Innoviz Reports Third Quarter 2024 Results
Innoviz Technologies reported Q3 2024 revenue of $4.5 million, up from $3.5 million in Q3 2023. The company secured two new OEM programs through a Level 4 platform partnership, with expected Start of Production in 2026. Each autonomous vehicle will integrate nine InnovizTwo LiDARs. Cash used in operations decreased to $17.7 million from $28.6 million year-over-year. The company maintains its 2024 revenue guidance of $23.5-25 million and targets $20-70 million in new NRE bookings. Innoviz continues to progress with Volkswagen Group programs and advances RFQs with several top ten OEMs.
Innoviz Technologies ha riportato un fatturato per il terzo trimestre del 2024 di 4,5 milioni di dollari, in aumento rispetto ai 3,5 milioni di dollari del terzo trimestre del 2023. L'azienda ha ottenuto due nuovi programmi OEM attraverso una partnership con una piattaforma di livello 4, con un avvio della produzione previsto per il 2026. Ogni veicolo autonomo integrerà nove LiDAR InnovizTwo. Il cash utilizzato nelle operazioni è diminuito a 17,7 milioni di dollari dai 28,6 milioni di dollari dell'anno precedente. L'azienda mantiene la sua previsione di fatturato per il 2024 di 23,5-25 milioni di dollari e punta a 20-70 milioni di dollari in nuovi ordini NRE. Innoviz continua a progredire con i programmi del gruppo Volkswagen e avanza nella richiesta di preventivi con diversi dei primi dieci OEM.
Innoviz Technologies reportó ingresos de 4.5 millones de dólares en el tercer trimestre de 2024, un aumento respecto a los 3.5 millones de dólares en el tercer trimestre de 2023. La empresa aseguró dos nuevos programas OEM a través de una asociación de plataforma de nivel 4, con el inicio de la producción esperado para 2026. Cada vehículo autónomo integrará nueve LiDARs InnovizTwo. El efectivo utilizado en operaciones disminuyó a 17.7 millones de dólares desde los 28.6 millones de dólares del año anterior. La empresa mantiene su guía de ingresos para 2024 de 23.5-25 millones de dólares y tiene como objetivo 20-70 millones de dólares en nuevas reservas NRE. Innoviz continúa avanzando con los programas del Grupo Volkswagen y avanza en las solicitudes de cotización con varios de los diez principales OEM.
인노비즈 기술(Innoviz Technologies)는 2024년 3분기 수익이 450만 달러에 달했다고 보고했으며, 이는 2023년 3분기 350만 달러에서 증가한 수치입니다. 회사는 레벨 4 플랫폼 파트너십을 통해 두 개의 새로운 OEM 프로그램을 확보했으며, 2026년 생산 시작이 예상됩니다. 각 자율 주행 차량은 아홉 개의 InnovizTwo LiDAR를 통합할 예정입니다. 운영에 사용된 현금은 전년 대비 1770만 달러에서 2860만 달러로 감소했습니다. 회사는 2024년 수익 전망을 2350-2500만 달러로 유지하고 2000-7000만 달러의 새로운 NRE 예약을 목표로 하고 있습니다. 인노비즈는 폭스바겐 그룹 프로그램을 진행 중이며, 여러 주요 10개 OEM과 RFQ를 진전시키고 있습니다.
Innoviz Technologies a rapporté un chiffre d'affaires de 4,5 millions de dollars pour le troisième trimestre 2024, en hausse par rapport à 3,5 millions de dollars au troisième trimestre 2023. L'entreprise a sécurisé deux nouveaux programmes OEM grâce à un partenariat avec une plateforme de niveau 4, avec un début de production prévu en 2026. Chaque véhicule autonome intégrera neuf LiDAR InnovizTwo. La trésorerie utilisée dans les opérations a diminué à 17,7 millions de dollars contre 28,6 millions de dollars l'année précédente. L'entreprise maintient sa prévision de chiffre d'affaires pour 2024 entre 23,5 et 25 millions de dollars et vise 20 à 70 millions de dollars de nouvelles réservations NRE. Innoviz continue de progresser avec les programmes du groupe Volkswagen et avance dans les demandes de devis avec plusieurs des dix principaux OEM.
Innoviz Technologies meldete im dritten Quartal 2024 einen Umsatz von 4,5 Millionen Dollar, ein Anstieg von 3,5 Millionen Dollar im dritten Quartal 2023. Das Unternehmen sicherte sich zwei neue OEM-Programme durch eine Level-4-Plattformpartnerschaft, mit einem erwarteten Produktionsstart im Jahr 2026. Jedes autonome Fahrzeug wird neun InnovizTwo LiDARs integrieren. Der in den Betrieb eingesetzte Cash floh sank auf 17,7 Millionen Dollar von 28,6 Millionen Dollar im Jahresvergleich. Das Unternehmen hält an der Umsatzprognose für 2024 von 23,5-25 Millionen Dollar fest und zielt auf 20-70 Millionen Dollar bei neuen NRE-Buchungen. Innoviz macht weiterhin Fortschritte bei den Programmen der Volkswagen-Gruppe und bringt mehrere der zehn größten OEMs beim RFQ voran.
- Revenue increased 28.6% YoY to $4.5 million in Q3 2024
- Secured two new OEM programs with 2026 SOP
- Reduced cash burn to $17.7 million from $28.6 million YoY
- Operating expenses decreased 6.4% YoY to $26.0 million
- Maintains positive revenue guidance of $23.5-25 million for 2024
- Operating expenses remain high at $26.0 million despite reduction
- Continued negative cash flow from operations
Insights
The Q3 results show mixed signals.
Two new OEM programs through Level 4 platform partnership with 2026 SOP could be significant, with 9 LiDARs per vehicle suggesting substantial revenue potential. The FY2024 revenue guidance of
Advanced RFQ stages with multiple top-10 OEMs indicate promising commercial momentum, but conversion timeline and success rates remain uncertain. Cash management will be important until production revenues materialize.
The Level 4 platform partnership strategy is noteworthy as it could accelerate market penetration through a multiplier effect. Nine LiDARs per vehicle (both short and long-range) represents significant content per vehicle, potentially setting new industry standards for autonomous vehicle sensor architecture.
Progress with Volkswagen Group across multiple programs and the Hamburg ID. Buzz deployment in 2025 provide validation of Innoviz's technology. The pipeline with
Entered two new OEM programs through agreement with Level 4 platform partner with expected SOP in 2026; Met operational target of 2-3 additional customer programs in 2024 and exceeded midpoint of revenue guidance of Q3 with
Q3 cash used in operations and capital expenditures of
"In the third quarter we continued to see success in both revenue and cash performance, delivering revenues above the midpoint of our guidance range while again decreasing cash burn through our operational discipline," said Omer Keilaf, CEO and Co-Founder of Innoviz. "On the commercial side, we strengthened our partnership with the Level 4 platform provider announced during the quarter. We are now supporting several different OEM programs on the Level 4 platform with the expected integration of nine of our long- and short-range LiDARs into each autonomous vehicle. This collaboration with a well-known platform provider has the potential to offer significant revenue growth and strong volumes for Innoviz, with opportunity for more OEMs to come onto the platform. Meanwhile, our work with Volkswagen Group continued to progress as planned across Level 3 and Level 4 programs."
Keilaf added, "During the quarter we advanced our pipeline of RFIs and RFQs with a number of notable global customers, including several top ten OEMs. As we near additional potential design wins, our disciplined operations and positive feedback from customers regarding our differentiated technology give us confidence we can enhance our revenue streams, build on our topline performance and achieve our goal of becoming the leading tier 1 automotive industry LiDAR supplier."
Commercial and Strategic Updates
- Entered two new OEM programs through agreement reached with leading global Level 4 platform partner – During the third quarter, the Company began working with two new OEMs which have adopted the platform. Innoviz is expected to provide a bundle of nine InnovizTwo short- and long-range LiDARs per vehicle. Start of Production ("SOP") is expected in 2026. The Company expects new OEM collaborations to arise through the platform partnership which has the potential to offer significant revenue growth and favorable volumes for Innoviz.
- Progressed programs with Volkswagen Group – Innoviz continued to progress its partnerships with Volkswagen Group on existing programs including the Cariad Level 3 program, Mobileye Chauffeur and ID. Buzz Level 4 light commercial vehicle program incorporating Mobileye Drive. Innoviz passed various industrialization and development audits during the quarter and expects to meet the scheduled timelines for LiDAR SOP.
- ID. Buzz to be deployed in
Hamburg, Germany in 2025 – MOIA recently announced that starting in mid-2025 it will deploy the ID. Buzz inHamburg, Germany as part of Project ALIKE, a project to test autonomous on-demand ridepooling in the city. The project's aims are to make autonomous mobility accessible, to test a new form of service and to expandHamburg's public transit system. ID. Buzz testing by Volkswagen ADMT remains ongoing inAustin, Texas . - Continued to advance potential new programs with notable OEMs – Innoviz further advanced its pipeline of RFIs and RFQs. Of the more than 15 programs in the pipeline, approximately
50% are in the RFQ stage. In particular, Innoviz advanced in the RFQ processes with notable OEMs, including several top ten automotive OEMs. Winning these programs could generate strong NRE revenues for Innoviz in the coming years as well as meaningful long-term LiDAR sales volumes. These potential customers include but are not limited to: - A top ten OEM with which Innoviz has agreed on the technical specifications of a program. The RFQ is in the latter stages which include advanced legal discussions, and Innoviz has successfully completed production related audits;
- Leading top ten North American OEMs, which include Level 3 and Level 4 programs. Innoviz has successfully completed LiDAR technical and commercial assessments. Across these opportunities, Innoviz is expected to provide InnovizTwo LiDARs, its compute box and advanced AI perception software, which on certain programs would be customized to meet the respective platform's specifications. Innoviz expects to begin receiving decisions related to these programs in the coming months.
Third Quarter 2024 Financial Results
Revenues in Q3 2024 were
Operating Expenses in Q3 2024 were
Liquidity as of September 30, 2024, was approximately
FY 2024 Financial Targets
The Company expects full year 2024 revenues in the range of
FY 2024 Operational Targets
With its collaboration with a leading Level 4 platform partner (as described above), the Company met its commercial target of securing 2-3 additional customer programs in 2024. Innoviz hopes to provide more details before the end of the year. The Company reiterates its operational target of securing
Conference Call
Innoviz management will hold a web conference today, November 13, 2024, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss commercial and strategic updates, financial results for the third quarter of 2024 and 2024 financial and operational targets. Innoviz CEO Omer Keilaf and CFO Eldar Cegla will host the call, followed by a question-and-answer session.
Investors are invited to attend by registering in advance here. All relevant information will be sent upon registration.
A replay of the webinar will also be available shortly after the call in the Investors section of Innoviz's website for 90 days.
About Innoviz
Innoviz is a global leader in LiDAR technology, serving as a Tier 1 supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the
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Media Contact
Media@innoviz-tech.com
Investor Contact
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Forward Looking Statements
This announcement contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by Innoviz, the anticipated technological capability of Innoviz's products, the markets in which Innoviz operates, and Innoviz's projected future operational and financial results including revenue and non-recurring engineering (NRE) bookings. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties.
"NRE (Non-recurring Engineering) bookings" is booked services that may be ordered from Innoviz usually as part of a program design win and includes, among other things, application engineering, product adaptation services, testing and validation services, standards and qualification work and change requests (usually during the lifetime of a program). The commitment for a certain NRE is usually provided around the design win and may be paid based on milestones over the development phase of the project which may take a few years.
Many factors could cause actual future events, and, in the case of our forward-looking revenues and NRE bookings, actual orders or actual payments, to differ materially from the forward-looking statements in this announcement, including but not limited to, the ability to implement business plans, forecasts, and other expectations, the ability to convert design wins into definitive orders and the magnitude of such orders, the possibility that NRE would be set off against liabilities and indemnities, the ability to identify and realize additional opportunities, potential changes and developments in the highly competitive LiDAR technology and related industries, and our expectations regarding the impact of the evolving conflict in
INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
(Unaudited)
| |||||||||
Nine Months Ended | Three Months Ended | ||||||||
September 30, | September 30, | ||||||||
2024 | 2023 | 2024 | 2023 | ||||||
Revenues | $ | 18,241 | $ | 5,959 | $ | 4,520 | $ | 3,483 | |
Cost of revenues | (19,941) | (15,293) | (4,686) | (5,721) | |||||
Gross loss | (1,700) | (9,334) | (166) | (2,238) | |||||
Operating expenses: | |||||||||
Research and development | 60,328 | 70,569 | 19,722 | 20,681 | |||||
Sales and marketing | 5,752 | 6,778 | 1,636 | 2,158 | |||||
General and administrative | 14,889 | 14,123 | 4,656 | 4,954 | |||||
Total operating expenses | 80,969 | 91,470 | 26,014 | 27,793 | |||||
Operating loss | (82,669) | (100,804) | (26,180) | (30,031) | |||||
Financial income, net | 6,637 | 8,321 | 1,376 | 3,054 | |||||
Loss before taxes on income | (76,032) | (92,483) | (24,804) | (26,977) | |||||
Taxes on income | (129) | (520) | (52) | (52) | |||||
Net loss | $ | (76,161) | $ | (93,003) | $ | (24,856) | $ | (27,029) | |
Basic and diluted net loss per ordinary share | $ | (0.46) | $ | (0.66) | $ | (0.15) | $ | (0.18) | |
Weighted average number of ordinary shares | 166,657,624 | 141,494,442 | 167,782,476 | 151,201,336 | |||||
INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | ||||
| ||||
September 30, | December 31, | |||
2024 | 2023 | |||
ASSETS | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ | 27,949 | $ | 26,283 |
Short term restricted cash | 16 | 53 | ||
Bank deposits | 43,005 | 105,750 | ||
Marketable securities | 16,765 | 13,335 | ||
Trade receivables, net | 3,539 | 7,395 | ||
Inventory | 1,227 | 1,868 | ||
Prepaid expenses and other current assets | 2,323 | 5,774 | ||
Total current assets | 94,824 | 160,458 | ||
LONG-TERM ASSETS: | ||||
Marketable securities | - | 4,813 | ||
Restricted deposits | 2,651 | 2,623 | ||
Property and equipment, net | 23,029 | 25,770 | ||
Operating lease right-of-use assets, net | 23,780 | 25,486 | ||
Other long-term assets | 86 | 84 | ||
Total long-term assets | 49,546 | 58,776 | ||
Total assets | $ | 144,370 | $ | 219,234 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
CURRENT LIABILITIES: | ||||
Trade payables | $ | 6,469 | $ | 8,036 |
Deferred revenues | 278 | 6,949 | ||
Employees and payroll accruals | 9,709 | 9,468 | ||
Accrued expenses and other current liabilities | 5,411 | 8,743 | ||
Operating lease liabilities | 4,189 | 4,034 | ||
Total current liabilities | 26,056 | 37,230 | ||
LONG-TERM LIABILITIES: | ||||
Operating lease liabilities | 25,622 | 28,475 | ||
Warrants liability | 64 | 240 | ||
Total long-term liabilities | 25,686 | 28,715 | ||
SHAREHOLDERS' EQUITY: | ||||
Ordinary Shares of no-par value | - | - | ||
Additional paid-in capital | 804,077 | 788,577 | ||
Accumulated deficit | (711,449) | (635,288) | ||
Total shareholders' equity | 92,628 | 153,289 | ||
Total liabilities and shareholders' equity | $ | 144,370 | $ | 219,234 |
INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited)
| ||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (76,161) | $ | (93,003) | $ | (24,856) | $ | (27,029) |
Adjustments required to reconcile net loss | ||||||||
Depreciation and amortization | 6,194 | 5,245 | 2,158 | 2,291 | ||||
Remeasurement of warrants liability | (176) | (344) | (27) | (99) | ||||
Change in accrued interest on bank deposits | 891 | (342) | 1,356 | (797) | ||||
Change in marketable securities | (450) | (409) | (191) | (172) | ||||
Share-based compensation | 15,866 | 15,826 | 4,721 | 5,383 | ||||
Foreign exchange loss (gain), net | (134) | 447 | (258) | 382 | ||||
Change in prepaid expenses and other assets | 2,914 | (441) | (239) | (1,455) | ||||
Change in trade receivables, net | 3,856 | (3,110) | 1,879 | (2,490) | ||||
Change in inventory | 641 | (602) | 526 | (254) | ||||
Changes in operating lease assets and liabilities, net | (992) | (1,563) | 335 | (1,765) | ||||
Change in trade payables | (1,703) | 56 | 544 | 190 | ||||
Change in accrued expenses and other liabilities | (3,428) | (544) | (2,241) | (654) | ||||
Change in employees and payroll accruals | 241 | (823) | (7) | (1,509) | ||||
Change in deferred revenues | (6,671) | 574 | (184) | 377 | ||||
Net cash used in operating activities | (59,112) | (79,033) | (16,484) | (27,601) | ||||
Cash flows from investing activities: | ||||||||
Purchase of property and equipment | (3,221) | (6,098) | (1,192) | (962) | ||||
Investment in bank deposits | (26,700) | (142,600) | (11,200) | (80,600) | ||||
Withdrawal of bank deposits | 88,600 | 112,500 | 32,600 | 33,000 | ||||
Investment in restricted deposits | (122) | (40) | (55) | - | ||||
Investment in marketable securities | (33,457) | (34,793) | (18,662) | (11,789) | ||||
Proceeds from sales and maturities of marketable | ||||||||
securities | 35,290 | 61,875 | 18,596 | 21,590 | ||||
Net cash provided by (used in) investing activities | 60,390 | (9,156) | 20,087 | (38,761) | ||||
Cash flows from financing activities: | ||||||||
Issuance of ordinary shares, net of issuance cost | - | 61,934 | - | 61,934 | ||||
Proceeds from exercise of options | 169 | 406 | 58 | 179 | ||||
Net cash provided by financing activities | 169 | 62,340 | 58 | 62,113 | ||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 182 | (272) | 225 | (301) | ||||
Increase (decrease) in cash, cash equivalents and restricted cash | 1,629 | (26,121) | 3,886 | (4,550) | ||||
Cash, cash equivalents and restricted cash at the beginning of the period | 26,336 | 55,954 | 24,079 | 34,383 | ||||
Cash, cash equivalents and restricted cash at the end of he period | $ | 27,965 | $ | 29,833 | $ | 27,965 | $ | 29,833 |
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SOURCE Innoviz Technologies
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