Valens Semiconductor Ltd. (VLN) Cash Flow Statement
Where VLN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$12.7M −1,348.1% vs 2024
- Capital expenditures
- $1.1M 1.5% of revenue
- Free cash flow
- −$13.8M −19.5% margin
- Returned to shareholders
- $24.0M
- Change in cash
- −$7.6M cash at year-end $29.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
VLN operating cash flow, capex and free cash flow
VLN cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$21.6M2019 | −$12.7M2025 | — | |
| Capital expenditures | $1.4M2019 | $1.1M2025 | −4.7%/yr | |
| Free cash flow | −$23.0M2019 | −$13.8M2025 | — | |
| Free cash flow margin | −38.4%2019 | −19.5%2025 | +18.9 pts | |
| Stock-based compensation | $2.9M2019 | $16.5M2025 | +33.9%/yr | |
| Share buybacks (net) | $02019 | $24.0M2025 | — | |
| Capex / revenue | 2.4%2019 | 1.5%2025 | −0.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VLN cash flow by activity
VLN net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
VLN cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −$31.6M | −$36.6M | −$19.7M | −$27.7M | −$26.5M | −$19.6M | −$25.9M |
| Depreciation & amortization | $3.0M | $2.5M | $1.6M | $1.4M | $1.1M | $1.1M | $1.0M |
| Stock-based compensation | $16.5M | $15.1M | $15.0M | $12.1M | $9.9M | $5.3M | $2.9M |
| Change in working capital | −$4.4M | $16.6M | −$3.6M | −$9.8M | −$5.8M | −$4.2M | $654,000 |
| Other non-cash items | $3.7M | $3.4M | $259,000 | $1.9M | −$218,000 | −$2.2M | −$239,000 |
| Cash from operating activities | −$12.7M | $1.0M | −$6.4M | −$22.1M | −$21.6M | −$19.6M | −$21.6M |
| Investing activities | |||||||
| Capital expenditures | −$1.1M | −$1.9M | −$1.2M | −$1.1M | −$1.4M | −$861,000 | −$1.4M |
| Investments (net) | $29.1M | $17.8M | $1.4M | −$11.7M | −$82.7M | $29.2M | $12.0M |
| Acquisitions & other investing | $0 | $1.9M | $1.2M | $1.1M | $0 | $0 | $0 |
| Cash from investing activities | $28.0M | $17.8M | $1.4M | −$11.7M | −$84.2M | $28.3M | $10.6M |
| Financing activities | |||||||
| Share repurchases & issuance (net) | −$24.0M | −$1.0M | $1.5M | $822,000 | $1.2M | $118.4M | $25,000 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $903,000 | $861,000 | $0 | $0 | $134.2M | −$118.0M | $107,000 |
| Cash from financing activities | −$23.1M | −$155,000 | $1.5M | $822,000 | $135.4M | $406,000 | $132,000 |
| Summary | |||||||
| Net change in cash | −$7.6M | $18.2M | −$2.8M | −$36.8M | $30.5M | $10.8M | −$10.5M |
| Cash at end of period | $29.0M | $35.4M | $17.3M | $20.0M | $56.8M | $26.3M | $15.6M |
| Free cash flow | −$13.8M | −$848,000 | −$7.5M | −$23.2M | −$23.1M | −$20.5M | −$23.0M |
| Free cash flow margin | −19.5% | −1.5% | −9.0% | −25.6% | −32.6% | −36.0% | −38.4% |
| Capex / revenue | 1.5% | 3.2% | 1.4% | 1.2% | 2.0% | 1.5% | 2.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$8.1M | −$8.3M | −$8.8M | −$7.3M | −$7.2M | −$8.3M | −$7.3M | −$10.4M | −$8.9M | −$10.0M | $2.8M | −$12.5M |
| Depreciation & amortization | $609,000 | $928,000 | $709,000 | $743,000 | $758,000 | $770,000 | $788,000 | $823,000 | $479,000 | $456,000 | $439,000 | $400,000 |
| Stock-based compensation | $3.1M | $3.1M | $4.9M | $3.7M | $3.8M | $4.2M | $3.9M | $3.8M | $3.7M | $3.8M | $3.5M | $3.7M |
| Change in working capital | −$2.0M | −$449,000 | $2.1M | −$3.2M | $1.9M | −$5.3M | $2.8M | $7.8M | $2.8M | $3.2M | −$8.0M | $12.7M |
| Other non-cash items | $2.5M | −$457,001 | $746,000 | $1.4M | $535,000 | $1.0M | −$482,000 | $936,000 | $1.7M | $1.3M | −$2.9M | $1.8M |
| Cash from operating activities | −$3.8M | −$5.1M | −$295,000 | −$4.7M | −$211,000 | −$7.6M | −$330,000 | $3.0M | −$225,000 | −$1.4M | −$4.1M | $6.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$135,000 | −$437,000 | −$252,000 | −$281,000 | −$119,000 | −$357,000 | −$880,000 | −$722,000 | −$235,000 | −$30,000 | −$86,000 | −$180,000 |
| Investments (net) | $17.0M | $7.9M | −$4.2M | −$5.7M | $15.5M | $22.7M | $812,000 | $8.2M | −$10.4M | $19.1M | $9.0M | −$16.6M |
| Acquisitions & other investing | $270,000 | $0 | $0 | $281,000 | $119,000 | $357,000 | $880,000 | $722,000 | $235,000 | $30,000 | $86,000 | $180,000 |
| Cash from investing activities | $17.1M | $7.5M | −$4.4M | −$5.7M | $15.5M | $22.7M | $812,000 | $8.2M | −$10.4M | $19.1M | $9.0M | −$16.6M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | $0 | $0 | −$597,000 | −$3.6M | −$10.2M | −$9.6M | −$1.0M | $0 | $636,000 | $0 | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.4M | −$1.2M | $443,000 | $75,000 | $197,000 | $188,000 | $169,000 | $56,000 | −$126,000 | $126,000 | $233,000 | $279,000 |
| Cash from financing activities | $1.4M | −$1.2M | −$154,000 | −$3.6M | −$10.0M | −$9.4M | −$847,000 | $56,000 | $510,000 | $126,000 | $233,000 | $279,000 |
| Summary | ||||||||||||
| Net change in cash | $14.7M | $1.1M | −$3.7M | −$15.0M | $5.6M | $5.6M | $1.1M | $10.7M | −$10.4M | $17.8M | $6.1M | −$10.2M |
| Cash at end of period | $43.7M | $30.1M | $29.0M | $32.7M | $46.6M | $41.0M | $36.6M | $35.4M | $24.7M | $35.1M | $17.3M | $11.2M |
| Free cash flow | −$3.7M | −$5.6M | −$547,000 | −$4.9M | −$330,000 | −$8.0M | −$1.2M | $2.2M | −$460,000 | −$1.4M | −$4.2M | $5.9M |
| Free cash flow margin | −20.5% | −33.0% | −2.8% | −28.5% | −1.9% | −47.3% | −7.3% | 14.0% | −3.4% | −12.3% | −19.2% | 41.7% |
| Capex / revenue | 0.7% | 2.6% | 1.3% | 1.6% | 0.7% | 2.1% | 5.3% | 4.5% | 1.7% | 0.3% | 0.4% | 1.3% |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | — | — | −1.48 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
VLN cash generation
In fiscal 2025 (ended December 31, 2025), Valens Semiconductor generated -$12.7 million of cash from operations (down 1,348.1%) and spent $1.1 million on capital expenditures, leaving free cash flow of -$13.8 million, −19.5% of revenue. It returned $24.0 million to shareholders through dividends ($0) and net share buybacks ($24.0 million). Cash and equivalents fell by $7.6 million over the year.
Related: VLN income statement, VLN balance sheet. See the VLN stock overview for the latest quote and news.
VLN cash flow FAQ
What is Valens Semiconductor's free cash flow?
Valens Semiconductor's free cash flow was -$13.8 million in fiscal 2025: -$12.7 million of operating cash flow minus $1.1 million of capital expenditures It was -$0.8 million a year earlier..
How much cash does Valens Semiconductor generate from operations?
Valens Semiconductor generated -$12.7 million of cash from operating activities in fiscal 2025.
How much does Valens Semiconductor spend on capital expenditures?
Valens Semiconductor spent $1.1 million on capital expenditures in fiscal 2025, 1.5% of revenue, compared with $1.9 million the year before.
How much stock does Valens Semiconductor buy back?
Valens Semiconductor spent $24.0 million on net share repurchases in fiscal 2025.