Innoviz Technologies .(US:INVZ)2024-02-28 21:08Financial Performance - Full year 2023 revenues reached approximately $21 million, exceeding guidance with a year-over-year growth of 246%[4] - Q4 2023 revenues were approximately $15 million, surpassing guidance with a quarter-over-quarter growth of 328% and a year-over-year growth of 846%[4] - Q1 2024 revenues are expected to be in the range of $5-6 million, representing a year-over-year increase of 395-494%[17] - Net loss for the year ended December 31, 2023, was $123,454 million, slightly improved from a net loss of $126,872 million in 2022[25] - Cash flows from operating activities resulted in a net cash used of $93,053 million in 2023, compared to $93,411 million in 2022[25] Cash and Assets - The company achieved a record low quarterly cash burn of $14.5 million, finishing the year with approximately $150 million in cash and equivalents[10] - Cash and cash equivalents dropped significantly from $55,718 million in 2022 to $26,283 million in 2023, a decrease of about 52.9%[23] - The company reported a cash balance of $26,336 million at the end of the period, down from $55,954 million at the beginning of the period[25] - Total assets decreased from $255,433 million in 2022 to $219,234 million in 2023, a decline of approximately 14.2%[23] Liabilities and Equity - Total current liabilities increased from $32,434 million in 2022 to $37,230 million in 2023, an increase of approximately 14.0%[23] - Total shareholders' equity decreased from $192,017 million in 2022 to $153,289 million in 2023, a decline of approximately 20.2%[23] Operating Expenses - Operating expenses for Q4 2023 were $29.5 million, a 6% increase compared to Q3 2023, but a 12% decrease year-over-year[7] - Share-based compensation rose to $22,320 million in 2023 from $19,449 million in 2022, reflecting an increase of about 9.6%[25] Strategic Initiatives - Innoviz is working on an additional InnovizOne deployment with BMW for the 5 Series in China, aiming for a commercial launch at a future date[5] - The company unveiled the Volkswagen ID. Buzz light commercial vehicle program at CES, marking its second program with the Volkswagen Group[5] - Innoviz aims to secure 2-3 additional customer programs and $20-70 million in new NRE bookings in 2024[17] - A strategic realignment was announced to refocus the cost structure of the InnovizOne program, expected to reduce planned cash outlays by $22-24 million annually[11] - The new InnovizTwo design reduces the sensor height from 45mm to as small as 25mm, catering to customers exploring behind the windshield and rooftop LiDAR deployments[11] Investments - Investment in bank deposits was $165,600 million in 2023, significantly higher than $79,500 million in 2022[25] - The company issued ordinary shares, generating $61,400 million in net proceeds during the year[25]