Innoviz Technologies Provides Commercial Updates and Reports Third Quarter 2022 Financial Results USA – English – USA – English – PR Newswire
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09 Nov, 2022, 13:00 IST
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New customer win in Asia expands Innoviz’s geographic footprint and adds new leading autonomous driving platform partner
Innoviz grew its forward-looking order book to $6.9 billion, upgraded production throughput, shipped D-Sample units to customers, and accelerated its momentum in non-automotive markets
TEL AVIV, Israel, Nov. 9, 2022 /PRNewswire/ — Innoviz Technologies Ltd. (NASDAQ: INVZ) (the “Company” or “Innoviz”), a Tier-1 supplier of high-performance, solid-state LiDAR sensors and perception software, today provided updates on commercial progress, technology leadership, and corporate developments and reported its financial results for the third quarter ended September 30, 2022.
Management Commentary
“Our results in the third quarter underscore our ongoing strategic execution and the substantial progress we are making to strengthen our position as a Tier-1 supplier to the world’s top car makers, along with a rapidly growing list of non-automotive customers,” said Omer Keilaf, CEO of Innoviz. “We are proud of our latest OEM program win in Asia and our recent customer momentum, having posted a win in back-to-back quarters. We are encouraged by our robust pipeline, which includes many of the world’s largest OEMs, in addition to the well-known names that are already in our order book. We are excited with where Innoviz stands today, and as we look ahead, we are confident in our ability to maintain our position as a leader in our industry as we continue to deliver for our customers.”
Commercial Progress
As previously announced on September 8, 2022, an Asia-based, emerging global EV leader selected Innoviz to serve as its direct LiDAR supplier for series production passenger vehicles. Innoviz plans to supply the emerging EV leader with the InnovizTwo LiDAR sensor for its production vehicles, further strengthening the Company’s leadership in L3 automation around the world.
Innoviz is accelerating its production and design efforts and positioning the business to continue growing and delivering for customers across the automotive space.
Technology Leadership
Innoviz remains committed to investing in technology development and perception software.
Innoviz also remains focused on leveraging the maturity of InnovizOne to benefit non-automotive segments, expanding its global market reach further beyond the automotive industry. During the quarter, Innoviz announced three new strategic projects with existing and new non-automotive partners:
Corporate Developments
To better position itself for long-term growth, Innoviz moved its corporate headquarters to a new facility in Rosh Ha’ayin, Israel. The move included the Company’s Israel-based production lines, and the resulting downtime and re-installation was used for meaningful improvements in its systems. These upgrades have resulted in substantially reduced cycle times and a significant improvement in throughput for the calibration and testing processes. The move has eliminated a key bottleneck in the overall production process that will enable more InnovizOne units to be sold into non-automotive markets beginning in the fourth quarter of 2022 and ramping into 2023.
Third Quarter 2022 Financial Results
Revenues in the third quarter of 2022 were $0.9 million, compared to $2.1 million in the third quarter of 2021, with revenues impacted primarily by downtime from the Company’s headquarter move and related testing and calibration system upgrades. The Company expects InnovizOne sales to normalize in the fourth quarter of 2022.
Operating expenses in the third quarter of 2022 were $31.3 million, compared to $30.0 million in the third quarter of 2021. Operating expenses in the third quarter of 2022 included $4.9 million of share-based compensation compared to $8.2 million of share-based compensation in the third quarter of 2021. The increase in operating expenses in the third quarter of 2022 compared to the third quarter of 2021 was primarily due to an increase in head count, partially offset by a decrease in share-based compensation.
Research and development expenses in the third quarter of 2022 were $24.2 million, an increase from $20.6 million in the third quarter of 2021. Research and development expenses in the third quarter of 2022 included $3.2 million attributable to share-based compensation compared to $3.7 million in the third quarter of 2021.
Innoviz maintains a high liquidity level with approximately $218 million in cash, short term deposits, short term restricted cash and marketable securities as of September 30, 2022.
Guidance
Innoviz reaffirms the following 2022 guidance it has previously provided:
Conference Call
Innoviz management will hold a web conference today, November 9, 2022, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these results. 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 Technologies
Innoviz is a global leader in LiDAR technology, 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 www.innoviz-tech.com
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Media Contact
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Investor Contact (US) Investor Contact (Israel)
Rob Moffatt Maya Lustig
VP, Corporate Development & IR Director, Investor Relations
Innoviz Technologies Innoviz Technologies
+1 (203) 665-8644 +972 54 677 8100
[email protected] [email protected]
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, Innoviz’s forward-looking order book, and Innoviz’s projected future 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. “Forward-looking order book” is the cumulative projected future sales of hardware and perception software based on current estimates of volumes and pricing relating to a project. Many factors could cause actual future events, and, in the case of our forward-looking order book, actual orders, 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 ability to identify and realize additional opportunities, and potential changes and developments in the highly competitive LiDAR technology and related industries. 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 filed with the SEC on March 30, 2022 and 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)
Nine Months Ended
Three Months Ended
September 30,
September 30,
2022
2021
2022
2021
(Unaudited)
(Unaudited)
Revenues
$
4,449
$
3,811
$
878
$
2,076
Cost of revenues
(10,677)
(5,737)
(4,593)
(2,201)
Gross loss
(6,228)
(1,926)
(3,715)
(125)
Operating expenses:
Research and development
68,862
69,397
24,162
20,576
Selling and marketing
7,875
20,834
2,494
3,652
General and administrative
14,341
30,179
4,597
5,753
Total operating expenses
91,078
120,410
31,253
29,981
Operating loss
(97,306)
(122,336)
(34,968)
(30,106)
Financial income, net
4,852
2,827
812
3,735
Loss before taxes on income
(92,454)
(119,509)
(34,156)
(26,371)
Taxes on income
(97)
(132)
(49)
(60)
Net loss
$
(92,551)
$
(119,641)
$
(34,205)
$
(26,431)
Basic and diluted net loss per ordinary share
$
(0.69)
$
(1.35)
$
(0.25)
$
(0.20)
Weighted average number of ordinary shares used
in computing basic and diluted net loss
per ordinary share
134,939,362
92,115,826
135,602,409
133,430,689
INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
September 30,
December 31,
2022
2021
ASSETS
(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents
$
32,593
$
23,640
Short term restricted cash
723
901
Bank deposits
135,546
230,483
Marketable securities
34,602
11,607
Trade receivables
778
513
Inventory
4,708
4,256
Prepaid expenses and other current assets
3,254
3,029
Total current assets
212,204
274,429
LONG-TERM ASSETS:
Marketable securities
14,450
38,289
Restricted deposits
2,509
–
Property and equipment, net
28,246
14,502
Operating lease right-of-use assets, net
26,523
–
Total long-term assets
71,728
52,791
Total assets
$
283,932
$
327,220
CURRENT LIABILITIES:
Trade payables
$
5,383
$
5,764
Advances from customers and deferred revenues
1,243
196
Employees and payroll accruals
9,879
8,997
Accrued expenses and other current liabilities
8,969
6,708
Operating lease liabilities
2,557
–
Total current liabilities
28,031
21,665
LONG-TERM LIABILITIES:
Advances from customers and deferred revenues
3,804
4,517
Other liabilities
–
597
Operating lease liabilities
29,913
–
Warrants liability
1,275
1,639
Total long-term liabilities
34,992
6,753
SHAREHOLDERS’ EQUITY:
Ordinary Shares of no-par value
–
–
Additional paid-in capital
698,422
683,764
Accumulated deficit
(477,513)
(384,962)
Total shareholders’ equity
220,909
298,802
Total liabilities and shareholders’ equity
$
283,932
$
327,220
INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Nine Months
Ended
September 30,
Three Months
Ended
September 30,
2022
2021
2022
2021
(Unaudited)
(Unaudited)
Cash flows from operating activities:
Net loss
$
(92,551)
$
(119,641)
$
(34,205)
$
(26,431)
Adjustments required to reconcile net loss to net cash used in
operating activities:
Depreciation and amortization
5,929
2,024
1,737
699
Remeasurement of warrants liability
(335)
(2,744)
454
(3,589)
Increase in accrued interest on bank deposits
(567)
–
(322)
–
Remeasurement of marketable securities
844
–
137
–
Share–based compensation
14,097
59,827
4,932
8,165
Foreign exchange loss (gain), net
1,421
(137)
201
(80)
Decrease (increase) in prepaid expenses and other assets
(289)
(1,136)
2,897
4,612
Decrease (increase) in trade receivables
(265)
1,373
297
866
Increase in inventory
(452)
(2,447)
(57)
(947)
Changes in operating lease assets and liabilities, net
5,483
–
5,913
–
Decrease in trade payables
(381)
(4,361)
(441)
(7,131)
Increase in accrued expenses and other liabilities
283
1,344
1,468
474
Increase (decrease) in employees and payroll accruals
882
2,143
1,440
(2,019)
Increase (decrease) in advances from customers and deferred revenues
334
570
91
(968)
Net cash used in operating activities
(65,567)
(63,185)
(15,458)
(26,349)
Cash flows from investing activities:
Purchase of property and equipment
(17,739)
(2,998)
(12,713)
(864)
Investment in bank deposits
(79,500)
(215,000)
(29,500)
(20,000)
Withdrawal of bank deposits
175,000
30,000
40,000
30,000
Decrease (increase) in restricted deposits
(2,633)
56
(53)
55
Net cash provided by (used in) investing activities
75,128
(187,942)
(2,266)
9,191
Cash flows from financing activities:
Cash received from Transactions, net of issuance cost
–
122,728
–
–
Issuance of ordinary shares, net of issuance cost
–
217,343
–
–
Proceeds from exercise of options
507
690
214
222
Repayment of loans
–
(179)
–
(46)
Net cash provided by financing activities
507
340,582
214
176
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(1,293)
216
(171)
196
Increase (decrease) in cash, cash equivalents and restricted cash
8,775
89,671
(17,681)
(16,786)
Cash, cash equivalents and restricted cash at beginning of the period
24,541
50,766
50,997
157,223
Cash, cash equivalents and restricted cash at end of the period
$
33,316
$
140,437
$
33,316
$
140,437
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SOURCE Innoviz Technologies
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