|
• Record revenues and
gross margins showcase the Company’s progress toward achieving full-
year targets and long-term goals
|
|
• Accelerating LiDAR
shipments to Volkswagen Autonomous Mobility for ID. Buzz AD on the
Mobileye Drive™ platform ahead of fleet deployments by MOIA and Uber; Fabrinet
partnership to support volume production
|
|
• Expansion of NRE
payment plan to approximately $95M underscores customer commitment to
the InnovizTwo platform
|
|
• Growing momentum with
NVIDIA and Hyperion platform, and progress with a major OEM
evaluating Hyperion for potential integration
|
| • |
Delivering LiDAR Platform units to Volkswagen Autonomous Mobility – expanded our collaboration with VW to accelerate the integration of InnovizTwo LiDARs into the ID. Buzz AD, VW’s L4 autonomous shuttle, in
support of planned market deployment in multiple European and US cities beginning in 2026.
|
| • |
Partnered with Fabrinet to launch InnovizTwo Mass Production –
this partnership will allow Innoviz to ramp its LiDARs to volume with a manufacturing partner that has automotive-grade facilities around the world, allowing for flexible and cost-effective production. We expect that the ramp at Fabrinet will
accelerate revenue generation from LiDAR sales.
|
| • |
Further bolstered financial position by expanding NRE payment plan –
Innoviz announced that it has expanded the NRE payment plan with key customers announced in December 2024 to approximately $95 million from approximately $80 million; cash payments are expected between 2025 and 2027. These payments will be
incremental to revenues generated from ongoing sales of LiDAR products.
|
| • |
Developing opportunities with new OEMs – we are in various stages
of the sourcing process with several OEMs; in particular, we see growing momentum in our relationship with NVIDIA and its Hyperion platform, and are making progress with a major OEM evaluating Hyperion for potential integration.
|
| • |
Growing traction in non-automotive applications – with its
automotive-grade LiDARs, Innoviz has an opportunity to generate significant value for customers outside the automotive sector, and expand its available market. We are shipping samples and launching a version of our product specially tuned for
this market.
|
| • |
Limited current impact from new US tariff regime – Innoviz continues to carefully monitor the ongoing and highly dynamic tariff situation in the US. We believe we have the flexibility to adapt as needed given
the timing of our customer ramps and our manufacturing relationship with Fabrinet.
|
| • |
Revenues of $50-$60 million, more than 2x 2024 levels;
|
| • |
An additional $20-$50 million of NRE bookings in 2025, a portion of which has already been booked; and
|
| • |
1-3 new program wins
|
|
Three Months Ended
March 31,
|
||||||||
|
2025
|
2024
|
|||||||
|
Revenues
|
$
|
17,390
|
$
|
7,057
|
||||
|
Cost of revenues
|
(10,408
|
)
|
(8,354
|
)
|
||||
|
Gross profit (loss)
|
6,982
|
(1,297
|
)
|
|||||
|
Operating expenses:
|
||||||||
|
Research and development
|
14,830
|
23,845
|
||||||
|
Sales and marketing
|
1,721
|
2,400
|
||||||
|
General and administrative
|
4,455
|
5,444
|
||||||
|
Total operating expenses
|
21,006
|
31,689
|
||||||
|
Operating loss
|
(14,024
|
)
|
(32,986
|
)
|
||||
|
Financial income, net
|
1,416
|
2,901
|
||||||
|
Loss before taxes on income
|
(12,608
|
)
|
(30,085
|
)
|
||||
|
Taxes on income
|
(34
|
)
|
(53
|
)
|
||||
|
Net loss
|
$
|
(12,642
|
)
|
$
|
(30,138
|
)
|
||
|
Basic and diluted net loss per ordinary share
|
$
|
(0.07
|
)
|
$
|
(0.18
|
)
|
||
|
Weighted average number of ordinary shares used in computing basic and diluted net loss per ordinary share
|
185,534,529
|
165,666,183
|
||||||
|
March 31,
|
December 31,
|
|||||||
|
2025
|
2024
|
|||||||
|
ASSETS
|
||||||||
|
CURRENT ASSETS:
|
||||||||
|
Cash and cash equivalents
|
$
|
13,369
|
$
|
25,365
|
||||
|
Short-term restricted cash
|
16
|
16
|
||||||
|
Bank deposits
|
62,842
|
30,628
|
||||||
|
Marketable securities
|
9,172
|
11,955
|
||||||
|
Trade receivables, net
|
17,661
|
6,043
|
||||||
|
Inventory
|
1,704
|
1,905
|
||||||
|
Prepaid expenses and other current assets
|
3,867
|
6,707
|
||||||
|
Total current assets
|
108,631
|
82,619
|
||||||
|
LONG-TERM ASSETS:
|
||||||||
|
Restricted deposits
|
2,598
|
2,725
|
||||||
|
Property and equipment, net
|
23,214
|
23,432
|
||||||
|
Operating lease right-of-use assets, net
|
22,598
|
23,194
|
||||||
|
Other long-term assets
|
83
|
79
|
||||||
|
Total long-term assets
|
48,493
|
49,430
|
||||||
|
Total assets
|
$
|
157,124
|
$
|
132,049
|
||||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
|
CURRENT LIABILITIES:
|
||||||||
|
Trade payables
|
$
|
5,039
|
$
|
8,813
|
||||
|
Deferred revenues
|
1,218
|
274
|
||||||
|
Employees and payroll accruals
|
8,873
|
8,722
|
||||||
|
Accrued expenses and other current liabilities
|
5,905
|
5,631
|
||||||
|
Operating lease liabilities
|
4,257
|
4,330
|
||||||
|
Total current liabilities
|
25,292
|
27,770
|
||||||
|
LONG-TERM LIABILITIES:
|
||||||||
|
Operating lease liabilities
|
24,029
|
25,264
|
||||||
|
Warrants liability
|
38
|
86
|
||||||
|
Total long-term liabilities
|
24,067
|
25,350
|
||||||
|
SHAREHOLDERS’ EQUITY:
|
||||||||
|
Ordinary Shares of no-par value
|
-
|
-
|
||||||
|
Additional paid-in capital
|
850,452
|
808,974
|
||||||
|
Accumulated deficit
|
(742,687
|
)
|
(730,045
|
)
|
||||
|
Total shareholders’ equity
|
107,765
|
78,929
|
||||||
|
Total liabilities and shareholders’ equity
|
$
|
157,124
|
$
|
132,049
|
||||
|
Three Months Ended
March 31,
|
||||||||
|
2025
|
2024
|
|||||||
|
Cash flows from operating activities:
|
||||||||
|
Net loss
|
$
|
(12,642
|
)
|
$
|
(30,138
|
)
|
||
|
Adjustments required to reconcile net loss to net cash used in operating activities:
|
||||||||
|
Depreciation and amortization
|
1,377
|
2,495
|
||||||
|
Remeasurement of warrants liability
|
(48
|
)
|
(86
|
)
|
||||
|
Change in accrued interest on bank deposits
|
(337
|
)
|
(787
|
)
|
||||
|
Change in marketable securities
|
(62
|
)
|
(158
|
)
|
||||
|
Share-based compensation
|
4,754
|
6,510
|
||||||
|
Foreign exchange loss (gain), net
|
154
|
(46
|
)
|
|||||
|
Change in prepaid expenses and other assets
|
2,129
|
2,170
|
||||||
|
Change in trade receivables, net
|
(11,618
|
)
|
7,058
|
|||||
|
Change in inventory
|
201
|
(144
|
)
|
|||||
|
Change in operating lease assets and liabilities, net
|
(712
|
)
|
(580
|
)
|
||||
|
Change in trade payables
|
(3,577
|
)
|
(2,067
|
)
|
||||
|
Change in accrued expenses and other liabilities
|
523
|
(835
|
)
|
|||||
|
Change in employees and payroll accruals
|
154
|
1,106
|
||||||
|
Change in deferred revenues
|
944
|
(6,367
|
)
|
|||||
|
Net cash used in operating activities
|
(18,760
|
)
|
(21,869
|
)
|
||||
|
Cash flows from investing activities:
|
||||||||
|
Purchase of property and equipment
|
(1,915
|
)
|
(1,149
|
)
|
||||
|
Investment in bank deposits
|
(44,300
|
)
|
(14,000
|
)
|
||||
|
Withdrawal of bank deposits
|
12,500
|
25,000
|
||||||
|
Investment in restricted deposits
|
-
|
(67
|
)
|
|||||
|
Investment in marketable securities
|
(14,892
|
)
|
(938
|
)
|
||||
|
Proceeds from sales and maturities of marketable securities
|
17,737
|
895
|
||||||
|
Net cash provided by (used in) investing activities
|
(30,870
|
)
|
9,741
|
|||||
|
Cash flows from financing activities:
|
||||||||
|
Issuance of ordinary shares and warrants, net of issuance cost
|
37,596
|
-
|
||||||
|
Proceeds from exercise of options
|
142
|
42
|
||||||
|
Net cash provided by financing activities
|
37,738
|
42
|
||||||
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(104
|
)
|
74
|
|||||
|
Decrease in cash, cash equivalents and restricted cash
|
(11,996
|
)
|
(12,012
|
)
|
||||
|
Cash, cash equivalents and restricted cash at the beginning of the period
|
25,381
|
26,336
|
||||||
|
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
13,385
|
$
|
14,324
|
||||