Innoviz Technologies .(INVZ)2023-03-01 21:01Revenue and Financial Performance - Revenues in 2022 were $6.0 million, up 10% compared to $5.5 million in 2021[1] - 2023 revenues are targeted in the range of $12-15 million, with new NRE bookings targeted at $20-40 million[10] LiDAR Unit Volumes and Order Book - LiDAR unit volumes increased 99% in 2022 compared to 2021[1] - The Company increased its forward-looking order book by +165% in 2022, ahead of its stated goal of +30%[10] - The Company's pipeline for potential LiDAR orders is now over 20 million units, with NRE bookings estimated at $150-250 million[15] Liquidity and Cash Position - Innoviz maintains significant liquidity with approximately $186.2 million in cash, short-term deposits, and marketable securities as of December 31, 2022[3] - Cash and cash equivalents increased to $55,718 thousand in 2022 from $23,640 thousand in 2021, a 135.7% increase[20] - Bank deposits decreased to $80,684 thousand in 2022 from $230,483 thousand in 2021, a 65% decrease[20] - Marketable securities increased to $41,681 thousand in 2022 from $11,607 thousand in 2021, a 259.1% increase[20] Operating Expenses and R&D - Operating expenses in 2022 were $124.6 million, down 18% compared to $152.6 million in 2021[16] - Research and development expenses in 2022 were $95.1 million, slightly up from $93.3 million in 2021[9] Assets and Liabilities - Total current assets decreased to $187,553 thousand in 2022 from $274,429 thousand in 2021, a 31.7% decrease[20] - Property and equipment, net increased to $30,489 thousand in 2022 from $14,502 thousand in 2021, a 110.2% increase[20] - Total long-term assets increased to $67,880 thousand in 2022 from $52,791 thousand in 2021, a 28.6% increase[20] - Total liabilities increased to $63,416 thousand in 2022 from $28,418 thousand in 2021, a 123.1% increase[20] - Total shareholders' equity decreased to $192,017 thousand in 2022 from $298,802 thousand in 2021, a 35.7% decrease[20] - Accumulated deficit increased to $(511,834) thousand in 2022 from $(384,962) thousand in 2021, a 33% increase[20] - Additional paid-in capital increased to $703,851 thousand in 2022 from $683,764 thousand in 2021, a 2.9% increase[20] Strategic Developments and Product Launches - Innoviz added Steven Schondorf as a senior strategic advisor to accelerate its evolution as a leading Tier 1 LiDAR supplier[15] - Innoviz 360 debuted at CES 2023, receiving significant customer interest for its 360-degree LiDAR solution[15]