Innoviz Reports Third-Quarter 2023 Results, Delivering Strong Sequential and Year-Over-Year Revenue Growth

 

 

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
    operating activities:









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


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