1. Innoviz anticipates $80 million in NRE payments from key customers. 2. Efficiency initiatives expected to yield $12 million in annual savings. 3. Financial resilience bolstered by $40 million from a registered direct offering. 4. Revenues increased to $24.3 million in 2024, up from $20.9 million in 2023. 5. Mobileye and NVIDIA partnerships signify growth in automotive industry penetration.
Innoviz's strong revenue growth and strategic partnerships suggest positive momentum. Historically, similar partnerships have led to stock price increases.
The article provides crucial insights into strategic moves and financial health, likely influencing investor perception and stock performance.
The impact of partnerships and operational efficiency will unfold over multiple years, particularly with planned volume production by 2027.
(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 fourth quarter and full year ended December 31, 2024, and set 2025 commercial and financial targets.
"I am very pleased with our strong finish to 2024, and with the recent developments and accomplishments that have the potential to transform Innoviz's financial and operational position for 2025 and beyond," said Omer Keilaf, CEO and Co-Founder of Innoviz.
"In the past two months, we've entered into an approximately $80 million NRE payments plan with our key customers, we've announced an optimization of our operations that we project will deliver $12 million in savings on an annualized basis, and we completed a registered direct offering of our securities that generated gross proceeds of approximately $40 million from two institutional investors. The funding enhances our financial resiliency, provides operational runway, and we believe it will help us reach key NRE milestones and prepare for SOPs in 2026 and volume production in 2027."
Keilaf added, "During the quarter, we disclosed that Mobileye had chosen Innoviz LiDARs as a key feature of its Mobileye Drive™ AV platform. In addition, InnovizTwo is now offered as part of NVIDIA's Hyperion 8 platform, and our RFI and RFQ pipeline remains robust. We expect our newly strengthened liquidity position to be a competitive advantage. Bolstered by it and by other developments, we believe we have accelerated our path to profitability and are well situated to execute on our pipeline with additional OEMs and enhance growth in the automotive industry with our differentiated LiDAR technology and expanding capacity."
Revenues in 2024 were $24.3 million compared to revenues of $20.9 million in 2023. The revenue growth resulted from a combination of NRE services, production units, and sample shipments.
Operating expenses in 2024 were $100.8 million, a decrease of 17% compared to operating expenses of $121.0 million in 2023. Operating expenses for 2024 included $17.0 million of share-based compensation compared to $20.7 million of share-based compensation in 2023.
Liquidity as of December 31, 2024 was approximately $68.0 million, consisting of cash and cash equivalents, short-term deposits, short-term restricted cash, and marketable securities.
Innoviz management will hold a web conference today, February 26, 2025, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss commercial and strategic updates, financial results for the fourth quarter and full year 2024 and 2025 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.
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 https://innoviz.tech/
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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, expected NRE payments, and Innoviz's projected future operational and financial results, including revenue and NREs. 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)" 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). NREs 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, in Innoviz's annual report on Form 20-F for the year ended December 31, 2024 to be filed with the SEC 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. There can be no assurances that the Company will enter into definitive agreements, orders or receive payments with respect to the NRE payments plan referenced in this announcement. 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.
U.S. dollars in thousands (except share and per share data)
(Unaudited)
| Year Ended | December 31, | Three Months Ended | December 31, | 2024 | 2023 | 2024 | 2023 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenues | $24,268 | $20,876 | $6,027 | $14,917 | ||||||||
| Cost of revenues | (25,429) | (32,490) | (5,488) | (17,197) | ||||||||
| Gross profit (loss) | (1,161) | (11,614) | 539 | (2,280) | ||||||||
| Operating expenses: | ||||||||||||
| Research and development | 73,817 | 92,676 | 13,489 | 22,107 | ||||||||
| Sales and marketing | 7,474 | 8,777 | 1,722 | 1,999 | ||||||||
| General and administrative | 19,466 | 19,535 | 4,577 | 5,412 | ||||||||
| Total operating expenses | 100,757 | 120,988 | 19,788 | 29,518 | ||||||||
| Operating loss | (101,918) | (132,602) | (19,249) | (31,798) | ||||||||
| Financial income, net | 7,328 | 9,790 | 691 | 1,469 | ||||||||
| Loss before taxes on income | (94,590) | (122,812) | (18,558) | (30,329) | ||||||||
| Taxes on income | (167) | (642) | (38) | (122) | ||||||||
| Net loss | (94,757) | (123,454) | (18,596) | (30,451) | ||||||||
| Basic and diluted net loss per ordinary share | (0.57) | (0.84) | (0.11) | (0.18) | ||||||||
| Weighted average number of ordinary shares used in computing basic and diluted net loss per ordinary share | 167,216,070 | 147,480,521 | 168,858,283 | 165,121,766 | ||||||||
U.S. dollars in thousands
(Unaudited)
| December 31, | December 31, | 2024 | 2023 |
|---|---|---|---|
| ASSETS | |||
| CURRENT ASSETS: | |||
| Cash and cash equivalents | $25,365 | $26,283 | |
| Short-term restricted cash | 16 | 53 | |
| Bank deposits | 30,628 | 105,750 | |
| Marketable securities | 11,955 | 13,335 | |
| Trade receivables, net | 6,043 | 7,395 | |
| Inventory | 1,905 | 1,868 | |
| Prepaid expenses and other current assets | 6,707 | 5,774 | |
| Total current assets | 82,619 | 160,458 | |
| LONG-TERM ASSETS: | |||
| Marketable securities | - | 4,813 | |
| Restricted deposits | 2,725 | 2,623 | |
| Property and equipment, net | 23,432 | 25,770 | |
| Operating lease right-of-use assets, net | 23,194 | 25,486 | |
| Other long-term assets | 79 | 84 | |
| Total long-term assets | 49,430 | 58,776 | |
| Total assets | $132,049 | $219,234 | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||
| CURRENT LIABILITIES: | |||
| Trade payables | $8,813 | $8,036 | |
| Deferred revenues | 274 | 6,949 | |
| Employees and payroll accruals | 8,722 | 9,468 | |
| Accrued expenses and other current liabilities | 5,631 | 8,743 | |
| Operating lease liabilities | 4,330 | 4,034 | |
| Total current liabilities | 27,770 | 37,230 | |
| LONG-TERM LIABILITIES: | |||
| Operating lease liabilities | 25,264 | 28,475 | |
| Warrants liability | 86 | 240 | |
| Total long-term liabilities | 25,350 | 28,715 | |
| SHAREHOLDERS' EQUITY: | |||
| Ordinary Shares of no-par value | - | - | |
| Additional paid-in capital | 808,974 | 788,577 | |
| Accumulated deficit | (730,045) | (635,288) | |
| Total shareholders' equity | 78,929 | 153,289 | |
| Total liabilities and shareholders' equity | $132,049 | $219,234 | |
U.S. dollars in thousands
(Unaudited)
| Year Ended | December 31, | Three Months Ended | December 31, | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||
| Net loss | (94,757) | (123,454) | (18,596) | (30,451) | |||
| Adjustments required to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization | 7,786 | 9,192 | 1,592 | 3,947 | |||
| Remeasurement of warrants liability | (154) | (472) | 22 | (128) | |||
| Change in accrued interest on bank deposits | 1,939 | (1,051) | 1,048 | (709) | |||
| Change in marketable securities | (534) | (409) | (84) | - | |||
| Share-based compensation | 19,682 | 22,320 | 3,816 | 6,494 | |||
| Capital gain, net | (75) | - | (75) | - | |||
| Foreign exchange gain, net | (305) | (470) | (171) | (917) | |||
| Change in prepaid expenses and other assets | (437) | (782) | (3,351) | (341) | |||
| Change in trade receivables, net | 1,352 | (5,633) | (2,504) | (2,523) | |||
| Change in inventory | (37) | 2,368 | (678) | 2,970 | |||
| Change in operating lease assets and liabilities, net | (623) | 29 | 369 | 1,592 | |||
| Change in trade payables | (72) | 424 | 1,631 | 368 | |||
| Change in accrued expenses and other liabilities | (3,299) | 2,578 | 129 | 3,122 | |||
| Change in employees and payroll accruals | (746) | 333 | (987) | 1,156 | |||
| Change in deferred revenues | (6,675) | 1,974 | (4) | 1,400 | |||
| Net cash used in operating activities | (76,955) | (93,053) | (17,843) | (14,020) | |||
| Cash flows from investing activities: | |||||||
| Purchase of property and equipment | (4,412) | (6,579) | (1,191) | (481) | |||
| Proceeds from sales of property and equipment | 75 | - | 75 | - | |||
| Investment in bank deposits | (54,100) | (165,600) | (27,400) | (23,000) | |||
| Withdrawal of bank deposits | 127,300 | 141,500 | 38,700 | 29,000 | |||
| Investment in restricted deposits | (122) | (40) | - | - | |||
| Investment in marketable securities | (55,493) | (51,678) | (22,036) | (16,885) | |||
| Proceeds from sales and maturities of marketable securities | 62,220 | 83,461 | 26,930 | 21,586 | |||
| Net cash provided by investing activities | 75,468 | 1,064 | 15,078 | 10,220 | |||
| Cash flows from financing activities: | |||||||
| Issuance of ordinary shares, net of issuance cost | - | 61,400 | - | (534) | |||
| Proceeds from exercise of options | 224 | 456 | 55 | 50 | |||
| Net cash provided by (used in) financing activities | 224 | 61,856 | 55 | (484) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 308 | 515 | 126 | 787 | |||
| Decrease in cash, cash equivalents and restricted cash | (955) | (29,618) | (2,584) | (3,497) | |||
| Cash, cash equivalents and restricted cash at the beginning of the period | 26,336 | 55,954 | 27,965 | 29,833 | |||
| Cash, cash equivalents and restricted cash at the end of the period | $25,381 | $26,336 | $25,381 | $26,336 | |||
SOURCE Innoviz Technologies