• |
Mobileye announced that it will integrate Innoviz LiDARs into its Mobileye Drive™ autonomous driving platform – the platform has been adopted by significant vehicle producers globally, including VW
Commercial Vehicles, Schaeffler/VDL, Holon, and Verne, and will include a suite of 9 InnovizTwo LiDARs per vehicle, driving significant unit volume. SOPs are slated for 2026, with volume expected to ramp in 2027.
|
• |
Bolstered financial position with approximately $80 million through a multi-year NRE payment plan – Innoviz announced
an approximately $80 million NRE payment plan with key customers; the majority of payments are expected in 2025 and 2026, with $40+ million in 2025.
|
• |
Demonstrated the integration of Innoviz Perception Software with NVIDIA DRIVE AGX Orin – at CES, Innoviz demonstrated the integration of its Perception
Software with NVIDIA’s autonomous driving and ADAS platform. Leveraging the NVIDIA Hyperion 8 platform, Innoviz will offer automakers a powerful combination of LiDAR sensors and software.
|
• |
Announced optimization of operations – Innoviz announced an optimization of its operations to extend its cash runway and accelerate progress towards profitability and free cash flow generation. The
actions will be implemented during the first half of 2025 and are expected to reduce cash outlays by approximately $12 million on an annualized basis.
|
• |
Completed registered direct offering of our securities – our February 2025 registered direct offering generated gross proceeds of approximately $40 million. The offering enhances the Company’s
resiliency and provides operational runway. We also believe these proceeds will help Innoviz reach key NRE milestones and ramp capacity ahead of program SOPs and volume production, and that our liquidity position is now part of Innoviz’s
competitive advantage.
|
• |
Continued to develop existing programs and advance potential new programs with notable OEMs – Innoviz continued to make progress with its existing customer programs, including L3 with VW, and to
advance on its pipeline of RFIs and RFQs. Innoviz’s RFI and RFQ processes with notable OEMs in Europe, North America, and Asia continued to advance on both L3 and L4 programs.
|
• |
Revenues of $50-$60 million
|
• |
An additional $20-$50 million of NRE bookings in 2025
|
• |
1-3 new program wins
|
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
|
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
|
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
|