Financial Position - As of December 31, 2024, the company had approximately $68.0 million in cash and cash equivalents, short-term bank deposits, short-term restricted cash, and marketable securities[361]. - For the year ended December 31, 2024, the company reported a net cash used in operating activities of approximately $76.9 million, compared to $93.1 million in 2023[362][364]. - The company experienced a net loss of approximately $94.8 million for the year ended December 31, 2024, which was impacted by non-cash charges of approximately $17.8 million[363]. Cash Flow and Investments - Cash provided by investing activities for the year ended December 31, 2024, was approximately $75.5 million, primarily from the withdrawal of bank deposits and proceeds from sales and maturities of marketable securities[365]. - The company plans to fund operations from revenues generated from the sale of goods and services, along with funds received under the registered direct offering[370]. Research and Development - The company expects to continue investing substantially in research and development activities and incur commercialization expenses related to product sales, marketing, manufacturing, and distribution[368]. - The company has invested significantly in research and development of LiDAR-based technologies, with a team of 340 employees as of December 31, 2024[375]. Revenue and Performance Obligations - The aggregate amount of the transaction price allocated to remaining performance obligations as of December 31, 2024, was $15.3 million, expected to be recognized as revenues within the next 12 months[374]. - Approximately 92% of the company's revenues were denominated in USD for the year ended December 31, 2024[354]. - The company anticipates additional inflows of NRE payments from various programs to balance some of its losses in future periods[371]. Inventory and Cost Management - Losses from firm non-cancellable commitments for future inventory purchases are charged to cost of revenues unless recoverable through firm sales contracts[386]. - Property and equipment are stated at cost, net of accumulated depreciation and impairment, with useful lives routinely reviewed[387]. - Raw materials and work in process are based on weighted average cost, while finished goods are mainly based on weighted average standard cost method[388].

Innoviz Technologies Ltd (NASDAQ:INVZ) Q4 2024 Earnings Conference Call February 26, 2025 9:00 AM ET Company Participants Omer Keilaf - Chief Executive Officer Eldar Cegla - Chief Financial Officer Conference Call Participants Mark Delaney - Goldman Sachs Jash Patwa - J.P. Morgan Casey Ryan - WestPark Capital Kevin Garrigan - Rosenblatt Securities Operator Good morning. I would like to welcome you to our Q4 and Full-Year 2024 Earnings Conference Call. Joining us today are Omer Keilaf, Chief Executive Office ...

Innoviz Technologies Ltd. (INVZ) came out with a quarterly loss of $0.09 per share versus the Zacks Consensus Estimate of a loss of $0.11. This compares to loss of $0.18 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 18.18%. A quarter ago, it was expected that this company would post a loss of $0.14 per share when it actually produced a loss of $0.15, delivering a surprise of -7.14%.Over the last four quarters, the company ha ...

Q4 2024 Earnings Presentation February 26, 2024 Forward Looking Statements This presentation 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, Innoviz's projected future operational and financial results, including revenue and NREs. These forward-looking statements generally a ...

Core Insights - Innoviz Technologies Ltd. reported strong performance in 2024, with significant developments that could enhance its financial and operational position for 2025 and beyond [2][5] - The company aims for revenues between $50 million and $60 million in 2025, alongside additional NRE bookings of $20 million to $50 million [5][13] Commercial and Strategic Updates - Innoviz entered into an approximately $80 million NRE payments plan with key customers, with over $40 million expected in 2025 [2][6] - The company announced operational optimizations projected to save $12 million annually, enhancing cash runway and accelerating profitability [2][6] - Innoviz completed a registered direct offering generating approximately $40 million, improving financial resilience and operational capacity [2][6] Financial Results - Revenues for 2024 were $24.3 million, up from $20.9 million in 2023, driven by NRE services and production units [7] - Operating expenses decreased by 17% to $100.8 million in 2024, compared to $121.0 million in 2023 [7] - The net loss for 2024 was $94.8 million, compared to a loss of $123.5 million in 2023, with a basic and diluted net loss per share of $0.57 [17][20] Liquidity and Financial Position - As of December 31, 2024, the company had approximately $68 million in liquidity, including cash and cash equivalents, short-term deposits, and marketable securities [8] - Total assets decreased to $132 million in 2024 from $219 million in 2023, with total shareholders' equity at $78.9 million [18][19] Future Outlook - Innoviz is well-positioned for multiple program SOPs in 2026 and volume production of LiDARs in 2027, with partnerships with Mobileye and NVIDIA enhancing growth opportunities [5][6] - The company continues to advance existing programs and explore new opportunities with notable OEMs across various regions [6]

Core Viewpoint - Innoviz Technologies Ltd. has announced a definitive securities purchase agreement to sell 28,776,978 units at a price of $1.39 per unit, aiming to raise approximately $40 million for general business purposes [1][2]. Group 1: Securities Offering Details - The offering consists of ordinary shares and warrants, with each unit comprising one ordinary share and 0.8 of a warrant to purchase one ordinary share [1]. - The warrants are immediately exercisable at $1.69 per share and will expire five years from issuance [1]. - The offering is expected to close on February 11, 2025, subject to customary closing conditions [1]. Group 2: Financial Proceeds and Use - Total gross proceeds from the offering are anticipated to be around $40 million, before placement agent fees and estimated offering expenses, assuming no warrants are exercised [2]. - Innoviz intends to utilize the proceeds for general business purposes [2]. Group 3: Company Background - Innoviz is a global leader in LiDAR technology, serving as a Tier 1 supplier to major automotive manufacturers [5]. - The company's LiDAR and perception software are designed to enhance safety and performance, surpassing human driving capabilities [5]. - Innoviz operates across the U.S., Europe, and Asia, and has been selected by premium car brands for consumer vehicles and various commercial applications [5].

Core Viewpoint - Innoviz Technologies Ltd. is set to release its earnings results for Q4 and the full year of 2024 on February 26, 2025, before market opening [1] Financial Results Announcement - The earnings results will be discussed in a conference call and webinar at 9:00 a.m. Eastern Time on the same day, followed by a Q&A session for investors [2] - A press release with operational and financial results will be issued prior to the call [2] Recent Corporate Developments - Innoviz has entered into a multi-year NRE payment plan worth approximately $80 million with key customers, expecting over $40 million in cash payments in 2025 [4] - The company’s LiDAR technology will be integrated into Mobileye's Mobileye Drive™ platform, which is adopted by major vehicle manufacturers globally [4] - Innoviz's perception software has been optimized for the NVIDIA DRIVE AGX Orin platform [4] - As of December 31, 2024, Innoviz reported a cash position of $68.0 million, defined as cash and cash equivalents, bank deposits, marketable securities, and short-term restricted cash [4][5] - The company plans to implement operational optimizations in the first half of 2025 to enhance profitability and free cash flow generation [4] Company Overview - Innoviz is a global leader in LiDAR technology, serving as a Tier-1 supplier to leading automotive manufacturers and aiming for a future with safe autonomous vehicles [6] - The company's LiDAR and perception software surpass human driving capabilities, meeting stringent automotive performance and safety standards [6]

Core Viewpoint - Innoviz Technologies Ltd. is optimizing its operations to extend cash runway and accelerate progress towards profitability and free cash flow generation [1][6] Group 1: Operational Changes - The company will reduce its headcount by approximately 9% to maximize efficiencies and de-emphasize mature development segments [1][3] - The realignment is expected to deliver cost savings of approximately $12 million in 2025, with cash savings beginning in Q1 2025 and run rate savings achieved by the end of Q2 2025 [3][6] Group 2: Market Position and Strategy - Innoviz has established itself as a market leader in the LiDAR industry, collaborating with major companies like Mobileye and Nvidia to meet OEM requirements [2] - The strategic actions are part of a thoughtful process to align development efforts with customer needs and streamline the cost structure [2][6] Group 3: Financial Outlook - The company anticipates minimal cash costs associated with the strategic actions, focusing on reducing planned cash outlays for 2025 [3][6] - Innoviz remains confident in achieving long-term goals and reaching profitability while delivering significant value in the future [2]

Core Insights - Innoviz's collaboration with NVIDIA marks a significant advancement in the development of high-performance, AI-enabled perception systems for autonomous driving and advanced driver-assistance systems (ADAS) [2][4] - The integration of Innoviz's perception software with the NVIDIA DRIVE Orin platform enhances real-time processing and object detection capabilities, contributing to improved safety and performance in autonomous vehicles [2][3] Company Overview - Innoviz is recognized as a global leader in LiDAR technology, serving as a Tier 1 supplier to major automotive manufacturers and focusing on the development of safe autonomous vehicles [5] - The company's LiDAR and perception software surpass human driving capabilities, aiming to minimize errors and meet stringent automotive safety standards [5] Technological Advancements - Innoviz's technology will be showcased at CES 2025, demonstrating the integration of its software and hardware with NVIDIA DRIVE OGX Orin, highlighting the potential for fully autonomous systems [4] - The partnership with NVIDIA allows Innoviz to provide a powerful combination of LiDAR sensors and perception software, facilitating the transition from L2+ ADAS to fully autonomous vehicles [3]

Core Insights - Innoviz is enhancing its position as a key partner for OEMs in the autonomous vehicle industry, with a focus on Non-recurring Engineering (NRE) payments to support operations and production timelines for customers in 2026 [1] - The company emphasizes its technological capabilities and the trust customers place in Innoviz to meet the demands of the next generation of autonomous vehicles [1] - The expected NRE payments, along with customer programs entering production, are set to strengthen Innoviz's financial foundation and deliver significant value in the coming years [1] Company Overview - Innoviz is a global leader in LiDAR technology, serving as a Tier 1 supplier to major automotive manufacturers and aiming for safe autonomous vehicles on the roads [7] - The company's LiDAR and perception software surpass human driving capabilities, reducing error possibilities and meeting stringent automotive performance and safety standards [7] - Innoviz operates across the U.S., Europe, and Asia, and has been selected by premium car brands for consumer vehicles and by commercial leaders for various applications [7] Financial Performance - Innoviz plans to provide its full year 2024 financial performance and 2025 financial guidance during its fourth quarter 2024 earnings call [6]