Innoviz Announces Optimization of Operations to Accelerate Path to Profitability

Core Viewpoint - Innoviz Technologies Ltd. is optimizing its operations to extend cash runway and accelerate progress towards profitability and free cash flow generation [1][6] Group 1: Operational Changes - The company will reduce its headcount by approximately 9% to maximize efficiencies and de-emphasize mature development segments [1][3] - The realignment is expected to deliver cost savings of approximately $12 million in 2025, with cash savings beginning in Q1 2025 and run rate savings achieved by the end of Q2 2025 [3][6] Group 2: Market Position and Strategy - Innoviz has established itself as a market leader in the LiDAR industry, collaborating with major companies like Mobileye and Nvidia to meet OEM requirements [2] - The strategic actions are part of a thoughtful process to align development efforts with customer needs and streamline the cost structure [2][6] Group 3: Financial Outlook - The company anticipates minimal cash costs associated with the strategic actions, focusing on reducing planned cash outlays for 2025 [3][6] - Innoviz remains confident in achieving long-term goals and reaching profitability while delivering significant value in the future [2]