• |
To date Innoviz secured eight pre-production programs, five of which are listed below. These programs are with leading car makers and other diverse technology-backed companies for a variety of new use cases. This strong momentum,
together with Innoviz’s ability to serve overlapping customers’ needs, positions Innoviz for success in commercial negotiations.
|
• |
Innoviz has increased its forward-looking order book from $2.4B to $2.6B, to reflect the expansion of the shuttle program through the use of more LiDARs per shuttle.
|
• |
While Innoviz is extensively engaged with key customers in the L2-L3 automotive segment, the Company also expanded its product portfolio with the introduction of Innoviz360, an HD resolution, long range and low-cost surround LiDAR.
Innoviz360 will support newly received RFQs for L4 and is a step to expand Innoviz’s presence in the non-automotive space.
|
• |
The most recent five pre-production agreements are as follows:
|
o |
Obayashi Corporation, a major Japanese construction company, selected Innoviz’s LiDAR for the new automated tower crane system Obayashi developed as part of its recently announced autonomous solutions for excavation equipment and
the construction of concrete dams and backhoe loaders. Innoviz’s LiDAR enables the autonomous operation of Obayashi’s tower cranes, replacing manual crane operation and promoting safety and cost savings.
|
o |
Twinner, a German-based vehicle scanner provider for remarketing and inspection purposes, began testing InnovizOne LiDAR with its Digital Twinn® platform to enhance the capabilities of its sophisticated vehicle scanner. InnovizOne
LiDAR will provide a high-quality 360-degree view of the vehicle in order to better assess, inspect and evaluate a vehicle's condition.
|
o |
InnovizOne was integrated at three different companies for unique applications: (1) in primary sensors of the AD platform of Whale Dynamics, a Chinese “full stack” L4 autonomous driving developer
focused on AD and intelligent traffic applications, (2) for object and obstacle detection in pre-mapped areas by an Asian integrator across passenger and non-passenger programs, and (3) in autonomous crane systems of Syracuse, an Israel-based developer of a system augmenting tower cranes with autonomous operating capabilities.
|
• |
Successfully demonstrated the first B samples of the automotive-grade InnovizTwo LiDAR sensor. InnovizTwo is offered directly to car makers and Tier 1 companies. With superior performance and reduced cost, InnovizTwo addresses the needs
of the consumer car market to support affordable and safe Level 2 and Level 3 autonomy for a wide range of vehicles.
|
• |
Developed and introduced Innoviz360, a new patent-pending HD LiDAR category with 10x the performance and significantly lower cost compared to existing solutions. Innoviz believes Innoviz360 will allow it to expand its market share beyond
passenger cars and meet the needs of other use cases. Innoviz360 will be compatible with shuttles, robotaxis, and trucks in the automotive space (L4-L5) as well as additional non-automotive applications. Innoviz expects the 360 HD LiDAR
samples to be available in the fourth quarter of 2022.
|
• |
Released a Level 3 standardization white paper, established through the work of many years with several key vehicle manufacturers. The white paper is another industry milestone towards market consolidation and solidifying the LiDAR
requirements for the automotive space.
|
• |
While Innoviz is growing its product portfolio, it continues to strengthen its chipset through two new innovative components that will be available during 2023. An updated processing ASIC and a new detector chip will serve to support the
existing and new products that Innoviz will develop.
|
• |
Selected to participate in the prestigious LiDAR Sensor Standards Consortium led by fka GmbH, a Germany-based research and engineering services company with a history of leading similar automotive testing-standards efforts. The
consortium aims to establish standardization, guidelines, and a testing framework for LiDARs to ensure safe autonomous vehicles. The consortium also includes several OEMs and Tier 1 suppliers.
|
• |
Achieved compliance with automotive standard IATF 16949:2016. This standard is the most widely used quality management standard for the automotive industry and certifies that Innoviz has the process-oriented quality management systems to
enable continued improvements, prevent defects, and reduce variation and waste in the supply chain. The International Automotive Task Force (IATF) is charged with providing improved quality products to automotive consumers worldwide and is
composed of world-leading automotive manufacturers, including a key Innoviz partner, BMW.
|
• |
Innoviz management has increased its forward-looking order book to $2.6B, representing the cumulative projected future sales of hardware and perception software through 2030 based on current estimates of volumes and pricing. Innoviz is
currently in negotiations with several automotive customers and expects to sign serial production agreements, which will increase its order book by at least 30% by the end of 2022.
|
• |
Innoviz expects to secure ten pre-production programs during 2022.
|
Year Ended
|
||||||||
December 31,
|
||||||||
2021
|
2020
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Revenues
|
$
|
5,466
|
$
|
(9,364
|
)
|
|||
Cost of revenues
|
(10,488
|
)
|
(6,407
|
)
|
||||
Gross loss
|
(5,022
|
)
|
(15,771
|
)
|
||||
Operating expenses:
|
||||||||
Research and development
|
$
|
93,336
|
$
|
57,029
|
||||
Selling and marketing
|
23,735
|
5,430
|
||||||
General and administrative
|
35,560
|
3,753
|
||||||
Total operating expenses
|
152,631
|
66,212
|
||||||
Operating loss
|
(157,653
|
)
|
(81,983
|
)
|
||||
Financial income, net
|
4,378
|
655
|
||||||
Loss before taxes on income
|
(153,275
|
)
|
(81,328
|
)
|
||||
Taxes on income
|
(284
|
)
|
(183
|
)
|
||||
Net loss
|
$
|
(153,559
|
)
|
$
|
(81,511
|
)
|
||
Basic and diluted net loss per ordinary share
|
$
|
(1.54
|
)
|
$
|
(5.99
|
)
|
||
Weighted average number of ordinary shares
used in computing basic and diluted net loss
per ordinary share
|
102,859,891
|
16,514,910
|
December 31,
|
December 31,
|
|||||||
2021
|
2020
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
23,640
|
$
|
49,950
|
||||
Short term deposits
|
230,483
|
-
|
||||||
Marketable securities
|
11,607
|
-
|
||||||
Short-term restricted cash
|
901
|
8
|
||||||
Trade receivables
|
513
|
2,506
|
||||||
Inventory
|
4,256
|
2,164
|
||||||
Prepaid expenses and other current assets
|
3,029
|
3,287
|
||||||
Total current assets
|
274,429
|
57,915
|
||||||
LONG-TERM ASSETS:
|
||||||||
Marketable securities
|
38,289
|
-
|
||||||
Restricted deposits
|
-
|
864
|
||||||
Other long-term assets
|
-
|
537
|
||||||
Property and equipment, net
|
14,502
|
13,245
|
||||||
Total long-term assets
|
52,791
|
14,646
|
||||||
Total assets
|
$
|
327,220
|
$
|
72,561
|
||||
LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT)
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Trade payables
|
$
|
5,764
|
$
|
7,751
|
||||
Advances from customers and deferred revenues
|
196
|
1,661
|
||||||
Employees and payroll accruals
|
8,997
|
5,528
|
||||||
Accrued expenses and other current liabilities
|
6,708
|
2,579
|
||||||
Short term loan and current maturities
|
-
|
275
|
||||||
Total current liabilities
|
21,665
|
17,794
|
||||||
LONG-TERM LIABILITIES:
|
||||||||
Loan, net of current maturities
|
-
|
2,224
|
||||||
Long-term advances from customers and deferred revenues
|
4,517
|
3,473
|
||||||
Other long-term liabilities
|
597
|
-
|
||||||
Warrant liability
|
1,639
|
-
|
||||||
Total long-term liabilities
|
6,753
|
5,697
|
||||||
Convertible preferred shares
|
-
|
272,815
|
||||||
SHAREHOLDERS' EQUITY (DEFICIT):
|
||||||||
Ordinary shares of no-par value
|
*-
|
*-
|
||||||
Additional paid-in capital
|
683,764
|
7,658
|
||||||
Accumulated deficit
|
(384,962
|
)
|
(231,403
|
)
|
||||
Total shareholders' equity (deficit)
|
298,802
|
(223,745
|
)
|
|||||
Total liabilities, convertible preferred shares and shareholders' equity (deficit)
|
$
|
327,220
|
$
|
72,561
|
Year Ended
December 31,
|
||||||||
2021
|
2020
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(153,559
|
)
|
$
|
(81,511
|
)
|
||
Adjustments required to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation and amortization
|
3,960
|
2,661
|
||||||
Revaluation of warrant liabilities
|
(1,216
|
)
|
-
|
|||||
Increase in accrued interest and exchange rate on short-term and long-term deposits
|
(436
|
)
|
-
|
|||||
Amortization of premium, discount and accrued interest on marketable securities, net
|
104
|
-
|
||||||
Stock based compensation
|
64,736
|
3,196
|
||||||
Capital gain, net
|
(2,012
|
)
|
(6
|
)
|
||||
Issuance of Preferred C-1 Shares to a customer
|
-
|
14,800
|
||||||
Interest and foreign exchange gain
|
(577
|
)
|
(572
|
)
|
||||
Decrease (increase) in prepaid expenses and current assets
|
620
|
(1,296
|
)
|
|||||
Decrease (increase) in accounts receivable
|
1,993
|
(1,485
|
)
|
|||||
Increase in inventory
|
(2,092
|
)
|
(823
|
)
|
||||
Increase (decrease) in trade payables
|
(1,997
|
)
|
606
|
|||||
Increase (decrease) in accrued expenses and other liabilities
|
3,076
|
(820
|
)
|
|||||
Increase in employees and payroll accruals
|
3,469
|
2,111
|
||||||
Increase (decrease) in advances from customers and deferred revenues
|
(421
|
)
|
1,198
|
|||||
Net cash used in operating activities
|
(84,352
|
)
|
(61,941
|
)
|
||||
Cash flows from investing activities:
|
||||||||
Purchase of property and equipment
|
(3,784
|
)
|
(5,120
|
)
|
||||
Proceeds from sales of property and equipment
|
-
|
47
|
||||||
Withdrawal of (investment in) short term deposits, net
|
(230,047
|
)
|
34,720
|
|||||
Decrease (increase) in restricted deposits
|
56
|
(56
|
)
|
|||||
Investment in marketable securities
|
(50,000
|
)
|
-
|
|||||
Proceeds from sale of investee
|
2,178
|
-
|
||||||
Net cash provided by (used in) investing activities
|
(281,597
|
)
|
29,591
|
|||||
Cash flows from financing activities:
|
||||||||
Cash received from reverse capitalization, net of Issuance cost
|
122,220
|
-
|
||||||
Issue of ordinary shares, net of issuance cost
|
218,474
|
-
|
||||||
Proceeds from issuance of convertible preferred shares, net of issuance expenses
|
-
|
8,934
|
||||||
Proceeds from exercise of options
|
952
|
284
|
||||||
Repayment of loan
|
(2,638
|
)
|
(277
|
)
|
||||
Net cash provided by financing activities
|
339,008
|
8,941
|
||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
716
|
748
|
||||||
Decrease in cash, cash equivalents and restricted cash
|
(26,225
|
)
|
(22,661
|
)
|
||||
Cash, cash equivalents and restricted cash at beginning of the period
|
50,766
|
73,427
|
||||||
Cash, cash equivalents and restricted cash at end of the period
|
$
|
24,541
|
$
|
50,766
|