Innoviz Reports First-Quarter 2023 Results and Updates 2023 Targets

 

 

INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands




Three Months Ended

March 31,



2023


2022



(Unaudited)

Cash flows from operating activities:





 Net loss

$

(34,800)

$

(30,228)

Adjustments required to reconcile net loss to net cash used in
    operating activities:





Depreciation and amortization


1,407


2,148

Remeasurement of warrants liability


-


(938)

Change in accrued interest on bank deposits


1,195


(327)

Change in marketable securities


(294)


596

Share-based compensation 


5,300


4,708

Foreign exchange gain, net


(89)


(3)

Change in prepaid expenses and other assets


424


7

Change in trade receivables, net      


(292)


(591)

Changes in inventory


103


(360)

Change in operating lease assets and liabilities, net


33


222

Change in trade payables


(1,346)


(390)

Change in accrued expenses and other liabilities


762


(1,806)

Change in employees and payroll accruals


779


170

Change in advances from customers and deferred revenues


219


84

 Net cash used in operating activities


(26,599)


(26,708)

Cash flows from investing activities:





   Purchase of property and equipment


(2,357)


(2,406)

Investment in bank deposits


-


(5,000)

Withdrawal of bank deposits


79,500


30,000

Increase in restricted deposits


(40)


-

Investment in marketable securities


(7,100)


(2,175)

Proceeds from sales and maturities of marketable securities


13,830


2,175

  Net cash provided by investing activities


83,833


22,594

Cash flows from financing activities:





Proceeds from exercise of options


120


88

  Net cash provided by financing activities


120


88

Effect of exchange rate changes on cash, cash equivalents and restricted cash


 

126


3

Increase (decrease) in cash, cash equivalents and restricted cash


57,480


(4,023)

Cash, cash equivalents and restricted cash at the beginning of the period


55,954


24,541

Cash, cash equivalents and restricted cash at the end of the period

$

113,434

$

20,518


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