• |
Full year 2023 revenues of approximately $21M exceeded guidance with year-over-year growth of 246%
|
• |
Q4 2023 revenues of approximately $15M exceeded guidance with 328% growth quarter-over-quarter and 846% growth year-over-year
|
• |
Strong revenue growth coupled with disciplined cost management led to the lowest quarterly cash burn since becoming a public company, finishing the year with approximately $150 million in cash and equivalents
|
• |
BMW i7 with InnovizOne available for sale now with deliveries planned March 2024 – The BMW i7 with the InnovizOne powered Personal Pilot L3 package is currently available for sale in Germany with
deliveries expected to begin in March 2024.
|
• |
Developing InnovizOne for new vehicle and geography with BMW – Innoviz has begun supporting software development specific to the Chinese market for a new deployment of the InnovizOne on BMW 5
Series vehicles in China working towards a commercial launch at a future date.
|
• |
Unveiled Volkswagen ID. Buzz light commercial vehicle program at CES – Innoviz unveiled the new ID. Buzz light commercial vehicle program at CES in January, marking the company’s second program
with the Volkswagen Group. Volumes from this program are incremental to the original series production award announced in 2022. The ID. Buzz is a light commercial vehicle aimed at the mobility market and will be a Level 4 program with
multiple LiDAR per vehicle. A test fleet of vehicles is already on the road in Austin, Texas, and we expect the program will become increasingly visible as it progresses towards a planned 2026 commercial launch.
|
• |
Collaborating with Mobileye on the Volkswagen ID. Buzz – Innoviz and Mobileye both displayed the new ID. Buzz light commercial vehicle program at CES, with both companies working together on the
Level 4 technology. Innoviz is supplying the InnovizTwo long-range LiDAR, while Mobileye is working with Volkswagen as the autonomy platform partner, integrating the broader sensor suite and software stack. Innoviz views Mobileye as a
strong partner and hopes to find additional opportunities to work with them on new platforms.
|
• |
Working towards additional growth opportunities with Volkswagen Group – Innoviz continues to work to secure additional vehicles and platforms within the Volkswagen Group, in addition to its initial
2022 series production award and the recently announced ID. Buzz program.
|
• |
Customer decisions expected for late 2023 continue to progress in 2024 – Several of the Company’s RFQs that were in the later stages and were expected to be completed by the end of 2023 continue to
make progress, despite decision timelines having been pushed into 2024.
|
• |
Strategic realignment – In late January 2024, Innoviz announced a strategic realignment that refocused the cost structure of the InnovizOne program after its transition into series production. The
Company also announced a concentration of future investments on the InnovizTwo sensor and software platform and used the realignment as an opportunity to integrate its hardware and software development units into a combined R&D
department. These realignment actions are expected to be completed during the first quarter of 2024 and to reduce planned cash outlays by $22-24 million on an annualized basis.
|
• |
New slim profile design for InnovizTwo – Innoviz unveiled a new, slimmer profile design for the InnovizTwo that can reduce the height of the sensor from 45mm to as small as 25mm. The new design was
created for a pipeline customer and can be particularly useful for customers exploring behind the windshield and rooftop LiDAR deployments.
|
• |
Secure 2-3 additional customer programs in 2024
|
• |
Secure $20-70 million of new NRE bookings in 2024
|
• |
Q1 2024 revenues are expected to be in the range of $5-6 million (+395-494% YoY)
|
INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
U.S. dollars in thousands (except share and per share data)
|
(Unaudited)
|
Year Ended
December 31,
|
Three Months Ended
December 31,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Revenues
|
$
|
20,876
|
$
|
6,026
|
$
|
14,917
|
$
|
1,577
|
||||||||
Cost of revenues
|
(32,490
|
)
|
(14,790
|
)
|
(17,197
|
)
|
(4,113
|
)
|
||||||||
Gross loss
|
(11,614
|
)
|
(8,764
|
)
|
(2,280
|
)
|
(2,536
|
)
|
||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
92,676
|
95,107
|
22,107
|
26,245
|
||||||||||||
Sales and marketing
|
8,777
|
10,300
|
1,999
|
2,425
|
||||||||||||
General and administrative
|
19,535
|
19,178
|
5,412
|
4,837
|
||||||||||||
Total operating expenses
|
120,988
|
124,585
|
29,518
|
33,507
|
||||||||||||
Operating loss
|
(132,602
|
)
|
(133,349
|
)
|
(31,798
|
)
|
(36,043
|
)
|
||||||||
Financial income, net
|
9,790
|
6,802
|
1,469
|
1,950
|
||||||||||||
Loss before taxes on income
|
(122,812
|
)
|
(126,547
|
)
|
(30,329
|
)
|
(34,093
|
)
|
||||||||
Taxes on income
|
(642
|
)
|
(325
|
)
|
(122
|
)
|
(228
|
)
|
||||||||
Net loss
|
$
|
(123,454
|
)
|
$
|
(126,872
|
)
|
$
|
(30,451
|
)
|
$
|
(34,321
|
)
|
||||
Basic and diluted net loss per ordinary share
|
$
|
(0.84
|
)
|
$
|
(0.94
|
)
|
$
|
(0.18
|
)
|
$
|
(0.25
|
)
|
||||
Weighted average number of ordinary shares used in computing basic and diluted net loss per ordinary share
|
147,480,521
|
135,224,312
|
165,121,766
|
136,059,472
|
INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
U.S. dollars in thousands
|
(Unaudited)
|
December 31,
|
December 31,
|
|||||||
2023
|
2022
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
26,283
|
$
|
55,718
|
||||
Short term restricted cash
|
53
|
236
|
||||||
Bank deposits
|
105,750
|
80,684
|
||||||
Marketable securities
|
13,335
|
41,681
|
||||||
Trade receivables, net
|
7,395
|
1,762
|
||||||
Inventory
|
1,868
|
4,236
|
||||||
Prepaid expenses and other current assets
|
5,774
|
3,236
|
||||||
Total current assets
|
160,458
|
187,553
|
||||||
LONG-TERM ASSETS:
|
||||||||
Marketable securities
|
4,813
|
7,840
|
||||||
Restricted deposits
|
2,623
|
2,543
|
||||||
Property and equipment, net
|
25,770
|
30,489
|
||||||
Operating lease right-of-use assets, net
|
25,486
|
26,927
|
||||||
Other long-term assets
|
84
|
81
|
||||||
Total long-term assets
|
58,776
|
67,880
|
||||||
Total assets
|
$
|
219,234
|
$
|
255,433
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Trade payables
|
$
|
8,036
|
$
|
8,367
|
||||
Deferred revenues
|
6,949
|
4,082
|
||||||
Employees and payroll accruals
|
9,468
|
8,693
|
||||||
Accrued expenses and other current liabilities
|
8,743
|
7,572
|
||||||
Operating lease liabilities
|
4,034
|
3,720
|
||||||
Total current liabilities
|
37,230
|
32,434
|
||||||
LONG-TERM LIABILITIES:
|
||||||||
Deferred revenues
|
-
|
61
|
||||||
Operating lease liabilities
|
28,475
|
30,201
|
||||||
Warrants liability
|
240
|
720
|
||||||
Total long-term liabilities
|
28,715
|
30,982
|
||||||
SHAREHOLDERS’ EQUITY:
|
||||||||
Ordinary Shares of no-par value
|
-
|
-
|
||||||
Additional paid-in capital
|
788,577
|
703,851
|
||||||
Accumulated deficit
|
(635,288
|
)
|
(511,834
|
)
|
||||
Total shareholders’ equity
|
153,289
|
192,017
|
||||||
Total liabilities and shareholders’ equity
|
$
|
219,234
|
$
|
255,433
|
INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
U.S. dollars in thousands
|
(Unaudited)
|
Year Ended
December 31, |
Three Months Ended
December 31, |
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Cash flows from operating activities:
|
||||||||||||||||
Net loss
|
$
|
(123,454
|
)
|
$
|
(126,872
|
)
|
$
|
(30,451
|
)
|
$
|
(34,321
|
)
|
||||
Adjustments required to reconcile net loss to net cash used in operating activities:
|
||||||||||||||||
Depreciation and amortization
|
9,192
|
7,472
|
3,947
|
1,543
|
||||||||||||
Remeasurement of warrants liability
|
(472
|
)
|
(890
|
)
|
(128
|
)
|
(555
|
)
|
||||||||
Change in accrued interest on bank deposits
|
(1,051
|
)
|
(705
|
)
|
(709
|
)
|
(138
|
)
|
||||||||
Change in marketable securities
|
(409
|
)
|
375
|
-
|
(469
|
)
|
||||||||||
Share-based compensation
|
22,320
|
19,449
|
6,494
|
5,352
|
||||||||||||
Capital gain, net
|
-
|
(44
|
)
|
-
|
(44
|
)
|
||||||||||
Foreign exchange loss (gain), net
|
(470
|
)
|
1,233
|
(917
|
)
|
(188
|
)
|
|||||||||
Change in prepaid expenses and other assets
|
(782
|
)
|
(377
|
)
|
(341
|
)
|
(88
|
)
|
||||||||
Change in trade receivables, net
|
(5,633
|
)
|
(1,249
|
)
|
(2,523
|
)
|
(984
|
)
|
||||||||
Change in inventory
|
2,368
|
20
|
2,970
|
472
|
||||||||||||
Changes in operating lease assets and liabilities, net
|
29
|
6,530
|
1,592
|
1,047
|
||||||||||||
Change in trade payables
|
424
|
1,082
|
368
|
1,463
|
||||||||||||
Change in accrued expenses and other liabilities
|
2,578
|
607
|
3,122
|
324
|
||||||||||||
Change in employees and payroll accruals
|
333
|
(304
|
)
|
1,156
|
(1,186
|
)
|
||||||||||
Change in deferred revenues
|
1,974
|
262
|
1,400
|
(72
|
)
|
|||||||||||
Net cash used in operating activities
|
(93,053
|
)
|
(93,411
|
)
|
(14,020
|
)
|
(27,844
|
)
|
||||||||
Cash flows from investing activities:
|
||||||||||||||||
Purchase of property and equipment
|
(6,579
|
)
|
(22,567
|
)
|
(481
|
)
|
(4,828
|
)
|
||||||||
Proceeds from sales of property and equipment
|
-
|
54
|
-
|
54
|
||||||||||||
Investment in bank deposits
|
(165,600
|
)
|
(79,500
|
)
|
(23,000
|
)
|
-
|
|||||||||
Withdrawal of bank deposits
|
141,500
|
230,000
|
29,000
|
55,000
|
||||||||||||
Investment in restricted deposits
|
(40
|
)
|
(2,633
|
)
|
-
|
-
|
||||||||||
Investment in marketable securities
|
(51,678
|
)
|
(30,103
|
)
|
(16,885
|
)
|
(8,508
|
)
|
||||||||
Proceeds from sales and maturities of marketable securities
|
83,461
|
30,103
|
21,586
|
8,508
|
||||||||||||
Net cash provided by investing activities
|
1,064
|
125,354
|
10,220
|
50,226
|
||||||||||||
Cash flows from financing activities:
|
||||||||||||||||
Issuance of ordinary shares, net of issuance cost
|
61,400
|
-
|
(534
|
)
|
-
|
|||||||||||
Proceeds from exercise of options
|
456
|
609
|
50
|
102
|
||||||||||||
Net cash provided by (used in) financing activities
|
61,856
|
609
|
(484
|
)
|
102
|
|||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
515
|
(1,139
|
)
|
787
|
154
|
|||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash
|
(29,618
|
)
|
31,413
|
(3,497
|
)
|
22,638
|
||||||||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
55,954
|
24,541
|
29,833
|
33,316
|
||||||||||||
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
26,336
|
$
|
55,954
|
$
|
26,336
|
$
|
55,954
|