Innoviz Technologies .(INVZ) - 2023 Q4 - Annual Report

Financial Performance - In the year ended December 31, 2023, the company reported a net loss of approximately $123.5 million, with operating activities using approximately $93.1 million[366]. - The company expects to continue incurring significant losses in future periods due to ongoing research and development and commercialization expenses[375]. - Approximately 98% of the company's revenues were denominated in USD for the year ended December 31, 2023[356]. Cash and Financing Activities - As of December 31, 2023, the company had approximately $150.2 million in cash and cash equivalents, short-term deposits, short-term restricted cash, and marketable securities[373]. - During the year ended December 31, 2023, cash provided by financing activities was approximately $61.9 million, primarily from a public offering that generated net proceeds of approximately $61.4 million[370]. - The company completed an underwritten public offering in Q3 2023, issuing 26,352,878 ordinary shares for proceeds of approximately $61.4 million[363]. Research and Development - The company invested significantly in research and development, with a team of 395 employees focused on LiDAR-based technologies as of December 31, 2023[378]. - As of December 31, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $1.2 million, expected to be recognized as revenue in future years[376]. Cash Flow from Activities - Cash provided by investing activities in 2023 was approximately $1.1 million, primarily from the withdrawal of bank deposits of approximately $141.5 million[368]. Supply Chain Challenges - The company is currently facing supply chain challenges, including increased prices and lead times for certain product components due to higher-than-expected demand[383]. Property and Equipment - Property and equipment are stated at cost, net of accumulated depreciation and impairment[393]. - Estimated useful lives of property and equipment are determined at initial recognition and routinely reviewed[393]. - When useful life is reassessed, the remaining carrying amount is depreciated over the revised estimated useful life[393].