Innoviz Reports Fourth Quarter and Full Year 2024 Results

Core Insights - Innoviz Technologies Ltd. reported strong performance in 2024, with significant developments that could enhance its financial and operational position for 2025 and beyond [2][5] - The company aims for revenues between $50 million and$60 million in 2025, alongside additional NRE bookings of $20 million to$50 million [5][13] Commercial and Strategic Updates - Innoviz entered into an approximately $80 million NRE payments plan with key customers, with over$40 million expected in 2025 [2][6] - The company announced operational optimizations projected to save $12 million annually, enhancing cash runway and accelerating profitability [2][6] - Innoviz completed a registered direct offering generating approximately$40 million, improving financial resilience and operational capacity [2][6] Financial Results - Revenues for 2024 were $24.3 million, up from$20.9 million in 2023, driven by NRE services and production units [7] - Operating expenses decreased by 17% to $100.8 million in 2024, compared to$121.0 million in 2023 [7] - The net loss for 2024 was $94.8 million, compared to a loss of$123.5 million in 2023, with a basic and diluted net loss per share of $0.57 [17][20] Liquidity and Financial Position - As of December 31, 2024, the company had approximately$68 million in liquidity, including cash and cash equivalents, short-term deposits, and marketable securities [8] - Total assets decreased to $132 million in 2024 from$219 million in 2023, with total shareholders' equity at $78.9 million [18][19] Future Outlook - Innoviz is well-positioned for multiple program SOPs in 2026 and volume production of LiDARs in 2027, with partnerships with Mobileye and NVIDIA enhancing growth opportunities [5][6] - The company continues to advance existing programs and explore new opportunities with notable OEMs across various regions [6]