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Innoviz Technologies Reports Fourth Quarter and Full Year 2021 Operational and Financial Results

TEL AVIV, Israel, March 2, 2022 — (PRNewswire) —   Innoviz Technologies (NASDAQ: INVZ) ("Innoviz" or the "Company"), a technology leader of high-performance, solid-state LiDAR sensors and perception software, today reported operational and financial results for the fourth quarter and full year ended December 31, 2021. Innoviz management updated its long-term guidance and future potential order book and provided operational updates on its commercial traction, technology leadership, and corporate development.

Innoviz Technologies Logo

Management Commentary
"2021 was a transformative year for Innoviz. We reached a design freeze for our automotive product InnovizOne and are now working to complete production readiness to launch our customer program," said Omer Keilaf, CEO and co-founder of Innoviz. "Entering the new year with five new pre-production programs as well as serial production programs at advanced stages of negotiations with several key car makers has put us on a trajectory for another successful year. We are well positioned to execute on our plans and we have the needed resources. Our direct engagements, new products, and software solutions give us tremendous confidence in our ability to further capture market share in the automotive industry, continue to penetrate new markets, and solidify our position as a leading LiDAR provider for the automotive industry and beyond."

Commercial Traction

- Obayashi Corporation, a major Japanese construction company, selected Innoviz's LiDAR for the new automated tower crane system Obayashi developed as part of its recently announced autonomous solutions for excavation equipment and the construction of concrete dams and backhoe loaders. Innoviz's LiDAR enables the autonomous operation of Obayashi's tower cranes, replacing manual crane operation and promoting safety and cost savings.

- Twinner, a German-based vehicle scanner provider for remarketing and inspection purposes, began testing InnovizOne LiDAR with its Digital Twinn® platform to enhance the capabilities of its sophisticated vehicle scanner. InnovizOne LiDAR will provide a high-quality 360-degree view of the vehicle in order to better assess, inspect and evaluate a vehicle's condition. 

- InnovizOne was integrated at three different companies for unique applications: (1) in primary sensors of the AD platform of Whale Dynamics, a Chinese "full stack" L4 autonomous driving developer focused on AD and intelligent traffic applications, (2) for object and obstacle detection in pre-mapped areas by an Asian integrator across passenger and non-passenger programs, and (3) in autonomous crane systems of Syracuse, an Israel-based developer of a system augmenting tower cranes with autonomous operating capabilities. 

Technology Leadership

Corporate Development
Increased employee headcount by 35 people in the fourth quarter of 2021, bringing the Company's total number of employees to 404 at year-end. The increase in headcount was driven by the need to support current and potential programs and new product development. Approximately 70% of the Company's employees are members of the Company's research and development team.

Full Year 2021 Financial Results
In 2021 Innoviz successfully closed a business combination with a SPAC, which provided over $370 million in gross proceeds. Innoviz's operating cash flow during 2021 was within its planned budget. At year-end, Innoviz maintained a high liquidity level consisting of $304 million in cash, short term deposits, and marketable securities, which enables the company to execute its 2022 plans. Revenues for 2021 were approximately $5.5 million, compared to $(9.4) million in 2020. InnovizOne-related revenues in 2021 were approximately $4.3 million, an increase of 28% compared to $3.3 million of InnovizOne-related revenues in 2020. The Company expects InnovizOne sales to continue to increase in 2022 and is also targeting to sell the first samples of InnovizTwo. 

Operating expenses for 2021 were approximately $152.6 million, an increase from $66.2 million in 2020. Operating expenses in 2021 included approximately $64.7 million of stock-based compensation compared to $3.2 million of stock-based compensation in 2020. The increase in operating expenses was primarily due to increases in stock-based compensation and people-related expenses.

Research and development expenses for 2021 were approximately $93.3 million, an increase from $57.0 million in 2020. Research and development expenses in 2021 included approximately $25.5 million attributable to stock-based compensation compared to $2.6 million attributable to stock-based compensation in 2020.

Guidance

Conference Call
Innoviz management will hold a conference call today, March 2, 2022, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these results. The presentation will be followed by a question-and-answer session.

All are invited to listen to the event by registering in advance here.

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 global leader in LiDAR technology, working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver, meeting the automotive industry's strict expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected both by an internationally-recognized premium vehicle brand for use in consumer vehicles and by other commercial and industrial leaders for a wide range of use cases. 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, customer acquisition, Innoviz's forward-looking order book, Innoviz's projected revenue, Innoviz's future potential order book 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.

Media Contact: Media@innoviz-tech.com

Investor Contact:

Maya Lustig
Innoviz Technologies

+972 54 677 8100
Maya.Lustig@innoviz-tech.com

Ed Trissel / Adam Pollack
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

 

 

INNOVIZ TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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



Year Ended



December 31,



2021


2020



(Unaudited)


(Audited)






Revenues

$

5,466

$

(9,364)

Cost of revenues


(10,488)


(6,407)

Gross loss


(5,022)


(15,771)

Operating expenses:





Research and development

$

93,336

$

57,029

Selling and marketing


23,735


5,430

General and administrative


35,560


3,753

Total operating expenses


152,631


66,212

Operating loss


(157,653)


(81,983)

Financial income, net


4,378


655

Loss before taxes on income


(153,275)


(81,328)

Taxes on income


(284)


(183)

Net loss

$

(153,559)

$

(81,511)

Basic and diluted net loss per ordinary share

$

(1.54)

$

(5.99)

Weighted average number of ordinary shares

     used in computing basic and diluted net loss

     per ordinary share


102,859,891


16,514,910






 

 

INNOVIZ TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands



December 31,


December 31,




2021


2020




(Unaudited)


(Audited)


ASSETS






CURRENT ASSETS:






Cash and cash equivalents

$

23,640

$

49,950


Short term deposits


230,483


-


Marketable securities


11,607


-


Short-term restricted cash


901


8


Trade receivables


513


2,506


Inventory


4,256


2,164


Prepaid expenses and other current assets


3,029


3,287


Total current assets


274,429


57,915


LONG-TERM ASSETS:






Marketable securities


38,289


-


Restricted deposits


-


864


Other long-term assets


-


537


Property and equipment, net


14,502


13,245


Total long-term assets


52,791


14,646


Total assets

$

327,220

$

72,561


LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT)






CURRENT LIABILITIES:






Trade payables

$

5,764

$

7,751


Advances from customers and deferred revenues


196


1,661


Employees and payroll accruals


8,997


5,528


Accrued expenses and other current liabilities


6,708


2,579


Short term loan and current maturities


-


275


Total current liabilities


21,665


17,794


LONG-TERM LIABILITIES:






Loan, net of current maturities


-


2,224


Long-term advances from customers and deferred revenues


4,517


3,473


Other long-term liabilities


597


-


Warrant liability


1,639


-


Total long-term liabilities


6,753


5,697


Convertible preferred shares


-


272,815


SHAREHOLDERS' EQUITY (DEFICIT):






Ordinary shares of no-par value


*-


*-


Additional paid-in capital


683,764


7,658


Accumulated deficit


(384,962)


(231,403)


Total shareholders' equity (deficit)


298,802


(223,745)


Total liabilities, convertible preferred shares and shareholders' equity (deficit)

$

327,220

$

72,561


   * Represents amount lower than $1






 

 

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

 

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