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Innoviz Technologies .(INVZ) - 2023 Q3 - Quarterly Report
INVZInnoviz Technologies .(INVZ)2023-08-02 20:01
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Revenue and Financial Performance - Q2 2023 revenues were 1.5million,up451.5 million, up 45% compared to Q1 2023 and down 18% compared to Q2 2022[6] - 2023 revenues are now expected to be in the range of 15-20 million, up from the previously disclosed range of 12−15million[9]−NetlossforthesixmonthsendedJune30,2023was12-15 million[9] - Net loss for the six months ended June 30, 2023 was 65.97 million, compared to 58.35millioninthesameperiodof2022,a13.158.35 million in the same period of 2022, a 13.1% increase[22] - Net cash used in operating activities for the six months ended June 30, 2023 was 51.43 million, slightly higher than 50.11millioninthesameperiodof2022[22]OperatingExpensesandCosts−OperatingexpensesinQ22023were50.11 million in the same period of 2022[22] Operating Expenses and Costs - Operating expenses in Q2 2023 were 30.4 million, an increase of 6% compared to Q2 2022[7] Liquidity and Cash Flow - Liquidity as of June 30, 2023 consisted of approximately 129.6millionincashandcashequivalents,shorttermdeposits,shorttermrestrictedcashandmarketablesecurities[8]−Cashandcashequivalentsdroppedfrom129.6 million in cash and cash equivalents, short term deposits, short term restricted cash and marketable securities[8] - Cash and cash equivalents dropped from 55.7 million in December 2022 to 34.3millioninJune2023,a38.434.3 million in June 2023, a 38.4% decrease[20] - Investment in bank deposits increased to 62.0 million in the six months ended June 30, 2023, up from 50.0millioninthesameperiodof2022[22]−Withdrawalofbankdepositsdecreasedto50.0 million in the same period of 2022[22] - Withdrawal of bank deposits decreased to 79.5 million in the six months ended June 30, 2023, down from 135.0millioninthesameperiodof2022[22]BusinessDevelopmentandPartnerships−InnovizachievedStartofProduction(SOP)withitsfirstgenerationBMWGroupprogram,withfirstcomponentshipmentsinJuly2023[2]−InnovizannouncedanexpansioninitsrelationshipwithBMWGroup,developingB−samplesforanenhancedsolutionportfolioincludingInnovizTwoLiDARandInnovizCoreAIcomputemodule[3]−InnovizbeganshippingproductionunitstoBMWGroup′sfirstgenerationprograminJuly2023[4]−Innoviziscurrentlyworkingwith8ofthetop10globalautomakers,withmorethan5programsintheRFQstage[5]−TotalnewNREbookingsarenowexpectedtobeintherangeof135.0 million in the same period of 2022[22] Business Development and Partnerships - Innoviz achieved Start of Production (SOP) with its first generation BMW Group program, with first component shipments in July 2023[2] - Innoviz announced an expansion in its relationship with BMW Group, developing B-samples for an enhanced solution portfolio including InnovizTwo LiDAR and InnovizCore AI compute module[3] - Innoviz began shipping production units to BMW Group's first generation program in July 2023[4] - Innoviz is currently working with 8 of the top 10 global automakers, with more than 5 programs in the RFQ stage[5] - Total new NRE bookings are now expected to be in the range of 20-70 million, up from the previously disclosed range of 20−40million[9]ProductDevelopmentandInnovation−InnovizcompleteddevelopmentofanewcustomASIC,potentiallyextendingLiDAR′smaximumdetectionrangetoover450meters[5]AssetandEquityChanges−Totalassetsdecreasedfrom20-40 million[9] Product Development and Innovation - Innoviz completed development of a new custom ASIC, potentially extending LiDAR's maximum detection range to over 450 meters[5] Asset and Equity Changes - Total assets decreased from 255.4 million in December 2022 to 198.8millioninJune2023,adeclineof22.2198.8 million in June 2023, a decline of 22.2%[20] - Total shareholders' equity declined from 192.0 million in December 2022 to 136.7millioninJune2023,a28.8136.7 million in June 2023, a 28.8% decrease[20] - Accumulated deficit increased from 511.8 million in December 2022 to 577.8millioninJune2023[20]TradeReceivablesandInventory−Tradereceivablesincreasedfrom577.8 million in June 2023[20] Trade Receivables and Inventory - Trade receivables increased from 1.76 million in December 2022 to 2.38millioninJune2023,a35.22.38 million in June 2023, a 35.2% rise[20] - Inventory grew from 4.24 million in December 2022 to $4.58 million in June 2023, an 8.2% increase[20]