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Innoviz Technologies Reports First Quarter 2022 Financial Results

TEL AVIV, Israel, May 11, 2022 — (PRNewswire) — Innoviz Technologies (Nasdaq: INVZ) (the "Company" or "Innoviz"), a technology leader of high-performance, solid-state LiDAR sensors and perception software, today reported its financial results for the first quarter ended March 31, 2022 and updated its forward-looking guidance, as well as provided updates on commercial traction, technology leadership, and corporate development.

 

Innoviz Technologies Logo

 

Management Commentary

"We made meaningful progress executing our strategy during the first quarter, which culminated in our recent announcement of being selected for series production with one of the world's three largest vehicle groups," said Omer Keilaf, CEO and Co-Founder of Innoviz. "This marks our third design win for series production, our first for InnovizTwo, and also our first as a direct Tier1 supplier. This is a major achievement that we believe will propel us to a market leading position and accelerate our ability to potentially win many other opportunities. Being selected out of many other LiDAR and Tier 1 solutions is a vote of confidence for our technology, product and company."

"We are implementing our strategy systematically. The automotive industry is at a unique inflection point and we believe that with this win we are meeting it with the right momentum. Our objective is to secure several additional series production deals in the coming years to provide us with meaningful and sustainable revenues. We will also build our production capacity for our two new products, InnovizTwo and Innoviz360, to quickly penetrate the non-automotive market, which we believe is in great need of solutions like ours. Our strategy is designed to maximize our long-term market share as we grow our revenues short-term and deliver profitability in the coming years."

Commercial Progress Resulting from First Quarter Activities

Following two years of working closely with the customer, we plan to incorporate InnovizTwo LiDAR and Innoviz Perception Software into a new platform that will serve multiple auto brands over the next decade.

For Innoviz, this new nomination marks:  

Expansion and Delivery

On a continuous quest to grow the Company's market share and revenues, Innoviz is working on many fronts:

Corporate Development

Increased employee headcount by 15 people in the first quarter of 2022, bringing the Company's total number of employees to 419 as of March 31, 2022. The increase in headcount was driven by the need to support current and upcoming programs and new product development. Approximately 70% of the Company's employees are members of the Company's research and development team.

First Quarter 2022 Financial Results

Revenues for Q1 2022 were $1.8 million, compared to $0.7 million in Q1 2021. The Company expects InnovizOne sales to continue to increase this year and is also planning to sell the first samples of InnovizTwo this year. 

Operating expenses for Q1 2022 were $31.1 million, an increase from $19.7 million in Q1 2021. Operating expenses in Q1 2022 included $4.7 million of share-based compensation compared to $1.8 million of share-based compensation in Q1 2021. The increase in operating expenses was primarily due to the increase in the number of our employees and in share-based compensation.

Research and development expenses for Q1 2022 were $22.8 million, an increase from $16.7 million in Q1 2021. Research and development expenses in Q1 2022 included $2.7 million attributable to share-based compensation compared to $1.3 million attributable to share-based compensation in Q1 2021.

Innoviz had approximately $275 million in cash, short term deposits and marketable securities as of March 31, 2022 compared to approximately $304 million as of December 31, 2021. We believe our debt-free balance sheet and strong cash assets will enable us to continue executing our strategy.  We remain focused on using our cash to make strategic investments in research and development, sales and marketing, and production ramp-ups.

Guidance

As a result of Innoviz's new design win with one of the world's largest vehicle groups, Innoviz is updating its guidance as follows:

Conference Call

Innoviz management will hold a web conference today, May 11, 2022, at 9:00 a.m. Eastern time (6:00 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.

Investors are invited to attend by registering in advance here. All relevant information will be sent upon registration.

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 and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally-recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit innoviz-tech.com.

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Investor Contact
Maya Lustig                                                                      
Innoviz Technologies
+972 54 677 8100
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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, and Innoviz's projected future 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. "Forward-looking order book" is the cumulative projected future sales of hardware and perception software based on current estimates of volumes and pricing relating to a project.  Many factors could cause actual future events, and, in the case of our forward-looking order book, actual orders, 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 convert design wins into definitive orders and the magnitude of such orders, 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 SEC on March 30, 2022 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.

 

INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES 

CONSOLIDATED STATEMENTS OF OPERATIONS 

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



Three Months Ended



March 31,



2022


2021



(Unaudited)






Revenues

$

1,774

$

727






Cost of revenues


(2,431)


(1,458)






Gross loss


(657)


(731)






Operating expenses:





  Research and development

$

22,761

$

16,734

  Selling and marketing


2,971


1,552

  General and administrative


5,329


1,421






Total operating expenses


31,061


19,707






Operating loss


(31,718)


(20,438)






Financial income (expenses), net


1,510


(198)






Loss before taxes on income


(30,208)


(20,636)

Taxes on income


(20)


(40)






Net loss

$

(30,228)

$

(20,676)






Basic and diluted net loss per ordinary share

$

(0.23)

$

(1.50)

Weighted average number of ordinary shares used in computing

  basic and diluted net loss per ordinary share


134,224,876


16,966,265

 

 

 

INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands 



March 31,


December 31,




2022


2021


ASSETS


(Unaudited)




 CURRENT ASSETS:






   Cash and cash equivalents

$

19,636

$

23,640


   Short term deposits


205,810


230,483


   Marketable securities


15,180


11,607


   Restricted cash


882


901


   Trade receivables


1,104


513


   Inventory


4,616


4,256


   Prepaid expenses and other current assets


2,967


3,029


Total current assets


250,195


274,429








LONG-TERM ASSETS:






  Marketable securities


34,120


38,289


  Property and equipment, net


13,762


14,502


  Operating lease right-of-use assets, net


28,385


-


Total long-term assets


76,267


52,791








Total assets

$

326,462

$

327,220








LIABILITIES AND SHAREHOLDERS' EQUITY












CURRENT LIABILITIES:






  Trade payables

$

5,374

$

5,764


   Advances from customers and deferred revenues


175


196


   Employees and payroll accruals


9,167


8,997


   Accrued expenses and other current liabilities


3,948


6,708


   Operating lease liabilities


1,209


-


Total current liabilities


19,873


21,665








LONG-TERM LIABILITIES:












   Advances from customers and deferred revenues


4,622


4,517


   Other liabilities


-


597


   Operating lease liabilities


27,862


-


   Warrants liability


701


1,639


Total long-term liabilities


33,185


6,753








SHAREHOLDERS' EQUITY:






   Ordinary Shares of no-par value


-


-


   Additional paid-in capital


688,594


683,764


   Accumulated deficit


(415,190)


(384,962)


Total shareholders' equity


273,404


298,802


Total liabilities and shareholders' equity

$

326,462

$

327,220








 

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

 

 

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