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Valens Valens Semiconductor Reports Third Quarter 2021 Results Exhibit 99.1 HOD HASHARON , ISRAEL , November 11 , 2021 - Valens Semiconductor Ltd. ( NYSE : VLN ) , a premier provider of high - speed connectivity solutions for the audio - video and automotive markets , today reported financial results for the third quarter ended September 30 , 2021 . Third Quarter 2021 Highlights : • 0 Record revenue of $ 19.1 million in the third quarter of 2021 , an increase of 48.8 % from the third quarter of 2020 Audio - video revenues reached $ 17.1 million , up 38.5 % from the third quarter of 2020 0 Automotive revenues reached $ 2.0 million , an increase of more than 300 % from the year - ago quarter , and representing 10.4 % of third quarter revenue Gross profit increased from $ 9.5 million from third quarter 2020 to $ 13.8 million O Gross margin was 72.4 % compared to 74.4 % last year , primarily driven by an increase in automotive revenues that incur lower gross margin than audio - video products Record quarterly bookings of $ 36.0 million , up more than 200 % year - over - year • • Record backlog of $ 73.4 million as of September 30 , 2021 • Closed Business Combination with PTK Acquisition Corp. ( the “ Merger ” ) , raising $ 155 million in gross proceeds ( before deal - related expenses ) and listed on the NYSE on September 30 , 2021 Substantially strengthened the balance sheet with $ 205.6 million of cash , cash equivalents and short - term deposits with zero debt Introduced fourth quarter guidance and increased guidance for the full year 2021 0 • " Valens Semiconductor delivered strong quarterly results , demonstrating solid business execution and reflecting our continued momentum , ” said Gideon Ben - Zvi , CEO of Valens . " We reported record quarterly revenue exceeding $ 19 million , and a robust backlog that will support Valens ' continued growth . We ended the quarter with a fortress balance sheet following the closing of our business combination with PTK and the PIPE investment , " continued Mr. Ben - Zvi . " Valens is well - positioned in our industry with our unique standard - setting technology and our leadership position in the large and growing automotive and audio- video markets we operate in , powered by our high - speed digital connectivity solutions . We are excited by the opportunities we have as a newly public company , and we are focused on creating value for our shareholders , " concluded Mr. Ben - Zvi . Fourth Quarter 2021 Outlook Valens is introducing fourth quarter 2021 revenue guidance of an expected $ 19.4 million to $ 20.6 million with expected gross margins of approximately 70 % -72 % . This guidance reflects an increase of previous full year 2021 revenue guidance from $ 69 million to an expected range of $ 69.4 million to $ 70.6 million .