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Innoviz Technologies Reports 2021 First Quarter Financial Results

Innoviz_Technologies_LogoTEL AVIV, Israel, May 12, 2021 — (PRNewswire) —   Innoviz Technologies (NASDAQ: INVZ), a technology leader of high-performance, solid-state LiDAR sensors and perception software, today reported its financial results and certain forward-looking guidance for the first quarter ended March 31, 2021 as well as subsequent operational updates on commercial traction, technology leadership and corporate development.

Commercial Traction

Technology Leadership

Corporate Development

"The last several months began with sample orders from prospective customers around the globe and have culminated with today's major design win with a customer we've been engaged with for several years," said Omer Keilaf, CEO and Co-Founder of Innoviz. "Along with our ongoing commitment with BMW to produce LiDARs for its autonomous vehicle program, we've also been engaging with many key players who are evaluating InnovizOne for use in nearly every application, from security to drone transport and beyond."

"The overwhelmingly positive customer sentiment makes us confident in our ability to continue winning new business. In terms of capacity, our recent improvements to our line in Jena, Germany, which we are replicating throughout our entire supply chain, and the ramp-up of a high-volume production line in Michigan, will provide us with enough hardware to provide samples for evaluation and meet future order volumes. As we enter the latter half of the year, we are focused on increasing market access to InnovizOne, enhancing our market exposure in several key sectors, making progress on design validation for InnovizTwo and leveraging existing partnerships to bring new customers into the pipeline."

First Quarter 2021 Financial Results

Total revenues for Q1 2021 were $728 thousand. InnovizOne related sales in Q1 2021 increased by 48% to $682 thousand and represented 94% of revenues in the quarter, compared to $459 thousand, or 55% of revenues, in Q1 2020. Innoviz expects the portion of revenues from sales related to InnovizOne LiDARs to increase as production is increased to meet order volumes.

Operating expenses for Q1 2021 increased 9% to $19.7 million from $18.1 million in Q1 2020. The increase in expenses was driven primarily by increased investment in research and development and an increase in general and administrative expenses due to the Company becoming publicly traded. Innoviz anticipates that 80% of operating expenses in 2021 will be spent on research and development, with the remainder to be primarily spent on business development initiatives and marketing activities.

Innoviz had $199.1 million in cash at March 31, 2021 compared to $50.0 million at December 31, 2020. The increase in cash is a result of a portion of the PIPE proceeds received in escrow as a part of the business combination closed on April 5, 2021. Innoviz remains focused on using its cash to make strategic investments in research and development, sales and marketing, and production yields.

Forward-Looking Guidance

As a result of Innoviz's commitment with BMW to produce LiDARs for its autonomous vehicle program, as well as the autonomous shuttle design win announced today, Innoviz is issuing the guidance shown below. Innoviz defines forward-looking order book as the cumulative projected future sales of hardware and perception software through 2030 based on estimated volumes and pricing.

Conference Call

Innoviz management will hold a conference call today, May 12, 2021 at 8:00 a.m. Eastern time (5:00 a.m. Pacific time) to discuss these results. Innoviz CEO Omer Keilaf and CFO Eldar Cegla will host the call, followed by a question and answer session.

All are invited to listen to the event by registering for the webinar here.

The webinar can also be accessed by telephone through the following details:

iPhone one-tap:
US: +14086380968, 83470700520#
Israel: +972553301762, 83470700520#

Telephone:
US: +1 408 638 096
Israel: +972 55 330 1762

Webinar ID: 834 7070 0520
Passcode: 872034

A replay of the webinar will also be available shortly after the call in the Investors section of Innoviz's website for 90 days.

About Innoviz Technologies   

Innoviz is a leading provider of technology that will put autonomous vehicles on roads. Innoviz's LiDAR technology can "see" better than a human driver and meets the automotive industry's strict expectations for performance, safety and price. Selected by BMW for its fully autonomous car program, Innoviz's technology will be deployed in its consumer vehicles. Innoviz is backed by top-tier strategic partners and investors, including SoftBank Ventures Asia, Samsung, Magna International, Aptiv, Magma Venture Partners, and others. For more information visit:  www.innoviz.tech.

Cautionary Note Regarding Forward Looking Statements

This announcement contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by Innoviz, the anticipated technological capability of Innoviz's products, the markets in which Innoviz operates, Innoviz's forward-looking order book, Innoviz's projected revenue and other future financial and operational results. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this announcement, including but not limited to, the ability to implement business plans, forecasts, and other expectations, the ability to identify and realize additional opportunities, and potential changes and developments in the highly competitive LiDAR technology and related industries. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in Innoviz's annual report on Form 20-F filed with the Securities and Exchange Commission (the "SEC") on April 21, 2021 and other documents filed by Innoviz from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Innoviz assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Innoviz gives no assurance that it will achieve its expectations.

Contact Information
Email Contact

Investor Contact
Maya Lustig
Innoviz Technologies
+972 54 677 8100
Email Contact

Gateway Investor Relations
Cody Slach or Matt Glover
(949) 574-3860
Email Contact

 

 

 

INNOVIZ TECHNOLOGIES LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands (except share and per share data)

 
   

Three Months Ended March 31,

 
   

2020

 

2021

 
   

(Unaudited)

 
           

Revenues

$

838

$

728

 

Cost of revenues

 

(2,102)

 

(1,459)

 

Gross loss

 

(1,264)

 

(731)

 

Operating expenses:

         

Research and development

$

15,738

$

16,733

 

Selling and marketing

 

1,499

 

1,552

 

General and administrative

 

828

 

1,421

 

Total operating expenses

 

18,065

 

19,706

 

Operating loss

 

(19,329)

 

(20,437)

 

Financial expenses, net

 

(370)

 

(199)

 

Loss before taxes on income

 

(19,699)

 

(20,636)

 

Taxes on income

 

(70)

 

(40)

 

Net loss

$

(19,769)

$

(20,676)

 

Basic and diluted net loss per ordinary share

$

(1.47)

$

(1.50)

 

Weighted average number of ordinary shares used in
computing basic and diluted net loss per ordinary share

 

16,269,490

 

16,966,265

 
           

 

 

INNOVIZ TECHNOLOGIES LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

 
   

December 31,

 

March 31,

 
   

2020

 

2021

 
     

(Unaudited)

 

ASSETS

         

CURRENT ASSETS:

         

Cash and cash equivalents

$

49,950

$

199,092

 

Restricted deposits

 

8

 

8

 

Trade receivables

 

2,506

 

2,812

 

Inventories

 

2,164

 

3,112

 

Prepaid expenses and other current assets

 

3,287

 

4,126

 

Total current assets

 

57,915

 

209,150

 

LONG-TERM ASSETS:

         

Restricted deposits

 

864

 

833

 

Other long-term assets

 

537

 

26,369

 

Property and equipment, net

 

13,245

 

13,309

 

Total long-term assets

 

14,646

 

40,511

 

Total assets

$

72,561

$

249,661

 

LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' DEFICIT

         

CURRENT LIABILITIES:

         

Trade payables

$

7,751

$

4,518

 

Advances from customers and deferred revenues

 

1,661

 

3,012

 

Employees and payroll accruals

 

5,528

 

6,260

 

Accrued expenses and other current liabilities

 

2,854

 

29,632

 

Receipts on Ordinary Shares account

 

-

 

170,500

 

Total current liabilities

 

17,794

 

213,922

 

LONG-TERM LIABILITIES:

         

Loan, net of current maturities

 

2,224

 

2,077

 

Long-term advances from customers and deferred revenues

 

3,473

 

3,473

 

Total long-term liabilities

 

5,697

 

5,550

 
           

Convertible preferred shares

 

272,815

 

272,815

 

SHAREHOLDERS' DEFICIT:

         

    Ordinary Shares of no-par value

 

*-

 

*-

 

Additional paid-in capital

 

7,658

 

9,453

 

Accumulated deficit

 

(231,403)

 

(252,079)

 

Total shareholders' deficit

 

(223,745)

 

(242,626)

 

Total liabilities, convertible preferred shares and shareholders' deficit

$

72,561

$

249,661

 
           

* represents amount lower than $1

 

 

INNOVIZ TECHNOLOGIES LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

U.S. dollars in thousands

 
   

Three Months Ended March 31,

 
   

2020

 

2021

 
   

(Unaudited)

 

Cash flows from operating activities:

         

Net loss

$

(19,769)

$

(20,676)

 

Adjustments required to reconcile net loss to net cash used in operating activities:

         

Depreciation and amortization

 

512

 

652

 

Share-based compensation

 

935

 

1,775

 

Capital gain

 

(6)

 

-

 

Foreign exchange loss

 

444

 

188

 

Decrease (increase) in prepaid expenses and other assets

 

771

 

(465)

 

Decrease (increase) in trade receivable           

 

424

 

(306)

 

Decrease (increase) in inventories

 

816

 

(948)

 

Decrease in trade payables

 

(1,395)

 

(3,233)

 

Increase in accrued expenses and other liabilities

 

872

 

572

 

Increase in employees and payroll accruals

 

539

 

732

 

Increase in advances from customers and deferred revenues

 

57

 

1,351

 

Net cash used in operating activities

 

(15,800)

 

(20,358)

 

Cash flows from investing activities:

         

Purchase of property and equipment

 

(1,578)

 

(716)

 

Investment in bank deposits, net

 

(281)

 

-

 

Decrease in restricted deposits

 

-

 

2

 

Net cash used in investing activities

 

(1,859)

 

(714)

 

Cash flows from financing activities:

         

Receipts on Ordinary shares account

 

-

 

170,500

 

Proceeds from exercise of options

 

62

 

20

 

Repayment of loan

 

(40)

 

(58)

 

Net cash provided by financing activities

 

22

 

170,462

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(434)

 

(277)

 

Increase (decrease) in cash, cash equivalents and restricted cash

 

(18,071)

 

149,113

 

Cash, cash equivalents and restricted cash at beginning of the period

 

73,427

 

50,766

 
           

Cash, cash equivalents and restricted cash at end of the period

$

55,356

$

199,879

 

 

 

INNOVIZ TECHNOLOGIES LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

U.S. dollars in thousands

 
   

Three Months Ended March 31,

 
   

2020

 

2021

 
   

(Unaudited)

 
           
 

Supplementary disclosure of cash flows activities:

           
 

(1)      Cash received during the period for:

           
 

Interest

$

78

$

-

   
 

(2)      Cash paid during the period for:

           
 

Interest

$

23

$

22

   
 

Income taxes

$

70

$

37

   
 

(3)      Non-cash transactions:

           
 

Non-marketable securities in consideration for property and equipment

 

$

21

 

$

69

   
 

Deferred issuance costs

$

-

$

26,206

   
 

(4)      Cash, cash equivalents and restricted cash at end of the period

           
 

Cash and cash equivalents

$

54,623

$

199,092

   
 

Short-term restricted deposits

 

8

 

8

   
 

Restricted deposits

 

725

 

779

   
 

Cash, cash equivalents and restricted cash at end of the period

$

55,356

$

199,879

   
               
                   

 

 

 

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SOURCE Innoviz Technologies

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Company Name: Innoviz Technologies
Financial data for Innoviz Technologies