INNOVIZ TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands
|
|
| Year Ended December 31, | ||
|
|
| 2021 |
| 2020 |
|
|
| (Unaudited) |
| (Audited) |
Cash flows from operating activities: |
|
|
|
|
Net loss | $ | (153,559) | $ | (81,511) |
Adjustments required to reconcile net loss to net cash used in operating activities: |
|
|
|
|
Depreciation and amortization |
| 3,960 |
| 2,661 |
Revaluation of warrant liabilities |
| (1,216) |
| - |
Increase in accrued interest and exchange rate on short-term and long-term deposits |
| (436) |
| - |
Amortization of premium, discount and accrued interest on marketable securities, net |
| 104 |
| - |
Stock based compensation |
| 64,736 |
| 3,196 |
Capital gain, net |
| (2,012) |
| (6) |
Issuance of Preferred C-1 Shares to a customer |
| - |
| 14,800 |
Interest and foreign exchange gain |
| (577) |
| (572) |
Decrease (increase) in prepaid expenses and current assets |
| 620 |
| (1,296) |
Decrease (increase) in accounts receivable |
| 1,993 |
| (1,485) |
Increase in inventory |
| (2,092) |
| (823) |
Increase (decrease) in trade payables |
| (1,997) |
| 606 |
Increase (decrease) in accrued expenses and other liabilities |
| 3,076 |
| (820) |
Increase in employees and payroll accruals |
| 3,469 |
| 2,111 |
Increase (decrease) in advances from customers and deferred revenues |
| (421) |
| 1,198 |
Net cash used in operating activities |
| (84,352) |
| (61,941) |
Cash flows from investing activities: |
|
|
|
|
Purchase of property and equipment |
| (3,784) |
| (5,120) |
Proceeds from sales of property and equipment |
| - |
| 47 |
Withdrawal of (investment in) short term deposits, net |
| (230,047) |
| 34,720 |
Decrease (increase) in restricted deposits |
| 56 |
| (56) |
Investment in marketable securities |
| (50,000) |
| - |
Proceeds from sale of investee |
| 2,178 |
| - |
Net cash provided by (used in) investing activities |
| (281,597) |
| 29,591 |
| Cash flows from financing activities: |
|
|
|
|
| Cash received from reverse capitalization, net of Issuance cost |
| 122,220 |
| - |
| Issue of ordinary shares, net of issuance cost |
| 218,474 |
| - |
| Proceeds from issuance of convertible preferred shares, net of issuance expenses |
| - |
| 8,934 |
| Proceeds from exercise of options |
| 952 |
| 284 |
| Repayment of loan |
| (2,638) |
| (277) |
| Net cash provided by financing activities |
| 339,008 |
| 8,941 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
| 716 |
| 748 |
| Decrease in cash, cash equivalents and restricted cash |
| (26,225) |
| (22,661) |
| Cash, cash equivalents and restricted cash at beginning of the period |
| 50,766 |
| 73,427 |
| Cash, cash equivalents and restricted cash at end of the period | $ | 24,541 | $ | 50,766 |
