Innoviz Reports Fourth Quarter and Full Year 2023 Results, Exceeding Revenue Guidance

 

 

INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

(Unaudited)




Year Ended
December 31,


Three Months Ended
December 31,



2023


2022


2023


2022

Cash flows from operating activities:









Net loss

$

(123,454)

$

(126,872)

$

(30,451)

$

(34,321)

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









Depreciation and amortization


9,192


7,472


3,947


1,543

Remeasurement of warrants liability


(472)


(890)


(128)


(555)

Change in accrued interest on bank deposits


(1,051)


(705)


(709)


(138)

Change in marketable securities


(409)


375


-


(469)

Share-based compensation 


22,320


19,449


6,494


5,352

Capital gain, net


-


(44)


-


(44)

Foreign exchange loss (gain), net


(470)


1,233


(917)


(188)

Change in prepaid expenses and other assets


(782)


(377)


(341)


(88)

Change in trade receivables, net 


(5,633)


(1,249)


(2,523)


(984)

Change in inventory


2,368


20


2,970


472

Changes in operating lease assets and liabilities, net


29


6,530


1,592


1,047

Change in trade payables


424


1,082


368


1,463

Change in accrued expenses and other liabilities


2,578


607


3,122


324

Change in employees and payroll accruals


333


(304)


1,156


(1,186)

Change in deferred revenues


1,974


262


1,400


(72)

Net cash used in operating activities


(93,053)


(93,411)


(14,020)


(27,844)

Cash flows from investing activities:









    Purchase of property and equipment


(6,579)


(22,567)


(481)


(4,828)

    Proceeds from sales of property and equipment


-


54


-


54

Investment in bank deposits


(165,600)


(79,500)


(23,000)


-

Withdrawal of bank deposits


141,500


230,000


29,000


55,000

Investment in restricted deposits


(40)


(2,633)


-


-

Investment in marketable securities


(51,678)


(30,103)


(16,885)


(8,508)

Proceeds from sales and maturities of marketable securities


83,461


30,103


21,586


8,508

Net cash provided by investing activities


1,064


125,354


10,220


50,226

Cash flows from financing activities:









Issuance of ordinary shares, net of issuance cost


61,400


-


(534)


-

Proceeds from exercise of options


456


609


50


102

Net cash provided by (used in) financing activities


61,856


609


(484)


102

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


515


 

(1,139)


 

787


 

154

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


(29,618)


31,413


(3,497)


22,638

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


55,954


24,541


29,833


33,316

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

$

26,336

$

55,954

 

$

26,336

 

$

55,954


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