Selection by Volkswagen's CARIAD as its direct LiDAR supplier
for automated vehicles cements Innoviz's Tier 1 status
TEL AVIV, Israel, Aug. 10, 2022 /PRNewswire/ -- Innoviz
Technologies Ltd. (Nasdaq: INVZ) (the "Company" or "Innoviz"),
a Tier-1 supplier of high-performance, solid-state LiDAR sensors
and perception software, today provided updates on commercial
traction, technology leadership, and corporate development and
reported its financial results for the second quarter ended
June 30, 2022.
Management Commentary
"We are pleased with the team's execution on our strategic
priorities, as we meet or exceed each one of our 2022 milestones.
The most important of these milestones, and the foundation of our
vision for Innoviz, was to become a Tier-1 supplier in the
automotive market. We are proud to have achieved this through our
selection as Volkswagen's CARIAD SE
("Volkswagen CARIAD") direct LiDAR supplier for automated vehicles
within the Volkswagen brands. This is a testament to our premier
products and innovative technology, aligned with our vision to be a
world-wide, leading Tier-1 supplier for LiDARs and Perception
Software in a fast changing and new automotive world," said Omer
Keilaf, CEO and Co-Founder of Innoviz.
"In addition to the milestone Volkswagen CARIAD decision, I'm
confident that our Tier-1 capabilities, including our ability to
manage mass production manufacturability, automotive-grade quality,
hardware validation, and computer vision validation will serve as a
differentiating factor as other OEMs select their direct LiDAR
supplier. Beyond the automotive industry, we have made important
progress to expand our footprint in new geographies and use cases,
and have further invested in our technology and perception
software."
Commercial Progress
1. Selection by Volkswagen's CARIAD as its direct LiDAR
supplier for automated vehicles within the Volkswagen brands.
- Pursuant to the terms of the agreement, Innoviz will provide
InnovizTwo LiDAR sensors and perception software to several
Volkswagen brands and integrate its perception software with CARIAD
automated driving stack, serving the different brands. The new
design win increased Innoviz's forward-looking order book to
$6.6 billion from $2.6 billion.
- This nomination marks Innoviz's second deal of LiDAR and
Perception Software for series production of passenger vehicles by
a leading German carmaker; the first being BMW.
- Innoviz is now servicing two of the world's leading German
carmakers which together represent 15% of the entire automotive
market.
- This nomination is Innoviz's first deal as a Tier-1 supplier
for a passenger vehicles program and Innoviz's first deal for its
second-generation LiDAR, InnovizTwo.
2. Momentum on multiple world-wide opportunities in the
automotive space:
- Expanding our reach to other regions in the world, Innoviz is
currently managing 12 automotive RFIs and RFQs at different stages
where almost all of them are for passenger vehicle programs, in
regions such as US, Asia and EU.
Innoviz is offering its solution as a direct Tier-1 supplier.
- Several yearlong opportunities are in discussion and Innoviz
expects a decision by 2-3 OEM's in the next 6 months, with the rest
to follow in the next 12 months.
3. Ecosystem events:
- Innoviz is hosting an event for partners, customers, and
analysts on September 19, 2022. The
event will include keynotes speakers, a tour of Innoviz's
facilities, including InnovizTwo automated production and test
lines, and driving demos. Keynote speakers will include:
- Mr. Alejandaro Vukotich, VP of Automotive Product Management at
Qualcomm. Qualcomm provides the SnapDragon Ride Platform which has
been selected for use by several leading OEMs and Tier-1s.
- Dr. Richard Rau, VP of Autonomous
Driving, Sensors, Integration Platforms and Cooperations at BMW
Group.
- Innoviz and Nvidia were selected to host a 3D perception
workshop during the European Conference on Computer Vision (ECCV),
a premier event that will run from October
23-27, 2022, in Tel Aviv.
Innoviz and NVIDIA's workshop will discuss the unique challenges
and advantages associated with the use of 3D data for autonomous
driving and identify key requirements for perception software to
process large, complex LiDAR datasets.
4. In the second quarter of 2022, Innoviz also expanded
its global market share beyond the automotive industry:
- The Company entered into a cooperation with Joowon Industrial,
a distributor and supplier of world-class testing equipment, for
Joowon to serve as a distributor of a wide range of Innoviz
applications across a number of industries, including industrial
machinery and heavy equipment in the Korean and other markets.
- Japan Post, a special private company under the jurisdiction of
the Japanese Ministry of Internal Affairs and Communications,
selected InnovizOne LiDAR sensors to construct digital maps on
postal delivery cars, paving the way for next-generation smart city
services such as autonomous driving and unmanned delivery. The
InnovizOne equipped delivery vehicles will generate detailed
digital maps that gather information that include changes in roads
and buildings along delivery routes.
Technology Leadership
Innoviz remains focused on investing in technology and
perception software. This quarter, the Company made further
improvements to its next-generation product, InnovizTwo.
- Innoviz is in process of ramping up the InnovizTwo B1 sample,
which is designed to increase performance and volume production.
Ramp up, allowing the availability of additional InnovizTwo B1
samples, is targeted for the beginning of 2023.
- Innoviz360 B sample integration is planned for the end of third
quarter 2022, and Innoviz expects to demonstrate the first samples
of Innoviz360 by the end of this year, as planned. Innoviz360 will
help Innoviz expand its market outreach and its total addressable
market (TAM).
Corporate Development
In the second quarter 2022, Innoviz announced a series of
management team appointments to bolster its sales leadership
experience and support its continued growth. The Company named Tali
Chen as Chief Business Officer, Scott
Craig as Country Manager, U.S., and Brijesh Shukla as Country Manager, Japan.
Second Quarter 2022 Financial Results
Revenues for the second quarter of 2022 were $1.8 million, compared to $1.0 million in the second quarter of 2021. The
Company expects InnovizOne sales to continue to increase and it's
also targeting to sell the first samples of InnovizTwo later this
year.
Operating expenses for the second quarter of 2022 were
$28.8 million, a decrease from
$70.7 million in the second quarter
of 2021. Operating expenses in the second quarter of 2022 included
$4.4 million of share-based
compensation compared to $49.9
million of share-based compensation in the second quarter of
2021. The decrease in operating expenses in the second quarter of
2022 compared to the second quarter of 2021 was primarily due to a
decrease in share-based compensation, partially offset by an
increase in headcount during the second quarter of 2022.
Research and development expenses for the second quarter of 2022
were $21.9 million, a decrease from
$32.1 million in the second quarter
of 2021. Research and development expenses in the second quarter of
2022 included $2.7 million
attributable to share-based compensation compared to $17.6 million attributable to share-based
compensation in the second quarter of 2021.
Innoviz maintains a high liquidity level with approximately
$246 million in cash, short term
deposits, restricted cash and marketable securities, as of
June 30, 2022.
Guidance
Innoviz is reaffirming its 2022 guidance:
- The Company expects to increase its order book by more than 30%
by the end of fiscal year 2022.
- The Company has achieved its expected stated goal to secure 10
pre-production programs during 2022. To date, the Company has
participated in 12.
- The Company currently has 12 prospective customers in at
different RFI and RFQ stages.
- The Company expects to drive material revenue by the end of
2023 from previously announced series wins with BMW and an L4
autonomous shuttle program, as well as from non-automotive end
markets.
Conference Call
Innoviz management will hold a web conference today,
August 10, 2022, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these results.
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 Technologies
Innoviz is a global leader in LiDAR technology, 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 U.S., Europe,
and Asia, Innoviz has been
selected by internationally-recognized premium car brands for use
in consumer vehicles as well as by other commercial and industrial
leaders for a wide range of use cases. For more information, visit
innoviz-tech.com.
Join the discussion: Facebook, LinkedIn, YouTube,
Twitter
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Media Contact
Media@innoviz-tech.com
Investor Contact
Maya
Lustig
Innoviz Technologies
+972 54 677 8100
Investors@innoviz-tech.com
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, Innoviz's forward-looking order
book, and Innoviz's projected future results. 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. "Forward-looking
order book" is the cumulative projected future sales of hardware
and perception software based on current estimates of volumes and
pricing relating to a project. Many factors could cause
actual future events, and, in the case of our forward-looking order
book, actual orders, 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 ability to identify
and realize additional opportunities, and potential changes and
developments in the highly competitive LiDAR technology and related
industries. The foregoing list of factors is not exhaustive. You
should carefully consider the foregoing factors and the other risks
and uncertainties described in Innoviz's annual report on Form 20-F
filed with the SEC on March 30, 2022
and other documents filed by Innoviz from time to time with the
SEC. These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Innoviz assumes no obligation and does not intend
to update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise. Innoviz
gives no assurance that it will achieve its expectations.
INNOVIZ TECHNOLOGIES
LTD. AND ITS SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
U.S. dollars in
thousands (except share and per share data)
|
|
|
|
Six Months
Ended
June
30,
|
|
Three Months
Ended
June
30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
3,571
|
$
|
1,735
|
$
|
1,797
|
$
|
1,008
|
Cost of
revenues
|
|
(6,084)
|
|
(3,536)
|
|
(3,653)
|
|
(2,078)
|
|
|
|
|
|
|
|
|
|
Gross loss
|
|
(2,513)
|
|
(1,801)
|
|
(1,856)
|
|
(1,070)
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development
|
|
44,700
|
|
48,822
|
|
21,939
|
|
32,088
|
Selling and
marketing
|
|
5,381
|
|
17,181
|
|
2,410
|
|
15,629
|
General and
administrative
|
|
9,744
|
|
24,427
|
|
4,415
|
|
23,006
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
59,825
|
|
90,430
|
|
28,764
|
|
70,723
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(62,338)
|
|
(92,231)
|
|
(30,620)
|
|
(71,793)
|
|
|
|
|
|
|
|
|
|
Financial income
(expenses), net
|
|
4,040
|
|
(907)
|
|
2,530
|
|
(709)
|
|
|
|
|
|
|
|
|
|
Loss before taxes on
income
|
|
(58,298)
|
|
(93,138)
|
|
(28,090)
|
|
(72,502)
|
Taxes on
income
|
|
(48)
|
|
(72)
|
|
(28)
|
|
(32)
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(58,346)
|
$
|
(93,210)
|
$
|
(28,118)
|
$
|
(72,534)
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per ordinary share
|
$
|
(0.43)
|
$
|
(1.37)
|
$
|
(0.21)
|
$
|
(0.58)
|
|
|
|
|
|
|
|
|
|
Weighted average number
of ordinary shares used in
computing basic and diluted net loss per ordinary share
|
|
134,607,839
|
|
71,458,394
|
|
134,994,019
|
|
125,188,537
|
|
|
|
|
|
|
|
|
|
INNOVIZ TECHNOLOGIES
LTD. AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
2022
|
|
2021
|
|
|
|
(Unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
50,279
|
$
|
23,640
|
|
Restricted
cash
|
|
718
|
|
901
|
|
Bank
deposits
|
|
145,728
|
|
230,483
|
|
Marketable
securities
|
|
21,886
|
|
11,607
|
|
Trade
receivables
|
|
1,075
|
|
513
|
|
Inventory
|
|
4,651
|
|
4,256
|
|
Prepaid expenses and
other current assets
|
|
6,145
|
|
3,029
|
|
Total current
assets
|
|
230,482
|
|
274,429
|
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
Marketable
securities
|
|
27,303
|
|
38,289
|
|
Restricted
deposits
|
|
2,482
|
|
-
|
|
Property and equipment,
net
|
|
21,485
|
|
14,502
|
|
Operating lease
right-of-use assets, net
|
|
27,361
|
|
-
|
|
Total long-term
assets
|
|
78,631
|
|
52,791
|
|
|
|
|
|
|
|
Total
assets
|
$
|
309,113
|
$
|
327,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Trade
payables
|
$
|
5,824
|
$
|
5,764
|
|
Advances from customers
and deferred revenues
|
|
334
|
|
196
|
|
Employees and payroll
accruals
|
|
8,439
|
|
8,997
|
|
Accrued expenses and
other current liabilities
|
|
11,716
|
|
6,708
|
|
Operating lease
liabilities
|
|
1,481
|
|
-
|
|
Total current
liabilities
|
|
27,794
|
|
21,665
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
Advances from customers
and deferred revenues
|
|
4,622
|
|
4,517
|
|
Other
liabilities
|
|
-
|
|
597
|
|
Operating lease
liabilities
|
|
25,914
|
|
-
|
|
Warrants
liability
|
|
835
|
|
1,639
|
|
Total long-term
liabilities
|
|
31,371
|
|
6,753
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
|
Ordinary Shares of
no-par value
|
|
-
|
|
-
|
|
Additional paid-in
capital
|
|
693,256
|
|
683,764
|
|
Accumulated
deficit
|
|
(443,308)
|
|
(384,962)
|
|
Total
shareholders' equity
|
|
249,948
|
|
298,802
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
$
|
309,113
|
$
|
327,220
|
|
INNOVIZ TECHNOLOGIES
LTD. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
U.S. dollars in
thousands
|
|
|
Six Months
Ended June
30,
|
|
Three Months
Ended June
30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net
loss
|
$
|
(58,346)
|
$
|
(93,210)
|
$
|
(28,118)
|
$
|
(72,534)
|
Adjustments required
to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
4,192
|
|
1,325
|
|
2,044
|
|
673
|
Remeasurement of
warrants liability
|
|
(789)
|
|
845
|
|
149
|
|
845
|
Decrease (increase) in
accrued interest on bank deposits
|
|
(245)
|
|
-
|
|
82
|
|
-
|
Remeasurement of
marketable securities
|
|
707
|
|
-
|
|
111
|
|
-
|
Share-based
compensation
|
|
9,165
|
|
51,662
|
|
4,457
|
|
49,887
|
Interest and foreign
exchange loss (gain), net
|
|
1,220
|
|
(56)
|
|
1,223
|
|
(244)
|
Increase in prepaid
expenses and other assets
|
|
(3,186)
|
|
(5,748)
|
|
(3,193)
|
|
(5,283)
|
Decrease (increase) in
trade
receivables
|
|
(562)
|
|
507
|
|
29
|
|
813
|
Increase in
inventories
|
|
(395)
|
|
(1,500)
|
|
(35)
|
|
(552)
|
Changes in operating
lease assets and liabilities, net
|
|
(430)
|
|
-
|
|
(652)
|
|
-
|
Increase in trade
payables
|
|
60
|
|
2,770
|
|
450
|
|
6,003
|
Increase (decrease) in
accrued expenses and other
liabilities
|
|
(1,185)
|
|
870
|
|
621
|
|
298
|
Increase (decrease) in
employees and payroll accruals
|
|
(558)
|
|
4,162
|
|
(728)
|
|
3,430
|
Increase in advances
from customers and deferred
revenues
|
|
243
|
|
1,537
|
|
159
|
|
186
|
Net cash used in
operating activities
|
|
(50,109)
|
|
(36,836)
|
|
(23,401)
|
|
(16,478)
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
(5,026)
|
|
(2,133)
|
|
(2,620)
|
|
(1,417)
|
Investment in bank
deposits
|
|
(50,000)
|
|
(195,000)
|
|
(45,000)
|
|
(195,000)
|
Withdrawal of bank
deposits
|
|
135,000
|
|
-
|
|
105,000
|
|
-
|
Decrease (increase) in
restricted deposits
|
|
(2,580)
|
|
1
|
|
(2,580)
|
|
(1)
|
Net cash provided by
(used) in investing activities
|
$
|
77,394
|
$
|
(197,132)
|
$
|
54,800
|
$
|
(196,418)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Cash received from
Transactions, net of issuance cost
|
|
-
|
|
122,728
|
|
-
|
|
122,728
|
Issuance of ordinary
shares, net of issuance cost
|
|
-
|
|
217,343
|
|
-
|
|
46,843
|
Proceeds from exercise
of options
|
|
293
|
|
468
|
|
205
|
|
448
|
Repayment of
loans
|
|
-
|
|
(134)
|
|
-
|
|
(76)
|
Net cash provided by
financing activities
|
|
293
|
|
340,405
|
|
205
|
|
169,943
|
Effect of exchange rate
changes on cash, cash equivalents
and restricted cash
|
|
(1,122)
|
|
20
|
|
(1,125)
|
|
297
|
Increase (decrease) in
cash, cash equivalents and
restricted cash
|
|
26,456
|
|
106,457
|
|
30,479
|
|
(42,656)
|
Cash, cash equivalents
and restricted cash at beginning of
the period
|
|
24,541
|
|
50,766
|
|
20,518
|
|
199,879
|
Cash, cash equivalents
and restricted cash at end of the
period
|
$
|
50,997
|
$
|
157,223
|
$
|
50,997
|
$
|
157,223
|
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content:https://www.prnewswire.com/news-releases/innoviz-technologies-provides-commercial-updates-and-reports-second-quarter-2022-financial-results-301603374.html
SOURCE Innoviz Technologies