INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
U.S. dollars in thousands | ||||
|
| ||||
|
|
| Year Ended December 31, | ||
|
|
| 2022 |
| 2021 |
|
|
| (Unaudited) |
| (Audited) |
Cash flows from operating activities: |
|
|
|
|
Net loss | $ | (126,872) | $ | (153,559) |
Adjustments required to reconcile net loss to net cash used in
|
|
|
|
|
Depreciation and amortization |
| 7,472 |
| 3,960 |
Remeasurement of warrants liability |
| (890) |
| (1,216) |
Issuance cost allocated to warrants liability |
| - |
| 1,830 |
Increase in accrued interest on bank deposits |
| (705) |
| (436) |
Decrease in marketable securities |
| 375 |
| 104 |
Share-based compensation |
| 19,449 |
| 64,736 |
Realization of investment in non-marketable equity securities |
| - |
| (2,012) |
Capital gain |
| (44) |
| - |
Foreign exchange loss (gain), net |
| 1,233 |
| (577) |
Decrease (increase) in prepaid expenses and other assets |
| (377) |
| 620 |
Decrease (increase) in trade receivables, net |
| (1,249) |
| 1,993 |
Decrease (increase) in inventory |
| 20 |
| (2,092) |
Changes in operating lease assets and liabilities, net |
| 6,530 |
| - |
Increase (decrease) in trade payables |
| 1,082 |
| (1,997) |
Increase in accrued expenses and other liabilities |
| 607 |
| 3,076 |
Increase (decrease) in employees and payroll accruals |
| (304) |
| 3,469 |
Increase (decrease) in advances from customers and deferred revenues |
| 262 |
| (421) |
Net cash used in operating activities |
| (93,411) |
| (82,522) |
| Cash flows from investing activities: |
|
|
|
|
| Purchase of property and equipment |
| (22,567) |
| (3,784) |
| Proceeds from sales of property and equipment |
| 54 |
| - |
| Investment in bank deposits |
| (79,500) |
| (375,047) |
| Withdrawal of bank deposits |
| 230,000 |
| 145,000 |
| Decrease (increase) in restricted deposits |
| (2,633) |
| 56 |
| Investment in marketable securities |
| - |
| (50,000) |
| Proceeds from sale of non-marketable securities |
| - |
| 2,178 |
| Net cash provided by (used in) investing activities |
| 125,354 |
| (281,597) |
| Cash flows from financing activities: |
|
|
|
|
| Cash received from Transactions, net of issuance cost |
| - |
| 121,357 |
| Issuance of ordinary shares, net of issuance cost |
| - |
| 217,507 |
| Proceeds from exercise of options |
| 609 |
| 952 |
| Repayment of loans |
| - |
| (2,638) |
| Net cash provided by financing activities |
| 609 |
| 337,178 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
| (1,139) |
| 716 |
| Increase (decrease) in cash, cash equivalents and restricted cash |
| 31,413 |
| (26,225) |
| 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 | $ | 55,954 | $ | 24,541 |
