Entered two new OEM programs through
agreement with Level 4 platform partner with expected SOP in 2026;
Met operational target of 2-3 additional customer programs in 2024
and exceeded midpoint of revenue guidance of Q3 with $4.5 million in revenue
Q3 cash used in operations and capital
expenditures of $17.7 million
compared to $28.6 million in Q3 2023
and $21.6 million in Q2 2024
TEL
AVIV, Israel, Nov. 13,
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 September 30, 2024,
provided guidance for full year 2024, and reiterated its full year
NRE target.
"In the third quarter we continued to see success in both
revenue and cash performance, delivering revenues above the
midpoint of our guidance range while again decreasing cash burn
through our operational discipline," said Omer Keilaf, CEO and
Co-Founder of Innoviz. "On the commercial side, we strengthened our
partnership with the Level 4 platform provider announced during the
quarter. We are now supporting several different OEM programs on
the Level 4 platform with the expected integration of nine of our
long- and short-range LiDARs into each autonomous vehicle. This
collaboration with a well-known platform provider has the potential
to offer significant revenue growth and strong volumes for Innoviz,
with opportunity for more OEMs to come onto the platform.
Meanwhile, our work with Volkswagen Group continued to progress as
planned across Level 3 and Level 4 programs."
Keilaf added, "During the quarter we advanced our pipeline of
RFIs and RFQs with a number of notable global customers, including
several top ten OEMs. As we near additional potential design wins,
our disciplined operations and positive feedback from customers
regarding our differentiated technology give us confidence we can
enhance our revenue streams, build on our topline performance and
achieve our goal of becoming the leading tier 1 automotive industry
LiDAR supplier."
Commercial and Strategic Updates
- Entered two new OEM programs through agreement reached
with leading global Level 4 platform partner – During the third
quarter, the Company began working with two new OEMs which have
adopted the platform. Innoviz is expected to provide a bundle of
nine InnovizTwo short- and long-range LiDARs per vehicle. Start of
Production ("SOP") is expected in 2026. The Company expects new OEM
collaborations to arise through the platform partnership which has
the potential to offer significant revenue growth and favorable
volumes for Innoviz.
- Progressed programs with Volkswagen Group – Innoviz
continued to progress its partnerships with Volkswagen Group on
existing programs including the Cariad Level 3 program, Mobileye
Chauffeur and ID. Buzz Level 4 light commercial vehicle program
incorporating Mobileye Drive. Innoviz passed various
industrialization and development audits during the quarter and
expects to meet the scheduled timelines for LiDAR SOP.
- ID. Buzz to be deployed in Hamburg, Germany in 2025 – MOIA recently
announced that starting in mid-2025 it will deploy the ID. Buzz in
Hamburg, Germany as part of
Project ALIKE, a project to test autonomous on-demand ridepooling
in the city. The project's aims are to make autonomous mobility
accessible, to test a new form of service and to expand
Hamburg's public transit system.
ID. Buzz testing by Volkswagen ADMT remains ongoing in Austin, Texas.
- Continued to advance potential new programs with notable
OEMs – Innoviz further advanced its pipeline of RFIs and RFQs.
Of the more than 15 programs in the pipeline, approximately 50% are
in the RFQ stage. In particular, Innoviz advanced in the RFQ
processes with notable OEMs, including several top ten automotive
OEMs. Winning these programs could generate strong NRE revenues for
Innoviz in the coming years as well as meaningful long-term LiDAR
sales volumes. These potential customers include but are not
limited to:
-
- A top ten OEM with which Innoviz has agreed on the
technical specifications of a program. The RFQ is in the latter
stages which include advanced legal discussions, and Innoviz has
successfully completed production related audits;
- Leading top ten North American OEMs, which include Level 3 and
Level 4 programs. Innoviz has successfully completed LiDAR
technical and commercial assessments. Across these opportunities,
Innoviz is expected to provide InnovizTwo LiDARs, its compute box
and advanced AI perception software, which on certain programs
would be customized to meet the respective platform's
specifications. Innoviz expects to begin receiving decisions
related to these programs in the coming months.
Third Quarter 2024 Financial Results
Revenues in Q3 2024 were $4.5
million, compared to revenues of $3.5
million in Q3 2023.
Operating Expenses in Q3 2024 were $26.0 million, a decrease of 6.4% from
$27.8 million in Q3 2023. Operating
expenses for Q3 2024 included $4.2
million of share-based compensation compared to $5.0 million in Q3 2023. In Q3 2024, Innoviz
drove sequentially decreased cash burn with cash used in operations
and capital expenditures of $17.7
million compared to $28.6
million in Q3 2023 and to $21.6
million in Q2 2024.
Liquidity as of September 30,
2024, was approximately $87.7
million, consisting of cash and cash equivalents, bank
deposits, marketable securities and short-term restricted cash.
FY 2024 Financial Targets
The Company expects full year 2024 revenues in the range of
$23.5 million to $25 million, compared to $20.9 million for full year 2023.
FY 2024 Operational Targets
With its collaboration with a leading Level 4 platform partner
(as described above), the Company met its commercial target of
securing 2-3 additional customer programs in 2024. Innoviz hopes to
provide more details before the end of the year. The Company
reiterates its operational target of securing $20 to $70 million
of new NRE bookings.
Conference Call
Innoviz management will hold a web conference today,
November 13, 2024, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss commercial and
strategic updates, financial results for the third 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.
Join the
discussion: Facebook, LinkedIn, YouTube, Twitter
Media Contact
Media@innoviz-tech.com
Investor Contact
Investors@innoviz-tech.com
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 including revenue and
non-recurring engineering (NRE) bookings. 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-recurring 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)
|
|
|
Nine Months Ended
|
|
Three Months Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
18,241
|
$
|
5,959
|
$
|
4,520
|
$
|
3,483
|
|
|
Cost of
revenues
|
|
(19,941)
|
|
(15,293)
|
|
(4,686)
|
|
(5,721)
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loss
|
|
(1,700)
|
|
(9,334)
|
|
(166)
|
|
(2,238)
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
60,328
|
|
70,569
|
|
19,722
|
|
20,681
|
|
|
Sales and
marketing
|
|
5,752
|
|
6,778
|
|
1,636
|
|
2,158
|
|
|
General and
administrative
|
|
14,889
|
|
14,123
|
|
4,656
|
|
4,954
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
80,969
|
|
91,470
|
|
26,014
|
|
27,793
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(82,669)
|
|
(100,804)
|
|
(26,180)
|
|
(30,031)
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income,
net
|
|
6,637
|
|
8,321
|
|
1,376
|
|
3,054
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before taxes on
income
|
|
(76,032)
|
|
(92,483)
|
|
(24,804)
|
|
(26,977)
|
|
|
Taxes on
income
|
|
(129)
|
|
(520)
|
|
(52)
|
|
(52)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(76,161)
|
$
|
(93,003)
|
$
|
(24,856)
|
$
|
(27,029)
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per ordinary share
|
$
|
(0.46)
|
$
|
(0.66)
|
$
|
(0.15)
|
$
|
(0.18)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of ordinary shares
used in computing basic and diluted net loss
per ordinary share
|
|
166,657,624
|
|
141,494,442
|
|
167,782,476
|
|
151,201,336
|
|
|
|
|
|
|
|
|
|
|
|
|
INNOVIZ TECHNOLOGIES
LTD. AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
|
|
U.S. dollars in
thousands
(Unaudited)
|
|
|
September
30,
|
|
December
31,
|
|
|
2024
|
|
2023
|
|
ASSETS
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
27,949
|
$
|
26,283
|
|
Short term restricted cash
|
|
16
|
|
53
|
|
Bank deposits
|
|
43,005
|
|
105,750
|
|
Marketable securities
|
|
16,765
|
|
13,335
|
|
Trade receivables, net
|
|
3,539
|
|
7,395
|
|
Inventory
|
|
1,227
|
|
1,868
|
|
Prepaid expenses and other current assets
|
|
2,323
|
|
5,774
|
|
Total current
assets
|
|
94,824
|
|
160,458
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
Marketable
securities
|
|
-
|
|
4,813
|
|
Restricted
deposits
|
|
2,651
|
|
2,623
|
|
Property and
equipment, net
|
|
23,029
|
|
25,770
|
|
Operating lease
right-of-use assets, net
|
|
23,780
|
|
25,486
|
|
Other long-term
assets
|
|
86
|
|
84
|
|
Total long-term
assets
|
|
49,546
|
|
58,776
|
|
|
|
|
|
|
Total
assets
|
$
|
144,370
|
$
|
219,234
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Trade payables
|
$
|
6,469
|
$
|
8,036
|
|
Deferred revenues
|
|
278
|
|
6,949
|
|
Employees and payroll accruals
|
|
9,709
|
|
9,468
|
|
Accrued expenses and other current liabilities
|
|
5,411
|
|
8,743
|
|
Operating lease liabilities
|
|
4,189
|
|
4,034
|
|
Total current
liabilities
|
|
26,056
|
|
37,230
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
Operating lease
liabilities
|
|
25,622
|
|
28,475
|
|
Warrants
liability
|
|
64
|
|
240
|
|
Total long-term
liabilities
|
|
25,686
|
|
28,715
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
|
Ordinary Shares of
no-par value
|
|
-
|
|
-
|
|
Additional paid-in
capital
|
|
804,077
|
|
788,577
|
|
Accumulated
deficit
|
|
(711,449)
|
|
(635,288)
|
|
Total
shareholders' equity
|
|
92,628
|
|
153,289
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
$
|
144,370
|
$
|
219,234
|
|
|
|
|
|
|
INNOVIZ
TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
U.S. dollars in
thousands
(Unaudited)
|
|
|
Nine Months
Ended
September
30,
|
|
Three Months
Ended
September
30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(76,161)
|
$
|
(93,003)
|
$
|
(24,856)
|
$
|
(27,029)
|
|
Adjustments required
to reconcile net loss
to net cash used in operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
6,194
|
|
5,245
|
|
2,158
|
|
2,291
|
|
Remeasurement of
warrants liability
|
|
(176)
|
|
(344)
|
|
(27)
|
|
(99)
|
|
Change in accrued
interest on bank deposits
|
|
891
|
|
(342)
|
|
1,356
|
|
(797)
|
|
Change in marketable
securities
|
|
(450)
|
|
(409)
|
|
(191)
|
|
(172)
|
|
Share-based
compensation
|
|
15,866
|
|
15,826
|
|
4,721
|
|
5,383
|
|
Foreign exchange loss
(gain), net
|
|
(134)
|
|
447
|
|
(258)
|
|
382
|
|
Change in prepaid
expenses and other assets
|
|
2,914
|
|
(441)
|
|
(239)
|
|
(1,455)
|
|
Change in trade
receivables, net
|
|
3,856
|
|
(3,110)
|
|
1,879
|
|
(2,490)
|
|
Change in
inventory
|
|
641
|
|
(602)
|
|
526
|
|
(254)
|
|
Changes in operating
lease assets and liabilities, net
|
|
(992)
|
|
(1,563)
|
|
335
|
|
(1,765)
|
|
Change in trade
payables
|
|
(1,703)
|
|
56
|
|
544
|
|
190
|
|
Change in accrued
expenses and other liabilities
|
|
(3,428)
|
|
(544)
|
|
(2,241)
|
|
(654)
|
|
Change in employees
and payroll accruals
|
|
241
|
|
(823)
|
|
(7)
|
|
(1,509)
|
|
Change in deferred
revenues
|
|
(6,671)
|
|
574
|
|
(184)
|
|
377
|
|
Net cash used in
operating activities
|
|
(59,112)
|
|
(79,033)
|
|
(16,484)
|
|
(27,601)
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
Purchase
of property and equipment
|
|
(3,221)
|
|
(6,098)
|
|
(1,192)
|
|
(962)
|
|
Investment in bank
deposits
|
|
(26,700)
|
|
(142,600)
|
|
(11,200)
|
|
(80,600)
|
|
Withdrawal of bank
deposits
|
|
88,600
|
|
112,500
|
|
32,600
|
|
33,000
|
|
Investment in
restricted deposits
|
|
(122)
|
|
(40)
|
|
(55)
|
|
-
|
|
Investment in
marketable securities
|
|
(33,457)
|
|
(34,793)
|
|
(18,662)
|
|
(11,789)
|
|
Proceeds from sales
and maturities of marketable
|
|
|
|
|
|
|
|
|
|
securities
|
|
35,290
|
|
61,875
|
|
18,596
|
|
21,590
|
|
Net cash provided by
(used in) investing activities
|
|
60,390
|
|
(9,156)
|
|
20,087
|
|
(38,761)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Issuance of ordinary shares, net of issuance cost
|
|
-
|
|
61,934
|
|
-
|
|
61,934
|
|
Proceeds from exercise of options
|
|
169
|
|
406
|
|
58
|
|
179
|
|
Net cash provided by
financing activities
|
|
169
|
|
62,340
|
|
58
|
|
62,113
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
|
182
|
|
(272)
|
|
225
|
|
(301)
|
|
Increase (decrease) in
cash, cash equivalents and restricted cash
|
|
1,629
|
|
(26,121)
|
|
3,886
|
|
(4,550)
|
|
Cash, cash equivalents
and restricted cash at the beginning of the period
|
|
26,336
|
|
55,954
|
|
24,079
|
|
34,383
|
|
Cash, cash equivalents
and restricted cash at the end of he period
|
$
|
27,965
|
$
|
29,833
|
$
|
27,965
|
$
|
29,833
|
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SOURCE Innoviz Technologies