TEL AVIV, Israel, Nov. 10, 2021 /PRNewswire/ -- Innoviz
Technologies (Nasdaq: INVZ), a technology leader of
high-performance, solid-state LiDAR sensors and perception
software, today reported operational and financial results for the
third quarter ended September 30,
2021. Innoviz management reaffirmed its long-term guidance,
future potential order book, and provided operational updates on
its commercial traction, technology leadership, and corporate
development.
Commercial Traction
- Innoviz continues to make progress on key automotive programs
with leading car makers and technology companies for sourcing
decisions in the short- and mid-term period. The unique cost and
performance proposition offered by InnovizTwo has garnered
significant interest from the market.
- For certain automotive programs, Innoviz can now provide the
InnovizTwo solution as a direct Tier 1 supplier. Innoviz
successfully completed an extensive, 12-month Tier 1 supplier audit
process conducted by one of the largest car makers in the world.
Innoviz is now recognized as a direct supplier as part of the final
stage of consideration for a nomination for a L2/L3 program. If
received, this recognition would mark an important milestone in
Innoviz's progress and establishment in the automotive space.
- Integrated its Perception Platform with NVIDIA's DRIVE AGX
autonomous vehicle development platform, including the NVIDIA DRIVE
ecosystem, which is used on several programs where Innoviz is
interested in expanding its business. Innoviz's LiDAR sensor is
also integrated with the NVIDIA DRIVE Sim.
- Selected by JueFX for its Vehicle-to-Everything (V2X) solution
to improve road safety and traffic alerts for autonomous vehicles
in China. JueFX will install
Innoviz's high-performance, solid-state LiDAR on smart city
infrastructure and leverage its annotated data to monitor traffic
in real time and to send alerts to autonomous vehicles.
Technology Leadership
- On track with the industrialization of InnovizOne with the
final hardware design freeze anticipated by the end of 2021. This
would enable the mass production of InnovizOne at the fully
automated production facility in Holly,
Michigan.
- On track with InnovizTwo's new design to deliver its first
engineering samples by the end of 2021.
- Expanded key automotive capabilities in-house, primarily around
Automotive SPICE (Software Process Improvement and Capability),
quality, supplier management, validation, and verification. Innoviz
expects these capabilities to allow it to serve multiple programs
in a more cost effective, comprehensive, and efficient manner.
- Migrated Innoviz's perception stack from InnovizAPP edge
computing platform to the NVIDIA DRIVE AGX Platform, which is used
on several programs in which Innoviz participates.
Corporate Development
- Increased employee headcount by 32 people in the third quarter,
bringing the company's total employee count to 369 at quarter end.
The increase in headcount was driven by the need to support
potential programs and new product development.
- Approximately 70% of the company's employees consist of the
research and development team.
Management Commentary
"As the global LiDAR market moves towards the convergence on
multiple programs, Innoviz is uniquely positioned to secure new
design wins due to our extensive automotive experience, our growing
capabilities and our portfolio of products," said Omer Keilaf,
CEO and co-founder of Innoviz. "Given our Tier 1 status,
InnovizTwo solution, the maturity of our customer engagements as
well as a growing program pipeline, we are confident in our ability
to solidify our position as the leading LiDAR supplier in the
automotive industry."
Third Quarter 2021 Financial Results
- Revenues for Q3 2021 were $2.1
million, an increase of 106% compared to Q2 2021, and an
increase of 13% compared to Q3 2020. InnovizOne-related revenues in
Q3 2021 were $1.6 million, or 79% of
the total quarterly revenues, an increase of 36% compared to
$1.2 million, or 66% of the total
quarterly revenues, in Q3 2020. The company continues to see strong
interest for its products and expects the positive momentum to
continue.
- Operating expenses for Q3 2021 were $30.0 million, an increase from $16.8 million in Q3 2020. Q3 2021 operating
expenses included $8.2 million of
stock-based compensation. The increase in operating expenses
compared to Q3 2020 was primarily due to an increase of
$7.4 million of stock-based
compensation and personnel-related expenses. Additionally, the
company continued to invest in R&D, with R&D expenses
totaling $20.6 million for Q3 2021,
of which $3.7 million was
attributable to stock-based compensation, compared to $14.7 million of R&D expenses incurred in Q3
2020, of which $0.6 million was
attributable to stock-based compensation.
- As of September 30, 2021, the
company had $139.6 million in cash
and $185.0 million in short-term
deposits, compared to $58.0 million
in cash as of September 30, 2020. The
increase in cash was related to the closing of the company's
business combination transaction earlier this year.
Forward-Looking Guidance
- Innoviz management reaffirmed its 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 56 prospective customers in the late
stages of technical evaluation, RFIs and RFQs. Of the 56
prospective customers, nine are in the RFQ or final commercial
negotiations stage. These nine prospects represent more than
$3.4 billion in future potential
order book volume. Innoviz expects some of these projects to
materialize into contractual relationships by mid-2022.
- Given Innoviz's proven automotive experience, the value and
performance of its products, the maturity of its engagements, and
the scope of its relationships, the company is confident in its
potential to establish market leadership.
Conference Call
Innoviz management will hold a conference call today,
November 10, 2021, 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 from
New York City, joined by a
distinguished guest from BMW. The presentation will be followed by
a question-and-answer session.
All are invited to listen to the event by registering in
advance: Here.
The webinar can also be accessed by telephone through the
following details:
One tap mobile:
+13017158592, 84486760489# US (Washington
DC)
+13126266799, 84486760489# US (Chicago)
+97239786688, 84486760489# 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: 84486760489
International numbers are 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 BMW's consumer vehicles. InnovizOne LiDAR has also
been selected by a leading European Tier 1 automotive company for
its shuttle program. Innoviz is backed by top-tier strategic
partners and investors, including SoftBank Ventures Asia, Samsung,
SK, 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
- Tables to follow -
INNOVIZ
TECHNOLOGIES LTD.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
U.S. dollars in
thousands (except share and per share data)
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
1,831
|
$
|
2,076
|
$
|
3,680
|
$
|
3,811
|
Cost of
revenues
|
|
(1,318)
|
|
(2,201)
|
|
(5,097)
|
|
(5,737)
|
Gross profit
(loss)
|
|
513
|
|
(125)
|
|
(1,417)
|
|
(1,926)
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development
|
$
|
14,677
|
$
|
20,576
|
$
|
41,894
|
$
|
69,397
|
Selling and
marketing
|
|
1,243
|
|
3,652
|
|
3,941
|
|
20,834
|
General and
administrative
|
|
844
|
|
5,753
|
|
2,508
|
|
30,179
|
Total operating
expenses
|
|
16,764
|
|
29,981
|
|
48,343
|
|
120,410
|
Operating
loss
|
|
(16,251)
|
|
(30,106)
|
|
(49,760)
|
|
(122,336)
|
Financial income,
net
|
|
536
|
|
3,735
|
|
626
|
|
2,827
|
Loss before taxes on
income
|
|
(15,715)
|
|
(26,371)
|
|
(49,134)
|
|
(119,509)
|
Taxes on
income
|
|
63
|
|
(60)
|
|
(29)
|
|
(132)
|
Net loss
|
$
|
(15,652)
|
$
|
(26,431)
|
$
|
(49,163)
|
$
|
(119,641)
|
Basic and diluted net
loss per ordinary share
|
$
|
(1.06)
|
$
|
(0.20)
|
$
|
(3.31)
|
$
|
(1.35)
|
Weighted average
number of ordinary shares
used in computing
basic and diluted net
loss
per ordinary
share
|
|
18,861,241
|
|
133,430,689
|
|
18,697,015
|
|
92,115,826
|
|
|
|
|
|
|
|
|
|
INNOVIZ
TECHNOLOGIES LTD.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
U.S. dollars in
thousands
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
|
|
2020
|
|
2021
|
|
|
|
|
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
49,950
|
$
|
139,569
|
|
Short term
deposits
|
|
-
|
|
185,000
|
|
Short-term Restricted
Cash
|
|
8
|
|
868
|
|
Trade
receivables
|
|
2,506
|
|
554
|
|
Inventory
|
|
2,164
|
|
4,611
|
|
Prepaid expenses and
other current assets
|
|
3,287
|
|
5,159
|
|
Total current
assets
|
|
57,915
|
|
335,761
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
Restricted
deposits
|
|
864
|
|
-
|
|
Other long-term
assets
|
|
537
|
|
163
|
|
Property and
equipment, net
|
|
13,245
|
|
14,219
|
|
Total long-term
assets
|
|
14,646
|
|
14,382
|
|
Total
assets
|
$
|
72,561
|
$
|
350,143
|
|
LIABILITIES,
CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY
(DEFICIT)
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Trade
payables
|
$
|
7,751
|
$
|
3,830
|
|
Advances from
customers and deferred revenues
|
|
1,661
|
|
1,536
|
|
Employees and payroll
accruals
|
|
5,528
|
|
7,671
|
|
Accrued expenses and
other current liabilities
|
|
2,579
|
|
4,140
|
|
Short term loan and
current maturities
|
|
275
|
|
2,400
|
|
Total current
liabilities
|
|
17,794
|
|
19,577
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
Loan, net of current
maturities
|
|
2,224
|
|
-
|
|
Long-term advances
from customers and deferred revenues
|
|
3,473
|
|
3,588
|
|
Warrant
liability
|
|
-
|
|
4,547
|
|
Total long-term
liabilities
|
|
5,697
|
|
8,135
|
|
Convertible preferred
shares
|
|
272,815
|
|
-
|
|
SHAREHOLDERS' EQUITY
(DEFICIT):
|
|
|
|
|
|
Ordinary shares of
no-par value
|
|
*-
|
|
*-
|
|
Additional paid-in
capital
|
|
7,658
|
|
673,475
|
|
Accumulated
deficit
|
|
(231,403)
|
|
(351,044)
|
|
Total shareholders'
equity (deficit)
|
|
(223,745)
|
|
322,431
|
|
Total liabilities,
convertible preferred shares and shareholders' equity
(deficit)
|
$
|
72,561
|
$
|
350,143
|
|
*
Represents amount lower than $1
|
|
INNOVIZ
TECHNOLOGIES LTD.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOW
|
U.S. dollars in
thousands
|
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(15,652)
|
$
|
(26,431)
|
$
|
(49,163)
|
$
|
(119,641)
|
Adjustments
required to reconcile net loss to net cash used in
operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
539
|
|
699
|
|
2,072
|
|
2,024
|
Revaluation of
Private Warrants
|
|
-
|
|
(3,589)
|
|
-
|
|
(2,744)
|
Stock Based
Compensation
|
|
798
|
|
8,165
|
|
2,383
|
|
59,826
|
Capital
gain
|
|
-
|
|
-
|
|
(6)
|
|
-
|
Interest
income
|
|
(112)
|
|
(80)
|
|
(327)
|
|
(136)
|
Decrease (increase)
in prepaid expenses and current assets
|
|
842
|
|
4,612
|
|
108
|
|
(1,136)
|
Decrease (increase)
in accounts
receivable
|
|
(1,355)
|
|
866
|
|
(932)
|
|
1,373
|
Decrease (increase)
in inventory
|
|
(99)
|
|
(947)
|
|
455
|
|
(2,447)
|
Decrease in trade
payables
|
|
(924)
|
|
(7,131)
|
|
(3,384)
|
|
(4,361)
|
Increase in accrued
expenses and other liabilities
|
|
2,391
|
|
474
|
|
1,238
|
|
1,344
|
Increase (decrease)
in employees and payroll accruals
|
|
83
|
|
(2,019)
|
|
1,088
|
|
2,143
|
Increase (decrease)
in advances from customers and deferred
revenues
|
|
(69)
|
|
(968)
|
|
(130)
|
|
570
|
Net cash used in
operating activities
|
|
(13,558)
|
|
(26,349)
|
|
(46,598)
|
|
(63,185)
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
(928)
|
|
(864)
|
|
(3,134)
|
|
(2,998)
|
Withdrawal of
(investment in) short term deposits
|
|
(22)
|
|
10,000
|
|
34,720
|
|
(185,000)
|
Decrease in
restricted deposits
|
|
-
|
|
55
|
|
-
|
|
56
|
Net cash provided
(used) in investing activities
|
|
(950)
|
|
9,191
|
|
31,586
|
|
(187,942)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Cash received in
connection with reverse merger, net of issuance
cost
|
|
-
|
|
-
|
|
-
|
|
122,728
|
Issuance of common
stock in connection with PIPE offering, net
of issuance cost
|
|
-
|
|
-
|
|
-
|
|
217,343
|
Proceeds from
exercise of options
|
|
41
|
|
222
|
|
219
|
|
690
|
Repayment of
loan
|
|
(71)
|
|
(46)
|
|
(192)
|
|
(179)
|
Net cash provided
(used) by financing activities
|
|
(30)
|
|
176
|
|
27
|
|
340,582
|
Effect of exchange
rate changes on cash, cash equivalents and
restricted cash
|
|
118
|
|
196
|
|
325
|
|
216
|
Increase (decrease)
in cash, cash equivalents and restricted cash
|
|
(14,420)
|
|
(16,786)
|
|
(14,660)
|
|
89,671
|
Cash, cash
equivalents and restricted cash at beginning of the
period
|
|
73,187
|
|
157,223
|
|
73,427
|
|
50,766
|
Cash, cash
equivalents and restricted cash at end of the period
|
$
|
58,767
|
$
|
140,437
|
$
|
58,767
|
$
|
140,437
|
INNOVIZ
TECHNOLOGIES LTD.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOW
|
U.S. dollars in
thousands
|
|
|
|
Three Months
Ended September
30,
|
|
Nine Months
Ended September
30,
|
|
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
Supplementary
disclosure of cash flows activities:
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(1) Cash received
during the period for:
|
|
|
|
|
|
|
|
|
|
Interest
|
$
|
(946)
|
$
|
(119)
|
$
|
(947)
|
$
|
(125)
|
|
(2) Cash paid during
the period for:
|
|
|
|
|
|
|
|
|
|
Interest
|
$
|
22
|
$
|
42
|
$
|
67
|
$
|
87
|
|
Income
taxes
|
$
|
-
|
$
|
59
|
$
|
29
|
$
|
128
|
|
(3) Non-cash
transactions:
|
|
|
|
|
|
|
|
|
|
Non-marketable
securities in consideration for property and equipment
|
$
|
-
|
$
|
-
|
$
|
54
|
$
|
-
|
|
Conversion of
preferred shares to ordinary shares
|
|
-
|
|
-
|
|
-
|
|
272,815
|
|
Issuance cost paid in
Equity
|
|
-
|
|
-
|
|
-
|
|
77,309
|
|
(4) Cash, cash
equivalents and restricted cash at end of the period:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
57,952
|
$
|
139,569
|
$
|
57,952
|
$
|
139,569
|
|
Short-term restricted
deposits
|
|
8
|
|
868
|
|
8
|
|
868
|
|
Restricted
deposits
|
|
807
|
|
-
|
|
807
|
|
-
|
|
|
$
|
58,767
|
$
|
140,437
|
$
|
58,767
|
$
|
140,437
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/innoviz-technologies-reports-third-quarter-2021-operational-and-financial-results-301420805.html
SOURCE Innoviz Technologies