the second quarter of 2023.Strong balance sheet of $130.6 million in cash, cash equivalents and short-term deposits, and no debt, as of June 30, 2024, compared to $139.8 million on March 31, 2024, with the reduction in cash due to ongoing operational expenses and $7.8 million associated with the acquisition.Inventory balance of $14.1 million on June 30, 2024, of which $2.5 million was from Acroname. Excluding this amount, inventories were $11.6 million, down compared to $12.5 million on March 31, 2024.

Financial Outlook

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.

“Looking ahead, we are confident in our growth potential for the medium and long term. As the industry recovers, we are prepared to implement our growth strategy with an even more comprehensive portfolio of solutions, designed to penetrate new markets and sectors,” said Guy Nathanzon, CFO of Valens Semiconductor.

“Our third quarter revenues are expected to range between $14.7 million to $15.4 million, of which $1.2 million to $1.4 million is expected to be attributed to Acroname. Gross margin is expected to range between 52.0% and 53.0%, and adjusted EBITDA loss is expected to range between $(6.8) million and $(6.3) million. We have a strong cash position, and in the future, we expect additional, highly selective synergistic M&A deals that align with our long-term growth strategy,” concluded Nathanzon.

Conference Call Information

Valens Semiconductor will host a conference call today, Wednesday, August 7, 2024, at 8:30 a.m. Eastern Time (ET) to discuss its second quarter 2024 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’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’s website shortly after the call concludes.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” 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 “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” 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, 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’s (“Valens”) 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; the impact of the global pandemic caused by COVID-19 on our customers’ budgets and on economic conditions generally, as well as the length, severity of and pace of recovery following the pandemic; 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’ demand; disruptions in relationships with any one of Valens’ key customers; any difficulty selling Valens’ products if customers do not design its products into their product offerings; Valens’ 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; political, economic, governmental and tax consequences associated with our incorporation and location in Israel; and those factors discussed in Valens’ Form 20-F filed with the SEC on February 28, 2024 under the heading “Risk Factors,” 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’ 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’ 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’ 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.

About Valens Semiconductor

Valens Semiconductor is a leader in high-performance connectivity, enabling customers to transform the digital experiences of people worldwide. Valens’ 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® and MIPI A-PHY. For more information, visit https://www.valens.com/.

 

VALENS SEMICONDUCTOR LTD.

SUMMARY OF FINANCIAL RESULTS

(U.S. Dollars in thousands, except per share amounts)

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

2024

2023

2024

2023

Revenues

13,597

24,175

25,156

48,055

Gross Profit

8,344

14,934

15,159

30,727

Gross Margin

61.4 %

61.8 %

60.3 %

63.9 %

Net loss

(8,869)

(4,582)

(18,911)

(9,959)

Working Capital[1]

142,349

160,766

142,349

160,766

Cash, cash equivalents and short-term deposits[2]

130,630

138,042

130,630

138,042

Net cash provided by (used in) operating activities

(225)

358

(1,615)

(8,311)

Non-GAAP Financial Data

Non-GAAP Gross Margin[3]

64.5 %

63.1 %

63.3 %

65.1 %

Adjusted EBITDA Loss[4]

(5,168)

(782)

(12,237)

(3,640)

 

Non-GAAP Earnings Loss per share

(in U.S. Dollars)[5] 

$(0.04)

$(0.00)

$(0.10)

$(0.03)

1. Working Capital is calculated as Total Current Assets, less Total Current Liabilities, as of the last day of the period.

2. As of the last day of the period.

3. GAAP Gross Profit excluding share-based compensation and depreciation expenses, divided by revenue. For the three months ended June 30, 2024, and 2023,
share-based compensation and depreciation & amortization expenses were $423 thousand and $315 thousand, respectively. For the six months ended June 30, 2024,
and 2023, share-based compensation and depreciation expenses were $770 thousand and $560 thousand, respectively.

4. 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, 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.

5. See reconciliation of GAAP to non-GAAP financial measures.

 

 

VALENS SEMICONDUCTOR LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(U.S. Dollars in thousands, except share and per share amounts)

Three Months Ended
June 30,

Six Months Ended
June 30,

2024

2023

2024

2023

REVENUES

13,597

24,175

25,156

48,055

COST OF REVENUES

(5,253)

(9,241)

(9,997)

(17,328)

GROSS PROFIT

 

8,344

 

14,934

 

15,159

 

30,727

OPERATING EXPENSES:

Research and development expenses

(9,961)

(12,161)

(20,106)

(26,121)

 Sales and marketing expenses 

(4,368)

(4,255)

(8,756)

(9,315)

 

General and administrative expenses

 

(3,397)

 

(3,701)

 

(6,968)

 

(7,533)

 

Change in earnout liability

 

(28)

 

 

(28)

TOTAL OPERATING EXPENSES

 

(17,754)

 

(20,117)

 

(35,858)

 

(42,969)

OPERATING LOSS

(9,410)

(5,183)

(20,699)

(12,242)

Change in fair value of Forfeiture Shares

10

22

35

1,529

Financial income, net

540

601

1,774

792

LOSS BEFORE INCOME TAXES

(8,860)

(4,560)

(18,890)

(9,921)

INCOME TAXES

(21)

(26)

(38)

(45)

LOSS AFTER INCOME TAXES

(8,881)

(4,586)

(18,928)

(9,966)

Equity in earnings of investee

12

4

17

7

NET LOSS

(8,869)

(4,582)

(18,911)

(9,959)

 

EARNINGS PER SHARE DATA:

 

BASIC AND DILUTED NET LOSS PER ORDINARY SHARE[6] (in U.S. Dollars)

$(0.08)

$(0.05)

$(0.18)

$(0.10)

WEIGHTED AVERAGE NUMBER OF SHARES AND VESTED RSUS USED

IN COMPUTING NET LOSS PER ORDINARY SHARE

105,079,508

101,685,915

104,563,467

101,381,153

6. See note 5. 

 

 

VALENS SEMICONDUCTOR LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. Dollars in thousands)

 

ASSETS

June 30, 2024

December 31, 2023

 

CURRENT ASSETS

Cash and cash equivalents

24,706

17,261

    Short-term deposits

105,924

124,759

    Trade accounts receivable

10,021

14,642

    Inventories

14,070

13,836

    Prepaid expenses and other current assets

3,972

4,196

TOTAL CURRENT ASSETS

158,693

174,694

 

LONG-TERM ASSETS

    Property and equipment, net

2,666

2,954

    Operating lease right-of-use assets

6,777

2,202

    Intangible assets

5,172

    Goodwill

1,847

    Other assets

633

708

TOTAL LONG-TERM ASSETS

17,095

5,864

 

TOTAL ASSETS

175,788

180,558

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

CURRENT LIABILITIES[7]

16,344

15,931

 

LONG-TERM LIABILITIES

     Forfeiture Shares

3

38

     Non-current operating leases liabilities

3,774

190

     Earnout liability

2,064

    Other long-term liabilities

75

95

TOTAL LONG-TERM LIABILITIES

5,916

323

 

TOTAL LIABILITIES

22,260

16,254

TOTAL SHAREHOLDERS’ EQUITY

153,528

164,304

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

175,788

180,558

7. As of June 30, 2024, and December 31, 2023, include $2,852 thousand and $1,766 thousand, respectively, of current maturities of operating leases liabilities

 

 

VALENS SEMICONDUCTOR LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. Dollars in thousands)

Three Months Ended

June 30,

Six Months Ended

June 30,

2024

2023

2024

2023

CASH FLOW FROM OPERATING ACTIVITIES:

    Net loss for the period

(8,869)

(4,582)

(18,911)

(9,959)

    Adjustments to reconcile net loss to net cash used in operating activities:

    Income and expense items not involving cash flows:

Depreciation and amortization

479

414

935

793

Stock-based compensation 

3,735

3,987

7,499

7,809

Exchange rate differences

741

1,021

1,266

2,273

Interest on short-term deposits

642

177

917

(389)

Change in fair value of forfeiture shares

(10)

(22)

(35)

(1,529)

Change in earnout liability

28

28

Reduction in the carrying amount of ROU assets

239

522

723

986

Equity in earnings of investee, net of dividend received

12

4

17

7

    Changes in operating assets and liabilities, net of effects of businesses acquired: 

Trade accounts receivable 

180

(3,176)

4,915

(4,575)

Prepaid expenses and other current assets

101

1,042

308

403

Inventories

1,054

4,549

2,401

4,799

Other assets 

(8)

(8)

66

34

Current Liabilities

1,659

(3,114)

(1,102)

(8,172)

Change in operating lease liabilities

(204)

(457)

(622)

(859)

Other long-term liabilities

(4)

1

(20)

68

    Net cash provided by (used in) operating activities 

(225)

358

(1,615)

(8,311)

 

CASH FLOWS FROM INVESTING ACTIVITIES:

    Investment in short-term deposits

(49,379)

(68,428)

(87,219)

(109,153)

    Maturities of short-term deposits 

47,059

74,810

104,038

118,954

    Purchase of property and equipment

(235)

(777)

(265)

(919)

    Cash paid for business combination, net of cash acquired

(7,800)

(7,800)

    Net cash provided by (used in) investing activities

(10,355)

5,605

8,754

8,882

 

CASH FLOWS FROM FINANCING ACTIVITIES:

    Exercise of stock options

510

58

636

986

    Net cash provided by financing activities

510

58

636

986

    Effect of exchange rate changes on cash and cash equivalents

(324)

(100)

(330)

(171)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(10,394)

5,921

7,445

1,386

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

35,100

15,489

17,261

20,024

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

24,706

21,410

24,706

21,410

SUPPLEMENT DISCLOSURE OF CASH FLOW INFORMATION

    Cash paid for taxes

28

213

63

252

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

Trade accounts payable on account of property and equipment

279

35

279

160

Fair value of earnout liability assumed in business combination

2,036

2,036

Operating lease liabilities arising from obtaining operating right-of-use assets

4,802

152

4,833

436

 

 

VALENS SEMICONDUCTOR LTD.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(U.S. Dollars in thousands)

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, 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.

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.

Three Months Ended

June 30,

Six Months Ended

June 30,

2024

2023

2024

2023

Net Loss

(8,869)

(4,582)

 

(18,911)

 

(9,959)

Adjusted to exclude the following:

Change in fair value of Forfeiture Shares

(10)

(22)

 

(35)

 

(1,529)

Change in earnout liability

28

 

28

 

Financial income, net

(540)

(601)

 

(1,774)

 

(792)

Income taxes

21

26

 

38

 

45

Equity in earnings of investee

(12)

(4)

 

(17)

 

(7)

Depreciation and amortization

479

414

 

935

 

793

Stock-based compensation expenses

3,735

3,987

 

7,499

 

7,809

Adjusted EBITDA Loss

(5,168)

(782)

 

(12,237)

 

(3,640)

 

 

VALENS SEMICONDUCTOR LTD.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(U.S. Dollars in thousands, except per share amounts)

The following tables provide a calculation of the GAAP Loss per share and reconciliation to Non-GAAP Loss per share.

Three Months Ended

June 30,

Six Months Ended

June 30,

 GAAP Loss per Share

2024

2023

2024

2023

GAAP Net Loss used for computing Loss per Share

(8,869)

(4,582)

 

(18,911)

 

(9,959)

 

Earnings Per Share Data:

GAAP Loss per Share (in U.S. Dollars)

$(0.08)

$(0.05)

 

$(0.18)

 

$(0.10)

 

Weighted average number of shares used in calculation of

net loss per share

105,079,508

101,685,915

 

 

 

104,563,467

 

 

 

101,381,153

 

 

Three Months Ended

June 30,

 

Six Months Ended

 June 30,

Non-GAAP Loss per Share[8]

2024

2023

2024

2023

GAAP Net Loss

(8,869)

(4,582)

 

(18,911)

 

(9,959)

Adjusted to exclude the following:

 

Stock based compensation

3,735

3,987

 

7,499

 

7,809

Depreciation and amortization

479

414

 

935

 

793

Change in earnout liability

28

 

28

 

Change in fair value of Forfeiture Shares

(10)

(22)

 

(35)

 

(1,529)

Total Non-GAAP Loss used for computing Loss per Share

(4,637)

(203)

 

(10,484)

 

(2,886)

 

Earnings Per Share Data:

Non-GAAP Earnings (Loss) per Share (in U.S. Dollars)

$(0.04)

$(0.00)

 

$(0.10)

 

$(0.03)

Weighted average number of shares used in calculation of 
net loss per share

105,079,508

101,685,915

104,563,467

101,381,153

8.The company calculates its non-GAAP Loss per Share as GAAP Net Loss adjusted to exclude the following: Stock based compensation, depreciation, 
and the change in fair value of Forfeiture Share divided by the weighted average number of shares used in calculation of net loss per share.

 

 

For more information, please contact:

Investor Contacts:

Michal Ben Ari
Investor Relations Manager
Valens Semiconductor
michal.benari@valens.com

Lisa Fortuna
Financial Profiles, Inc.
Valens@finprofiles.com

Media Contact:

Yoni Dayan
Head of Communications
Valens Semiconductor Ltd.
yoni.dayan@valens.com

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SOURCE Valens Semiconductor

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Technology

Air Products to Expand Integrated Gas Supply Network for Semiconductor Manufacturer in Taiwan

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New investment to support next-generation facility expansion

TAIPEI, July 22, 2026 /PRNewswire/ — Air Products (NYSE:APD), a world-leading industrial gases company, today announced Air Products San Fu has been awarded a long-term agreement to support a semiconductor manufacturer’s expansion in Taiwan. The project will supply multiple new semiconductor fabs and back-end packaging facilities, supporting growing demand driven by artificial intelligence and high-performance computing.

Air Products San Fu will build, own, and operate four large state-of-the-art air separation units and bulk gas supply systems with new underground pipeline systems. The company will supply a range of industrial gases, including nitrogen, oxygen, argon, and helium to support the customer’s semiconductor operations.

The new underground pipeline systems will be connected to Air Products’ existing pipeline network in Taiwan, further enhancing supply reliability, operational efficiency, and resilience.  

“Air Products is honored to be selected by our strategic customer to support their continued growth, building on our proven track record and strong long-term partnership,” said Paul Yang, President, Air Products San Fu. “This project further reinforces our role as a trusted supplier in Taiwan and reflects our long-term commitment to grow with our customers. It also underscores our world-class performance in safety, reliability and operational excellence, which are critical to meeting the increasingly demanding requirements of the electronics industry.”

Air Products has been serving the Taiwan market through Air Products San Fu for more than 70 years and has established leading supply positions across key science parks with extensive pipeline networks. The company operates one of the world’s largest ultra-high purity nitrogen pipeline systems in Southern Taiwan and is the first gas company in Taiwan awarded ISO9002 and ISO14000 certifications. 

This latest project further strengthens Air Products’ integrated supply footprint across both front-end semiconductor manufacturing and back-end advanced packaging, reinforcing its position as a key supplier to the electronics industry in Taiwan.

Air Products has served the global electronics industry for more than 40 years, supplying industrial gases safely and reliably to many of the world’s leading technology companies.

About Air Products

Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 years focused on serving energy, environmental, and emerging markets and generating a cleaner future. The Company supplies essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, medical and food. As the leading global hydrogen supplier, Air Products develops, engineers, builds, owns and operates some of the world’s largest hydrogen projects. Through its sale of equipment businesses, the Company also provides turbomachinery, membrane systems and cryogenic containers globally.

Air Products had fiscal 2025 sales of $12 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedInXFacebook or Instagram.

This release contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and other factors disclosed in our filings with the Securities and Exchange Commission. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.

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SOURCE Air Products and Chemicals, Inc.

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Air Products to Expand Integrated Gas Supply Network for Semiconductor Manufacturer in Taiwan

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New investment to support next-generation facility expansion

TAIPEI, July 22, 2026 /PRNewswire/ — Air Products (NYSE:APD), a world-leading industrial gases company, today announced Air Products San Fu has been awarded a long-term agreement to support a semiconductor manufacturer’s expansion in Taiwan. The project will supply multiple new semiconductor fabs and back-end packaging facilities, supporting growing demand driven by artificial intelligence and high-performance computing.

Air Products San Fu will build, own, and operate four large state-of-the-art air separation units and bulk gas supply systems with new underground pipeline systems. The company will supply a range of industrial gases, including nitrogen, oxygen, argon, and helium to support the customer’s semiconductor operations.

The new underground pipeline systems will be connected to Air Products’ existing pipeline network in Taiwan, further enhancing supply reliability, operational efficiency, and resilience.  

“Air Products is honored to be selected by our strategic customer to support their continued growth, building on our proven track record and strong long-term partnership,” said Paul Yang, President, Air Products San Fu. “This project further reinforces our role as a trusted supplier in Taiwan and reflects our long-term commitment to grow with our customers. It also underscores our world-class performance in safety, reliability and operational excellence, which are critical to meeting the increasingly demanding requirements of the electronics industry.”

Air Products has been serving the Taiwan market through Air Products San Fu for more than 70 years and has established leading supply positions across key science parks with extensive pipeline networks. The company operates one of the world’s largest ultra-high purity nitrogen pipeline systems in Southern Taiwan and is the first gas company in Taiwan awarded ISO9002 and ISO14000 certifications. 

This latest project further strengthens Air Products’ integrated supply footprint across both front-end semiconductor manufacturing and back-end advanced packaging, reinforcing its position as a key supplier to the electronics industry in Taiwan.

Air Products has served the global electronics industry for more than 40 years, supplying industrial gases safely and reliably to many of the world’s leading technology companies.

About Air Products

Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 years focused on serving energy, environmental, and emerging markets and generating a cleaner future. The Company supplies essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, medical and food. As the leading global hydrogen supplier, Air Products develops, engineers, builds, owns and operates some of the world’s largest hydrogen projects. Through its sale of equipment businesses, the Company also provides turbomachinery, membrane systems and cryogenic containers globally.

Air Products had fiscal 2025 sales of $12 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedInXFacebook or Instagram.

This release contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and other factors disclosed in our filings with the Securities and Exchange Commission. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/air-products-to-expand-integrated-gas-supply-network-for-semiconductor-manufacturer-in-taiwan-302831489.html

SOURCE Air Products and Chemicals, Inc.

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UOB partners Visa to launch new Visa Infinite tiers across ASEAN in landmark multi-market launch of such scale

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More than 300,000 cardholders will enjoy expanded suite of premium benefits as UOB strengthens its regional leadership in premium payment solutions.

SINGAPORE, July 22, 2026 /PRNewswire/ — UOB has partnered with Visa, a global leader in digital payments, to relaunch several card products across its five key markets (Singapore, Malaysia, Thailand, Indonesia and Vietnam) under Visa’s newly introduced premium card tiers, Visa Infinite Privilege and Visa Infinite Private.

UOB is progressively upgrading its suite of affluent and high-net-worth (HNW) card solutions to the new Visa Infinite tiers, reinforcing the Bank’s leadership in premium card innovation. With the relaunch, more than 300,000 UOB Visa Infinite cardholders across ASEAN will be upgraded to higher card tiers, giving them access to an expanded suite of premium benefits. All other cardholders will continue to enjoy their existing privileges, with no downgrades across the portfolio. Eligible UOB Visa Infinite cardholders will be notified of their new card tiers via UOB’s official channels from September onwards, with no action required from them.

UOB is currently Visa’s largest card issuer in ASEAN[1] and brings an unparalleled regional footprint and customer base, serving over 8.5 million customers across the region. As the first Visa issuer across ASEAN to execute a launch of this scale across multiple markets, UOB and Visa are setting a new benchmark for regional card offerings, delivering elevated privileges and experiences to affluent cardmembers in the region. This collaboration is timely as affluent spending in ASEAN experiences strong growth. The number of new UOB affluent cardholders[2] grew over 10 per cent year-on-year in 2025, while card billings for this segment surged more than 25 per cent in the same year.

Visa unveiled its refreshed Visa Infinite offering in Asia Pacific on 16 July 2026, reimagined for the evolving needs of today’s affluent consumers. Anchored in a three-tier card suite, the enhanced platform introduces greater flexibility, personalisation and differentiated benefits across the affluent spectrum. In addition to Visa Infinite, the portfolio now includes the newly launched Visa Infinite Privilege and Visa Infinite Private, enabling issuers to deliver more tailored value propositions, experiences and rewards to distinct customer segments within a unified premium framework.

Selected top-tier UOB cardholders across the region will enjoy access to enhanced platform privileges and UOB-exclusive curated experiences, tailored to their respective Visa Infinite tiers. This aligns with UOB’s sharpened customer segmentation approach and enhanced card value propositions, aimed at serving the unique needs of customers by offering exclusive privileges tailored to their lifestyle preferences.

Mr Pratik Bhattacharjee, Head of Group Cards and Payment Products, UOB, said, “As UOB continues to sharpen our customer-centric operating model, we are focused on serving our customers more holistically across the wealth spectrum. Our partnership with Visa marks a significant milestone in this journey, allowing us to deepen our engagement with affluent customers by curating exclusive experiences that money cannot buy. As we continue strengthening our offerings to cater to each customer’s aspirations and lifestyle, our goal is to connect with them through life moments and opportunities that truly matter.”

Mr. T.R. Ramachandran, Head of Products & Solutions for Asia Pacific, Visa, said, “The affluent segment is one of the fastest-growing consumer segments in Asia Pacific, with expectations evolving alongside it. Today’s affluent consumers are seeking experiences that are more personalised, seamless and relevant to their lifestyles. The refreshed Visa Infinite portfolio is designed to meet these changing expectations, and through our partnership with UOB, we are extending these enhanced experiences to affluent customers across Southeast Asia.”

Greater personalisation through tiered privileges

With Visa’s enhanced Infinite tier segmentation, selected cardholders will benefit from more tailored services, differentiated privileges and elevated experiences that reflect their evolving lifestyle needs. This includes access to curated regional and global lifestyle offers as well as premium destination-based travel and dining privileges worldwide as part of the base membership. In addition, selected cardholders will get exclusive access to top-tier concerts and global sporting events like FIFA World Cup™, and reserved entitlements to key lifestyle offerings under Visa Infinite Privilege. At the highest tier, Visa Infinite Private offers bespoke invitation-only experiences highly personalised for ultra-high-net-worth individuals.

Leveraging its deep understanding of affluent customers across the region, UOB will complement Visa’s refreshed benefits with exclusive privileges, curated experiences and value-added offerings tailored to the unique preferences of its cardmembers. For example, selected cardholders will be able to enjoy specially-customised luxury travel experiences and privileged access to curated series of rare timepieces.

Paired with the Bank’s unparalleled regional connectivity, advisory excellence and One Bank ecosystem, this partnership with Visa aligns with UOB’s aim to bring together banking, wealth and lifestyle holistically to all customers. This also furthers the Bank’s ambition to become the Bank of Choice for aspiring customers across ASEAN.

-END-

About UOB

UOB is a leading Asian bank with a global network in Southeast Asia, Asia Pacific, Europe and North America. Operating through our head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, we have a global network of more than 470 branches and offices in 19 markets. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. Today, UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings.

For more than nine decades, UOB has adopted a customer-centric approach to create long-term value by staying relevant through its enterprising spirit and doing right by its customers. UOB is focused on building the future of ASEAN – for the people and businesses within, and connecting with, ASEAN.

The Bank connects businesses to opportunities in the region with its unparalleled regional footprint and leverages data and insights to innovate and create personalised banking experiences and solutions catering to each customer’s unique needs and evolving preferences. UOB is also committed to help businesses forge a sustainable future, by fostering social inclusiveness, creating positive environmental impact and pursuing economic progress. UOB believes in being a responsible financial services provider and is steadfast in its support of art, social development of children and education, doing right by its communities and stakeholders.

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at www.visa.com.sg 

[1] Largest card issuer by total billings

[2] Includes UOB Reserve Card, UOB Zenith Card and UOB Visa Infinite cards

 

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SOURCE UOB

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