Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2022 | |
Document Information [Line Items] | |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2022 |
Amendment Flag | false |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | VALENS SEMICONDUCTOR LTD. |
Entity Central Index Key | 0001863006 |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and Cash Equivalents | $ 46,577 | $ 56,791 |
Short-term deposits | 110,177 | 117,568 |
Trade accounts receivable | 10,047 | 7,095 |
Prepaid expenses | 3,584 | 6,927 |
Other current assets | 908 | 1,328 |
Inventories | 17,318 | 9,322 |
TOTAL CURRENT ASSETS | 188,611 | 199,031 |
LONG-TERM ASSETS: | ||
Property and equipment, net | 2,571 | 2,741 |
Operating lease right-of-use assets | 4,408 | 0 |
Other assets | 638 | 828 |
TOTAL LONG-TERM ASSETS | 7,617 | 3,569 |
TOTAL ASSETS | 196,228 | 202,600 |
CURRENT LIABILITIES: | ||
Trade accounts payable | 7,345 | 4,493 |
Accrued compensation | 4,912 | 4,583 |
Current maturities of operating leases liabilities | 1,814 | 0 |
Other current liabilities | 6,257 | 6,623 |
TOTAL CURRENT LIABILITIES | 20,328 | 15,699 |
LONG-TERM LIABILITIES: | ||
Forfeiture Shares, no par value: 1,006,250 shares authorized, issued and outstanding as of June 30, 2022 and December 31, 2021,respectively | 516 | 4,658 |
Non-current operating leases liabilities | 2,126 | 0 |
Other long-term liabilities | 48 | 46 |
TOTAL LONG-TERM LIABILITIES | 2,690 | 4,704 |
COMMITMENTS AND CONTINGENT LIABILITIES | ||
TOTAL LIABILITIES | 23,018 | 20,403 |
SHAREHOLDERS' EQUITY: | ||
Ordinary shares, no par value: 700,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 97,664,669, and 97,122,405 (excluding 1,006,250 ordinary shares subject to forfeiture) shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively. | 49 | 49 |
Additional paid-in capital | 318,214 | 312,156 |
Accumulated deficit | (145,053) | (130,008) |
TOTAL SHAREHOLDERS' EQUITY | 173,210 | 182,197 |
TOTAL LIABILITIESSHAREHOLDERS' EQUITY | $ 196,228 | $ 202,600 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Common stock par or stated value per share | $ 0 | $ 0 |
Common stock, shares authorized | 700,000,000 | 700,000,000 |
Common stock, shares issued | 97,664,669 | 97,122,405 |
Common stock, shares outstanding | 97,664,669 | 97,122,405 |
Forfeiture Shares [Member] | ||
Common stock par or stated value per share | $ 0 | $ 0 |
Common stock, shares authorized | 1,006,250 | 1,006,250 |
Common stock, shares issued | 1,006,250 | 1,006,250 |
Common stock, shares outstanding | 1,006,250 | 1,006,250 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
REVENUES | $ 22,481 | $ 17,510 | $ 44,101 | $ 30,874 |
COST OF REVENUES | (6,697) | (5,043) | (12,877) | (8,875) |
GROSS PROFIT | 15,784 | 12,467 | 31,224 | 21,999 |
OPERATING EXPENSES: | ||||
Research and development expenses | (14,904) | (10,956) | (29,031) | (21,354) |
Sales and marketing expenses | (4,473) | (3,222) | (8,682) | (6,332) |
General and administrative expenses | (4,340) | (2,366) | (8,641) | (4,544) |
TOTAL OPERATING EXPENSES | (23,717) | (16,544) | (46,354) | (32,230) |
OPERATING LOSS | (7,933) | (4,077) | (15,130) | (10,231) |
Change in Fair Value of Forfeiture Shares | 1,538 | 0 | 4,142 | 0 |
Financial income (expenses), net | (3,560) | 503 | (3,675) | 336 |
Loss before income taxes | (9,955) | (3,574) | (14,663) | (9,895) |
INCOME TAXES | (43) | (124) | (389) | (179) |
LOSS AFTER INCOME TAXES | (9,998) | (3,698) | (15,052) | (10,074) |
Equity in earnings of investee | 3 | 0 | 7 | 0 |
NET LOSS | $ (9,995) | $ (3,698) | $ (15,045) | $ (10,074) |
Basic net loss per ordinary share | $ (0.1) | $ (0.68) | $ (0.15) | $ (1.61) |
Diluted net loss per ordinary share | $ (0.1) | $ (0.68) | $ (0.15) | $ (1.61) |
Weighted average number of shares used in computing net loss per ordinary share, Basic | 97,442,359 | 11,020,299 | 97,296,206 | 10,927,357 |
Weighted average number of shares used in computing net loss per ordinary share, Diluted | 97,442,359 | 11,020,299 | 97,296,206 | 10,927,357 |
Condensed Consolidated Stateme
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Beginning Balance at Dec. 31, 2020 | $ (82,223) | $ 40 | $ 21,211 | $ (103,474) |
Beginning balance, Shares at Dec. 31, 2020 | 10,795,372 | |||
Exercise of options | 665 | $ 4 | 661 | |
Exercise of options, Shares | 954,183 | |||
Stock-based compensation | 3,290 | 3,290 | ||
Net loss for the period | (10,074) | (10,074) | ||
Ending balance, Shares at Jun. 30, 2021 | 11,749,555 | |||
Ending balance at Jun. 30, 2021 | (88,342) | $ 44 | 25,162 | (113,548) |
Beginning Balance at Mar. 31, 2021 | (86,928) | $ 41 | 22,881 | (109,850) |
Beginning balance, Shares at Mar. 31, 2021 | 10,912,912 | |||
Exercise of options | 589 | $ 3 | 586 | |
Exercise of options, Shares | 836,643 | |||
Stock-based compensation | 1,695 | 1,695 | ||
Net loss for the period | (3,698) | (3,698) | ||
Ending balance, Shares at Jun. 30, 2021 | 11,749,555 | |||
Ending balance at Jun. 30, 2021 | (88,342) | $ 44 | 25,162 | (113,548) |
Beginning Balance at Dec. 31, 2021 | 182,197 | $ 49 | 312,156 | (130,008) |
Beginning balance, Shares at Dec. 31, 2021 | 97,122,405 | |||
Exercise of options and RSUs | $ 150 | $ 0 | 150 | |
Exercise of options, Shares | 512,357 | |||
Exercise of options and RSUs, Shares | 542,264 | |||
Stock-based compensation | $ 5,908 | 5,908 | ||
Net loss for the period | (15,045) | (15,045) | ||
Ending balance, Shares at Jun. 30, 2022 | 97,664,669 | |||
Ending balance at Jun. 30, 2022 | 173,210 | $ 49 | 318,214 | (145,053) |
Beginning Balance at Mar. 31, 2022 | 179,992 | $ 49 | 315,001 | (135,058) |
Beginning balance, Shares at Mar. 31, 2022 | 97,191,467 | |||
Exercise of options and RSUs | 96 | $ 0 | 96 | |
Exercise of options and RSUs, Shares | 473,202 | |||
Stock-based compensation | 3,117 | 3,117 | ||
Net loss for the period | (9,995) | (9,995) | ||
Ending balance, Shares at Jun. 30, 2022 | 97,664,669 | |||
Ending balance at Jun. 30, 2022 | $ 173,210 | $ 49 | $ 318,214 | $ (145,053) |
Condensed Interim Consolidated
Condensed Interim Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss for the period | $ (9,995) | $ (3,698) | $ (15,045) | $ (10,074) |
Income and expense items not involving cash flows: | ||||
Depreciation | 347 | 266 | 667 | 522 |
Stock-based compensation | 3,117 | 1,695 | 5,908 | 3,290 |
Exchange rate differences | 4,501 | (545) | 4,972 | (231) |
Interest from short-term deposits | (132) | 37 | (295) | 219 |
Change in fair value of Forfeiture Shares | (1,538) | 0 | (4,142) | 0 |
Reduction in the carrying amount of ROU assets | 424 | 0 | 844 | 0 |
Changes in operating assets and liabilities: | ||||
Trade accounts receivable | 166 | (2,475) | (2,952) | 767 |
Prepaid expenses | 3,051 | (599) | 3,343 | (1,833) |
Other current assets | 194 | 141 | 420 | 245 |
Inventories | (4,852) | (1,752) | (7,996) | (2,541) |
Other assets | 86 | (26) | 190 | (31) |
Trade accounts payable | 1,691 | 451 | 2,779 | 1,124 |
Accrued compensation | 508 | 107 | 329 | (948) |
Other current liabilities | (1,010) | (45) | (366) | (153) |
Change in operating lease liabilities | (811) | 0 | (1,312) | 0 |
Other long-term liabilities | 2 | 0 | 2 | (7) |
Net cash used in operating activities | (4,251) | (6,443) | (12,654) | (9,651) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Investment in short-term deposits | (13,088) | (4,520) | (31,340) | (4,520) |
Maturities of short-term deposits | 21,900 | 12,500 | 37,400 | 29,500 |
Purchase of property and equipment | (244) | (127) | (424) | (505) |
Net cash provided by investing activities | 8,568 | 7,853 | 5,636 | 24,475 |
CASH FLOWS FROM FINANCING ACTIVITIES - | ||||
Deferred issuance costs | 0 | (218) | 0 | (218) |
Exercise of options | 96 | 589 | 150 | 665 |
Net cash provided by financing activities | 96 | 371 | 150 | 447 |
Effect of exchange rate changes on cash and cash equivalents | (2,830) | 531 | (3,346) | 217 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,583 | 2,312 | (10,214) | 15,488 |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 44,994 | 39,492 | 56,791 | 26,316 |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 46,577 | 41,804 | 46,577 | 41,804 |
SUPPLEMENT DISCLOSURE OF CASH FLOW INFORMATION - | ||||
Cash paid for taxes | 65 | 147 | 121 | 224 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||
Trade accounts payable on account of property and equipment | 0 | 0 | 73 | 0 |
Unpaid issuance costs | 0 | 2,722 | 0 | 2,722 |
Operating lease liabilities arising from obtaining operating right-of-use assets | $ 104 | $ 0 | $ 350 | $ 0 |
General
General | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | NOTE 1 - GENERAL: a. Valens Semiconductor Ltd. (hereafter “Valens”, and together with its wholly owned subsidiaries, the “Company”), was incorporated in Israel in 2006. Valens is a leading provider of semiconductor products (chips), operates in the Audio-Video and Automotive industries, renowned for its Physical Layer (PHY) technology, enabling resilient high-speed connectivity over simple, low-cost infrastructure. Valens is the inventor of the HDBaseT Technology, which enables the converged delivery of ultra-high-definition digital video and audio, Ethernet, control signals, USB and power through a single cable. In the audio-video space, Valens’ HDBaseT technology enables plug-and-play digital connectivity between ultra-HD video sources and remote displays. In the automotive domain, Valens’ product offering includes both symmetric and asymmetric connectivity technology for high bandwidth transmission of native interfaces over a single low-cost wires and connectors. Valens’ advanced PHY technology for the auto industry provides the safety and resilience required to handle the noisy automotive environment, addressing the needs of Advanced Driver Assistance Systems (ADAS), Automotive Data Solutions (ADS), infotainment, telematics and backbone connectivity. b. On March 11, 2020, the World Health Organization designated the outbreak of a novel strain of coronavirus (“COVID-19”) as a global pandemic. Governments and businesses around the world have taken unprecedented actions to mitigate the spread of COVID-19, including imposing restrictions on movement and travel such as quarantines and shelter-in-place requirements, and restricting or prohibiting outright some or all commercial and business activity. These measures, though currently temporary in nature, may become more severe and continue indefinitely depending on the evolution of the COVID-19 pandemic. Although there are effective vaccines for COVID-19 that have been approved for use, not all the Company’s employees are vaccinated and specifically not with the booster vaccination. In addition, new strains of the virus have appeared (primarily, and most recently the Omicron variant), which may complicate treatment and vaccination programs. Accordingly, concerns remain regarding additional surges of the pandemic or the expansion of the economic impact thereof, and the extent to which the COVID-19 pandemic may impact the Company’s future results of operations and financial condition. The Company has taken precautionary measures intended to help minimize the risk of the virus to its employees, including requiring some of the employees to work remotely and suspended all non-essential travels. The Company’s business and operations have been and could in the future be adversely affected by the global COVID-19 pandemic. The COVID-19 pandemic and efforts to control its spread have curtailed the movement of people, goods and services worldwide, including in the regions in which we and our customers and partners operate, and are significantly impacting economic activity and financial markets. During 2020, 2021 and for the six months ended on June 30, 2022, the Company noticed a negative impact from COVID-19 on some of its customers’ demand, particularly with respect to end users’ audio-video and multimedia products that are used in public areas and for public events. Yet, the Company did receive an increase in demand for its high-speed connectivity products driven by a need for products and infrastructure to support the world’s developed trends derived from COVID-19 such as working from home, hybrid educational models and remote healthcare. On the product supply side, as the shortage in the semiconductor industry increases, the Company continues to face the impact of extended lead times from its suppliers as well as cost increases for certain raw materials that are in short supply, which may impact the Company’s revenues and gross margins. Overall, considering the changing nature and continuing uncertainty around the COVID-19 pandemic, the Company’s ability to predict the impact of COVID-19 on its business in future periods remains limited. The effects of the pandemic on the Company’s business is unlikely to be fully realized, or reflected in its financial results, until future periods. c. On September 29, 2021 (the “Closing Date”), the Company consummated a merger transaction (referred to as the “Merger Agreement Closing”) pursuant to a merger agreement, dated May 25, 2021 (the “Merger Agreement”), by and among the Company, PTK Acquisition Corp. (“PTK”), a Delaware corporation whose common stock and warrants were then traded on the New York Stock Exchange and Valens Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company. As a result of the Merger Agreement Closing, and upon consummation of other transactions contemplated by the Merger Agreement Closing (the “Transactions”), including the execution of series of subscription agreements, providing for the purchase of Valens Ordinary Shares by certain PIPE Investors (the “PIPE Financing”) at the Closing Date, as of September 30, 2021, the Company began trading on the New York Stock Exchange under the Symbol “VLN”. The net proceeds received by the Company as part of the Merger Agreement Closing and the PIPE Financing totaled to $131.6 million. Please also refer to Note 1(d) in the consolidated financial statement for the year ended December 31, 2021. d. Military Tensions Between Russia and Ukraine In February 2022, Russian forces launched a military invasion of Ukraine. In response, the United States, the European Union, United Kingdom and other governments have imposed significant economic sanctions on Russia, and Russia has responded with counter-sanctions. The war in Ukraine has disrupted international commerce and the global economy. Although the Company does not currently operate in Ukraine or Russia and therefore does not experience any impact from the war in Ukraine, the duration and severity of the effects on its busines and the global economy are inherently unpredictable. Management will continue to monitor the effects of the war in Ukraine and its potential further impacts on the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: a. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In our opinion, the information contained herein reflects all adjustments necessary for a fair statement of our results of operations, financial position, cash flows, and shareholders’ equity. All such adjustments are of a normal, recurring nature. The results of operations for the six and three months ended June 30, 2022 shown in this report are not necessarily indicative of the results to be expected for the full year ending December 31, 2022. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021 as filed in the Company’s 20-F. There have been no material changes in our significant accounting policies as described in our consolidated financial statements for the year ended December 31, 2021, other than as stated below. b. Lease On January 1, 2021 the Company adopted ASU No. 2016-02, Leases (“Topic 842”), The Company determines if an arrangement is a lease at inception. Balances related to operating leases are included in operating lease right-of-use (“ROU”) assets, Current maturities of operating leases liabilities and Non-current operating leases liabilities in the consolidated balance sheets. The Company also elected not ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized as of the commencement date based on the present value of lease payments over the lease term. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The discount rate for the lease is the rate implicit in the lease unless that rate cannot be readily determined. As the Company’s leases do not provide an implicit rate, the Company’s uses its estimated incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term (see also note 4). c. New Accounting Pronouncements Recently Adopted accounting Standards: In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASC 842”), on the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for in a manner similar to the accounting under existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASC 842 provides a number of optional practical expedients in transition, which permits the Company not to reassess its prior conclusions regarding lease identification, lease classification and initial direct costs under the new standard. The guidance is effective for the Company for annual periods beginning after December 15, 2021 and interim periods within annual periods beginning after December 15, 2022. The Company adopted ASC 842 on January 1, 2022, using a modified retrospective transition approach, at the effective date, without adjusting the comparative periods. The Company elected to utilize the available package of practical expedients permitted under the transition guidance within ASC 842 which does not require it to reassess the prior conclusions about lease identification, lease classification and initial direct costs. Upon adoption of ASC 842, the Company recognized operating right-of-use assets of $4.9 million with corresponding operating lease liabilities on its consolidated balance sheet as of January 1, 2022. See Note 4 for further details. Recently issued accounting pronouncements, not yet adopted: In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (“ASC 326”): Measurement of Credit Losses on Financial Instruments to introduce a new model for recognizing credit losses on financial instruments based on estimated current expected credit losses, or CECL. Under the new standard, an entity is required to estimate CECL on trade receivables at inception, based on historical information, current conditions, and reasonable and supportable forecasts. ASU No. 2016-13 is effective for the Company for the annual period beginning after December 15, 2022, including interim periods within that reporting period. The Company is currently evaluating the impact of adoption of the new standard on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (“Topic 740”): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU No. 2019-12 is effective for the Company for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The adoption of this guidance will not have a significant impact on the Company’s consolidated financial statements. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 3 – INVENTORIES: June 30, 2022 December 31, 2021 U.S. dollars in thousands Work in process 8,056 4,718 Finished goods 9,262 4,604 17,318 9,322 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | NOTE 4 - LEASES: As of June 30, 2022, the Company has several operating lease agreements for its facilities and vehicles as follows: Offices: The Company’s corporate headquarters are located in Hod Hasharon, Israel, consisting of approximately 5,500 square meters of facility space under lease that will expire on February 28, 2023, with an option to extend the lease period by additional two years until February 28, 2025. The Company concluded that it is reasonably certain that it will exercise the renewal option. Accordingly, such renewal option was included in determining the lease term. The monthly rent payment is approximately $132 thousands. The Company has entered into various operating leases for office buildings in other territories. The total monthly rent payment of those leases is approximately $10 thousands. Vehicles: The Company rents motor vehicles for use by some of its employees under operating lease agreements with lease terms of three years. As collateral for the cars’ lease agreements, the Company pays in advance the fee for the last month under the lease agreement. As of June 30, 2022, the Company is engaged with car lease companies for leasing of over 30 vehicles. The monthly payments for those agreements are approximately $27 thousands. The table below presents the effects on the amounts relating to the Company’s total lease costs: For the six months ended on June 30,2022 For the three months ended on June 30, 2022 U.S. dollars in thousands Operating lease cost: Fixed Payment 1,184 585 The table below presents supplemental cash flow information related to operating leases: For the six months ended on June 30,2022 For the three months ended on June 30,2022 U.S. dollars in thousands Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases 1,066 509 Right-of-use assets obtained in exchange for lease obligations (non-cash): Operating leases, for initial adoption refer to note 2(c) 350 104 The table below presents supplemental balance sheet information related to operating leases: June 30, 2022 U.S. dollars in thousands Operating lease right-of-use assets 4,408 Current maturities of operating leases 1,814 Non-current operating leases 2,126 Total operating lease liabilities 3,940 Weighted average remaining lease term (years) 2.5 Weighted annual average discount rate 13.06 % The table below presents maturities of operating lease liabilities: June 30, 2022 U.S. dollars in 2022 1004 2023 1,863 2024 1,722 2025 26 Total operating lease payments 4,615 Less: imputed interest (675 ) Present value of lease liabilities 3,940 |
Other Current Liabilities
Other Current Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | NOTE 6 - OTHER CURRENT LIABILITIES: June 30, 2022 December 31, 2021 U.S. dollars in thousands Accrued vacation 3,566 3,464 Taxes payable 36 40 Accrued expenses- related party 142 142 Accrued expenses 2,513 2,977 6,257 6,623 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | NOTE 5 - COMMITMENTS AND CONTINGENT LIABILITIES: a. Noncancelable Purchase Obligations The Company depends upon third party subcontractors for manufacturing of wafers, packaging and final tests. As of June 30, 2022, and December 31, 2021, the total value of open purchase orders for such manufacturing contractors was approximately $27,563 thousand and $50,591 thousand, respectively. The Company has noncancelable purchase agreements for certain IP embedded in the Company products as well as certain agreement for the license of development tools used by the development team. As of June 30, 2022, and December 31, 2021, the total value of non-paid amounts related to such agreements totaled $4,557 thousand and $6,563 thousand, respectively. b. Legal proceedings As of June 30, 2022, and to date, the Company is not a party to, or subject to the provisions of any order, writ, injunction, judgment or decree of any court or governmental agency or instrumentality. There is no |
Forfeiture Shares
Forfeiture Shares | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Forfeiture Shares | NOTE 7 - FORFEITURE SHARES: a. On the Closing Date, 1,006,250 Ordinary Shares that PTK sponsor received in respect of its PTK common stock, are subject to forfeiture if certain price targets for the Valens Ordinary Shares are not achieved within a certain period of time (of up to four years), after the Closing Date or if an M&A Transaction (as defined in the Merger Agreement Closing), does not occur at a certain minimum price. The Company performed a Monte-Carlo simulation to calculate the fair value of such shares. As of the Closing Date, the fair value was $4,485 using the following assumptions: stock price of $7.4, expected term of 3-4 years, expected volatility of 47.74%-50.31% and risk-free interest rate of return of 0.53%-0.76%. The fair value of the Forfeiture Shares was computed using the following key assumptions: June 30, 2022 December 31, 2021 Stock price 3.5 7.7 Expected term (years) 2.25-3.25 2.75-3.75 Expected volatility 48.35%-49.27% 48.77%-48.92% Risk-free interest rate 2.94%-2.99% 0.91%-1.08% b. The table below sets forth a summary of the changes in the fair value of the Forfeiture Shares classified as Level 3: Six months ended June 30, 2022 Year ended December 31, 2021 U.S. dollars in thousands Balance at beginning of period 4,658 — Issuance of Forfeiture Shares — 4,485 Changes in fair value (4,142 ) 173 Balance at end of the period 516 4,658 |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | NOTE 8 - STOCK-BASED COMPENSATION: Stock Options The Company’s stock options have a term of up to 10 years from grant date unless extended by the Board of Directors. The granted options generally vest as follows: 25% on the first anniversary from the “Vesting Start Date” as defined in the grant agreement and remainder vest ratably over the following 12 quarters. As of June 30, 2022, and December 31, 2021, the number of ordinary shares included in the Company’s option plans totaled to 28,383,788. 1,884,933 out of the outstanding options that have not yet vested as of June 30, 2022, have acceleration mechanisms according to certain terms set forth in the grant agreements primarily in the case of an M&A Transaction which constitutes a Liquidation Event (as defined in Note 9 in the consolidated financial statement for the year ended December 31, 2021). As of June 30, 2022, the unrecognized compensation costs related to those unvested stock options are $5,899 thousand, which are expected to be recognized over a weighted-average period of 1.87 years. The following is a summary of the status of the Company’s share option plan as of June 30, 2022, as well as changes during the period of six months ended June 30,2022: Six months ended June 30, 2022 Number of Options Weighted- Average Exercise price Options outstanding as of December 31, 2021 15,449,513 $ 0.73 Granted during the period 239,610 $ 6.28 Exercised during the period (512,357 ) $ 0.30 Forfeited during the period (38,017 ) $ 0.86 Options outstanding as of June 30, 2022 15,138,749 $ 0.83 Options exercisable as of June 30, 2022 11,985,418 $ 0.72 The following table summarizes information about stock options outstanding as of June 30, 2022: Outstanding as of June 30, 2022 Exercisable as of June 30, 2022 Range of exercise prices Number outstanding Weighted average remaining contractual term Weighted average exercise price Aggregate intrinsic value (U.S. dollars in thousands) Number Exercisable Weighted average remaining contractual term Weighted Average exercise price Aggregate intrinsic value (U.S. dollars in thousands) $0.15-$0.86 14,852,976 5.79 $ 0.73 40,785 11,923,755 5.25 $ 0.70 33,112 $1.87 5,963 8.53 $ 1.87 10 1,863 8.53 $ 1.87 3 $2.10 33,126 2.20 $ 2.10 46 33,126 2.20 $ 2.10 46 $5.36 140,000 7.00 $ 5.36 — — — — — $7.58 99,610 6.55 $ 7.58 — 24,906 6.55 $ 7.58 — $9.07 7,074 9.46 $ 9.07 — 1,768 9.46 $ 9.07 — The calculated fair value of option grants was estimated using the Black-Scholes option-pricing model with the following assumptions: For the Six months ended on June 30,2022 For the six months ended on June 30 2021 Expected term 6-10 6-10 Expected volatility 46.73%-47.71% 48.15%-50.7% Expected dividend rate 0% 0% Risk-free rate 1.37%-3.00% 0.61%-1.74% During the six months period ended on June 30, 2022, 239,610 options were granted to related parties (please refer to Note 12 for further information). As of June 30, 2022, the unrecognized compensation costs related to unvested stock options was $11,252 thousand, which are expected to be recognized over a weighted-average period of 2.27 years. The following table presents the classification of the stock options expenses for the periods indicated: Six months ended June 30 Three months ended June 30 2022 2021 2022 2021 U.S. dollars in thousands Cost of revenue 114 47 60 (10 ) Research and development 907 755 456 374 Selling, general and administrative 2,059 2,488 1,044 1,331 Total stock-based compensation 3,080 3,290 1,560 1,695 Restricted Stock Units The following is a summary of the status of the Company’s RSU’s as of June 30, 2022, as well as changes during the period of six months ended June 30, 2022: Six months ended June 30, 2022 Number of RSUs Weighted- Average Grant Date Fair Value RSUs outstanding at the beginning of the year 133,384 $ 7.89 Granted during the period 3,699,376 $ 6.24 Exercised during the period (29,907 ) $ 6.79 Forfeited during the period (62,986 ) $ 6.43 Outstanding at the end of the period 3,739,867 $ 6.29 RSUs exercisable at June 30, 2022 — The following table summarizes information about outstanding RSU’s as of June 30, 2022: Outstanding as of June 30, 2022 Exercisable as of June 30, 2022 Range of exercise prices Number Weighted remaining contractual term Weighted average exercise price Aggregate intrinsic value (U.S. dollars in thousands) Number Exercisable Weighted average remaining contractual term Weighted Average exercise price Aggregate intrinsic value (U.S. dollars in thousands) $3.31-$3.47 240,000 6.94 $ 3.40 $ 833 — — — — $6.41-$6.43 3,302,159 6.81 $ 6.43 $ 11,491 — — — — $6.80 66,174 6.55 $ 6.80 $ 230 — — — — $7.89 131,534 6.46 $ 7.89 $ 458 — — — — As of June 30, 2022, the unrecognized compensation cost related to unvested RSUs totaled to approximately $19,124 thousand and is expected to be expensed over a weighted-average recognition period of approximately 3.5 years. During the six months ended on June 30, 2022 491,775 RSU’s were granted to several related parties (please refer to Note 12 regarding Related Parties). The following table presents the classification of RSU’s expenses for the periods indicated: Six months ended June 30 Three months ended June 30 2022 2021 2022 2021 U.S. dollars in thousands Cost of revenue 155 — 84 — Research and development 1,467 — 809 — Selling, general and administrative 1,206 — 664 — Total stock-based compensation- RSUs 2,828 — 1,557 — |
Financial Income, Net
Financial Income, Net | 6 Months Ended |
Jun. 30, 2022 | |
Finance Income Net [Abstract] | |
Financial Income, Net | NOTE 10 - FINANCIAL INCOME, NET: Six months ended June 30 Three months ended June 30 2022 2021 2022 2021 U.S. dollars in thousands Foreign currency exchange differences (3,865 ) 239 (3,554 ) 474 Interest income on short-term deposits 404 112 199 37 Other (214 ) (15 ) (205 ) (8 ) Total financial income (expenses), net (3,675 ) 336 (3,560 ) 503 |
Net Income (loss) Per Ordinary
Net Income (loss) Per Ordinary Shares | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Income (loss) Per Ordinary Shares | NOTE 9 - NET INCOME (LOSS) PER ORDINARY SHARE: The following table sets forth the computation of basic and diluted net income (loss) per ordinary share for the periods indicated: Six months ended Three months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Basic net loss per ordinary share Numerator: Net loss from continuing operations (15,045 ) (10,074 ) (9,995 ) (3,698 ) Dividend on Series E Redeemable Preferred — (1,788 ) — (906 ) Dividend on Series D Redeemable Preferred — (2,654 ) — (1,346 ) Dividend on Series C Redeemable Preferred — (941 ) — (477 ) Dividend on Series B-2 Redeemable Preferred — (650 ) — (329 ) Dividend on Series B-1 Redeemable Preferred — (262 ) — (129 ) Dividend on Series A Redeemable Preferred — (1,183 ) — (601 ) Numerator for basic and diluted net loss per common share – net loss attributable to common stockholders (15,045 ) (17,552 ) (9,995 ) (7,486 ) Denominator: Denominator for basic and dilutive net loss per common share- adjusted weighted-average share 97,296,206 10,927,357 97,442,359 11,020,299 Basic and dilutive net loss per common share (0.15 ) (1.61 ) (0.10 ) (0.68 ) The following weighted-average shares of securities were not included in the computation of diluted net income (loss) per common share as their effect would have been antidilutive: Six months ended Three months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Options 15,378,561 16,408,933 15,300,870 16,432,641 Restricted Stock Units 2,748,135 — 3,649,756 — Warrants liability — 40,452 — — Private Warrants 3,330,000 — 3,330,000 — Public Warrants 5,750,000 — 5,750,000 — Forfeiture Shares 1,006,250 — 1,006,250 — Redeemable convertible Preferred A shares — 32,901,384 — 32,901,384 Redeemable convertible Preferred B-1 shares — 10,078,756 — 10,119,208 Redeemable convertible Preferred B-2 shares — 18,670,270 — 18,670,270 Redeemable convertible Preferred C shares — 9,424,938 — 9,424,938 Redeemable convertible Preferred D shares — 19,313,646 — 19,313,646 Redeemable convertible Preferred E shares — 11,080,674 — 11,080,674 |
Segment and Revenue by Geograph
Segment and Revenue by Geography and by Major Customer | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment and Revenue by Geography and by Major Customer | NOTE 11 - SEGMENT AND REVENUE BY GEOGRAPHY AND BY MAJOR CUSTOMER: a. For the purpose of evaluating financial performance and allocating resources, the CODM reviews financial information presented on a consolidated basis accompanied by disaggregated information about revenues, gross profit and operating loss by the two identified reportable segments, to make decisions about resources to be allocated to the segments and assess their performance. Assets information is not provided to the CODM and is not being reviewed. Revenues and cost of goods sold are directly associated with the activities of a specific segment. Direct operating expenses, including general and administrative expenses, associated with the activities of a specific segment are charged to that segment. General and administrative expenses which cannot be attributed directly, are allocated evenly between segments. Other operating expenses are allocated to segments based on headcount ratio. Six months ended on June 30, 2022 Audio- Video Automotive Consolidated U.S. dollars in thousands Revenues 35,067 9,034 44,101 Gross profit 27,881 3,343 31,224 Research and development expenses 11,392 17,639 29,031 Sales and marketing expenses 3,695 4,987 8,682 General and administrative expenses 4,244 4,397 8,641 Segment operating profit (loss) 8,550 (23,680 ) (15,130 ) Change in fair value of Forfeiture Shares 4,142 Financial expenses, net (3,675 ) Loss before taxes on income (14,663 ) Depreciation expenses 303 364 667 Six months ended on June 30, 2021 Audio- Video Automotive Consolidated U.S. dollars in thousands Revenues 27,145 3,729 30,874 Gross profit 21,266 733 21,999 Research and development expenses 5,255 16,099 21,354 Sales and marketing expenses 3,437 2,895 6,331 General and administrative expenses 2,303 2,241 4,544 Segment operating profit (loss) 10,271 (20,502 ) (10,231 ) Financial expenses, net 336 Loss before taxes on income (9,895 ) Depreciation expenses 171 351 522 Three months ended on June 30, 2022 Audio- Video Automotive Consolidated U.S. dollars in thousands Revenues 18,335 4,146 22,481 Gross profit 14,414 1,370 15,784 Research and development expenses 5,122 9,782 14,904 Sales and marketing expenses 1,917 2,556 4,473 General and administrative expenses 2,081 2,259 4,340 Segment operating profit (loss) 5,294 (13,227 ) (7,933 ) Change in fair value of Forfeiture Shares 1,538 Financial expenses, net (3,560 ) Loss before taxes on income (9,955 ) Depreciation expenses 161 186 347 Three months ended on June 30, 2021 Audio- Video Automotive Consolidated U.S. dollars in thousands Revenues 15,513 1,997 17,510 Gross profit 12,053 414 12,467 Research and development expenses 2,692 8,264 10,956 Sales and marketing expenses 1,648 1,574 3,222 General and administrative expenses 1,176 1,190 2,366 Segment operating profit (loss) 6,537 (10,614 ) (4,077 ) Change in fair value of Forfeiture Shares — Financial expenses, net 503 Loss before taxes on income (3,574 ) Depreciation expenses 22 244 266 b. Geographic Revenues The following table shows revenue by geography, based on the customers’ “bill to” location: Six months ended June 30 Three months ended June 30 2022 2021 2022 2021 U.S. dollars in thousands Israel 1,279 779 749 371 China 5,339 8,233 2,533 4,787 United States 7,238 3,834 3,681 1,301 Hong Kong 7,286 5,567 3,965 3,592 Hungary 6,399 3,051 2,486 1,630 Japan 5,274 3,515 3,239 2,487 Other 11,286 5,895 5,828 3,342 44,101 30,874 22,481 17,510 c. Supplemental data - Major Customers: The following tables summarize the significant customers’ (including distributors) accounts receivable and revenues as a percentage of total accounts receivable and total revenues, respectively: June 30, 2022 December 31, 2021 Accounts Receivable U.S. dollars in thousands Customer A 17 % 12 % Customer B 5 % 16 % Customer C 10 % 7 % Six months ended June 30, Three months ended June 30, 2022 2021 2022 2021 Revenues U.S. dollars in thousands U.S. dollars in thousands Customer D 11 % 11 % 14 % 14 % Customer A 10 % 5 % 10 % 5 % Customer E 0 % 12 % 0 % 14 % Customer F 7 % 11 % 7 % 11 % Customer G 6 % 10 % 7 % 12 % d. Property and Equipment by Geography: June 30, 2022 December 31, 2021 U.S. dollars in thousands Domestic (Israel) 2,102 2,259 Taiwan 157 199 China 159 210 USA 153 73 2,571 2,741 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 12 - RELATED PARTY TRANSACTIONS During the six months ended June 30, 2022, the Company granted 239,610 stock options, at a weighted average exercise price of $6.28 to several executive officers, and Board Of Directors (“Board”) members of the Company. In addition, during the six months ended June 30, 2022 the Company granted 491,775 RSUs to several executive officers and Board members of the Company. The fair value of the stock options that were granted during the six months ended June 30, 2022 is $362 thousand, which is expected to be recognized over a 1-year vesting period, and the fair value of the granted RSUs is $2,603 thousand, which is expected to be recognized over a 1 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | a. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In our opinion, the information contained herein reflects all adjustments necessary for a fair statement of our results of operations, financial position, cash flows, and shareholders’ equity. All such adjustments are of a normal, recurring nature. The results of operations for the six and three months ended June 30, 2022 shown in this report are not necessarily indicative of the results to be expected for the full year ending December 31, 2022. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021 as filed in the Company’s 20-F. There have been no material changes in our significant accounting policies as described in our consolidated financial statements for the year ended December 31, 2021, other than as stated below. |
Leases | b. Lease On January 1, 2021 the Company adopted ASU No. 2016-02, Leases (“Topic 842”), The Company determines if an arrangement is a lease at inception. Balances related to operating leases are included in operating lease right-of-use (“ROU”) assets, Current maturities of operating leases liabilities and Non-current operating leases liabilities in the consolidated balance sheets. The Company also elected not ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized as of the commencement date based on the present value of lease payments over the lease term. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The discount rate for the lease is the rate implicit in the lease unless that rate cannot be readily determined. As the Company’s leases do not provide an implicit rate, the Company’s uses its estimated incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term (see also note 4). |
New Accounting Pronouncements | c. New Accounting Pronouncements Recently Adopted accounting Standards: In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASC 842”), on the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for in a manner similar to the accounting under existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASC 842 provides a number of optional practical expedients in transition, which permits the Company not to reassess its prior conclusions regarding lease identification, lease classification and initial direct costs under the new standard. The guidance is effective for the Company for annual periods beginning after December 15, 2021 and interim periods within annual periods beginning after December 15, 2022. The Company adopted ASC 842 on January 1, 2022, using a modified retrospective transition approach, at the effective date, without adjusting the comparative periods. The Company elected to utilize the available package of practical expedients permitted under the transition guidance within ASC 842 which does not require it to reassess the prior conclusions about lease identification, lease classification and initial direct costs. Upon adoption of ASC 842, the Company recognized operating right-of-use assets of $4.9 million with corresponding operating lease liabilities on its consolidated balance sheet as of January 1, 2022. See Note 4 for further details. Recently issued accounting pronouncements, not yet adopted: In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (“ASC 326”): Measurement of Credit Losses on Financial Instruments to introduce a new model for recognizing credit losses on financial instruments based on estimated current expected credit losses, or CECL. Under the new standard, an entity is required to estimate CECL on trade receivables at inception, based on historical information, current conditions, and reasonable and supportable forecasts. ASU No. 2016-13 is effective for the Company for the annual period beginning after December 15, 2022, including interim periods within that reporting period. The Company is currently evaluating the impact of adoption of the new standard on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (“Topic 740”): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU No. 2019-12 is effective for the Company for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The adoption of this guidance will not have a significant impact on the Company’s consolidated financial statements. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | June 30, 2022 December 31, 2021 U.S. dollars in thousands Work in process 8,056 4,718 Finished goods 9,262 4,604 17,318 9,322 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Summary of Lease Costs | The table below presents the effects on the amounts relating to the Company’s total lease costs: For the six months ended on June 30,2022 For the three months ended on June 30, 2022 U.S. dollars in thousands Operating lease cost: Fixed Payment 1,184 585 |
Summary of Supplemental Cash Flow Information Related to Operating Leases | The table below presents supplemental cash flow information related to operating leases: For the six months ended on June 30,2022 For the three months ended on June 30,2022 U.S. dollars in thousands Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases 1,066 509 Right-of-use assets obtained in exchange for lease obligations (non-cash): Operating leases, for initial adoption refer to note 2(c) 350 104 |
Summary of Supplemental Balance Sheet Information Related to Operating Leases | The table below presents supplemental balance sheet information related to operating leases: June 30, 2022 U.S. dollars in thousands Operating lease right-of-use assets 4,408 Current maturities of operating leases 1,814 Non-current operating leases 2,126 Total operating lease liabilities 3,940 Weighted average remaining lease term (years) 2.5 Weighted annual average discount rate 13.06 % |
Summary of Maturities of Lease Liabilities | The table below presents maturities of operating lease liabilities: June 30, 2022 U.S. dollars in 2022 1004 2023 1,863 2024 1,722 2025 26 Total operating lease payments 4,615 Less: imputed interest (675 ) Present value of lease liabilities 3,940 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | June 30, 2022 December 31, 2021 U.S. dollars in thousands Accrued vacation 3,566 3,464 Taxes payable 36 40 Accrued expenses- related party 142 142 Accrued expenses 2,513 2,977 6,257 6,623 |
Forfeiture Shares (Tables)
Forfeiture Shares (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Schedule of Fair Value of Forfeited Shares | The calculated fair value of option grants was estimated using the Black-Scholes option-pricing model with the following assumptions: For the Six months ended on June 30,2022 For the six months ended on June 30 2021 Expected term 6-10 6-10 Expected volatility 46.73%-47.71% 48.15%-50.7% Expected dividend rate 0% 0% Risk-free rate 1.37%-3.00% 0.61%-1.74% |
Forfeited Ordinary Shares [Member] | |
Schedule of Fair Value of Forfeited Shares | The fair value of the Forfeiture Shares was computed using the following key assumptions: June 30, 2022 December 31, 2021 Stock price 3.5 7.7 Expected term (years) 2.25-3.25 2.75-3.75 Expected volatility 48.35%-49.27% 48.77%-48.92% Risk-free interest rate 2.94%-2.99% 0.91%-1.08% |
Schedule of Changes in Fair Value of Forfeited Shares | b. The table below sets forth a summary of the changes in the fair value of the Forfeiture Shares classified as Level 3: Six months ended June 30, 2022 Year ended December 31, 2021 U.S. dollars in thousands Balance at beginning of period 4,658 — Issuance of Forfeiture Shares — 4,485 Changes in fair value (4,142 ) 173 Balance at end of the period 516 4,658 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Share Option Plan | The following is a summary of the status of the Company’s share option plan as of June 30, 2022, as well as changes during the period of six months ended June 30,2022: Six months ended June 30, 2022 Number of Options Weighted- Average Exercise price Options outstanding as of December 31, 2021 15,449,513 $ 0.73 Granted during the period 239,610 $ 6.28 Exercised during the period (512,357 ) $ 0.30 Forfeited during the period (38,017 ) $ 0.86 Options outstanding as of June 30, 2022 15,138,749 $ 0.83 Options exercisable as of June 30, 2022 11,985,418 $ 0.72 |
Summary of Share Options Outstanding | The following table summarizes information about stock options outstanding as of June 30, 2022: Outstanding as of June 30, 2022 Exercisable as of June 30, 2022 Range of exercise prices Number outstanding Weighted average remaining contractual term Weighted average exercise price Aggregate intrinsic value (U.S. dollars in thousands) Number Exercisable Weighted average remaining contractual term Weighted Average exercise price Aggregate intrinsic value (U.S. dollars in thousands) $0.15-$0.86 14,852,976 5.79 $ 0.73 40,785 11,923,755 5.25 $ 0.70 33,112 $1.87 5,963 8.53 $ 1.87 10 1,863 8.53 $ 1.87 3 $2.10 33,126 2.20 $ 2.10 46 33,126 2.20 $ 2.10 46 $5.36 140,000 7.00 $ 5.36 — — — — — $7.58 99,610 6.55 $ 7.58 — 24,906 6.55 $ 7.58 — $9.07 7,074 9.46 $ 9.07 — 1,768 9.46 $ 9.07 — |
Summary of Options Granted Estimate the Fair Value of Stock-Based Compensation Award | The calculated fair value of option grants was estimated using the Black-Scholes option-pricing model with the following assumptions: For the Six months ended on June 30,2022 For the six months ended on June 30 2021 Expected term 6-10 6-10 Expected volatility 46.73%-47.71% 48.15%-50.7% Expected dividend rate 0% 0% Risk-free rate 1.37%-3.00% 0.61%-1.74% |
Summary of Stock Options Expenses | The following table presents the classification of the stock options expenses for the periods indicated: Six months ended June 30 Three months ended June 30 2022 2021 2022 2021 U.S. dollars in thousands Cost of revenue 114 47 60 (10 ) Research and development 907 755 456 374 Selling, general and administrative 2,059 2,488 1,044 1,331 Total stock-based compensation 3,080 3,290 1,560 1,695 |
Summary of the RSU's | The following is a summary of the status of the Company’s RSU’s as of June 30, 2022, as well as changes during the period of six months ended June 30, 2022: Six months ended June 30, 2022 Number of RSUs Weighted- Average Grant Date Fair Value RSUs outstanding at the beginning of the year 133,384 $ 7.89 Granted during the period 3,699,376 $ 6.24 Exercised during the period (29,907 ) $ 6.79 Forfeited during the period (62,986 ) $ 6.43 Outstanding at the end of the period 3,739,867 $ 6.29 RSUs exercisable at June 30, 2022 — |
Summary of Share-based Payment Arrangement, Restricted Stock Units Exercise Price Range | The following table summarizes information about outstanding RSU’s as of June 30, 2022: Outstanding as of June 30, 2022 Exercisable as of June 30, 2022 Range of exercise prices Number Weighted remaining contractual term Weighted average exercise price Aggregate intrinsic value (U.S. dollars in thousands) Number Exercisable Weighted average remaining contractual term Weighted Average exercise price Aggregate intrinsic value (U.S. dollars in thousands) $3.31-$3.47 240,000 6.94 $ 3.40 $ 833 — — — — $6.41-$6.43 3,302,159 6.81 $ 6.43 $ 11,491 — — — — $6.80 66,174 6.55 $ 6.80 $ 230 — — — — $7.89 131,534 6.46 $ 7.89 $ 458 — — — — |
Summary of Classification of RSU's Expenses | The following table presents the classification of RSU’s expenses for the periods indicated: Six months ended June 30 Three months ended June 30 2022 2021 2022 2021 U.S. dollars in thousands Cost of revenue 155 — 84 — Research and development 1,467 — 809 — Selling, general and administrative 1,206 — 664 — Total stock-based compensation- RSUs 2,828 — 1,557 — |
Financial Income Net (Table)
Financial Income Net (Table) | 6 Months Ended |
Jun. 30, 2022 | |
Finance Income Net [Abstract] | |
Schedule Of Finance Income Net | Six months ended June 30 Three months ended June 30 2022 2021 2022 2021 U.S. dollars in thousands Foreign currency exchange differences (3,865 ) 239 (3,554 ) 474 Interest income on short-term deposits 404 112 199 37 Other (214 ) (15 ) (205 ) (8 ) Total financial income (expenses), net (3,675 ) 336 (3,560 ) 503 |
Net Income (loss) Per Ordinar_2
Net Income (loss) Per Ordinary Shares (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted net income (loss) per ordinary share | The following table sets forth the computation of basic and diluted net income (loss) per ordinary share for the periods indicated: Six months ended Three months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Basic net loss per ordinary share Numerator: Net loss from continuing operations (15,045 ) (10,074 ) (9,995 ) (3,698 ) Dividend on Series E Redeemable Preferred — (1,788 ) — (906 ) Dividend on Series D Redeemable Preferred — (2,654 ) — (1,346 ) Dividend on Series C Redeemable Preferred — (941 ) — (477 ) Dividend on Series B-2 Redeemable Preferred — (650 ) — (329 ) Dividend on Series B-1 Redeemable Preferred — (262 ) — (129 ) Dividend on Series A Redeemable Preferred — (1,183 ) — (601 ) Numerator for basic and diluted net loss per common share – net loss attributable to common stockholders (15,045 ) (17,552 ) (9,995 ) (7,486 ) Denominator: Denominator for basic and dilutive net loss per common share- adjusted weighted-average share 97,296,206 10,927,357 97,442,359 11,020,299 Basic and dilutive net loss per common share (0.15 ) (1.61 ) (0.10 ) (0.68 ) |
Schedule of weighted-average Ordinary shares of securities | The following weighted-average shares of securities were not included in the computation of diluted net income (loss) per common share as their effect would have been antidilutive: Six months ended Three months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Options 15,378,561 16,408,933 15,300,870 16,432,641 Restricted Stock Units 2,748,135 — 3,649,756 — Warrants liability — 40,452 — — Private Warrants 3,330,000 — 3,330,000 — Public Warrants 5,750,000 — 5,750,000 — Forfeiture Shares 1,006,250 — 1,006,250 — Redeemable convertible Preferred A shares — 32,901,384 — 32,901,384 Redeemable convertible Preferred B-1 shares — 10,078,756 — 10,119,208 Redeemable convertible Preferred B-2 shares — 18,670,270 — 18,670,270 Redeemable convertible Preferred C shares — 9,424,938 — 9,424,938 Redeemable convertible Preferred D shares — 19,313,646 — 19,313,646 Redeemable convertible Preferred E shares — 11,080,674 — 11,080,674 |
Segment and Revenue by Geogra_2
Segment and Revenue by Geography and by Major Customer (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | General and administrative expenses which cannot be attributed directly, are allocated evenly between segments. Other operating expenses are allocated to segments based on headcount ratio. Six months ended on June 30, 2022 Audio- Video Automotive Consolidated U.S. dollars in thousands Revenues 35,067 9,034 44,101 Gross profit 27,881 3,343 31,224 Research and development expenses 11,392 17,639 29,031 Sales and marketing expenses 3,695 4,987 8,682 General and administrative expenses 4,244 4,397 8,641 Segment operating profit (loss) 8,550 (23,680 ) (15,130 ) Change in fair value of Forfeiture Shares 4,142 Financial expenses, net (3,675 ) Loss before taxes on income (14,663 ) Depreciation expenses 303 364 667 Six months ended on June 30, 2021 Audio- Video Automotive Consolidated U.S. dollars in thousands Revenues 27,145 3,729 30,874 Gross profit 21,266 733 21,999 Research and development expenses 5,255 16,099 21,354 Sales and marketing expenses 3,437 2,895 6,331 General and administrative expenses 2,303 2,241 4,544 Segment operating profit (loss) 10,271 (20,502 ) (10,231 ) Financial expenses, net 336 Loss before taxes on income (9,895 ) Depreciation expenses 171 351 522 Three months ended on June 30, 2022 Audio- Video Automotive Consolidated U.S. dollars in thousands Revenues 18,335 4,146 22,481 Gross profit 14,414 1,370 15,784 Research and development expenses 5,122 9,782 14,904 Sales and marketing expenses 1,917 2,556 4,473 General and administrative expenses 2,081 2,259 4,340 Segment operating profit (loss) 5,294 (13,227 ) (7,933 ) Change in fair value of Forfeiture Shares 1,538 Financial expenses, net (3,560 ) Loss before taxes on income (9,955 ) Depreciation expenses 161 186 347 Three months ended on June 30, 2021 Audio- Video Automotive Consolidated U.S. dollars in thousands Revenues 15,513 1,997 17,510 Gross profit 12,053 414 12,467 Research and development expenses 2,692 8,264 10,956 Sales and marketing expenses 1,648 1,574 3,222 General and administrative expenses 1,176 1,190 2,366 Segment operating profit (loss) 6,537 (10,614 ) (4,077 ) Change in fair value of Forfeiture Shares — Financial expenses, net 503 Loss before taxes on income (3,574 ) Depreciation expenses 22 244 266 |
Schedule of Geographic Revenues | The following table shows revenue by geography, based on the customers’ “bill to” location: Six months ended June 30 Three months ended June 30 2022 2021 2022 2021 U.S. dollars in thousands Israel 1,279 779 749 371 China 5,339 8,233 2,533 4,787 United States 7,238 3,834 3,681 1,301 Hong Kong 7,286 5,567 3,965 3,592 Hungary 6,399 3,051 2,486 1,630 Japan 5,274 3,515 3,239 2,487 Other 11,286 5,895 5,828 3,342 44,101 30,874 22,481 17,510 |
Schedule of Supplemental data - Major Customers | The following tables summarize the significant customers’ (including distributors) accounts receivable and revenues as a percentage of total accounts receivable and total revenues, respectively: June 30, 2022 December 31, 2021 Accounts Receivable U.S. dollars in thousands Customer A 17 % 12 % Customer B 5 % 16 % Customer C 10 % 7 % Six months ended June 30, Three months ended June 30, 2022 2021 2022 2021 Revenues U.S. dollars in thousands U.S. dollars in thousands Customer D 11 % 11 % 14 % 14 % Customer A 10 % 5 % 10 % 5 % Customer E 0 % 12 % 0 % 14 % Customer F 7 % 11 % 7 % 11 % Customer G 6 % 10 % 7 % 12 % |
Schedule of Property and Equipment by Geography | d. Property and Equipment by Geography: June 30, 2022 December 31, 2021 U.S. dollars in thousands Domestic (Israel) 2,102 2,259 Taiwan 157 199 China 159 210 USA 153 73 2,571 2,741 |
General - Additional Informatio
General - Additional Information (Detail) $ in Millions | Sep. 29, 2021 USD ($) |
Merger Agreement Closing [Member] | PIPE Financing [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Proceeds from merger and issuance of common stock | $ 131.6 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jan. 01, 2022 | |
Accounting Standards Update 2016-02 [Member] | ||
Operating Lease Liability | $ 4.9 | |
Equal To Or Less Than Twelve Month [Member] | ||
Contractual term of operating leases | 12 months |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Work in process | $ 8,056 | $ 4,718 |
Finished goods | 9,262 | 4,604 |
Inventories | $ 17,318 | $ 9,322 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) m² Vehicles | |
Leasee Operating Leases [Line Items] | |
Number of vehicles under lease | Vehicles | 30 |
Office Building [Member] | |
Leasee Operating Leases [Line Items] | |
Net rentable area | m² | 5,500 |
Lessee, Operating lease, Expiration period | February 28, 2023 |
Payments for rent | $ 10 |
Lessee, Operating lease, Option to extend, End date | Feb. 28, 2025 |
Lessee, Operating lease, Option to extend | option to extend the lease period by additional two years until February 28, 2025 |
Office Building [Member] | Israel [Member] | |
Leasee Operating Leases [Line Items] | |
Payments for rent | $ 132 |
Vehicles [Member] | |
Leasee Operating Leases [Line Items] | |
Payments for rent | $ 27 |
Lessee, Operating lease, Term of contract | 3 years |
Leases - Summary of Lease Costs
Leases - Summary of Lease Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Lease, Cost [Abstract] | ||
Fixed Payment | $ 585 | $ 1,184 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows for operating leases | $ 509 | $ 1,066 |
Right-of-use assets obtained in exchange for lease obligations (non-cash): | ||
Operating leases, for initial adoption refer to note 2(c) | $ 104 | $ 350 |
Leases - Summary of Supplemen_2
Leases - Summary of Supplemental Balance Sheet Information Related to Operating Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Summary Of Supplement Balance Sheet Information Relating To Operating Leases [Abstract] | ||
Operating lease right-of-use assets | $ 4,408 | $ 0 |
Current maturities of operating leases | 1,814 | 0 |
Non-current operating leases | 2,126 | $ 0 |
Total operating lease liabilities | $ 3,940 | |
Weighted average remaining lease term (years) | 2 years 6 months | |
Weighted annual average discount rate | 13.06% |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Liabilities (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2022 | $ 1,004 |
2023 | 1,863 |
2024 | 1,722 |
2025 | 26 |
Total operating lease payments | 4,615 |
Less: imputed interest | (675) |
Present value of lease liabilities | $ 3,940 |
Other Current Liabilities - Sum
Other Current Liabilities - Summary of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other Liabilities Disclosure [Abstract] | ||
Accrued vacation | $ 3,566 | $ 3,464 |
Taxes payable | 36 | 40 |
Accrued expenses- related party | 142 | 142 |
Accrued expenses | 2,513 | 2,977 |
Other current liabilities | $ 6,257 | $ 6,623 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Total value of open purchase orders | $ 27,563 | $ 50,591 |
Purchase obligation | $ 4,557 | $ 6,563 |
Forfeiture Shares - Summary Of
Forfeiture Shares - Summary Of Fair Value of Forfeited Shares (Detail) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility range, Minimum | 46.73% | 48.15% | ||
Expected volatility range, Maximum | 47.71% | 50.70% | ||
Risk-free rate range, Minimum | 1.37% | 0.61% | ||
Risk-free rate range, Maximum | 3% | 1.74% | ||
Forfeited Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock price | $ 3.5 | $ 3.5 | $ 7.7 | |
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (years) | 4 years | 10 years | 10 years | |
Maximum [Member] | Forfeited Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (years) | 3 years 3 months | 3 years 9 months | ||
Expected volatility range, Maximum | 49.27% | 48.92% | ||
Risk-free rate range, Maximum | 2.99% | 1.08% | ||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (years) | 3 years | 6 years | 6 years | |
Minimum [Member] | Forfeited Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (years) | 2 years 3 months | 2 years 9 months | ||
Expected volatility range, Minimum | 48.35% | 48.77% | ||
Risk-free rate range, Minimum | 2.94% | 0.91% |
Forfeiture Shares - Summary o_2
Forfeiture Shares - Summary of Changes In Fair Value Of Forfeited Shares (Detail) - Changes Measurement [Member] - Forfeited Shares [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance at beginning of year | $ 4,658 | $ 0 |
Issuance of Forfeiture Shares | 0 | 4,485 |
Changes in fair value | (4,142) | 173 |
Balance at end of year | $ 516 | $ 4,658 |
Forfeiture Shares - Additional
Forfeiture Shares - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Method Used For Calculating Fair Value , Monte-Carlo Simulation | Monte-Carlo simulation | ||
Fair value Of shares | $ 4,485 | ||
Expected volatility range, Minimum | 46.73% | 48.15% | |
Expected volatility range, Maximum | 47.71% | 50.70% | |
Risk-free rate range, Minimum | 1.37% | 0.61% | |
Risk-free rate range, Maximum | 3% | 1.74% | |
Monte Carlo simulation [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Stock price per share | $ 7.4 | $ 7.4 | |
Expected volatility range, Minimum | 47.74% | ||
Expected volatility range, Maximum | 50.31% | ||
Risk-free rate range, Minimum | 0.53% | ||
Risk-free rate range, Maximum | 0.76% | ||
Maximum [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Expected Term In years | 4 years | 10 years | 10 years |
Minimum [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Expected Term In years | 3 years | 6 years | 6 years |
PTK Sponsor [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Number Of Shares Issued With Respect To Forfeiture On Failure Of Targets | 1,006,250 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Share Option Plan (Detail) | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options outstanding, Beginning balance | shares | 15,449,513 |
Number of Options, Granted | shares | 239,610 |
Number of Options, Exercised | shares | (512,357) |
Number of Options, Forfeited | shares | (38,017) |
Number of Options outstanding, Ending balance | shares | 15,138,749 |
Number of Options, exercisable | shares | 11,985,418 |
Weighted- Average Exercise price, Beginning balance | $ / shares | $ 0.73 |
Weighted- Average Exercise price, Granted | $ / shares | 6.28 |
Weighted- Average Exercise price, Exercised | $ / shares | 0.3 |
Weighted- Average Exercise price, Forfeited | $ / shares | 0.86 |
Weighted- Average Exercise price, Ending balance | $ / shares | 0.83 |
Weighted- Average Exercise price, exercisable | $ / shares | $ 0.72 |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Share Options Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number outstanding | 15,138,749 | 15,449,513 |
Weighted average exercise price | $ 0.83 | $ 0.73 |
Number of Options, exercisable | 11,985,418 | |
Weighted- Average Exercise price, exercisable | $ 0.72 | |
Range Of Exercise Price One [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Lower Range Limit | 0.15 | |
Upper Range Limit | $ 0.86 | |
Number outstanding | 14,852,976 | |
Weighted average remaining contractual term | 5 years 9 months 14 days | |
Weighted average exercise price | $ 0.73 | |
Aggregate intrinsic value | $ 40,785 | |
Number of Options, exercisable | 11,923,755 | |
Weighted average remaining contractual term | 5 years 3 months | |
Weighted- Average Exercise price, exercisable | $ 0.7 | |
Aggregate intrinsic value | $ 33,112 | |
Range Of Exercise Price Two [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Upper Range Limit | $ 1.87 | |
Number outstanding | 5,963 | |
Weighted average remaining contractual term | 8 years 6 months 10 days | |
Weighted average exercise price | $ 1.87 | |
Aggregate intrinsic value | $ 10 | |
Number of Options, exercisable | 1,863 | |
Weighted average remaining contractual term | 8 years 6 months 10 days | |
Weighted- Average Exercise price, exercisable | $ 1.87 | |
Aggregate intrinsic value | $ 3 | |
Range Of Exercise Price Three [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Upper Range Limit | $ 2.1 | |
Number outstanding | 33,126 | |
Weighted average remaining contractual term | 2 years 2 months 12 days | |
Weighted average exercise price | $ 2.1 | |
Aggregate intrinsic value | $ 46 | |
Number of Options, exercisable | 33,126 | |
Weighted average remaining contractual term | 2 years 2 months 12 days | |
Weighted- Average Exercise price, exercisable | $ 2.1 | |
Aggregate intrinsic value | $ 46 | |
Range Of Exercise Price Four [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Upper Range Limit | $ 5.36 | |
Number outstanding | 140,000 | |
Weighted average remaining contractual term | 7 years | |
Weighted average exercise price | $ 5.36 | |
Range Of Exercise Price Five [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Upper Range Limit | $ 7.58 | |
Number outstanding | 99,610 | |
Weighted average remaining contractual term | 6 years 6 months 18 days | |
Weighted average exercise price | $ 7.58 | |
Number of Options, exercisable | 24,906 | |
Weighted average remaining contractual term | 6 years 6 months 18 days | |
Weighted- Average Exercise price, exercisable | $ 7.58 | |
Range Of Exercise Price Six [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Upper Range Limit | $ 9.07 | |
Number outstanding | 7,074 | |
Weighted average remaining contractual term | 9 years 5 months 15 days | |
Weighted average exercise price | $ 9.07 | |
Number of Options, exercisable | 1,768 | |
Weighted average remaining contractual term | 9 years 5 months 15 days | |
Weighted- Average Exercise price, exercisable | $ 9.07 |
Stock-based Compensation - Su_3
Stock-based Compensation - Summary of Options Granted Estimate the Fair Value of Stock-Based Compensation Award (Detail) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Expected volatility range, Minimum | 46.73% | 48.15% | |
Expected volatility range, Maximum | 47.71% | 50.70% | |
Expected dividend rate | 0% | 0% | |
Risk-free rate range, Minimum | 1.37% | 0.61% | |
Risk-free rate range, Maximum | 3% | 1.74% | |
Minimum [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Expected term | 3 years | 6 years | 6 years |
Maximum [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Expected term | 4 years | 10 years | 10 years |
Stock-based Compensation - Su_4
Stock-based Compensation - Summary of Stock Options Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 1,560 | $ 1,695 | $ 3,080 | $ 3,290 |
Cost of revenue [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation | 60 | (10) | 114 | 47 |
Research and development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation | 456 | 374 | 907 | 755 |
Selling, general and administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 1,044 | $ 1,331 | $ 2,059 | $ 2,488 |
Stock-based Compensation - Su_5
Stock-based Compensation - Summary of the RSU's (Detail) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options outstanding, Beginning balance | 133,384 |
Number of Options, Granted | 3,699,376 |
Number of Options, Exercised | (29,907) |
Number of Options, Forfeited | (62,986) |
Number of Options outstanding, Ending balance | 3,739,867 |
Number of Options, exercisable | 0 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares | $ 7.89 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | $ 6.24 |
Weighted-Average Grant Date Fair Value, Exercised | 6.79 |
Weighted-Average Grant Date Fair Value, Exercised | $ / shares | $ 6.43 |
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares | $ 6.29 |
Stock-based Compensation - Su_6
Stock-based Compensation - Summary of Share-based Payment Arrangement, Restricted Stock Units Exercise Price Range (Detail) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Schedule Of Share Based Compensation Shares Authorized Under Equity Instruments Other Than Options By Exercise Price Range [Line Items] | ||
Outstanding, Number outstanding | 3,739,867 | 133,384 |
Outstanding, Weighted average exercise price | $ 6.29 | $ 7.89 |
Range Of Exercise Price One [Member] | ||
Schedule Of Share Based Compensation Shares Authorized Under Equity Instruments Other Than Options By Exercise Price Range [Line Items] | ||
Outstanding, Number outstanding | 240,000 | |
Outstanding, Weighted average remaining contractual term | 6 years 11 months 8 days | |
Outstanding, Weighted average exercise price | $ 3.4 | |
Outstanding, Aggregate intrinsic value | $ 833 | |
Range Of Exercise Price One [Member] | Maximum [Member] | ||
Schedule Of Share Based Compensation Shares Authorized Under Equity Instruments Other Than Options By Exercise Price Range [Line Items] | ||
Outstanding, Range Of Exercise Prices | $ 3.47 | |
Range Of Exercise Price One [Member] | Minimum [Member] | ||
Schedule Of Share Based Compensation Shares Authorized Under Equity Instruments Other Than Options By Exercise Price Range [Line Items] | ||
Outstanding, Range Of Exercise Prices | $ 3.31 | |
Range Of Exercise Price Two [Member] | ||
Schedule Of Share Based Compensation Shares Authorized Under Equity Instruments Other Than Options By Exercise Price Range [Line Items] | ||
Outstanding, Number outstanding | 3,302,159 | |
Outstanding, Weighted average remaining contractual term | 6 years 9 months 21 days | |
Outstanding, Weighted average exercise price | $ 6.43 | |
Outstanding, Aggregate intrinsic value | $ 11,491 | |
Range Of Exercise Price Two [Member] | Maximum [Member] | ||
Schedule Of Share Based Compensation Shares Authorized Under Equity Instruments Other Than Options By Exercise Price Range [Line Items] | ||
Outstanding, Range Of Exercise Prices | $ 6.43 | |
Range Of Exercise Price Two [Member] | Minimum [Member] | ||
Schedule Of Share Based Compensation Shares Authorized Under Equity Instruments Other Than Options By Exercise Price Range [Line Items] | ||
Outstanding, Range Of Exercise Prices | 6.41 | |
Range Of Exercise Price Three [Member] | ||
Schedule Of Share Based Compensation Shares Authorized Under Equity Instruments Other Than Options By Exercise Price Range [Line Items] | ||
Outstanding, Range Of Exercise Prices | $ 6.8 | |
Outstanding, Number outstanding | 66,174 | |
Outstanding, Weighted average remaining contractual term | 6 years 6 months 18 days | |
Outstanding, Weighted average exercise price | $ 6.8 | |
Outstanding, Aggregate intrinsic value | $ 230 | |
Range Of Exercise Price Four [Member] | ||
Schedule Of Share Based Compensation Shares Authorized Under Equity Instruments Other Than Options By Exercise Price Range [Line Items] | ||
Outstanding, Range Of Exercise Prices | $ 7.89 | |
Outstanding, Number outstanding | 131,534 | |
Outstanding, Weighted average remaining contractual term | 6 years 5 months 15 days | |
Outstanding, Weighted average exercise price | $ 7.89 | |
Outstanding, Aggregate intrinsic value | $ 458 |
Stock-based Compensation - Su_7
Stock-based Compensation - Summary of Classification of RSU's Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation-RSUs | $ 3,117 | $ 1,695 | $ 5,908 | $ 3,290 |
Cost of revenue [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation-RSUs | 84 | 155 | ||
Research and development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation-RSUs | 809 | 1,467 | ||
Selling, general and administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation-RSUs | 664 | 1,206 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation-RSUs | $ 1,557 | $ 2,828 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 USD ($) Quarters shares | Dec. 31, 2021 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Granted | 239,610 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award equity instruments granted | 3,699,376 | |
Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ | $ 19,124 | |
Cost Expected to be Expensed, Weighted Average Period | 3 years 6 months | |
Restricted Stock Units (RSUs) [Member] | Related Parties [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award equity instruments granted | 491,775 | |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized Compensation Costs | $ | $ 5,899 | |
Cost Expected to be Expensed, Weighted Average Period | 1 year 10 months 13 days | |
Share-based Payment Arrangement, Option [Member] | Merger and Acquisition Transaction [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized Compensation Costs | $ | $ 11,252 | |
Cost Expected to be Expensed, Weighted Average Period | 2 years 3 months 7 days | |
Number Of Outstanding Options Unvested | 1,884,933 | |
Share-based Payment Arrangement, Option [Member] | Related Parties [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Granted | 239,610 | |
Valens Semiconductor Ltd. 2021 Share Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based Payment Award, Expiration Period | 10 years | |
Sharebased Payment Award, Vesting Rights Percentage | 25% | |
Share based Payment Award, Vesting Rights Remaining Spread In Quarters | Quarters | 12 | |
Ordinary Shares, Reserved For Issuance | 28,383,788 | 28,383,788 |
Financial Income Net - Summary
Financial Income Net - Summary Of Finance Income Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Finance Income Net [Abstract] | ||||
Foreign currency exchange differences | $ (3,554) | $ 474 | $ (3,865) | $ 239 |
Interest income on short-term deposits | 199 | 37 | 404 | 112 |
Other | (205) | (8) | (214) | (15) |
Total financial income, net | $ (3,560) | $ 503 | $ (3,675) | $ 336 |
Net Income (loss) Per Ordinar_3
Net Income (loss) Per Ordinary Shares - Summary of Basic And Diluted Net Income (Loss) Per Ordinary Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Basic net loss per ordinary Share | ||||
Net loss from continuing operations | $ (9,995) | $ (3,698) | $ (15,045) | $ (10,074) |
Numerator for basic and diluted net loss per common share net loss attributable to common stockholders | $ (9,995) | $ (7,486) | $ (15,045) | $ (17,552) |
Denominator for basic net loss per common share- adjusted weighted-average share | 97,442,359 | 11,020,299 | 97,296,206 | 10,927,357 |
Denominator for dilutive net loss per common share- adjusted weighted-average share | 97,442,359 | 11,020,299 | 97,296,206 | 10,927,357 |
Basic net loss per common share | $ (0.1) | $ (0.68) | $ (0.15) | $ (1.61) |
Dilutive net loss per common share | $ (0.1) | $ (0.68) | $ (0.15) | $ (1.61) |
Series E Redeemable Preferred Stock [Member] | ||||
Basic net loss per ordinary Share | ||||
Redeemable Preferred Stock Dividends | $ (906) | $ (1,788) | ||
Series D Redeemable Preferred Stock [Member] | ||||
Basic net loss per ordinary Share | ||||
Redeemable Preferred Stock Dividends | (1,346) | (2,654) | ||
Series C Redeemable Preferred Stock [Member] | ||||
Basic net loss per ordinary Share | ||||
Redeemable Preferred Stock Dividends | (477) | (941) | ||
Series B-2 Redeemable Preferred Stock [Member] | ||||
Basic net loss per ordinary Share | ||||
Redeemable Preferred Stock Dividends | (329) | (650) | ||
Series B-1 Redeemable Preferred Stock [Member] | ||||
Basic net loss per ordinary Share | ||||
Redeemable Preferred Stock Dividends | (129) | (262) | ||
Series A Redeemable Preferred Stock [Member] | ||||
Basic net loss per ordinary Share | ||||
Redeemable Preferred Stock Dividends | $ (601) | $ (1,183) |
Net Income (loss) Per Ordinar_4
Net Income (loss) Per Ordinary Shares - Summary of Weighted Average Ordinary Shares of Securities (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Series A Redeemable Preferred Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 32,901,384 | 32,901,384 | ||
Series B-1 Redeemable Preferred Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10,119,208 | 10,078,756 | ||
Series B-2 Redeemable Preferred Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 18,670,270 | 18,670,270 | ||
Series C Redeemable Preferred Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 9,424,938 | 9,424,938 | ||
Series D Redeemable Preferred Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 19,313,646 | 19,313,646 | ||
Series E Redeemable Preferred Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 11,080,674 | 11,080,674 | ||
Share-based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 15,300,870 | 16,432,641 | 15,378,561 | 16,408,933 |
Restricted Stock Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,649,756 | 2,748,135 | ||
Warrant Liability [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 40,452 | |||
Public Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,750,000 | 5,750,000 | ||
Private Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,330,000 | 3,330,000 | ||
Forfeilture Shares [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,006,250 | 1,006,250 |
Segment and Revenue by Geogra_3
Segment and Revenue by Geography and by Major Customer - Summary of Segment Reporting Information, by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 22,481 | $ 17,510 | $ 44,101 | $ 30,874 |
Gross profit | 15,784 | 12,467 | 31,224 | 21,999 |
Research and development expenses | (14,904) | (10,956) | (29,031) | (21,354) |
Sales and marketing expenses | (4,473) | (3,222) | (8,682) | (6,332) |
General and administrative expenses | (4,340) | (2,366) | (8,641) | (4,544) |
Segment operating profit (loss) | (7,933) | (4,077) | (15,130) | (10,231) |
Change in Fair Value of Forfeiture Shares | 1,538 | 0 | 4,142 | 0 |
Financial income (expenses), net | (3,560) | 503 | (3,675) | 336 |
Loss before taxes on income | (9,998) | (3,698) | (15,052) | (10,074) |
Depreciation expenses | 347 | 266 | 667 | 522 |
consolidated [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 22,481 | 17,510 | 44,101 | 30,874 |
Gross profit | 15,784 | 12,467 | 31,224 | 21,999 |
Research and development expenses | 14,904 | 10,956 | 29,031 | 21,354 |
Sales and marketing expenses | 4,473 | 3,222 | 8,682 | 6,331 |
General and administrative expenses | 4,340 | 2,366 | 8,641 | 4,544 |
Segment operating profit (loss) | (7,933) | (4,077) | (15,130) | (10,231) |
Change in Fair Value of Forfeiture Shares | 1,538 | 0 | ||
Financial income (expenses), net | (3,560) | 503 | 336 | |
Loss before taxes on income | (9,955) | (3,574) | (14,663) | (9,895) |
Depreciation expenses | 347 | 266 | 667 | 522 |
Audio Video [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 18,335 | 15,513 | 35,067 | 27,145 |
Gross profit | 14,414 | 12,053 | 27,881 | 21,266 |
Research and development expenses | 5,122 | 2,692 | 11,392 | 5,255 |
Sales and marketing expenses | 1,917 | 1,648 | 3,695 | 3,437 |
General and administrative expenses | 2,081 | 1,176 | 4,244 | 2,303 |
Segment operating profit (loss) | 5,294 | 6,537 | 8,550 | 10,271 |
Depreciation expenses | 161 | 22 | 303 | 171 |
Automotive [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 4,146 | 1,997 | 9,034 | 3,729 |
Gross profit | 1,370 | 414 | 3,343 | 733 |
Research and development expenses | 9,782 | 8,264 | 17,639 | 16,099 |
Sales and marketing expenses | 2,556 | 1,574 | 4,987 | 2,895 |
General and administrative expenses | 2,259 | 1,190 | 4,397 | 2,241 |
Segment operating profit (loss) | (13,227) | (10,614) | (23,680) | (20,502) |
Depreciation expenses | $ 186 | $ 244 | $ 364 | $ 351 |
Segment and Revenue by Geogra_4
Segment and Revenue by Geography and by Major Customer - Summary of Geographic Revenues (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Geographic Areas Revenues From External Customers [Line Items] | ||||
Revenues | $ 22,481 | $ 17,510 | $ 44,101 | $ 30,874 |
Israel | ||||
Geographic Areas Revenues From External Customers [Line Items] | ||||
Revenues | 749 | 371 | 1,279 | 779 |
China | ||||
Geographic Areas Revenues From External Customers [Line Items] | ||||
Revenues | 2,533 | 4,787 | 5,339 | 8,233 |
Hong Kong | ||||
Geographic Areas Revenues From External Customers [Line Items] | ||||
Revenues | 3,965 | 3,592 | 7,286 | 5,567 |
United States | ||||
Geographic Areas Revenues From External Customers [Line Items] | ||||
Revenues | 3,681 | 1,301 | 7,238 | 3,834 |
Japan | ||||
Geographic Areas Revenues From External Customers [Line Items] | ||||
Revenues | 3,239 | 2,487 | 5,274 | 3,515 |
Other | ||||
Geographic Areas Revenues From External Customers [Line Items] | ||||
Revenues | 5,828 | 3,342 | 11,286 | 5,895 |
Hungary | ||||
Geographic Areas Revenues From External Customers [Line Items] | ||||
Revenues | $ 2,486 | $ 1,630 | $ 6,399 | $ 3,051 |
Segment and Revenue by Geogra_5
Segment and Revenue by Geography and by Major Customer - Summary of Supplemental data - Major Customers (Detail) - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Revenue Benchmark [Member] | Customer A [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 17% | 12% | |||
Revenue Benchmark [Member] | Customer B [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 5% | 16% | |||
Revenue Benchmark [Member] | Customer C [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 10% | 7% | |||
Accounts Receivable [Member] | Customer A [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 10% | 5% | 10% | 5% | |
Accounts Receivable [Member] | Customer D [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 14% | 14% | 11% | 11% | |
Accounts Receivable [Member] | Customer E [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 0% | 14% | 0% | 12% | |
Accounts Receivable [Member] | Customer F [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 7% | 11% | 7% | 11% | |
Accounts Receivable [Member] | Customer G [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 7% | 12% | 6% | 10% |
Segment and Revenue by Geogra_6
Segment and Revenue by Geography and by Major Customer - Summary of Property and Equipment by Geography (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Geographic Areas Long Lived Assets [Line Items] | ||
Property, Plant and Equipment, Net | $ 2,571 | $ 2,741 |
Domestic (Israel) | ||
Geographic Areas Long Lived Assets [Line Items] | ||
Property, Plant and Equipment, Net | 2,102 | 2,259 |
Taiwan | ||
Geographic Areas Long Lived Assets [Line Items] | ||
Property, Plant and Equipment, Net | 157 | 199 |
China | ||
Geographic Areas Long Lived Assets [Line Items] | ||
Property, Plant and Equipment, Net | 159 | 210 |
USA | ||
Geographic Areas Long Lived Assets [Line Items] | ||
Property, Plant and Equipment, Net | $ 153 | $ 73 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | |
Related Party Transaction [Line Items] | |
Share-based compensation arrangement by share-based payment award options grants in period gross | 239,610 |
Share-based compensation arrangement by share-based payment award options grants in period Weighted average exercise price | $ / shares | $ 6.28 |
Non Executive Officers and Board Members [Member] | Share-based Payment Arrangement, Option [Member] | |
Related Party Transaction [Line Items] | |
Share-based compensation arrangement by share-based payment award options grants in period gross | 239,610 |
Share-based compensation arrangement by share-based payment award options grants in period Weighted average exercise price | $ / shares | $ 6.28 |
Share Based Compensation Arrangement by Share Based Payment Award Options Granted in Period Fair Value | $ | $ 362 |
Nonvested award cost not yet recognized period for recognition | 1 year |
Board Members [Member] | Restricted Stock Units (RSUs) [Member] | |
Related Party Transaction [Line Items] | |
Share-based compensation arrangement by share-based payment award non option equity instruments granted | 491,775 |
dummy | $ | $ 2,603 |
Board Members [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |
Related Party Transaction [Line Items] | |
Nonvested award cost not yet recognized period for recognition | 1 year |
Board Members [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |
Related Party Transaction [Line Items] | |
Nonvested award cost not yet recognized period for recognition | 4 years |