• |
Third major series production design win in the automotive space.
|
• |
First design win for series production with the new generation Innoviz product, InnovizTwo.
|
• |
First design win for high volume series production with Innoviz as a direct supplier.
|
• |
Selection for a high-volume project by one of the world’s largest vehicle groups.
|
• |
Increase of forward-looking order book by $4 billion to a total of $6.6 billion (not including NRE, samples during development, production tools, and post-launch software services).
|
• |
A surge of confidence made by one of the largest vehicle groups in the world is likely to influence many other car makers.
|
• |
A joint announcement is expected following the first delivery milestone in the coming months.
|
• |
RFI/RFQ funnel: There are currently 12 different customers at different stages of the RFI/RFQ process. The company believes that the recently announced design win will accelerate these decisions to select Innoviz.
|
• |
China: Innoviz recently announced a collaboration with China- and Germany-based LiangDao, a global leading system provider of LiDAR sensing, to accelerate the introduction of series production solutions of high-resolution LiDAR
for the Chinese market, based on InnovizTwo.
|
• |
Production readiness: Targeting completion of InnovizOne production validation toward the launch of Innoviz’s existing series production programs next year.
|
• |
Sales and revenues: Innoviz is currently developing high-volume production tools for its new products, InnovizTwo and Innoviz360. Both products are expected to achieve improved margins and fast market penetration due to their ability
to provide a significantly stronger product fit compared to other solutions in the market today.
|
• |
Innoviz is increasing its forward-looking order book guidance by more than 150% to $6.6 billion, up from $2.6 billion projected last quarter.
|
• |
Innoviz currently has 12 prospective customers in RFIs and RFQs stages, up from 10 at our last earnings call.
|
• |
Innoviz expects to achieve its stated goal to secure 10 pre-production programs during 2022. To-date the company has secured 9.
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2022
|
2021
|
|||||||
(Unaudited)
|
||||||||
Revenues
|
$
|
1,774
|
$
|
727
|
||||
Cost of revenues
|
(2,431
|
)
|
(1,458
|
)
|
||||
Gross loss
|
(657
|
)
|
(731
|
)
|
||||
Operating expenses:
|
||||||||
Research and development
|
$
|
22,761
|
$
|
16,734
|
||||
Selling and marketing
|
2,971
|
1,552
|
||||||
General and administrative
|
5,329
|
1,421
|
||||||
Total operating expenses
|
31,061
|
19,707
|
||||||
Operating loss
|
(31,718
|
)
|
(20,438
|
)
|
||||
Financial income (expenses), net
|
1,510
|
(198
|
)
|
|||||
Loss before taxes on income
|
(30,208
|
)
|
(20,636
|
)
|
||||
Taxes on income
|
(20
|
)
|
(40
|
)
|
||||
Net loss
|
$
|
(30,228
|
)
|
$
|
(20,676
|
)
|
||
Basic and diluted net loss per ordinary share
|
$
|
(0.23
|
)
|
$
|
(1.50
|
)
|
||
Weighted average number of ordinary shares used in computing basic and diluted net loss per ordinary share
|
134,224,876
|
16,966,265
|
March 31,
|
December 31,
|
|||||||
2022
|
2021
|
|||||||
|
(Unaudited)
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
19,636
|
$
|
23,640
|
||||
Short term deposits
|
205,810
|
230,483
|
||||||
Marketable securities
|
15,180
|
11,607
|
||||||
Restricted cash
|
882
|
901
|
||||||
Trade receivables
|
1,104
|
513
|
||||||
Inventory
|
4,616
|
4,256
|
||||||
Prepaid expenses and other current assets
|
2,967
|
3,029
|
||||||
Total current assets
|
250,195
|
274,429
|
||||||
LONG-TERM ASSETS:
|
||||||||
Marketable securities
|
34,120
|
38,289
|
||||||
Property and equipment, net
|
13,762
|
14,502
|
||||||
Operating lease right-of-use assets, net
|
28,385
|
-
|
||||||
Total long-term assets
|
76,267
|
52,791
|
||||||
Total assets
|
$
|
326,462
|
$
|
327,220
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Trade payables
|
$
|
5,374
|
$
|
5,764
|
||||
Advances from customers and deferred revenues
|
175
|
196
|
||||||
Employees and payroll accruals
|
9,167
|
8,997
|
||||||
Accrued expenses and other current liabilities
|
3,948
|
6,708
|
||||||
Operating lease liabilities
|
1,209
|
-
|
||||||
Total current liabilities
|
19,873
|
21,665
|
||||||
LONG-TERM LIABILITIES:
|
||||||||
Advances from customers and deferred revenues
|
4,622
|
4,517
|
||||||
Other liabilities
|
-
|
597
|
||||||
Operating lease liabilities
|
27,862
|
-
|
||||||
Warrants liability
|
701
|
1,639
|
||||||
Total long-term liabilities
|
33,185
|
6,753
|
||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Ordinary Shares of no-par value
|
-
|
-
|
||||||
Additional paid-in capital
|
688,594
|
683,764
|
||||||
Accumulated deficit
|
(415,190
|
)
|
(384,962
|
)
|
||||
Total shareholders' equity
|
273,404
|
298,802
|
||||||
Total liabilities and shareholders' equity
|
$
|
326,462
|
$
|
327,220
|
Three Months Ended
March 31,
|
||||||||
2022
|
2021
|
|||||||
(Unaudited)
|
||||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(30,228
|
)
|
$
|
(20,676
|
)
|
||
Adjustments required to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation and amortization
|
2,148
|
652
|
||||||
Remeasurement of warrants liability
|
(938
|
)
|
-
|
|||||
Increase in accrued interest on short-term and long-term deposits
|
(327
|
)
|
-
|
|||||
Remeasurement of marketable securities
|
596
|
-
|
||||||
Share based compensation
|
4,708
|
1,775
|
||||||
Interest and foreign exchange loss (gain), net
|
(3
|
)
|
188
|
|||||
Decrease (increase) in prepaid expenses and other assets
|
7
|
(465
|
)
|
|||||
Increase in trade receivable
|
(591
|
)
|
(306
|
)
|
||||
Increase in inventories
|
(360
|
)
|
(948
|
)
|
||||
Changes in operating lease assets and liabilities, net
|
222
|
-
|
||||||
Decrease in trade payables
|
(390
|
)
|
(3,233
|
)
|
||||
Increase (decrease) in accrued expenses and other liabilities
|
(1,806
|
)
|
572
|
|||||
Increase in employees and payroll accruals
|
170
|
732
|
||||||
Increase in advances from customers and deferred revenues
|
84
|
1,351
|
||||||
Net cash used in operating activities
|
(26,708
|
)
|
(20,358
|
)
|
||||
Cash flows from investing activities:
|
||||||||
Purchase of property and equipment
|
(2,406
|
)
|
(716
|
)
|
||||
Investment in short term deposits
|
(5,000
|
)
|
-
|
|||||
Withdrawal of short term deposits
|
30,000
|
-
|
||||||
Decrease in restricted cash
|
-
|
2
|
||||||
Net cash provided (used) in investing activities
|
22,594
|
(714
|
)
|
|||||
Cash flows from financing activities:
|
||||||||
Receipts on Ordinary shares account
|
-
|
170,500
|
||||||
Proceeds from exercise of options
|
88
|
20
|
||||||
Repayment of loan
|
-
|
(58
|
)
|
|||||
Net cash provided by financing activities
|
88
|
170,462
|
||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
3
|
(277
|
)
|
|||||
Increase (decrease) in cash, cash equivalents and restricted cash
|
(4,023
|
)
|
149,113
|
|||||
Cash, cash equivalents and restricted cash at beginning of the period
|
24,541
|
50,766
|
||||||
Cash, cash equivalents and restricted cash at end of the period
|
$
|
20,518
|
$
|
199,879
|