The balance sheet shows structural erosion, with total assets declining from $180.6 million in 2023Q4 to $128.4 million in 2026Q1, alongside a growing retained earnings deficit of $253.8 million.
| Total Current Assets | 112.96M | 118.66M | 153.9M | 174.69M | 188.51M | 199.03M | 76.38M | 92.01M |
| Cash & Short-Term Investments | 87.26M | 93.73M | 130.96M | 142.02M | 148.39M | 174.36M | 61.57M | 79.33M |
| Cash Only | 30.11M | 29M | 35.42M | 17.26M | 20.02M | 56.79M | 26.32M | 15.56M |
| Short-Term Investments | 57.15M | 64.73M | 95.53M | 124.76M | 128.36M | 117.57M | 35.25M | 63.78M |
| Accounts Receivable | 10.47M | 9.97M | 7.75M | 14.64M | 11.51M | 7.09M | 8.68M | 7.74M |
| Days Sales Outstanding | 49.69 | 51.53 | 48.9 | 63.5 | 46.33 | 36.64 | 55.66 | 47.02 |
| Inventory | 10.91M | 10.12M | 10.15M | 13.84M | 23.82M | 9.32M | 3.16M | 2.71M |
| Days Inventory Outstanding | 148.83 | 139.14 | 157.18 | 159.97 | 318.13 | 169.24 | 85.84 | 78.6 |
| Other Current Assets | 4.32M | 4.84M | 5.04M | 4.2M | 4.79M | 1.33M | 625K | 78K |
| Total Non-Current Assets | 15.46M | 16.04M | 18.25M | 5.86M | 7.15M | 3.57M | 2.79M | 3.03M |
| Property, Plant & Equipment | 9.42M | 9.8M | 11.01M | 5.16M | 6.61M | 2.74M | 2.35M | 2.58M |
| Fixed Asset Turnover | 7.06x | 7.21x | 5.25x | 16.32x | 13.72x | 25.79x | 24.19x | 23.23x |
| Goodwill | 1.85M | 5.61M | 1.85M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 3.53M | 0 | 4.7M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 16K | 0 | 0 | 0 | 46K |
| Other Non-Current Assets | 668K | 632K | 687K | 692K | 535K | 828K | 435K | 399K |
| Total Assets | 128.42M | 134.7M | 172.15M | 180.56M | 195.66M | 202.6M | 79.17M | 95.04M |
| Asset Turnover | 0.52x | 0.52x | 0.34x | 0.47x | 0.46x | 0.35x | 0.72x | 0.63x |
| Asset Growth % | -76.78% | -21.75% | -4.66% | -7.72% | -3.43% | 155.92% | -16.7% | - |
| Total Current Liabilities | 21.68M | 22.93M | 20.33M | 15.93M | 24.79M | 15.7M | 11.16M | 13.24M |
| Accounts Payable | 4.45M | 0 | 6M | 4.95M | 10.65M | 4.49M | 1.79M | 3.26M |
| Days Payables Outstanding | 32.74 | - | 92.91 | 57.23 | 142.27 | 81.57 | 48.56 | 94.46 |
| Short-Term Debt | 1.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 3.77M | 22.93M | 9.4M | 2.1M | 9.41M | 8.05M | 6.94M | 25K |
| Current Ratio | 5.21x | 5.17x | 7.57x | 10.97x | 7.60x | 12.68x | 6.84x | 6.95x |
| Quick Ratio | 4.71x | 4.73x | 7.07x | 10.10x | 6.64x | 12.08x | 6.56x | 6.74x |
| Cash Conversion Cycle | 165.79 | - | 113.16 | 166.24 | 222.18 | 124.31 | 92.95 | 31.16 |
| Total Non-Current Liabilities | 6.5M | 6.78M | 9.14M | 323K | 3.43M | 4.7M | 150.22M | 504K |
| Long-Term Debt | 0 | 6.72M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 26.64M | 6.72M | 6.64M | 190K | 1.62M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 111K | -6.65M | 2.49M | 133K | 1.8M | 4.7M | 150.22M | 504K |
| Total Liabilities | 28.18M | 29.72M | 29.46M | 16.25M | 28.22M | 20.4M | 161.39M | 13.75M |
| Total Debt | 7.98M | 13.43M | 7.62M | 1.96M | 3.44M | 0 | 0 | 0 |
| Net Debt | -22.14M | -15.56M | -27.8M | -15.3M | -16.59M | -56.79M | -26.32M | -15.56M |
| Debt / Equity | 0.08x | 0.13x | 0.05x | 0.01x | 0.02x | - | - | - |
| Debt / EBITDA | -0.26x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.72x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | -639.53x | - | - | - | -608.00x | -233.32x |
| Total Equity | 100.24M | 104.98M | 142.69M | 164.3M | 167.44M | 182.2M | -82.22M | 81.29M |
| Equity Growth % | -98.56% | -26.42% | -13.16% | -1.87% | -8.1% | 321.59% | -201.15% | - |
| Book Value per Share | 0.95 | 1.02 | 1.35 | 1.61 | 1.71 | 5.52 | -5.72 | 6.96 |
| Total Shareholders' Equity | 100.24M | 104.98M | 142.69M | 164.3M | 167.44M | 182.2M | -82.22M | 81.29M |
| Common Stock | 49K | 0 | 49K | 49K | 49K | 49K | 40K | 36K |
| Retained Earnings | -253.79M | 0 | -213.92M | -177.34M | -157.68M | -130.01M | -103.47M | -83.84M |
| Treasury Stock | 0 | 0 | -1.61M | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 65K | 0 | 601K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insufficient liquidity runway
As reported in financial statements, VLN's total assets have declined from $180.6 million in 2023Q4 to $128.4 million by 2026Q1, reflecting a persistent erosion of the balance sheet as the company consumes capital to fund its ongoing automotive R&D and operational requirements.
The consistent reduction in total assets suggests that the company is liquidating its resource base to sustain operations rather than growing through reinvestment. This trajectory warrants caution, as it indicates that the firm's current business model is not yet generating the internal capital necessary to maintain its asset scale.
Based on the company's reported figures, the cash position has fluctuated significantly, ending 2026Q1 at $30.1 million, which represents a precarious buffer given the firm's ongoing negative operating margins and the high capital intensity required to support its automotive design-win strategy.
While the current ratio of 5.21 appears superficially healthy, it is heavily influenced by the composition of current assets and does not account for the rapid cash burn characteristic of the firm's current growth phase. Investors should monitor whether this liquidity level remains sufficient to bridge the gap to mass-market automotive profitability without necessitating dilutive financing.
According to recent SEC filings, VLN's equity base has been steadily depleted, with retained earnings reaching a deficit of $253.8 million in 2026Q1, highlighting the long-term impact of sustained operating losses on the company's overall financial foundation.
The persistent accumulation of deficits suggests that the company has yet to achieve the scale required to offset its high fixed-cost structure. This trend implies that shareholder value is being continuously pressured by the need to fund R&D-heavy operations, making the equity base increasingly sensitive to further operational underperformance.
As indicated by the provided data, the company's decision to engage in share repurchases during periods of negative cash flow, such as the $10.2 million outflow in 2025Q2, appears to contradict the necessity of preserving liquidity for critical automotive product development.
This capital allocation strategy may be masking the true urgency of the company's liquidity needs and potentially misaligning resources away from core R&D. Such actions warrant further investigation, as they suggest a disconnect between management's capital deployment and the underlying reality of the firm's cash-burning business model.
Quick answers to the most common questions about buying VLN stock.
As of 2025, Valens Semiconductor Ltd. (VLN) had total assets of $134.7M including $118.7M in current assets.
Valens Semiconductor Ltd. (VLN) carries total debt of $13.4M, offset by $93.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Valens Semiconductor Ltd. (VLN) has total shareholders' equity (book value) of $105.0M ($1.02 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Valens Semiconductor Ltd. (VLN) reported a current ratio of 5.17x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.