TEL AVIV, Israel, Aug. 11, 2021 /PRNewswire/ -- Innoviz
Technologies (Nasdaq: INVZ), a technology leader of
high-performance, solid-state LiDAR sensors and perception
software, today reports financial results for the second quarter
ended June 30, 2021. Innoviz
reaffirms its previously announced long-term guidance, increases
its order book potential wins, and provides operational updates on
commercial traction, technology leadership and corporate
development.
Commercial Traction
- Significant progress and high performance in the company's
global business generation strategy with prospects and potential
customers, facilitated by its research and development teams.
- Realized continued momentum from the shuttle program design win
continued and we aim to increase our volume through additional
orders in the near future.
- Won an advanced development project with a European autonomous
truck company, which provides for Innoviz to equip the customer's
2021 fleet with Innoviz technology. Innoviz believes it is
well-positioned to pursue multi-year contracts after the testing
phase is complete.
- Secured four new technical partnerships that expanded the
company's presence in Asia:
1. Edom - One of Asia's largest electronics and semiconductor
distributors will seek to drive sales and enhance support
initiatives for Innoviz's LiDAR solutions in the Greater China region.
2. Whale Dynamic - China based full stack L4 autonomous driving
company. Their platform will utilize InnovizOne LIDARs, replacing
previous generation Innoviz LiDAR, as its primary sensors with the
goal of creating the world's best sensor fusion design.
3. SpringCloud - Korea based B2B
Autonomous Mobility as a Service (MaaS) provider, with a platform
conducting autonomous driving data analysis and perception
validation. SpringCloud will distribute Innoviz products in Korea
across multiple sectors.
4. Curium – Singapore based autonomous driving platform
provider focused on the calibration and integration of LIDARs and
other sensors for autonomous driving that will promote Innoviz
LiDAR in the region.
Technology Leadership
- Completed several design cycles and are on the verge of
freezing the hardware design for InnovizOne. Innoviz
believes it is among the first in the industry to reach this
milestone and is seeing strong traction for the product.
- Developed early samples of InnovizOne+, an enhanced
version of InnovizOne that features components developed for
InnovizTwo extending the range and resolution.
- Completed optical design of InnovizTwo, the company's
top-of-the-line LIDAR that uses a single laser and detector,
advanced packaging and electronic design at a 70% material cost
reduction compared to InnovizOne.
- Surpassed one million object annotations within
Innoviz's automotive perception platform, InnovizAPP. The
platform is installed in test vehicles in three continents
(Asia, Europe and North
America) and is accelerating timelines for consumer
autonomous vehicle (AV) programs.
Corporate Development
- Increased employee headcount by 29 people in the quarter,
bringing the company's total employee headcount to 337 at quarter
end. Approximately 70% of the company's talent base consists of the
research and development team.
"We are making remarkable progress in global business
development in parallel with advancing our technical standards,"
said Omer Keilaf, CEO & Co-Founder of Innoviz. "I am
proud of our research and development teams that are working day
and night with our prospects and potential customers on adapting
and finetuning the performance, computer vision, safety and comfort
features, mechanical and software integrations, as well as quality
and design validations of our LiDARs for a variety of use
cases."
"We are humbled to have received so much positive feedback from
multiple customers and technical partners. Our success is largely
attributed to our R&D team as they are the driving force behind
these technology advancements. As the world reopens, we are truly
looking forward to meeting our customers, prospects, partners and
investors in person."
Second Quarter 2021 Financial Results
Revenues for Q2 2021 were $1.0
million, an increase of 38% compared to Q1 2021.
InnovizOne-related revenues in Q2 2021 increased by 29% to
$991 thousands, or 98% of revenues,
compared to $766 thousands, or 76% of
revenues, in Q2 2020. The company continues to see strong demand
for its products and expects the positive momentum to continue.
Operating expenses for Q2 2021 were $70.7
million, an increase from $13.5
million in Q2 2020. The $70.7
million of operating expenses included $49.9 million of stock-based compensation as well
as $1.8 million of issuance costs.
The increase in operating expenses was primarily due to
$47.2 million attributable to
stock-based compensation granted as part of the SPAC business
combination, which closed in Q2 2021. Additionally, the company
continued to invest heavily in R&D, with R&D expenses
totaling $32.1 million, of which
$17.6 million was attributable to
stock-based compensation, compared to $11.5
million of R&D expenses incurred in Q2 2020, of which
$0.5 million was attributable to
stock-based compensation.
As of June 30, 2021 the company
had $156.4 million in cash and
$195.0 million in short-term
deposits, compared to $199.1 million
in cash and no short-term deposits as of March 31, 2021. The increase in cash was related
to the closing of the company's SPAC business combination
transaction and will support the company's capital resource needs
in the coming years.
Forward-Looking Guidance
Innoviz management remains confident in its previously announced
forward-looking order book guidance of $2.4
billion, representing the cumulative projected future sales
of hardware and perception software through 2030 based on current
estimates of volumes and pricing.
Innoviz currently has 54 prospective customers in the late
stages of technical evaluation, RFIs and RFQs. Of these, eight are
in the final commercial negotiations or RFQ stage. These eight
prospects represent more than $3.2
billion in future potential order book. Innoviz expects some
of these projects to materialize into contractual relationships by
the middle of 2022.
Conference Call
Innoviz management will hold a conference call today,
August 11, 2021 at 8:00 a.m. Eastern time (5:00 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.
All are invited to listen to the event by registering for the
webinar here.
The webinar can also be accessed by telephone through the
following details:
One tap mobile:
+13017158592,87258312215# US
(Washington DC)
+13126266799,87258312215# US (Chicago)
+97239786688,87258312215# Israel
Join by phone:
Dial (for higher quality, dial a number based on your current
location):
US: +1 301 715 8592, +1 312 626 6799, +1 346 248 7799, +1 646 558
8656, +1 669 900 9128, +1 253 215 8782
Israel: +972 3 978 6688
Webinar ID: 872 5831 2215
International numbers available here.
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 leading provider of technology that will put
autonomous vehicles on roads. Innoviz's LiDAR technology can "see"
better than a human driver and meets the automotive industry's
strict expectations for performance, safety and price. Selected by
BMW for its fully autonomous car program, Innoviz's technology will
be deployed in its consumer vehicles. Innoviz is backed by top-tier
strategic partners and investors, including SoftBank Ventures Asia,
Samsung, Magna International, Aptiv, Magma Venture Partners, and
others. For more information visit: www.innoviz.tech.
Cautionary Note Regarding 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, customer acquisition, Innoviz's
forward-looking order book, Innoviz's projected revenue, Innoviz's
future potential order book and other future financial and
operational 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. Many factors could cause actual future events 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 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 Securities and Exchange
Commission (the "SEC") on April 21,
2021 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.
Media Contact: Media@innoviz-tech.com
Investor Contact:
Maya Lustig
Innoviz Technologies
+972 54 677 8100
Maya.Lustig@innoviz-tech.com
Gateway Investor Relations
Cody Slach or Matt
Glover
(949) 574-3860
Investors@innoviz-tech.com
INNOVIZ
TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except share and per share
data)
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
1,011
|
$
|
1,008
|
|
1,849
|
$
|
1,735
|
Cost of
revenues
|
|
(1,678)
|
|
(2,078)
|
|
(3,779)
|
|
(3,536)
|
Gross loss
|
|
(667)
|
|
(1,070)
|
|
(1,930)
|
|
(1,801)
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development
|
$
|
11,479
|
$
|
32,088
|
$
|
27,217
|
$
|
48,822
|
Selling and
marketing
|
|
1,200
|
|
15,629
|
|
2,698
|
|
17,181
|
General and
administrative
|
|
836
|
|
23,006
|
|
1,664
|
|
24,427
|
Total operating
expenses
|
|
13,515
|
|
70,723
|
|
31,579
|
|
90,430
|
Operating
loss
|
|
(14,182)
|
|
(71,793)
|
|
(33,509)
|
|
(92,231)
|
Financial income
(expenses), net
|
|
462
|
|
(709)
|
|
90
|
|
(907)
|
Loss before taxes on
income
|
|
(13,720)
|
|
(72,502)
|
|
(33,419)
|
|
(93,138)
|
Taxes on
income
|
|
(22)
|
|
(32)
|
|
(92)
|
|
(72)
|
Net loss
|
$
|
(13,742)
|
$
|
(72,534)
|
|
(33,511)
|
$
|
(93,210)
|
Basic and diluted net
loss per ordinary share
|
$
|
(0.73)
|
$
|
(0.58)
|
|
(1.80)
|
$
|
(1.30)
|
Weighted average number
of ordinary shares used in computing basic and diluted net loss per
ordinary share
|
|
18,701,229
|
|
125,188,537
|
|
18,614,903
|
|
71,458,394
|
|
|
|
|
|
|
|
|
|
INNOVIZ
TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
|
|
|
|
December
31,
|
|
June
30,
|
|
|
|
2020
|
|
2021
|
|
|
|
|
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
49,950
|
$
|
156,418
|
|
Short term
deposits
|
|
-
|
|
195,000
|
|
Restricted
deposits
|
|
8
|
|
8
|
|
Trade
receivables
|
|
2,506
|
|
604
|
|
Inventories
|
|
2,164
|
|
3,664
|
|
Prepaid expenses and
other current assets
|
|
3,287
|
|
9,771
|
|
Total current
assets
|
|
57,915
|
|
365,465
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
Restricted
deposits
|
|
864
|
|
852
|
|
Other long-term
assets
|
|
537
|
|
163
|
|
Property and
equipment, net
|
|
13,245
|
|
14,053
|
|
Total long-term
assets
|
|
14,646
|
|
15,068
|
|
Total assets
|
$
|
72,561
|
$
|
380,533
|
|
LIABILITIES,
CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY
(DEFICIT)
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Trade
payables
|
$
|
7,751
|
$
|
10,961
|
|
Advances from
customers and deferred revenues
|
|
1,661
|
|
1,803
|
|
Employees and payroll
accruals
|
|
5,528
|
|
9,690
|
|
Accrued expenses and
other current liabilities
|
|
2,854
|
|
3,941
|
|
Total current
liabilities
|
|
17,794
|
|
26,395
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
Loan, net of current
maturities
|
|
2,224
|
|
2,054
|
|
Long-term advances
from customers and deferred revenues
|
|
3,473
|
|
3,473
|
|
Warrants
|
|
-
|
|
8,136
|
|
Total long-term
liabilities
|
|
5,697
|
|
13,663
|
|
|
|
|
|
|
|
Convertible preferred
shares
|
|
272,815
|
|
-
|
|
SHAREHOLDERS' EQUITY
(DEFICIT):
|
|
|
|
|
|
Ordinary Shares of no-par value
|
|
*-
|
|
*-
|
|
Additional paid-in
capital
|
|
7,658
|
|
665,088
|
|
Accumulated
deficit
|
|
(231,403)
|
|
(324,613)
|
|
Total
shareholders' equity (deficit)
|
|
(223,745)
|
|
340,475
|
|
Total liabilities,
convertible preferred shares and shareholders' equity
(deficit)
|
$
|
72,561
|
$
|
380,533
|
|
* Represents amount lower than $1
INNOVIZ
TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands
|
|
|
|
Three Months Ended
June
30,
|
|
Six Months Ended
June 30,
|
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(13,742)
|
$
|
(72,534)
|
|
(33,511)
|
$
|
(93,210)
|
Adjustments required to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
1,022
|
|
673
|
|
1,533
|
|
1,325
|
Revaluation of Private
Warrants
|
|
-
|
|
845
|
|
-
|
|
845
|
Share-based
compensation
|
|
652
|
|
49,887
|
|
1,585
|
|
51,662
|
Capital
gain
|
|
-
|
|
-
|
|
(6)
|
|
-
|
Foreign exchange
loss
|
|
(659)
|
|
(244)
|
|
(215)
|
|
(56)
|
Increase in prepaid
expenses and other assets
|
|
(1,505)
|
|
(5,283)
|
|
(734)
|
|
(5,748)
|
Decrease (increase) in
trade receivable
|
|
(1)
|
|
813
|
|
423
|
|
507
|
Decrease (increase) in
inventories
|
|
(262)
|
|
(552)
|
|
554
|
|
(1,500)
|
Increase (decrease) in
trade payables
|
|
(1,065)
|
|
6,003
|
|
(2,460)
|
|
2,770
|
Increase (decrease) in
accrued expenses and other liabilities
|
|
(2,025)
|
|
298
|
|
(1,153)
|
|
870
|
Increase in employees
and payroll accruals
|
|
466
|
|
3,430
|
|
1,005
|
|
4,162
|
Increase (decrease) in
advances from customers and deferred revenues
|
|
(118)
|
|
186
|
|
(61)
|
|
1,537
|
Net cash used in
operating activities
|
|
(17,237)
|
|
(16,478)
|
|
(33,040)
|
|
(36,836)
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
(629)
|
|
(1,417)
|
|
(2,206)
|
|
(2,133)
|
Investment in bank
deposits, net
|
|
35,023
|
|
(195,000)
|
|
34,742
|
|
(195,000)
|
Decrease (Increase) in
restricted deposits
|
|
-
|
|
(1)
|
|
-
|
|
1
|
Net cash provided
(used) in investing activities
|
|
34,394
|
|
(196,418)
|
|
32,536
|
|
(197,132)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Cash received from
reverse capitalization, net of Issuance cost
|
|
-
|
|
122,728
|
|
-
|
|
122,728
|
Issue of Ordinary
shares, net of Issuance cost
|
|
-
|
|
46,843
|
|
-
|
|
217,343
|
Proceeds from exercise
of options
|
|
114
|
|
448
|
|
178
|
|
468
|
Repayment of
loan
|
|
(81)
|
|
(76)
|
|
(121)
|
|
(134)
|
Net cash provided by
financing activities
|
|
33
|
|
169,943
|
|
57
|
|
340,405
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
|
641
|
|
297
|
|
207
|
|
20
|
Increase (decrease) in
cash, cash equivalents and restricted cash
|
|
17,831
|
|
(42,656)
|
|
(240)
|
|
106,457
|
Cash, cash equivalents
and restricted cash at beginning of the period
|
|
55,356
|
|
199,879
|
|
73,427
|
|
50,766
|
Cash, cash equivalents
and restricted cash at end of the period
|
$
|
73,187
|
$
|
157,223
|
|
73,187
|
$
|
157,223
|
INNOVIZ
TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands
|
|
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Supplementary
disclosure of cash flows activities:
|
|
|
|
|
|
|
|
|
|
(1) Cash received during the
period for:
|
|
|
|
|
|
|
|
|
|
Interest
|
$
|
(79)
|
$
|
(6)
|
|
(1)
|
$
|
(6)
|
|
(2) Cash paid during the
period for:
|
|
|
|
|
|
|
|
|
|
Interest
|
$
|
22
|
$
|
21
|
|
45
|
$
|
43
|
|
Income
taxes
|
$
|
19
|
$
|
32
|
|
89
|
$
|
69
|
|
(3) Non-cash
transactions:
|
|
|
|
|
|
|
|
|
|
Non-marketable
securities in consideration for property and equipment
|
$
|
33
|
$
|
-
|
|
54
|
$
|
-
|
|
Conversion of
preferred shares to ordinary shares
|
|
-
|
|
272,815
|
|
-
|
|
272,815
|
|
Issuance of shares
from Receipts on Ordinary shares account
|
|
-
|
|
170,500
|
|
-
|
|
-
|
|
Issuance cost paid in
Equity
|
|
-
|
|
47,603
|
|
-
|
|
77,309
|
|
Deferred revenue
reclassification
|
|
|
|
1,395
|
|
|
|
1,395
|
|
Deferred issuance
costs
|
$
|
-
|
$
|
26,206
|
|
-
|
$
|
-
|
|
(4) Cash, cash equivalents
and restricted cash at end of the period
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
72,429
|
$
|
156,418
|
|
72,429
|
$
|
156,418
|
|
Short-term restricted
deposits
|
|
8
|
|
8
|
|
8
|
|
8
|
|
Restricted
deposits
|
|
750
|
|
797
|
|
750
|
|
797
|
|
|
$
|
73,187
|
$
|
157,223
|
|
73,187
|
$
|
157,223
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/innoviz-technologies-reports-2021-second-quarter-financial-results-301353061.html
SOURCE Innoviz Technologies