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Innoviz Technologies Reports First Quarter 2025 Results

  • Record revenues and gross margins showcase the Company's progress toward achieving full-year targets and long-term goals
  • Accelerating LiDAR shipments to Volkswagen Autonomous Mobility for ID. Buzz AD on the Mobileye Drive™ platform ahead of fleet deployments by MOIA and Uber; Fabrinet partnership to support volume production
  • Expansion of NRE payment plan to approximately $95M underscores customer commitment to the InnovizTwo platform
  • Growing momentum with NVIDIA and Hyperion platform, and progress with a major OEM evaluating Hyperion for potential integration

TEL AVIV, Israel, May 14, 2025 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) (the "Company" or "Innoviz"), a leading Tier-1 direct supplier of high performance, automotive-grade LiDAR sensors and perception software, today provided commercial and strategic updates on its business, reported its financial results for the quarter ended March 31, 2025 and reiterated its full year commercial and financial targets.

"I am very pleased with our strong start to 2025. Our record financial performance in the quarter, as well as recent developments in our customer and production partnerships, demonstrate that we are well on our way to meeting our full-year 2025 and long-term goals," said Omer Keilaf, CEO and Co-Founder of Innoviz. "Following Uber and VW's recent announcement around autonomous fleet deployments in 2026, Innoviz is accelerating deliveries of LiDAR units to VW in 2025 to equip hundreds of ID. Buzz AD shuttles with 9 InnovizTwo LiDARs each, ahead of project launches. Recently, we shared that we selected Fabrinet as our manufacturing partner for the InnovizTwo product platform. By working with Fabrinet, we will be able to cost-effectively scale the production of our LiDARs with a partner that has a global footprint and expertise in automotive-grade manufacturing. Additionally, last week we announced the expansion of our NRE payment plan with key customers to approximately $95 million from approximately $80 million. With our strengthened financial footing, optimized operations, newly added manufacturing capacity, and deep customer relationships, we believe that we are well-positioned to achieve our goal of becoming the world's premier large-scale supplier of best-in-class LiDAR solutions for autonomous driving and beyond." 

Keilaf added, "During the quarter, we were pleased to see an acceleration of planned robotaxi launches around the world, with many models based on Innoviz technology. We have strong traction with new customers in both automotive and non-automotive applications, and we are particularly excited about growing momentum in our relationships with NVIDIA and Mobileye, the two leading autonomous driving platform providers. We are thrilled to be able to advance the future of automotive safety and autonomous driving as we pursue multiple opportunities using our differentiated LiDAR technology and expanding capacity."

Commercial and Strategic Updates

  • Delivering LiDAR Platform units to Volkswagen Autonomous Mobility – expanded our collaboration with VW to accelerate the integration of InnovizTwo LiDARs into the ID. Buzz AD, VW's L4 autonomous shuttle, in support of planned market deployment in multiple European and US cities beginning in 2026.
  • Partnered with Fabrinet to launch InnovizTwo Mass Production – this partnership will allow Innoviz to ramp its LiDARs to volume with a manufacturing partner that has automotive-grade facilities around the world, allowing for flexible and cost-effective production. We expect that the ramp at Fabrinet will accelerate revenue generation from LiDAR sales. 
  • Further bolstered financial position by expanding NRE payment plan – Innoviz announced that it has expanded the NRE payment plan with key customers announced in December 2024 to approximately $95 million from approximately $80 million; cash payments are expected between 2025 and 2027. These payments will be incremental to revenues generated from ongoing sales of LiDAR products.
  • Developing opportunities with new OEMs – we are in various stages of the sourcing process with several OEMs; in particular, we see growing momentum in our relationship with NVIDIA and its Hyperion platform, and are making progress with a major OEM evaluating Hyperion for potential integration.
  • Growing traction in non-automotive applications – with its automotive-grade LiDARs, Innoviz has an opportunity to generate significant value for customers outside the automotive sector, and expand its available market. We are shipping samples and launching a version of our product specially tuned for this market.
  • Limited current impact from new US tariff regime – Innoviz continues to carefully monitor the ongoing and highly dynamic tariff situation in the US. We believe we have the flexibility to adapt as needed given the timing of our customer ramps and our manufacturing relationship with Fabrinet.  

First Quarter 2025 Financial Results
Revenues in Q1 2025 were $17.4 million compared to revenues of $7.1 million in Q1 2024. The revenue growth resulted from a combination of NRE services, production units and sample shipments. 

Operating expenses in Q1 2025 were $21.0 million, a decrease of 34% compared to operating expenses of $31.7 million in Q1 2024. Operating expenses for Q1 2025 included $3.0 million of share-based compensation compared to $5.9 million of share-based compensation in Q1 2024. 

Liquidity as of March 31, 2025 was approximately $85.4 million, consisting of cash and cash equivalents, short term deposits, marketable securities and short-term restricted cash. 

FY 2025 Financial and Operational Targets
The company is reiterating its FY 2025 targets of: 

  • Revenues of $50-$60 million, more than 2x 2024 levels;
  • An additional $20-$50 million of NRE bookings in 2025, a portion of which has already been booked; and
  • 1-3 new program wins

Conference Call
Innoviz management will hold a web conference today, May 14, 2025, at 9:00 a.m. Eastern Time (6:00 a.m. Pacific Time) to discuss commercial and strategic updates, financial results for the first quarter 2025, and 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 US, 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 https://innoviz.tech/

Join the discussion: Facebook, LinkedIn, YouTube, Twitter

Media Contact
Media@innoviz-tech.com

Investor Contact
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, expected NRE payments, future prospects related to the strategic partnership with Fabrinet, the anticipated scaling of production, the economic benefits of the partnership and Fabrinet's compliance with the highest automotive-grade standards, and Innoviz's projected future operational and financial results, including revenue and NREs. 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)" 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). NREs 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 Israel to our ongoing operations. The foregoing list is not exhaustive. You should carefully consider such risk and the other risks and uncertainties described in Innoviz's annual report on Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission ("SEC") on March 12, 2025, and in 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. There can be no assurances that the Company will enter into definitive agreements, orders or receive payments with respect to the NRE payment plan referenced in this announcement. 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)

(Unaudited)

   
  

Three Months Ended

March 31,

  

2025

 

2024

     

Revenues

$

17,390

$

7,057

Cost of revenues

 

(10,408)

 

(8,354)

     

Gross profit (loss)

 

6,982

 

(1,297)

     

Operating expenses:

    

   Research and development

 

14,830

 

23,845

   Sales and marketing

 

1,721

 

2,400

   General and administrative

 

4,455

 

5,444

     

Total operating expenses

 

21,006

 

31,689

     

Operating loss

 

(14,024)

 

(32,986)

     

Financial income, net

 

1,416

 

2,901

     

Loss before taxes on income

 

(12,608)

 

(30,085)

Taxes on income

 

(34)

 

(53)

     

Net loss

$

(12,642)

$

(30,138)

     

Basic and diluted net loss per ordinary share

$

(0.07)

$

(0.18)

     

Weighted average number of ordinary shares used in computing
  basic and diluted net loss per ordinary share

 

185,534,529

 

165,666,183

     

INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

(Unaudited)

 
      
      
  

  March 31,  

 

December 31,

 
  

2025

 

2024

 

ASSETS

     

 CURRENT ASSETS:

     

Cash and cash equivalents

$

13,369

$

25,365

 

Short-term restricted cash

 

16

 

16

 

Bank deposits

 

62,842

 

30,628

 

Marketable securities

 

9,172

 

11,955

 

Trade receivables, net

 

17,661

 

6,043

 

Inventory

 

1,704

 

1,905

 

Prepaid expenses and other current assets

 

3,867

 

6,707

 

 Total current assets

 

108,631

 

82,619

 
      

 LONG-TERM ASSETS:

     

Restricted deposits

 

2,598

 

2,725

 

Property and equipment, net

 

23,214

 

23,432

 

Operating lease right-of-use assets, net

 

22,598

 

23,194

 

Other long-term assets

 

83

 

79

 

 Total long-term assets

 

48,493

 

49,430

 
      

 Total assets

$

157,124

$

132,049

 
      
      

 LIABILITIES AND SHAREHOLDERS' EQUITY

     

 CURRENT LIABILITIES:

     

Trade payables

$

5,039

$

8,813

 

Deferred revenues

 

1,218

 

274

 

Employees and payroll accruals

 

8,873

 

8,722

 

Accrued expenses and other current liabilities

 

5,905

 

5,631

 

Operating lease liabilities

 

4,257

 

4,330

 

 Total current liabilities

 

25,292

 

27,770

 
      

 LONG-TERM LIABILITIES:

     

Operating lease liabilities

 

24,029

 

25,264

 

Warrants liability

 

38

 

86

 

 Total long-term liabilities

 

24,067

 

25,350

 
      

 SHAREHOLDERS' EQUITY:

     

Ordinary Shares of no-par value

 

-

 

-

 

Additional paid-in capital

 

850,452

 

808,974

 

Accumulated deficit

 

(742,687)

 

(730,045)

 

 Total shareholders' equity

 

107,765

 

78,929

 

 Total liabilities and shareholders' equity

$

157,124

$

132,049

 
      

INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

(Unaudited)

 
 
  

Three Months Ended

   March 31,

  

2025

 

2024

Cash flows from operating activities:

    

Net loss

$

(12,642)

$

(30,138)

Adjustments required to reconcile net loss to net
  cash used in operating activities:

    

Depreciation and amortization

 

1,377

 

2,495

Remeasurement of warrants liability

 

(48)

 

(86)

Change in accrued interest on bank deposits

 

(337)

 

(787)

Change in marketable securities

 

(62)

 

(158)

Share-based compensation 

 

4,754

 

6,510

Foreign exchange loss (gain), net

 

154

 

(46)

Change in prepaid expenses and other assets

 

2,129

 

2,170

Change in trade receivables, net 

 

(11,618)

 

7,058

Change in inventory

 

201

 

(144)

Change in operating lease assets and liabilities, net

 

(712)

 

(580)

Change in trade payables

 

(3,577)

 

(2,067)

Change in accrued expenses and other liabilities

 

523

 

(835)

Change in employees and payroll accruals

 

154

 

1,106

Change in deferred revenues

 

944

 

(6,367)

Net cash used in operating activities

 

(18,760)

 

(21,869)

Cash flows from investing activities:

    

    Purchase of property and equipment

 

(1,915)

 

(1,149)

Investment in bank deposits

 

(44,300)

 

(14,000)

Withdrawal of bank deposits

 

12,500

 

25,000

Investment in restricted deposits

 

-

 

(67)

Investment in marketable securities

 

(14,892)

 

(938)

Proceeds from sales and maturities of marketable securities

 

17,737

 

895

Net cash provided by (used in) investing activities

 

(30,870)

 

9,741

Cash flows from financing activities:

    

Issuance of ordinary shares and warrants, net of issuance cost

 

37,596

 

-

Proceeds from exercise of options

 

142

 

42

Net cash provided by financing activities

 

37,738

 

42

Effect of exchange rate changes on cash, cash
 equivalents and restricted cash

 

(104)

 

74

Decrease in cash, cash equivalents and restricted cash

 

(11,996)

 

(12,012)

Cash, cash equivalents and restricted cash at the
 beginning of the period

 

25,381

 

26,336

Cash, cash equivalents and restricted cash at the
 end of the period

$

13,385

$

14,324

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