Reached an important agreement with a major
platform partner to supply a bundle of InnovizTwo short- and
long-range LiDARs to their Level 4 autonomous platform, which was
already selected by several OEM programs
Q2 2024 revenues of $6.7 million exceed previous guidance range of
$4-$5
million, up from $1.5 million
in Q2 2023
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.
"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
- Reached an important agreement with a major platform
partner – Innoviz announces it reached an important agreement
today with a major platform partner to supply a bundle of
InnovizTwo short- and long-range LiDARs to their Level 4 autonomous
platform, which was already selected by several OEM programs. The
Company expects the high quantity of LiDARs per vehicle across
multiple programs to lead to significant volume generation more
quickly.
- Added short-range LiDAR offering, unlocking additional
pipeline opportunities – Leveraging the maturity of the
InnovizTwo platform, the Company now offers both short- and
long-range LiDAR to customers. The addition of the short-range
LiDAR has unlocked several opportunities, which Innoviz is working
to advance. The Company is now maturing its short-range LiDAR to be
ready for production.
- Continued to mature InnovizTwo B Sample with new compact
configuration – The Company introduced a more compact
configuration of the InnovizTwo B Sample that meets all automotive
requirements. Production process updates supporting the new
configuration are expected to be completed in the third quarter of
2024.
- Advanced AI Perception Software was upgraded for
compatibility with InnovizTwo LiDAR – With InnovizOne in
production with the Advanced AI Perception Software, Innoviz
upgraded the AI software to be compatible with InnovizTwo LiDARs.
The Company demonstrated the hardware and software combination to
U.S. customers during the second quarter and two top 10 OEMs have
indicated interest in Innoviz's Advanced AI Perception Software
bundled with Innoviz LiDARs.
- Announced new program with The Indoor Lab LLC to supply
InnovizTwo to customer's airport portfolio – The Company
announced an agreement to supply InnovizTwo LiDARs for use in the
Denver, Nashville and Tampa international airports, with more
airports expected to be added to the program.
- Increased number of programs and matured robust pipeline of
RFIs and RFQs – Driven by the increase in short-range customer
activity, Innoviz ended the quarter with more than 15 programs in
its pipeline, all of which require long-range LiDAR and five of
which also require short-range LiDAR.
- Engaged in various stages of conversations with several
potential customers to replace their current LiDAR providers –
As part of the pipeline, Innoviz has been approached by several
potential customers seeking to replace their current LiDAR
solutions, including one customer that began working with the
Company on an RFQ for their second-generation Level 3 platform in
the second quarter of 2024, a Level 4 platform company in the
trucking space and an additional platform player.
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:
- Secure 2-3 additional customer programs
- Secure $20-70 million of new NRE bookings
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.
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. 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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