Innoviz Reports Fourth Quarter and Full Year 2024 Results
Rhea-AI Summary
Innoviz Technologies (NASDAQ: INVZ), a Tier-1 supplier of automotive LiDAR sensors, reported its Q4 and FY2024 results with revenues of $24.3M in 2024, up from $20.9M in 2023. The company secured significant developments including:
- An $80M NRE payments plan with key customers
- Integration into Mobileye Drive™ platform with 9 InnovizTwo LiDARs per vehicle
- Partnership with NVIDIA's Hyperion 8 platform
- $40M raised through registered direct offering
- Operational optimization targeting $12M annual savings
The company projects 2025 revenue guidance of $50-60M and aims for program SOPs in 2026 with volume production in 2027. Operating expenses decreased 17% to $100.8M in 2024, with liquidity of $68M as of December 31, 2024.
Positive
- Revenue growth to $24.3M in 2024 from $20.9M in 2023
- $80M NRE payments plan secured with key customers
- 17% reduction in operating expenses
- New partnership with Mobileye Drive platform
- Integration with NVIDIA Hyperion 8 platform
- $12M annual cost savings from operational optimization
- $40M raised through direct offering
Negative
- Operating expenses remain high at $100.8M despite reduction
- current liquidity of $68M as of December 2024
News Market Reaction
On the day this news was published, INVZ declined 4.02%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
- Recent financial and business developments leave Innoviz well-prepared for multiple program SOPs in 2026 and volume production of LiDARs in 2027
- Partnership announcements with Mobileye and NVIDIA position the Company to further scale business and pursue opportunities with new OEMs
- Targeting 2025 revenues of
$50 -$60 million
"I am very pleased with our strong finish to 2024, and with the recent developments and accomplishments that have the potential to transform Innoviz's financial and operational position for 2025 and beyond," said Omer Keilaf, CEO and Co-Founder of Innoviz. "In the past two months, we've entered into an approximately
Keilaf added, "During the quarter, we disclosed that Mobileye had chosen Innoviz LiDARs as a key feature of its Mobileye Drive™ AV platform. In addition, InnovizTwo is now offered as part of NVIDIA's Hyperion 8 platform, and our RFI and RFQ pipeline remains robust. We expect our newly strengthened liquidity position to be a competitive advantage. Bolstered by it and by other developments, we believe we have accelerated our path to profitability and are well situated to execute on our pipeline with additional OEMs and enhance growth in the automotive industry with our differentiated LiDAR technology and expanding capacity."
Commercial and Strategic Updates
- Mobileye announced that it will integrate Innoviz LiDARs into its Mobileye Drive™ autonomous driving platform – the platform has been adopted by significant vehicle producers globally, including VW Commercial Vehicles, Schaeffler/VDL, Holon, and Verne, and will include a suite of 9 InnovizTwo LiDARs per vehicle, driving significant unit volume. SOPs are slated for 2026, with volume expected to ramp in 2027.
- Bolstered financial position with approximately
$80 million $80 million $40 + million in 2025. - Demonstrated the integration of Innoviz Perception Software with NVIDIA DRIVE AGX Orin – at CES, Innoviz demonstrated the integration of its Perception Software with NVIDIA's autonomous driving and ADAS platform. Leveraging the NVIDIA Hyperion 8 platform, Innoviz will offer automakers a powerful combination of LiDAR sensors and software.
- Announced optimization of operations – Innoviz announced an optimization of its operations to extend its cash runway and accelerate progress towards profitability and free cash flow generation. The actions will be implemented during the first half of 2025 and are expected to reduce cash outlays by approximately
$12 million - Completed registered direct offering of our securities – our February 2025 registered direct offering generated gross proceeds of approximately
$40 million - Continued to develop existing programs and advance potential new programs with notable OEMs – Innoviz continued to make progress with its existing customer programs, including L3 with VW, and to advance on its pipeline of RFIs and RFQs. Innoviz's RFI and RFQ processes with notable OEMs in
Europe ,North America , andAsia continued to advance on both L3 and L4 programs.
Full Year 2024 Financial Results
Revenues in 2024 were
Operating expenses in 2024 were
Liquidity as of December 31, 2024 was approximately
FY 2025 Financial and Operational Targets
The company is establishing initial targets for FY 2025 of:
- Revenues of
$50 -$60 million - An additional
$20 -$50 million - 1-3 new program wins
Conference Call
Innoviz management will hold a web conference today, February 26, 2025, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss commercial and strategic updates, financial results for the fourth quarter and full year 2024 and 2025 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
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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, 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
INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(Unaudited)
| ||||||||
Year Ended December 31, | Three Months Ended December 31, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Revenues | $ | 24,268 | $ | 20,876 | $ | 6,027 | $ | 14,917 |
Cost of revenues | (25,429) | (32,490) | (5,488) | (17,197) | ||||
Gross profit (loss) | (1,161) | (11,614) | 539 | (2,280) | ||||
Operating expenses: | ||||||||
Research and development | 73,817 | 92,676 | 13,489 | 22,107 | ||||
Sales and marketing | 7,474 | 8,777 | 1,722 | 1,999 | ||||
General and administrative | 19,466 | 19,535 | 4,577 | 5,412 | ||||
Total operating expenses | 100,757 | 120,988 | 19,788 | 29,518 | ||||
Operating loss | (101,918) | (132,602) | (19,249) | (31,798) | ||||
Financial income, net | 7,328 | 9,790 | 691 | 1,469 | ||||
Loss before taxes on income | (94,590) | (122,812) | (18,558) | (30,329) | ||||
Taxes on income | (167) | (642) | (38) | (122) | ||||
Net loss | $ | (94,757) | $ | (123,454) | $ | (18,596) | $ | (30,451) |
Basic and diluted net loss per ordinary share | $ | (0.57) | $ | (0.84) | $ | (0.11) | $ | (0.18) |
Weighted average number of ordinary shares used in computing basic and diluted net loss per ordinary share |
167,216,070 |
147,480,521 |
168,858,283 |
165,121,766 | ||||
INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | |||||
(Unaudited) | |||||
December 31, | December 31, | ||||
2024 | 2023 | ||||
ASSETS | |||||
CURRENT ASSETS: | |||||
Cash and cash equivalents | $ | 25,365 | $ | 26,283 | |
Short-term restricted cash | 16 | 53 | |||
Bank deposits | 30,628 | 105,750 | |||
Marketable securities | 11,955 | 13,335 | |||
Trade receivables, net | 6,043 | 7,395 | |||
Inventory | 1,905 | 1,868 | |||
Prepaid expenses and other current assets | 6,707 | 5,774 | |||
Total current assets | 82,619 | 160,458 | |||
LONG-TERM ASSETS: | |||||
Marketable securities | - | 4,813 | |||
Restricted deposits | 2,725 | 2,623 | |||
Property and equipment, net | 23,432 | 25,770 | |||
Operating lease right-of-use assets, net | 23,194 | 25,486 | |||
Other long-term assets | 79 | 84 | |||
Total long-term assets | 49,430 | 58,776 | |||
Total assets | $ | 132,049 | $ | 219,234 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
CURRENT LIABILITIES: | |||||
Trade payables | $ | 8,813 | $ | 8,036 | |
Deferred revenues | 274 | 6,949 | |||
Employees and payroll accruals | 8,722 | 9,468 | |||
Accrued expenses and other current liabilities | 5,631 | 8,743 | |||
Operating lease liabilities | 4,330 | 4,034 | |||
Total current liabilities | 27,770 | 37,230 | |||
LONG-TERM LIABILITIES: | |||||
Operating lease liabilities | 25,264 | 28,475 | |||
Warrants liability | 86 | 240 | |||
Total long-term liabilities | 25,350 | 28,715 | |||
SHAREHOLDERS' EQUITY: | |||||
Ordinary Shares of no-par value | - | - | |||
Additional paid-in capital | 808,974 | 788,577 | |||
Accumulated deficit | (730,045) | (635,288) | |||
Total shareholders' equity | 78,929 | 153,289 | |||
Total liabilities and shareholders' equity | $ | 132,049 | $ | 219,234 | |
INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
Year Ended December 31, | Three Months Ended December 31, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (94,757) | $ | (123,454) | $ | (18,596) | $ | (30,451) |
Adjustments required to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 7,786 | 9,192 | 1,592 | 3,947 | ||||
Remeasurement of warrants liability | (154) | (472) | 22 | (128) | ||||
Change in accrued interest on bank deposits | 1,939 | (1,051) | 1,048 | (709) | ||||
Change in marketable securities | (534) | (409) | (84) | - | ||||
Share-based compensation | 19,682 | 22,320 | 3,816 | 6,494 | ||||
Capital gain, net | (75) | - | (75) | - | ||||
Foreign exchange gain, net | (305) | (470) | (171) | (917) | ||||
Change in prepaid expenses and other assets | (437) | (782) | (3,351) | (341) | ||||
Change in trade receivables, net | 1,352 | (5,633) | (2,504) | (2,523) | ||||
Change in inventory | (37) | 2,368 | (678) | 2,970 | ||||
Change in operating lease assets and liabilities, net | (623) | 29 | 369 | 1,592 | ||||
Change in trade payables | (72) | 424 | 1,631 | 368 | ||||
Change in accrued expenses and other liabilities | (3,299) | 2,578 | 129 | 3,122 | ||||
Change in employees and payroll accruals | (746) | 333 | (987) | 1,156 | ||||
Change in deferred revenues | (6,675) | 1,974 | (4) | 1,400 | ||||
Net cash used in operating activities | (76,955) | (93,053) | (17,843) | (14,020) | ||||
Cash flows from investing activities: | ||||||||
Purchase of property and equipment | (4,412) | (6,579) | (1,191) | (481) | ||||
Proceeds from sales of property and equipment | 75 | - | 75 | - | ||||
Investment in bank deposits | (54,100) | (165,600) | (27,400) | (23,000) | ||||
Withdrawal of bank deposits | 127,300 | 141,500 | 38,700 | 29,000 | ||||
Investment in restricted deposits | (122) | (40) | - | - | ||||
Investment in marketable securities | (55,493) | (51,678) | (22,036) | (16,885) | ||||
Proceeds from sales and maturities of marketable securities | 62,220 | 83,461 | 26,930 | 21,586 | ||||
Net cash provided by investing activities | 75,468 | 1,064 | 15,078 | 10,220 | ||||
Cash flows from financing activities: | ||||||||
Issuance of ordinary shares, net of issuance cost | - | 61,400 | - | (534) | ||||
Proceeds from exercise of options | 224 | 456 | 55 | 50 | ||||
Net cash provided by (used in) financing activities |
224 |
61,856 | 55 | (484) | ||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 308 | 515 | 126 |
787 | ||||
Decrease in cash, cash equivalents and restricted cash | (955) | (29,618) | (2,584) | (3,497) | ||||
Cash, cash equivalents and restricted cash at the beginning of the period | 26,336 | 55,954 | 27,965 | 29,833 | ||||
Cash, cash equivalents and restricted cash at the end of the period | $ | 25,381 | $ | 26,336 |
$ | 25,381 |
$ | 26,336 |
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SOURCE Innoviz Technologies
FAQ
What are Innoviz's (INVZ) revenue projections for 2025?
How many InnovizTwo LiDARs will be integrated into each Mobileye Drive vehicle?
What is the value of Innoviz's (INVZ) recent NRE payment plan?
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How much did Innoviz's (INVZ) operating expenses decrease in 2024?
