INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
U.S. dollars in thousands | ||||
|
| Three Months Ended March 31, | ||
|
| 2022 |
| 2021 |
|
| (Unaudited) | ||
Cash flows from operating activities: |
|
|
|
|
Net loss | $ | (30,228) | $ | (20,676) |
Adjustments required to reconcile net loss to net cash used in operating activities: |
|
|
|
|
Depreciation and amortization |
| 2,148 |
| 652 |
Remeasurement of warrants liability |
| (938) |
| - |
Increase in accrued interest on short-term and long-term deposits |
| (327) |
| - |
Remeasurement of marketable securities |
| 596 |
| - |
Share based compensation |
| 4,708 |
| 1,775 |
Interest and foreign exchange loss (gain), net |
| (3) |
| 188 |
Decrease (increase) in prepaid expenses and other assets |
| 7 |
| (465) |
Increase in trade receivable |
| (591) |
| (306) |
Increase in inventories |
| (360) |
| (948) |
Changes in operating lease assets and liabilities, net |
| 222 |
| - |
Decrease in trade payables |
| (390) |
| (3,233) |
Increase (decrease) in accrued expenses and other liabilities |
| (1,806) |
| 572 |
Increase in employees and payroll accruals |
| 170 |
| 732 |
Increase in advances from customers and deferred revenues |
| 84 |
| 1,351 |
Net cash used in operating activities |
| (26,708) |
| (20,358) |
Cash flows from investing activities: |
|
|
|
|
Purchase of property and equipment |
| (2,406) |
| (716) |
Investment in short term deposits |
| (5,000) |
| - |
Withdrawal of short term deposits |
| 30,000 |
| - |
Decrease in restricted cash |
| - |
| 2 |
Net cash provided (used) in investing activities |
| 22,594 |
| (714) |
Cash flows from financing activities: |
|
|
|
|
Receipts on Ordinary shares account |
| - |
| 170,500 |
Proceeds from exercise of options |
| 88 |
| 20 |
Repayment of loan |
| - |
| (58) |
Net cash provided by financing activities |
| 88 |
| 170,462 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
| 3 |
| (277) |
Increase (decrease) in cash, cash equivalents and restricted cash |
| (4,023) |
| 149,113 |
Cash, cash equivalents and restricted cash at beginning of the period |
| 24,541 |
| 50,766 |
Cash, cash equivalents and restricted cash at end of the period | $ | 20,518 | $ | 199,879 |
Innoviz Technologies Reports First Quarter 2022 Financial Results
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