Innoviz Reports Second Quarter 2024 Results
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Innoviz Reports Second Quarter 2024 Results

TEL AVIV, Israel, Aug. 7, 2024 — (PRNewswire) — Innoviz Technologies Ltd. (NASDAQ: INVZ) (the "Company" or "Innoviz"), a leading Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception software, today provided commercial and strategic updates on its business, reported its financial results for the quarter ended June 30, 2024, provided guidance for the third quarter of 2024, and reiterated its full year commercial and financial targets.

Innoviz Technologies Logo

"The second quarter was a continuation of our strong start to the year as we again delivered revenues above the high end of our guidance range while maintaining cost discipline and efficiency in our operations," said Omer Keilaf, CEO and Co-Founder of Innoviz. "We are excited to share that today we reached a pivotal agreement with a major platform provider to supply InnovizTwo short- and long-range LiDARs to their Level 4 autonomous platform, which was already selected by several OEM programs. Additionally, we recently announced an agreement to supply InnovizTwo LiDARs to The Indoor Lab's airport portfolio. We are now offering both short- and long-range solutions as a bundle, which substantially increases the number of LiDARs we can offer per vehicle and allows us to better meet customers' complex needs. We believe that along with our upgraded AI Perception Software this differentiates Innoviz and positions us well to realize our vision of becoming the leading Tier-1 LiDAR supplier."

Keilaf added, "We continued to expand and mature our pipeline of RFIs and RFQs, having spent significant time with our customers around the world. We remain encouraged by the customer activity we are seeing, looking towards the second half of the year we are confident in our ability to continue adding additional programs with both new and existing customers."

Commercial and Strategic Updates

 

 

 

 

 

 

Second Quarter 2024 Financial Results

Revenues in Q2 2024 were $6.7 million, compared to revenues of $1.5 million in Q2 2023.

Operating Expenses in Q2 2024 were $23.3 million, a decrease of 23% from $30.4 million in Q2 2023. Operating expenses for Q2 2024 included $3.8 million of share-based compensation compared to $5.0 million in Q2 2023.

Liquidity as of June 30, 2024 was approximately $106.4 million, consisting of cash and cash equivalents, bank deposits, marketable securities and short-term restricted cash.

Third Quarter 2024 Financial Targets

The Company expects third quarter 2024 revenues in the range of $3.5 million to $5 million, compared to $3.5 million for Q3 2023.

FY 2024 Operational Targets

The Company reiterated its operational targets for FY 2024:

Conference Call

Innoviz management will hold a web conference today, August 7, 2024, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss commercial and strategic updates, financial results for the second quarter of 2024 and 2024 financial and operational targets. Innoviz CEO Omer Keilaf and CFO Eldar Cegla will host the call, followed by a question-and-answer session.

Investors are invited to attend by registering in advance  here. All relevant information will be sent upon registration.

A replay of the webinar will also be available shortly after the call in the  Investors section of Innoviz's website for 90 days.

About Innoviz

Innoviz is a global leader in LiDAR technology, serving as a Tier 1 supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit  innoviz.tech.com.

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Forward Looking Statements

This announcement contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by Innoviz, the anticipated technological capability of Innoviz's products, the markets in which Innoviz operates, and Innoviz's projected future operational and financial results. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties.

"NRE (Non-recuring Engineering) bookings" is booked services that may be ordered from Innoviz usually as part of a program design win and includes, among other things, application engineering, product adaptation services, testing and validation services, standards and qualification work and change requests (usually during the lifetime of a program). The commitment for a certain NRE is usually provided around the design win and may be paid based on milestones over the development phase of the project which may take a few years.

Many factors could cause actual future events, and, in the case of our forward-looking revenues and NRE bookings, actual orders or actual payments, to differ materially from the forward-looking statements in this announcement including but not limited to, the ability to implement business plans, forecasts, and other expectations, the ability to convert design wins into definitive orders and the magnitude of such orders,  the possibility that NRE would be set off against liabilities and indemnities, the ability to identify and realize additional opportunities, potential changes and developments in the highly competitive LiDAR technology and related industries, and our expectations regarding the impact of the evolving conflict in Israel to our ongoing operations. The foregoing list is not exhaustive. You should carefully consider such risk and the other risks and uncertainties described in Innoviz's annual report on Form 20-F for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission ("SEC") on March 12, 2024 and in other documents filed by Innoviz from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Innoviz assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Innoviz gives no assurance that it will achieve its expectations.

 

 

 

INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands (except share and per share data)

(Unaudited)




Six Months Ended

June 30,


Three Months Ended

June 30,



2024


2023


2024


2023










Revenues

$

13,721

$

2,476

$

6,664

$

1,466

Cost of revenues


(15,255)


(9,572)


(6,901)


(4,631)










Gross loss


(1,534)


(7,096)


(237)


(3,165)










Operating expenses:









Research and development


40,606


49,888


16,761


23,786

Sales and marketing


4,116


4,620


1,716


2,172

General and administrative


10,233


9,169


4,789


4,434










Total operating expenses


54,955


63,677


23,266


30,392










Operating loss


(56,489)


(70,773)


(23,503)


(33,557)










Financial income, net


5,261


5,267


2,360


2,491










Loss before taxes on income


(51,228)


(65,506)


(21,143)


(31,066)

Taxes on income


(77)


(468)


(24)


(108)










Net loss

$

(51,305)

$

(65,974)

$

(21,167)

$

(31,174)










Basic and diluted net loss per ordinary share

$

(0.31)

$

(0.48)

$

(0.13)

$

(0.23)










Weighted average number of ordinary shares used in
 computing basic and diluted net loss per ordinary share


166,095,197


136,640,997


166,530,895


136,928,039










 

 

INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands 




June 30,


December 31,




2024


2023


ASSETS


(Unaudited)


(Audited)


 CURRENT ASSETS:






Cash and cash equivalents

$

24,012

$

26,283


Short term restricted cash


67


53


Bank deposits


65,785


105,750


Marketable securities


15,281


13,335


Trade receivables, net


5,418


7,395


Inventory


1,753


1,868


Prepaid expenses and other current assets


2,122


5,774


 Total current assets


114,438


160,458








 LONG-TERM ASSETS:






Marketable securities


1,227


4,813


Restricted deposits


2,539


2,623


Property and equipment, net


24,182


25,770


Operating lease right-of-use assets, net


24,358


25,486


Other long-term assets


82


84


 Total long-term assets


52,388


58,776








 Total assets

$

166,826

$

219,234














     LIABILITIES AND SHAREHOLDERS' EQUITY






 CURRENT LIABILITIES:






Trade payables

$

6,364

$

8,036


Deferred revenues


462


6,949


Employees and payroll accruals


9,716


9,468


Accrued expenses and other current liabilities


7,400


8,743


Operating lease liabilities


4,048


4,034


 Total current liabilities


27,990


37,230








 LONG-TERM LIABILITIES:






Operating lease liabilities


26,006


28,475


Warrants liability


91


240


 Total long-term liabilities


26,097


28,715








 SHAREHOLDERS' EQUITY:






Ordinary Shares of no-par value


-


-


Additional paid-in capital


799,332


788,577


Accumulated deficit


(686,593)


(635,288)


 Total shareholders' equity


112,739


153,289








 Total liabilities and shareholders' equity

$

166,826

$

219,234








 

 

INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

(Unaudited)




Six Months Ended

 June 30,


Three Months Ended

June 30,



2024


2023


2024


2023

Cash flows from operating activities:









Net loss

$

(51,305)

$

(65,974)

$

(21,167)

$

(31,174)

Adjustments required to reconcile net loss to net cash used in operating activities:









Depreciation and amortization


4,036


2,954


1,541


1,547

Remeasurement of warrants liability


(149)


(245)


(63)


(245)

Change in accrued interest on bank deposits


(465)


455


322


(740)

Change in marketable securities


(259)


(237)


(101)


57

Share-based compensation 


11,145


10,443


4,635


5,143

Foreign exchange loss, net


124


65


170


154

Change in prepaid expenses and other assets


3,153


1,014


983


590

Change in trade receivables, net 


1,977


(620)


(5,081)


(328)

Change in inventory


115


(348)


259


(451)

Changes in operating lease assets and liabilities, net


(1,327)


202


(747)


169

Change in trade payables


(2,247)


(134)


(180)


1,212

Change in accrued expenses and other liabilities


(1,187)


110


(352)


(652)

Change in employees and payroll accruals


248


686


(858)


(93)

Change in deferred revenues


(6,487)


197


(120)


(22)

 Net cash used in operating activities


(42,628)


(51,432)


(20,759)


(24,833)

Cash flows from investing activities:









Purchase of property and equipment


(2,029)


(5,136)


(880)


(2,779)

Investment in bank deposits


(15,500)


(62,000)


(1,500)


(62,000)

Withdrawal of bank deposits


56,000


79,500


31,000


-

Investment in restricted deposits


(67)


(40)


-


-

Investment in marketable securities


(14,795)


(23,004)


(13,857)


(15,904)

Proceeds from sales and maturities of marketable securities


16,694


40,285


15,799


26,455

 Net cash provided by (used in) investing activities


40,303


29,605


30,562


(54,228)

Cash flows from financing activities:









Proceeds from exercise of options


111


227


69


107

 Net cash provided by financing activities


111


227


69


107

Effect of exchange rate changes on cash, cash equivalents and restricted cash


(43)


29


(117)


(97)

Increase (decrease) in cash, cash equivalents and restricted cash


(2,257)


(21,571)


9,755


(79,051)

Cash, cash equivalents and restricted cash at the beginning of the period


26,336


55,954


14,324


113,434

Cash, cash equivalents and restricted cash at the end of the period

$

24,079

$

34,383

$

24,079

$

34,383

 

 

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SOURCE Innoviz Technologies

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Financial data for Innoviz Technologies