INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
U.S. dollars in thousands | ||||||||
|
| ||||||||
|
|
| Nine Months Ended September 30, |
| Three Months Ended September 30, | ||||
|
|
| 2023 |
| 2022 |
| 2023 |
| 2022 |
|
|
| (Unaudited) |
| (Unaudited) | ||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net loss | $ | (93,003) | $ | (92,551) | $ | (27,029) | $ | (34,205) |
Adjustments required to reconcile net loss to net cash used in
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
| 5,245 |
| 5,929 |
| 2,291 |
| 1,737 |
Remeasurement of warrants liability |
| (344) |
| (335) |
| (99) |
| 454 |
Change in accrued interest on bank deposits |
| (342) |
| (567) |
| (797) |
| (322) |
Change in marketable securities |
| (409) |
| 844 |
| (172) |
| 137 |
Share-based compensation |
| 15,826 |
| 14,097 |
| 5,383 |
| 4,932 |
Foreign exchange loss, net |
| 447 |
| 1,421 |
| 382 |
| 201 |
Change in prepaid expenses and other assets |
| (441) |
| (289) |
| (1,455) |
| 2,897 |
Change in trade receivables, net |
| (3,110) |
| (265) |
| (2,490) |
| 297 |
Change in inventory |
| (602) |
| (452) |
| (254) |
| (57) |
Changes in operating lease assets and liabilities, net |
| (1,563) |
| 5,483 |
| (1,765) |
| 5,913 |
| Change in trade payables |
| 56 |
| (381) |
| 190 |
| (441) |
| Change in accrued expenses and other liabilities |
| (544) |
| 283 |
| (654) |
| 1,468 |
| Change in employees and payroll accruals |
| (823) |
| 882 |
| (1,509) |
| 1,440 |
| Change in advances from customers and deferred revenues |
| 574 |
| 334 |
| 377 |
| 91 |
| Net cash used in operating activities |
| (79,033) |
| (65,567) |
| (27,601) |
| (15,458) |
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
| Purchase of property and equipment |
| (6,098) |
| (17,739) |
| (962) |
| (12,713) |
| Investment in bank deposits |
| (142,600) |
| (79,500) |
| (80,600) |
| (29,500) |
| Withdrawal of bank deposits |
| 112,500 |
| 175,000 |
| 33,000 |
| 40,000 |
| Increase in restricted deposits |
| (40) |
| (2,633) |
| - |
| (53) |
| Investment in marketable securities |
| (34,793) |
| (21,595) |
| (11,789) |
| (3,931) |
| Proceeds from sales and maturities of marketable securities |
| 61,875 |
| 21,595 |
| 21,590 |
| 3,931 |
| Net cash provided by (used in) investing activities |
| (9,156) |
| 75,128 |
| (38,761) |
| (2,266) |
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
| Issuance of ordinary shares, net of issuance cost |
| 61,934 |
| - |
| 61,934 |
| - |
| Proceeds from exercise of options |
| 406 |
| 507 |
| 179 |
| 214 |
| Net cash provided by financing activities |
| 62,340 |
| 507 |
| 62,113 |
| 214 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
| (272) |
| (1,293) |
| (301) |
| (171) |
| Increase (decrease) in cash, cash equivalents and restricted cash |
| (26,121) |
| 8,775 |
| (4,550) |
| (17,681) |
| Cash, cash equivalents and restricted cash at the beginning of the period |
| 55,954 |
| 24,541 |
| 34,383 |
| 50,997 |
|
Cash, cash equivalents and restricted cash at the end of the period | $ | 29,833 | $ | 33,316 | $ | 29,833 | $ | 33,316 |
