Thank you for standing by, and welcome to the Valens 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 1 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 Ben-Ari, investor relations. You may begin. Thank you, and welcome everyone to Valens Semiconductor's first quarter 2026 earnings call. With me today are Yoram Salinger, Chief Executive Officer, and Guy Nathanzon, Chief Financial Officer. Earlier today, we issued a press release that is available on the investor relations section of our website under investors.valens.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 20-F filed with the SEC 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 Yoram. Thank you, Mikey. Hello, everyone, and thank you for joining us. During our last call, we discussed how macroeconomic conditions and slow pace of technology adoption could affect our business in 2026. 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. GAAP 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. 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 highest 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 matrix switches built for premium collaboration spaces, what they're calling the DTP3 CrossPoint 42 series. Our chip is the cornerstone technology underpinning this product, supporting uncompressed video, audio, and controls up to 330 ft. This is great news for Valens as the VS3000 is the most advanced HDBaseT 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 USB 3. Streamlined infrastructure supporting multiple cameras and sources and full room conferencing set up with USB-C to USB-C 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 A-PHY standard. Our ability to promote this chipset hinges not only on its clear technological advantages for OEMs, but also in the compliance with the standard. As you know, the automotive industry has been actively working to move away from proprietary solution driven by concerns around vendor lock-in and supply chain uncertainty. The defining characteristic of a true standard is interoperability, that A-PHY-compliant components from different suppliers can work together seamlessly. In Q1, we demonstrated exactly that at Auto China. Valens deserializers connected to A-PHY serializers from two other SerDes vendors. This marks the first three-company demonstration of any interoperable SerDes connectivity solution anywhere in the world for any SerDes standard. This is not just technical milestones. It directly reinforces one of the core value propositions of our A-PHY 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. Thank you, Yoram. I will start with our first quarter of 2026 results and then provide our outlook for the second quarter of 2026. We achieved quarterly revenues of $16.9 million, which exceeded our guidance of between $16.3 million-$16.7 million. This compares to revenues of $19.4 million in Q4 2025 and $16.8 million in Q1 2025. The Cross-Industry Business, or CIB, accounted for $11 million, or approximately 65% of total revenues, while automotive contributed $5.9 million or approximately 35% of total revenues this quarter. This compares to Q4 2025 revenues of $13.9 million from CIB and $5.5 million from automotive, which represented approximately 70% and 30% of total revenues, respectively. It also compares to Q1 2025 revenues of $11.7 million from the CIB and $5.1 million from automotive, representing 70% and 30% of total revenues, respectively. Q1 2026 gross profit was $10.5 million, compared to $11.7 million in the fourth quarter of 2025, and compared to $10.6 million in the first quarter of 2025. Q1 2026 gross margin was 62.2% compared to our guidance of between 57%-59%. This compares to a Q4 2025 gross margin of 60.5% and Q1 2025 of 62.9%. On a segment basis, Q1 2026 gross margin from the Cross-Industry Business was 70.8%, and gross margin from automotive was 46.2%. This compares to a Q4 2025 gross margin of 66.4% and 45.9% respectively, and a Q1 2025 gross margin of 69.1% and 48.4% respectively. The increase in the gross margin of the CIB compared to Q4 2025 was mainly due to product mix. Non-GAAP gross margin in Q1 was 65.2%, which compares to 63.9% in Q4 2025 and 66.7% in Q1 2025. Operating expense in Q1 2026 totaled $19.4 million, compared to $20.9 million at the end of Q4 2025 and $20 million in Q1 2025. Research and development expense in Q1 totaled $10.3 million, compared to $11.1 million in Q4 2025 and $10.6 million in Q1 2025. SG&A expense in Q1 were $9.4 million, compared to $10.1 million in Q4 2025 and $9.3 million in Q1 2025. GAAP net loss in Q1 was $8.3 million, compared to a net loss of $8.8 million in Q4 2025 and a net loss of $8.3 million in Q1 2025. Adjusted EBITDA in Q1 was a loss of $5.5 million, below the guidance range of a loss between $7.9 million and $7.5 million. This compares to an adjusted EBITDA loss of $4.3 million in Q4 2025 and an adjusted EBITDA loss of $4.3 million in Q1 2025. GAAP loss per share in Q1 was $0.08, compared to a GAAP loss per share of $0.09 for Q4 2025 and a GAAP loss per share of $0.08 for Q1 2025. Non-GAAP loss per share in Q1 was $0.05. Compared to a loss per share of $0.04 in Q4 2025, and a loss per share of $0.03 in Q1 2025. The difference between GAAP and non-GAAP loss per share was mainly due to stock-based compensation and depreciation and amortization expense. Now turning to the balance sheet. We ended Q1 with cash equivalents, and short-term deposits totaling $86.1 million and no debt. This compares to $92.6 million at the end of Q4 2025 and $112.5 million at the end of Q1 2025. Our working capital at the end of the first quarter was $91.3 million, compared to $95.7 million at the end of Q4 2025 and $119.8 million at the end of Q1 2025. Our inventory as of March 31st, 2026 was $10.9 million, an increase from $10.1 million on December 31st, 2025 and $10.9 million on March 31st, 2025. Now, I would like to provide our guidance for the second quarter of 2026. We expect Q2 revenues to be in the range of $17.2 million-$17.6 million. We expect gross margin for Q2 to be in the range of 60%-62%, and we expect adjusted EBITDA in Q2 to be in the range of $4.9 million to $4.4 million loss. As a reminder, our full year guidance is unchanged between $75 million - $77 million. Before turning the call back to Yoram, I would like to take a moment to share that I will be leaving Valens on July 13th to pursue new opportunities. I would like to take this opportunity to thank the exceptional team of Valens for professionalism and dedication. Valens has incredible technology that is in the high demand across industries, and I'm confident that Yoram and the executive team will take the company to new heights. I'll now turn the call back to Yoram for his closing remarks before opening the call for Q&A. Thank you, Guy. On a personal note, I'd like to thank you for your significant contribution to Valens over the recent years. I enjoyed working with you, and I hope our paths cross again in the future. I will note that the company has initiated a search for a replacement, and we look forward to welcoming them to the team in due course. I believe that Valens is well-positioned for success, leveraging our superior technology and robust balance sheet, focusing on our core markets. I'm committed to driving meaningful growth opportunities as we move further into 2026 and beyond. With that, I'll now open the call to answer your questions. Operator? Thank you. We will now begin the question-and-answer session. Your first question comes from the line of Quinn Bolton from Needham & Company. Your line is open. Hey, everyone. This is Neil Young on for Quinn Bolton. Thanks for letting us ask some questions. First question I wanted to ask was, could you touch on what drove the quarter-over-quarter decline in CIB? Within auto, how much of the strength was sustainable end demand versus, you know, timing, inventory, or customer ordering patterns? Was the auto upside still largely driven by Mercedes, you know? Are you starting to see contribution from A-PHY ecosystem activity, Mobileye-related programs, or any other customers? I have a follow-up. Thank you. Thanks for the question. I'll start off by addressing the CIB result. When we kind of shared our guidance for the quarter, we said that we anticipate that there's gonna be somewhat slowness in Q1 due to seasonality and a very strong Q4. That was actually the case. I wanna reiterate that, you know, the guidance for the year is still remaining strong. It has nothing to do with the demand and the anticipated growth in CIB over the year. Regarding the automotive, everything that you said regarding Mercedes is actually true. It has to do with the demand from Mercedes related to their sales of cars, and therefore the uptake comes from Mercedes. Regarding the A-PHY projects, those are gonna kind of factor in 2027. Just wanna make a comment that those projects are advancing well aligned with the timeline, so we feel very confident that those wins would obviously impact our kind of revenues in coming years. Great. Thanks. Then, I did want to ask about the full-year guide. You got in 2Q to $17.4 million at the midpoint, you know, puts first half revenue at $34.3 million. You're talking about the full-year guide midpoint of $76 million. I would say that implies a meaningful step up in second half. I guess what gives you the confidence in a second half ramp and, you know, how should investors think about the acceleration? Should it primarily come in CIB, continued automotive strength? And any comment would be helpful. Thanks. Let me reiterate. Second half of 2026 is gonna be way stronger than the first half. Our confidence in that has to do with the design-ins or design wins and then design-ins into our customer's product. We have visibility to launch of those products throughout the year, and therefore the confidence is kind of reassured by actually monitoring how those products are gonna hit the market and actually drive the growth in Q3 and Q4. All right. Thanks. Sorry? My apologies. Your next question comes from a line of Rick Schafer from Oppenheimer. Your line is open. Hi, this is Wei Mok on the line for Rick. Thanks for taking the question, and best of luck on your next endeavors. For my first question, I wanted to follow up on CIB. It looks like it was down and you mentioned it looks like it was gonna be some digestion due to some demand that was pulled into 4Q. How do you feel about the digestion so far? When do you think that it has bottomed? Do you expect a correction to persist into 2Q, or do you see CIB returning to growth in 2Q? Thanks. If I kind of heard your question, you're speaking about growth with CIB. CIB would grow in Q 2, as we anticipate the company to grow, according to the guidance provided for Q 2, and it would accelerate during Q 3 and Q4 even further. We kind of see around 5% growth for CIB across the year. Yeah, the growth is there, and it's gonna be reflected in the upcoming quarters. Great. Appreciate it. Thank you for that. As for my follow-up, your A-PHY technology was selected by MIPI as the standard for automotive connectivity. There's been a lot of talks about across the industry on physical AI. I noticed that, MIPI, the MIPI Alliance, they launched their physical AI Birds of a Feather group for humanoids, and they listed you guys as a member. I was wondering if you can talk about your involvement with this, and are you aiming to establish the same goal of using your connectivity standard for physical AI? Thanks. Thank you for the question. As you know, Valens is a company that believes in standards in order to free the industry to interoperate between different vendors and actually prevent lock-in with one specific vendor. We've been promoting this with A-PHY for quite some time and we have reported that we've done interoperability tests in Auto China just to prove the strength and the power of actually driving standard-based solution. That being said, as being members at MIPI, we participate in different forums that are kind of introduced by MIPI. You know, Birds of a Feather suggest that, you know, this is an initial view towards, you know, physical AI, you know, around robotics and whatnot. As a very active member in MIPI, our EVP of Product, Edo Cohen, is chairing this committee in order to have, you know, the leaders of the industry come together, bring their heads together in order to see what will be the right way forward. Yes, we are all involved in that, and I think it just should suggest that we're not just, you know, active in audio-video and automotive. We are involved in other industries. Great. Thank you. Again, if you'd like to ask a question, press star one on your telephone keypad. Your next question comes from a line of Dave Storms from Stonegate. Your line is open. Morning, thank you for taking my question. Wanted to maybe go back to CIB again. You mentioned that product mix drove the margin higher sequentially. Is this durable given the consolidated sequential step back you're expecting in the guide? How should we think about that going forward? No, I think that was kind of a specific product mix. I think that, generally speaking, it's in line with what we've said a few months ago about the long-term goals of the CIB. It's slight increase versus the last quarter, and it looks like that it is in line with our long-term goals. Understood. Thank you. Maybe just a macro question. Are tariffs maybe still the main headwinds that you're facing or do some of these conflicts in Iran pose additional, you know, charges for shipping or materials? How should we think about maybe current macro environment? We currently don't see any effect of tariffs. You know, this has been going on for a while now, so I don't think, you know, commentating on tariffs is something that, you know, we could add value to this discussion. Obviously, supply chain is being a challenge due to increase of demand for AI and memory in silicon. Just wanna make sure that the message comes across. We don't see any risk in our ability to meet our targets for the year. Therefore, you know, it's basically staying on top of the demand for our products and supplying the demand that is being created by our customers for the year and for the coming years. There are no further questions at this time. I will now turn the call back over to Yoram Salinger for closing remarks. I would like to thank you all for joining us today for our first quarter 2026 earnings call and for your continued support and interest in Valens Semiconductor. Hope to meet you again in our next earnings call. Thank you. This concludes today's conference call. Thank you for your participation. You may now disconnect.