TEL
AVIV, Israel, May 11, 2022
/PRNewswire/ -- Innoviz Technologies (Nasdaq: INVZ) (the
"Company" or "Innoviz"), a technology leader of high-performance,
solid-state LiDAR sensors and perception software, today reported
its financial results for the first quarter ended March 31, 2022 and updated its forward-looking
guidance, as well as provided updates on commercial traction,
technology leadership, and corporate development.
Management Commentary
"We made meaningful progress executing our strategy during the
first quarter, which culminated in our recent announcement of being
selected for series production with one of the world's three
largest vehicle groups," said Omer Keilaf, CEO and Co-Founder of
Innoviz. "This marks our third design win for series
production, our first for InnovizTwo, and also our first as a
direct Tier1 supplier. This is a major achievement that we believe
will propel us to a market leading position and accelerate our
ability to potentially win many other opportunities. Being selected
out of many other LiDAR and Tier 1 solutions is a vote of
confidence for our technology, product and company."
"We are implementing our strategy systematically. The automotive
industry is at a unique inflection point and we believe that with
this win we are meeting it with the right momentum. Our objective
is to secure several additional series production deals in the
coming years to provide us with meaningful and sustainable
revenues. We will also build our production capacity for our two
new products, InnovizTwo and Innoviz360, to quickly penetrate the
non-automotive market, which we believe is in great need of
solutions like ours. Our strategy is designed to maximize our
long-term market share as we grow our revenues short-term and
deliver profitability in the coming years."
Commercial Progress Resulting from First Quarter
Activities
Following two years of working closely with the customer, we
plan to incorporate InnovizTwo LiDAR and Innoviz Perception
Software into a new platform that will serve multiple auto brands
over the next decade.
For Innoviz, this new nomination marks:
- Third major series production design win in the automotive
space.
- First design win for series production with the new generation
Innoviz product, InnovizTwo.
- First design win for high volume series production with Innoviz
as a direct supplier.
- Selection for a high-volume project by one of the world's
largest vehicle groups.
- Increase of forward-looking order book by $4 billion to a total of $6.6 billion (not including NRE, samples during
development, production tools, and post-launch software
services).
- A surge of confidence made by one of the largest vehicle groups
in the world is likely to influence many other car makers.
- A joint announcement is expected following the first delivery
milestone in the coming months.
Expansion and Delivery
On a continuous quest to grow the Company's market share and
revenues, Innoviz is working on many fronts:
- RFI/RFQ funnel: There are currently 12 different customers at
different stages of the RFI/RFQ process. The company believes that
the recently announced design win will accelerate these decisions
to select Innoviz.
- China: Innoviz recently
announced a collaboration with China- and Germany-based LiangDao, a global leading
system provider of LiDAR sensing, to accelerate the introduction of
series production solutions of high-resolution LiDAR for the
Chinese market, based on InnovizTwo.
- Production readiness: Targeting completion of InnovizOne
production validation toward the launch of Innoviz's existing
series production programs next year.
- Sales and revenues: Innoviz is currently developing high-volume
production tools for its new products, InnovizTwo and Innoviz360.
Both products are expected to achieve improved margins and fast
market penetration due to their ability to provide a significantly
stronger product fit compared to other solutions in the market
today.
Corporate Development
Increased employee headcount by 15 people in the first quarter
of 2022, bringing the Company's total number of employees to 419 as
of March 31, 2022. The increase in
headcount was driven by the need to support current and upcoming
programs and new product development. Approximately 70% of the
Company's employees are members of the Company's research and
development team.
First Quarter 2022 Financial Results
Revenues for Q1 2022 were $1.8
million, compared to $0.7
million in Q1 2021. The Company expects InnovizOne sales to
continue to increase this year and is also planning to sell the
first samples of InnovizTwo this year.
Operating expenses for Q1 2022 were $31.1
million, an increase from $19.7
million in Q1 2021. Operating expenses in Q1 2022 included
$4.7 million of share-based
compensation compared to $1.8 million
of share-based compensation in Q1 2021. The increase in operating
expenses was primarily due to the increase in the number of our
employees and in share-based compensation.
Research and development expenses for Q1 2022 were $22.8 million, an increase from $16.7 million in Q1 2021. Research and
development expenses in Q1 2022 included $2.7 million attributable to share-based
compensation compared to $1.3 million
attributable to share-based compensation in Q1 2021.
Innoviz had approximately $275
million in cash, short term deposits and marketable
securities as of March 31, 2022
compared to approximately $304
million as of December 31,
2021. We believe our debt-free balance sheet and strong cash
assets will enable us to continue executing our strategy. We
remain focused on using our cash to make strategic investments in
research and development, sales and marketing, and production
ramp-ups.
Guidance
As a result of Innoviz's new design win with one of the world's
largest vehicle groups, Innoviz is updating its guidance as
follows:
- Innoviz is increasing its forward-looking order book guidance
by more than 150% to $6.6 billion, up
from $2.6 billion projected last
quarter.
- Innoviz currently has 12 prospective customers in RFIs and RFQs
stages, up from 10 at our last earnings call.
- Innoviz expects to achieve its stated goal to secure 10
pre-production programs during 2022. To-date the company has
secured 9.
Conference Call
Innoviz management will hold a web conference today,
May 11, 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
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)
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2022
|
|
2021
|
|
|
(Unaudited)
|
|
|
|
|
|
Revenues
|
$
|
1,774
|
$
|
727
|
|
|
|
|
|
Cost of
revenues
|
|
(2,431)
|
|
(1,458)
|
|
|
|
|
|
Gross loss
|
|
(657)
|
|
(731)
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
Research and
development
|
$
|
22,761
|
$
|
16,734
|
Selling and
marketing
|
|
2,971
|
|
1,552
|
General and
administrative
|
|
5,329
|
|
1,421
|
|
|
|
|
|
Total operating
expenses
|
|
31,061
|
|
19,707
|
|
|
|
|
|
Operating
loss
|
|
(31,718)
|
|
(20,438)
|
|
|
|
|
|
Financial income
(expenses), net
|
|
1,510
|
|
(198)
|
|
|
|
|
|
Loss before taxes on
income
|
|
(30,208)
|
|
(20,636)
|
Taxes on
income
|
|
(20)
|
|
(40)
|
|
|
|
|
|
Net loss
|
$
|
(30,228)
|
$
|
(20,676)
|
|
|
|
|
|
Basic and diluted net
loss per ordinary share
|
$
|
(0.23)
|
$
|
(1.50)
|
Weighted average number
of ordinary shares used in computing
basic and
diluted net loss per ordinary share
|
|
134,224,876
|
|
16,966,265
|
INNOVIZ TECHNOLOGIES LTD. AND ITS
SUBSIDIARIES
|
CONSOLIDATED BALANCE
SHEETS
|
U.S. dollars in
thousands
|
|
|
March
31,
|
|
December
31,
|
|
|
|
2022
|
|
2021
|
|
ASSETS
|
|
(Unaudited)
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and
cash equivalents
|
$
|
19,636
|
$
|
23,640
|
|
Short term
deposits
|
|
205,810
|
|
230,483
|
|
Marketable
securities
|
|
15,180
|
|
11,607
|
|
Restricted
cash
|
|
882
|
|
901
|
|
Trade
receivables
|
|
1,104
|
|
513
|
|
Inventory
|
|
4,616
|
|
4,256
|
|
Prepaid
expenses and other current assets
|
|
2,967
|
|
3,029
|
|
Total current
assets
|
|
250,195
|
|
274,429
|
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
Marketable
securities
|
|
34,120
|
|
38,289
|
|
Property and
equipment, net
|
|
13,762
|
|
14,502
|
|
Operating lease
right-of-use assets, net
|
|
28,385
|
|
-
|
|
Total long-term
assets
|
|
76,267
|
|
52,791
|
|
|
|
|
|
|
|
Total assets
|
$
|
326,462
|
$
|
327,220
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Trade
payables
|
$
|
5,374
|
$
|
5,764
|
|
Advances
from customers and deferred revenues
|
|
175
|
|
196
|
|
Employees
and payroll accruals
|
|
9,167
|
|
8,997
|
|
Accrued
expenses and other current liabilities
|
|
3,948
|
|
6,708
|
|
Operating
lease liabilities
|
|
1,209
|
|
-
|
|
Total current
liabilities
|
|
19,873
|
|
21,665
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
Advances
from customers and deferred revenues
|
|
4,622
|
|
4,517
|
|
Other
liabilities
|
|
-
|
|
597
|
|
Operating
lease liabilities
|
|
27,862
|
|
-
|
|
Warrants
liability
|
|
701
|
|
1,639
|
|
Total long-term
liabilities
|
|
33,185
|
|
6,753
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
|
Ordinary
Shares of no-par value
|
|
-
|
|
-
|
|
Additional
paid-in capital
|
|
688,594
|
|
683,764
|
|
Accumulated deficit
|
|
(415,190)
|
|
(384,962)
|
|
Total shareholders'
equity
|
|
273,404
|
|
298,802
|
|
Total liabilities and
shareholders' equity
|
$
|
326,462
|
$
|
327,220
|
|
|
|
|
|
|
|
INNOVIZ TECHNOLOGIES LTD. AND ITS
SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
U.S. dollars in
thousands
|
|
|
Three Months
Ended
March
31,
|
|
|
2022
|
|
2021
|
|
|
(Unaudited)
|
Cash flows from
operating activities:
|
|
|
|
|
Net
loss
|
$
|
(30,228)
|
$
|
(20,676)
|
Adjustments required
to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
Depreciation and amortization
|
|
2,148
|
|
652
|
Remeasurement of warrants liability
|
|
(938)
|
|
-
|
Increase
in accrued interest on short-term and long-term deposits
|
|
(327)
|
|
-
|
Remeasurement of marketable securities
|
|
596
|
|
-
|
Share
based compensation
|
|
4,708
|
|
1,775
|
Interest
and foreign exchange loss (gain), net
|
|
(3)
|
|
188
|
Decrease
(increase) in prepaid expenses and other assets
|
|
7
|
|
(465)
|
Increase
in trade
receivable
|
|
(591)
|
|
(306)
|
Increase
in inventories
|
|
(360)
|
|
(948)
|
Changes in
operating lease assets and liabilities, net
|
|
222
|
|
-
|
Decrease
in trade payables
|
|
(390)
|
|
(3,233)
|
Increase
(decrease) in accrued expenses and other liabilities
|
|
(1,806)
|
|
572
|
Increase
in employees and payroll accruals
|
|
170
|
|
732
|
Increase
in advances from customers and deferred revenues
|
|
84
|
|
1,351
|
Net cash
used in operating activities
|
|
(26,708)
|
|
(20,358)
|
Cash flows from
investing activities:
|
|
|
|
|
Purchase
of property and equipment
|
|
(2,406)
|
|
(716)
|
Investment
in short term deposits
|
|
(5,000)
|
|
-
|
Withdrawal
of short term deposits
|
|
30,000
|
|
-
|
Decrease
in restricted cash
|
|
-
|
|
2
|
Net cash
provided (used) in investing activities
|
|
22,594
|
|
(714)
|
Cash flows from
financing activities:
|
|
|
|
|
Receipts
on Ordinary shares account
|
|
-
|
|
170,500
|
Proceeds
from exercise of options
|
|
88
|
|
20
|
Repayment
of loan
|
|
-
|
|
(58)
|
Net cash
provided by financing activities
|
|
88
|
|
170,462
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
|
3
|
|
(277)
|
Increase (decrease) in
cash, cash equivalents and restricted cash
|
|
(4,023)
|
|
149,113
|
Cash, cash equivalents
and restricted cash at beginning of the period
|
|
24,541
|
|
50,766
|
Cash, cash equivalents
and restricted cash at end of the period
|
$
|
20,518
|
$
|
199,879
|
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SOURCE Innoviz Technologies