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1 Valens Semiconductor (NYSE:VLN) November 2025
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2 Forward-Looking Statements Certain statements in this presentation (this "Presentation") are “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 such as financial goals for 2029, potential acquisition opportunities, currency exchange rates, contract wins, future economic and market conditions. These statements are based on various assumptions, whether or not identified in this Presentation, and on the current expectations of 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. 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’ demand; disruptions in relationships with any one of Valens’ key customers; any difficulty selling Valens’ products if customers do not design our 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 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; 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 Presentation. 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 Presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements.
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3 GAAP and non-GAAP Measures This presentation includes GAAP and non-GAAP measures. Non-GAAP Gross Margin is defined as GAAP Gross Profit excluding share-based compensation, depreciation and amortization expenses, divided by revenue. Non-GAAP Operating Expenses is defined as GAAP Operating Expenses excluding share-based compensation, depreciation and amortization expenses. Adjusted EBITDA is defined as net profit (loss) before financial income (expense), net, income taxes, equity in earnings of investee, depreciation and amortization, further adjusted to exclude share-based compensation, certain batch production incident expenses and change in the fair value of the Forfeiture Shares and 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. For reconciliation of GAAP to non-GAAP measures, see Appendix. 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 forfeiture share 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. Industry and Market Data; Trademarks, Service Marks and Copyrights In this Presentation, we rely on and refer to certain information and statistics obtained from third-party sources which we believe to be reliable. We have not independently verified the accuracy or completeness of any such third-party information. You are cautioned not to give undue weight to such industry and market data. This Presentation may include trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this Presentation may be listed without the TM, SM, (c) or (r) symbols, but the Company will assert, to the fullest extent under applicable law, the right of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.
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4 The High-Performance Connectivity Company The Highest Bandwidth High-speed connectivity for a variety of applications, with no latency. The Lowest Error Rate Reliable, error-free connectivity for Safety-critical systems. The Longest Reach Unprecedented flexibility for system Design over the simplest wiring infrastructure. 260 Employees 19 Years of innovation NYSE:VLN Listed fabless semiconductor company Revenues in Q3 2025 $17.3M 125 Patents 100s Of customers 40M+ Chipsets sold Global Industry Standards 2 $5B TAM ~$0.5B Cumulative R&D Expenses
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5 Rough environments EMC, EMI, temperature changes, cable aging Distance limitations Extended reach compromises signal integrity High costs Design, development, infrastructure & maintenance costs Too many cables At our homes, offices, plants & vehicles Installation complexity Time consuming, complex architectures, not plug & play Video resolution Handling high-throughput, time-sensitive content transmission The Pain Points of Wired Connectivity
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6 MedicalEntertainment IndustrialVideo Conferencing EducationDigital Signage Automotive Select Customers & Products Empowered by Valens
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7 The Valens Edge: A DSP-Based Approach to Error Handling Backed by 125 Patents Valens delivers the most optimized connectivity solutions for long-reach, high-resolution video. We provide superior performance wherever others can’t. Sticking to our CORE
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8 The Valens Difference: Best-in-class EMC Performance ▪ Reduce bandwidth ▪ Deploy expensive wiring ▪ Shorten cable length ▪ Rely on sub-optimal architecture Legacy connectivity solutions are RESTRICTED by noise, forcing OEMs to: Valens’ unique approach to noise handling LIBERATES Customers, offering them: ▪ Scalable Bandwidth ▪ Simple Wiring ▪ Long-reach ▪ Flexible Architecture
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9 Market Drivers ▪ New AI era of intelligent meeting experiences, led by Microsoft Teams and Zoom ▪ Democratization of video conferencing for remote and in-room participants ▪ Growing requirement for bring-your-own-device (BYOD) in huddle and conference rooms ▪ Increased adoption of USB in ProAV installations 1 Future source: Conference Cameras Outlook, Aug 2021; Frost and Sullivan: State of the Global Video Conferencing Devices Market, Dec 2023 2 Frost and Sullivan: State of the Global Video Conferencing Devices Market, Dec 2023 The combination of increased demand for video, proliferation of USB, and the introduction of the Valens VS6320, represents a unique growth opportunity for Valens Video Conferencing: Changing the Way We Work, Learn and Live Opportunity Spotlight $- $50 $100 $150 $200 $250 $300 $350 $400 2024 2025 2026 2027 2028 2029 Millions TAM by 2028/29 $350M ~8.5m end devices ~17m chips per year Total Addressable Market (TAM)1 Video conferencing penetration rate to 2x within 5 years2 All these trends result in proliferation of video peripherals in in all types of conference rooms.
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10 ▪ Inventor of HDBaseT technology – an audio-video industry standard ▪ Co-Founder of the HDBaseT Alliance, with Samsung, LG and Sony Pictures. Over 200 members developing HDBaseT-enabled products ▪ Market leader with unmatched technology for the distribution of ultra high-resolution video and audio Valens Created the Leading Industry Standard and Largest Interoperable Ecosystem Founding Members Spotlight on Pro-AV Success
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11 Market Drivers ▪ Race towards higher levels of ADAS and Software-Defined Vehicles, leading to: ▪ Increasing number of high-resolution sensors ▪ Complex, centralized architectures ▪ Industry striving for standardized connectivity ▪ Platform lifecycle shortened (due to competition from ‘newer’ companies like Tesla and Chinese OEMs) Automotive: The Foundation for Next-Gen ADAS & Autonomous Systems Cameras, radars, lidars, displays Feet Off Level 2/2+ 4-14 Hands Off Level 3 11-23 Eyes Off Level 4 13-35 Mind Off Level 5 19-36+ 1Source: S&P Autonomy Level (Sales) Data, Jan 2023 Only Valens’ error-free connectivity can guarantee passenger safety and provide the resilient foundation upon which OEMs can build the cars of the future Total Addressable Market (TAM)1 1.4 billion chips per year TAM by 2029 95m cars 12 sensors per vehicle $4.5B $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 2024 2025 2026 2027 2028 2029 Millions Opportunity Spotlight
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12 Spotlight on Automotive Success Enabling State-of-the-Art Infotainment Systems In Mercedes-Benz Vehicles ▪ On the road with Mercedes since 2020 ▪ The only multi-gig connectivity over unshielded cabling (UTP) Providing Unprecedented Visibility to Truck Drivers Around the World ▪ Exceptional combination of bandwidth and link distances for long vehicles ▪ Operating over the standard tractor-trailer power cable ▪ Valens chips will form the connectivity infrastructure for a variety of Mobileye EyeQ 6 High projects ▪ Mobileye testing found Valens superior across a variety of parameters Powering Mobileye’s next generation of ADAS and autonomous projects
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13 Automotive OEMs have called for a global standard for next- generation sensor connectivity. That standard is MIPI A-PHY. ▪ Best-in-class EMC performance ▪ Clear roadmap to ultra-high bandwidth ▪ Simple architecture ▪ End-to-end safety Valens technology was selected as the basis of the A-PHY standard, and the company is the first in the industry to offer A-PHY-compliant chipsets Product Maturity Sensor IntegrationData Rate Noise Immunity/ EMC Security Ecosystem Technological Superiority A-PHY LegacyASA
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14 SAC8539 & SAC8904 SoCs A-PHY Ecosystem IP & Development Tool Vendors Camera & Radar Module Vendors Silicon & SIP Vendors Verification IP AE2010R SerDes test platform Verification IP Supporting A-PHY tech Marlin A200 protocol analyzer Verification IP CIS and SOC test platform Autera & ESIU Data Simulation A-PHY Compliance software NVS2680 ISP EVB SerDes Interface Board (SVM-06) with A-PHY 6222 Video Dragon - Frame grabbing and generation Satellite radars with A-PHY 3 A-PHY modules A-PHY module FSC300 A-PHY camera A-PHY e-mirror 4D A-PHY radar A-PHY modules FSM:GO modular platform MARS development platform NCM25-AC module A-PHY module ARDS development platform A-PHY camera Platform Vendors A-PHY SiP offering VL77 Series A-PHY SerDes SC5501/2 A-PHY SerDes VA7000 Series A-PHY SerDes YT7917/2 A-PHY SerDes A-PHY SerDes A-PHY SerDes A-PHY SerDes CIS, integrated A-PHY A-PHY SerDes Huashan-2 A1000 L EyeQ platform Ride platform Surround View System ADAS SoC A-PHY platform SoCs supported by A-PHY ADAS camera eiCAM and thinCAM A-PHY module Receiver test
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15 Industrial Machine Vision: Advancing Vision-Driven Automation 1 Imaging for Industrial – Machine Vision 2024, Yole Intelligence; custom research, PwC, Apr 2024 3D imaging and AI in machine vision and medical will require higher-performance connectivity solutions Market Drivers ▪ Rise of machine vision due to: ▪ Increased factory automation addressing workforce shortage and increased cost of labor ▪ Tighter inspection regulations ▪ Increased e-commerce resulting in growth in AMR for warehouses ▪ Medical imaging trending towards robotic-assisted surgeries and edge AI-assisted diagnoses Total Addressable Market (TAM)1 ~16m industrial/ machine vision devices ~32 million chips per year TAM by 2028/29 $460M $- $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 2024 2025 2026 2027 2028 2029 Millions Opportunity Spotlight
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16 With a strong foothold in the industrial machine vision market, Valens is leveraging its newest chipsets to unlock new opportunities Spotlight on Industrial Machine Vision Success Opportunity Spotlight Legacy: Industrial PCs and Panels Emerging: Factory Automation and Robotics Chipset Enablers Leveraging Automotive and ProAV chipsets
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17 Market Drivers ▪ Disposable endoscopes eliminate risk of infection (#2 health hazard, 2024, ECRI) ▪ Sterilization is timely, expensive and generates toxic waste (ESG) ▪ Single use will enable procedures to be performed in outpatient clinics TAM - Assuming 50% shift to single use (* 3% Today) $625M Single-Use Endoscopy: An Industry on the Verge of Transformation 1 Endoscope devices, Grand View Research, Feb 2024; custom research, PwC, Apr 2024 FDA urging transition to single-use endoscopes for enhanced patient safety; expected CAGR of 10%, reaching $2.5B by 2033 While still in the early stages, we identify a unique opportunity for Valens to become one of the enablers for this industry transformation Total Addressable Market (TAM)1 250m endoscopies per year 125 million chips per year 50% single-use Opportunity Spotlight
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18 The benefits of the Valens connectivity chipsets are perfectly suited for endoscopes, and especially for the emerging single-use architecture Spotlight on Medical Success Opportunity Spotlight Legacy: Medical Imaging Emerging: Endoscopes, Including Single Use Endoscope Requirements Endoscope Projects Under Development Companies are at various stages of evaluation and development based on Valens technology, including several at FDA approval stages. Rigid Endoscopes Reusable Flexible Endoscopes Single-Use Flexible Endoscopes Error-free links alongside electrosurgical instruments Superior video, 4K, 60fps or higher 4K Single cable for both the distal camera and LEDs Thin, low-cost cabling Small form factor on the sensor side
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19 One Technology. Infinite Possibilities. The only uncompressed copper solution for HDMI 2.0 4K@60 4:4:4 extension VS3000 Series Addition of USB opens new appliccations for Industrial and Medical connectivity VS2000 Series The market’s only high-performance, single chip solution for USB3.2 extension VS6320 Chip Breakthrough chipset for ProAV, offering the first standard for long-reach video connectivity VS100 Series First automotive-grade chipset, powering the Mercedes-Benz MBUX Infotainment systems VA6000 Series The first MIPI A-PHY standard-compliant SerDes on the market VA7000 Series 20142010 2018 2021 2023 Automotive Machine Vision Industrial, Medical Professional Audio Video 2022 Video Conferencing
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20 $16.7 $18.4 $19.4 $20.0 $16.4 $15.5 $9.7 $15.8 $7.2 $8.1 $9.4 $11.7 $11.7 $12.8 $13.2 $4.9 $4.1 $3.7 $3.5 $7.5 $8.7 $4.5 $6.1 $4.4 $5.5 $6.6 $5.0 $5.1 $4.3 $4.1 $16.8 $17.1 $17.3 $21.6 $22.5 $23.9 $23.1 $23.5 $24.2 $14.2 $21.9 $11.6 $13.6 $16.0 $16.7 Revenues 1Cross-Industry Business revenues defined as Professional Audio-Video markets (Entertainment, Digital Signage, Education, Video Conferencing) plus Industrial and Medical. Millions 2022 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 $59 $54.8 $62.8 $74.5 $57.4 $36.3 $1.0 $2.1 $7.9 $16.2 $26.8 $21.6 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 2019 2020 2021 2022 2023 2024 $57.9$56.9 $70.7 $90.7 $84.2 $60.0 Millions Cross-Industry Business1 Automotive Annual Quarterly Cross-Industry Business1 Automotive 2025 Q2 Q3 $69.8 2025 Guidance (mid point) $18.6 Q2 Guidance (mid point) Q4
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21 Key Financial Data US$ Millions Q1-2024 Q2-2024 Q3-2024 Q4-2024 Annual 2024 Q1-2025 Q2-2025 Q3-2025 Revenue Company $11.6 $13.6 $16.0 $16.7 $57.9 $16.8 $17.1 $17.3 Cross- Industry Business $7.2 $8.1 $9.4 $11.7 $36.3 $11.7 $12.8 $13.2 Automotive $4.4 $5.5 $6.6 $5.0 $21.6 $5.1 $4.3 $4.1 GAAP Gross Margin % Company 59.0% 61.4% 56.4% 60.4% 59.2% 62.9% 63.5% 63.0% Cross- Industry Business 77.2% 75.4% 70.2% 64.7% 71.0% 69.1% 67.8% 69.1% Automotive 29.1% 40.9% 37.0% 50.5% 39.5% 48.4% 50.5% 43.2% Adjusted EBITDA (Loss) Company $(7.1) $(5.2) $(5.1) $(3.7) $(21.1) $(4.3) $(4.0) $(4.3) Loss Per Share $(0.10) $(0.08) $(0.10) $(0.07) $(0.35) $(0.08) $(0.07) $(0.07) 2025 Annual Guidance ▪ Revenue: $69.4-$70.1 MillionFourth Quarter 2025 Guidance ▪ Revenue: $18.2 -$18.9 Million ▪ Gross Margin: 58.0%-60.0% ▪ Adjusted EBITDA (Loss) 1,2 : $(4.6)-$(4.2) Million (1) Guidance provided on November 12, 2025 (2) Although we provide guidance for Adj. EBITDA, we cannot provide guidance for projected net profit (loss), the most directly comparable GAAP measures. See the disclaimer in the Forward -Looking Statements
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22 174.4 148.4 142.0 131.0 112.5 102.7 93.5 - 20 40 60 80 100 120 140 160 180 200Millions 9.3 23.8 13.8 10.2 10.9 11.5 11.0 - 5 10 15 20 25 30Millions 183.3 163.7 158.8 133.6 119.8 106.0 98.9 - 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0 Millions Inventory Level Working Capital2Cash Balance1,3 1 Cash Balance is defined as cash, cash equivalents and short -term deposits, excluding restricted short-term deposit in an amount of $1.1M. 2 Working Capital is defined as Total Current Assets less Total Current Liabilities. 3 The company announced share buybacks of up to $ 10 million on November 26, 2024, and up to $15 million on February 11, 2025.
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23 Long Term Growth Drivers Pro AV Industrial Machine Vision ▪ Commercializatio n of ADAS based models ▪ Adoption of the A-PHY standard Automotive $57.9 Million 2024 Revenue $220-$300 Million1 Revenue Goals 2029 ▪ Potential synergetic acquisitions Non-Organic Growth ADAS Deployment & Single Use Endoscopy Potential Upside CAGR ~30% - ~40% 2034 1 Goals for 2029: Gross Margin: 50%-60% Adjusted EBITDA Margin: 15%-20% 1 Goals for 2029: ProAV $90M - $100M ; Industrial and Machine Vision $35M - $50M; Automotive $65M - $110M ; Non-Organic growth $30M - $40M ▪ End of inventory digestion cycle ▪ Adoption of the VS6320 ▪ Growth of the videoconferencing market ▪ Adoption of the VS6320 and the VA7000 in the Industrial Machine Vision Market
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24 2025 Guidance and Goals Revenue Guidance $69.4-$70.1 Million ~20% YoY growth ProAV Partial recovery from the inventory digestion cycle; adoption and commercialization of VS6320-based products for the video conferencing market Industrial Machine Vision New design win announcements based on the VS6320 and VA7000 Automotive New design win announcements with leading OEMs
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25 Summary Revenue Growth Target of X 4-6 within 5 years Diversification Among different verticals and industries Design Wins Cycles Long sales and products life cycle provides long term customer engagement and good visibility Profitable Business Model Goals: Gross Margin >50% Adjusted EBITDA Margin >15% Strong Cash Balance Allows executing both the organic and the nonorganic growth opportunities
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26 investors@valens.com
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27 Appendix - GAAP to Non-GAAP Reconciliation ($ Thousands) Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 Q1/24 Revenues 17,335 17,059 16,828 16,665 16,038 13,597 11,559 COGS 6,413 6,224 6,246 6,592 6,993 5,253 4,744 GAAP gross profit 10,922 10,835 10,582 10,073 9,045 8,344 6,815 GAAP gross margin 63.0% 63.5% 62.9% 60.4% 56.4% 61.4% 59.0% Depreciation and amortization 382 384 400 433 446 180 116 Share-based compensation 255 246 250 247 238 243 231 NON-GAAP gross profit 11,559 11,465 11,232 10,753 9,729 8,767 7,162 NON-GAAP gross margin 66.7% 67.2% 66.7% 64.5% 60.7% 64.5% 62.0% GAAP net loss -7,321 -7,184 -8,308 -7,317 -10,355 -8,869 -10,042 Depreciation and amortization 743 758 770 788 823 480 456 Share-based compensation 3,728 3,775 4,166 3,859 3,760 3,735 3,764 Financial income, net -726 -225 -1,238 -1,136 -1,885 -540 -1,234 Income Taxes 14 21 93 44 14 21 17 Equity in earnings of investee -3 -1 -3 -2 -4 -12 -5 Change in fair value of Forfeiture Shares -1 - 0 1 -3 -10 -25 Change in earnout liability 744 -837 174 85 264 28 0 Certain batch production incident expenses -1,476 -323 0 -10 2,249 0 0 Adjusted EBITDA -4,298 -4,016 -4,346 -3,688 -5,137 -5,167 -7,069
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28 Appendix - Company’s Profit And Loss Year ended December 31 Q3-2025 Q2-2025 Q1-2025 2024 2023 2022 REVENUES 17,335 17,059 16,828 57,859 84,161 90,715 COST OF REVENUES 6,413 6,224 6,246 (23,582) (31,569) (27,325) GROSS PROFIT 10,922 10,835 10,582 34,277 52,592 63,390 OPERATING EXPENSES: Research and development expenses 10,803 10,198 10,590 (40,475) (48,171) (58,207) Sales and marketing expenses 5,201 5,166 5,607 (18,302) (17,314) (16,959) General and administrative expenses 2,211 3,697 3,667 (16,465) (14,024) (16,593) Change in earnout liability 744 (837) 174 (377) - - TOTAL OPERATING EXPENSES 18,959 18,224 20,038 (75,619) (79,509) (91,759) OPERATING LOSS (8,037) (7,389) (9,456) (41,342) (26,917) (28,369) Change in fair value of Forfeiture Shares 1 0 0 37 1,713 2,907 Financial income (expenses), net 726 225 1,238 4,795 5,637 (1,770) LOSS BEFORE INCOME TAXES (7,310) (7,164) (8,218) (36,510) (19,567) (27,232) INCOME TAXES (14) (21) (93) (96) (112) (451) LOSS AFTER INCOME TAXES (7,324) (7,185) (8,311) (36,606) (19,679) (27,683) Equity in earnings of investee 3 1 3 23 18 16 NET LOSS (7,321) (7,184) (8,308) (36,583) (19,661) (27,667) Basic and diluted net loss per Ordinary Share (0.07) (0.07) (0.08) (0.35) (0.19) (0.28) Weighted average number of shares and vested RSUs used in computing net loss per Ordinary Share 101,387,826 103,551,779 105,255,959 105,477,191 101,985,939 97,820,782 Other comprehensive income: Change in unrealized gains on cash flow hedges (514) 1,276 (542) 601 - - TOTAL COMPREHENSIVE LOSS (7,835) (5,908) (8,850) (35,982) (19,661) (27,667)