Innoviz Technologies .(INVZ)2023-08-02 20:01Revenue and Financial Performance - Q2 2023 revenues were $1.5 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 $12-15 million[9] - Net loss for the six months ended June 30, 2023 was $65.97 million, compared to $58.35 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 $50.11 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 $129.6 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 $34.3 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 $50.0 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 $135.0 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 $20-40 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 $198.8 million in June 2023, a decline of 22.2%[20] - Total shareholders' equity declined from $192.0 million in December 2022 to $136.7 million in June 2023, a 28.8% decrease[20] - Accumulated deficit increased from $511.8 million in December 2022 to $577.8 million in June 2023[20] Trade Receivables and Inventory - Trade receivables increased from $1.76 million in December 2022 to $2.38 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]