TEL AVIV, Israel, Could 12, 2021 /PRNewswire/ — Innoviz Technologies (NASDAQ: INVZ), a know-how chief of high-performance, solid-state LiDAR sensors and notion software program, at the moment reported its monetary outcomes and sure forward-looking steerage for the primary quarter ended March 31, 2021 in addition to subsequent operational updates on industrial traction, know-how management and company improvement.

Innoviz_Technologies_Logo

Innoviz_Technologies_Logo

Business Traction

  • Secured a design win with a number one tier-1 automotive provider to implement InnovizOne LiDAR in autonomous shuttles to be used in European airports, campuses, native public transportation and extra. The Firm expects the contract to generate a whole lot of tens of millions in income by 2030.

  • Partnered with a number one South Korean notion software program and AV know-how supplier, Vueron, to construct an autonomous driving platform. As a part of the partnership, Vueron executed a 414-kilometer, totally automated drive from Seoul to Busan utilizing InnovizOne LiDAR.

  • Announced a partnership with Macnica, Japan’s largest distribution firm, to promote InnovizOne in Japan. There was appreciable curiosity from prospects in various key verticals, together with automotive producers in addition to main firms in fields from building to house journey.

Know-how Management

  • Increased manufacturing of InnovizOne at a brand new high-volume automotive-certified manufacturing line in Michigan. The customized automated manufacturing tools efficiently handed the Website Acceptance Checks (SAT).

  • Released specs for the next-generation InnovizTwo LiDAR sensor, which is predicted to realize a 30x efficiency enchancment over InnovizOne at an approximate 70% invoice of fabric price discount, with the intention of selling ubiquitous adoption amongst automakers.

  • Launched its automotive notion platform, InnovizAPP, to key automotive prospects for analysis. This system, which relies on Innoviz’s superior notion software program, leverages sensor knowledge and proprietary AI algorithms to detect and classify objects within the level cloud.

  • Achieved a 90% yield at Jabil’s InnovizOne manufacturing line in Jena, Germany, rising whole manufacturing capability and offering extra prospects with samples for analysis. The Firm is working to improve tools at different manufacturing strains with the hopes of replicating the elevated yield all through its complete provide chain.

Company Improvement

  • Expanded Board of Administrators with international know-how and automotive trade veterans in reference to the closing of the enterprise mixture. The brand new appointees carry many years of expertise main publicly traded firms and can play a key function in Innoviz’s manufacturing ramp up and international deployment.

  • Closed the enterprise mixture with Collective Development Company in April 2021, offering Innoviz with roughly $371 million in gross proceeds, positioning Innoviz nicely for its manufacturing ramp up and leading to Innoviz’s peculiar shares and warrants being listed on the Nasdaq Capital Market.

“The final a number of months started with pattern orders from potential prospects across the globe and have culminated with at the moment’s main design win with a buyer we have been engaged with for a number of years,” mentioned Omer Keilaf, CEO and Co-Founding father of Innoviz. “Together with our ongoing dedication with BMW to supply LiDARs for its autonomous automobile program, we have additionally been participating with many key gamers who’re evaluating InnovizOne to be used in almost each utility, from safety to drone transport and past.”

“The overwhelmingly constructive buyer sentiment makes us assured in our potential to proceed successful new enterprise. When it comes to capability, our latest enhancements to our line in Jena, Germany, which we’re replicating all through our complete provide chain, and the ramp-up of a high-volume manufacturing line in Michigan, will present us with sufficient {hardware} to supply samples for analysis and meet future order volumes. As we enter the latter half of the yr, we’re centered on rising market entry to InnovizOne, enhancing our market publicity in a number of key sectors, making progress on design validation for InnovizTwo and leveraging present partnerships to carry new prospects into the pipeline.”

First Quarter 2021 Monetary Outcomes

Whole revenues for Q1 2021 had been $728 thousand. InnovizOne associated gross sales in Q1 2021 elevated by 48% to $682 thousand and represented 94% of revenues within the quarter, in comparison with $459 thousand, or 55% of revenues, in Q1 2020. Innoviz expects the portion of revenues from gross sales associated to InnovizOne LiDARs to extend as manufacturing is elevated to satisfy order volumes.

Working bills for Q1 2021 elevated 9% to $19.7 million from $18.1 million in Q1 2020. The rise in bills was pushed primarily by elevated funding in analysis and improvement and a rise typically and administrative bills as a result of Firm changing into publicly traded. Innoviz anticipates that 80% of working bills in 2021 will likely be spent on analysis and improvement, with the rest to be primarily spent on enterprise improvement initiatives and advertising actions.

Innoviz had $199.1 million in money at March 31, 2021 in comparison with $50.0 million at December 31, 2020. The rise in money is a results of a portion of the PIPE proceeds acquired in escrow as part of the enterprise mixture closed on April 5, 2021. Innoviz stays centered on utilizing its money to make strategic investments in analysis and improvement, gross sales and advertising, and manufacturing yields.

Ahead-Wanting Steerage

On account of Innoviz’s dedication with BMW to supply LiDARs for its autonomous automobile program, in addition to the autonomous shuttle design win introduced at the moment, Innoviz is issuing the steerage proven under. Innoviz defines forward-looking order guide because the cumulative projected future gross sales of {hardware} and notion software program by 2030 based mostly on estimated volumes and pricing.

  • Innoviz is rising its forward-looking order guide steerage by 20% to $2.4 billion, up from $2.0 billion projected earlier this yr.

  • Innoviz at the moment has 32 potential prospects within the late phases of technical analysis, RFIs and RFQs. Of those, six are within the last industrial negotiations, or RFQ stage. These 6 prospects symbolize greater than $3.0 billion in future potential order guide. Innoviz expects a few of these tasks to materialize into contractual relationships by the center of 2022.

Convention Name

Innoviz administration will maintain a convention name at the moment, Could 12, 2021 at 8:00 a.m. Jap time (5:00 a.m. Pacific time) to debate these outcomes. Innoviz CEO Omer Keilaf and CFO Eldar Cegla will host the decision, adopted by a query and reply session.

All are invited to hearken to the occasion by registering for the webinar here.

The webinar can be accessed by phone by the next particulars:

iPhone one-tap:
US: +14086380968, 83470700520#
Israel: +972553301762, 83470700520#

Phone:
US: +1 408 638 096
Israel: +972 55 330 1762

Webinar ID: 834 7070 0520
Passcode: 872034

A replay of the webinar may also be out there shortly after the decision within the Investors section of Innoviz’s web site for 90 days.

About Innoviz Applied sciences

Innoviz is a number one supplier of know-how that may put autonomous automobiles on roads. Innoviz’s LiDAR know-how can “see” higher than a human driver and meets the automotive trade’s strict expectations for efficiency, security and worth. Chosen by BMW for its totally autonomous automotive program, Innoviz’s know-how will likely be deployed in its shopper automobiles. Innoviz is backed by top-tier strategic companions and traders, together with SoftBank Ventures Asia, Samsung, Magna Worldwide, Aptiv, Magma Enterprise Companions, and others. For extra info go to: www.innoviz.tech.

Cautionary Be aware Relating to Ahead Wanting Statements

This announcement accommodates sure forward-looking statements inside the which means of the federal securities legal guidelines, together with statements concerning the companies provided by Innoviz, the anticipated technological functionality of Innoviz’s merchandise, the markets during which Innoviz operates, Innoviz’s forward-looking order guide, Innoviz’s projected income and different future monetary and operational outcomes. These forward-looking statements typically are recognized by the phrases “imagine,” “challenge,” “count on,” “anticipate,” “estimate,” “intend,” “technique,” “future,” “alternative,” “plan,” “could,” “ought to,” “will,” “would,” “will likely be,” “will proceed,” “will probably end result,” and comparable expressions. Ahead-looking statements are predictions, projections and different statements about future occasions which are based mostly on present expectations and assumptions and, because of this, are topic to dangers and uncertainties. Many components might trigger precise future occasions to vary materially from the forward-looking statements on this announcement, together with however not restricted to, the power to implement enterprise plans, forecasts, and different expectations, the power to determine and understand extra alternatives, and potential adjustments and developments within the extremely aggressive LiDAR know-how and associated industries. The foregoing checklist of things shouldn’t be exhaustive. It is best to fastidiously think about the foregoing components and the opposite dangers and uncertainties described in Innoviz’s annual report on Kind 20-F filed with the Securities and Alternate Fee (the “SEC”) on April 21, 2021 and different paperwork filed by Innoviz every so often with the SEC. These filings determine and tackle different essential dangers and uncertainties that would trigger precise occasions and outcomes to vary materially from these contained within the forward-looking statements. Ahead-looking statements converse solely as of the date they’re made. Readers are cautioned to not put undue reliance on forward-looking statements, and Innoviz assumes no obligation and doesn’t intend to replace or revise these forward-looking statements, whether or not because of new info, future occasions, or in any other case. Innoviz provides no assurance that it’ll obtain its expectations.

Contact Info
Media@innoviz-tech.com

Investor Contact
Maya Lustig
Innoviz Applied sciences
+972 54 677 8100
Maya.Lustig@innoviz-tech.com

Gateway Investor Relations
Cody Slach or Matt Glover
(949) 574-3860
Investors@innoviz-tech.com

INNOVIZ TECHNOLOGIES LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. {dollars} in 1000’s (besides share and per share knowledge)

Three Months Ended March 31,

2020

2021

(Unaudited)

Revenues

$

838

$

728

Value of revenues

(2,102)

(1,459)

Gross loss

(1,264)

(731)

Working bills:

Analysis and improvement

$

15,738

$

16,733

Promoting and advertising

1,499

1,552

Normal and administrative

828

1,421

Whole working bills

18,065

19,706

Working loss

(19,329)

(20,437)

Monetary bills, internet

(370)

(199)

Loss earlier than taxes on revenue

(19,699)

(20,636)

Taxes on revenue

(70)

(40)

Web loss

$

(19,769)

$

(20,676)

Fundamental and diluted internet loss per peculiar share

$

(1.47)

$

(1.50)

Weighted common variety of peculiar shares utilized in
computing fundamental and diluted internet loss per peculiar share

16,269,490

16,966,265

INNOVIZ TECHNOLOGIES LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. {dollars} in 1000’s

December 31,

March 31,

2020

2021

(Unaudited)

ASSETS

CURRENT ASSETS:

Money and money equivalents

$

49,950

$

199,092

Restricted deposits

8

8

Commerce receivables

2,506

2,812

Inventories

2,164

3,112

Pay as you go bills and different present property

3,287

4,126

Whole present property

57,915

209,150

LONG-TERM ASSETS:

Restricted deposits

864

833

Different long-term property

537

26,369

Property and tools, internet

13,245

13,309

Whole long-term property

14,646

40,511

Whole property

$

72,561

$

249,661

LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ DEFICIT

CURRENT LIABILITIES:

Commerce payables

$

7,751

$

4,518

Advances from prospects and deferred revenues

1,661

3,012

Workers and payroll accruals

5,528

6,260

Accrued bills and different present liabilities

2,854

29,632

Receipts on Peculiar Shares account

170,500

Whole present liabilities

17,794

213,922

LONG-TERM LIABILITIES:

Mortgage, internet of present maturities

2,224

2,077

Lengthy-term advances from prospects and deferred revenues

3,473

3,473

Whole long-term liabilities

5,697

5,550

Convertible most popular shares

272,815

272,815

SHAREHOLDERS’ DEFICIT:

Peculiar Shares of no-par worth

*-

*-

Extra paid-in capital

7,658

9,453

Amassed deficit

(231,403)

(252,079)

Whole shareholders’ deficit

(223,745)

(242,626)

Whole liabilities, convertible most popular shares and shareholders’ deficit

$

72,561

$

249,661

* represents quantity decrease than $1

INNOVIZ TECHNOLOGIES LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

U.S. {dollars} in 1000’s

Three Months Ended March 31,

2020

2021

(Unaudited)

Money flows from working actions:

Web loss

$

(19,769)

$

(20,676)

Changes required to reconcile internet loss to internet money utilized in working actions:

Depreciation and amortization

512

652

Share-based compensation

935

1,775

Capital achieve

(6)

Overseas change loss

444

188

Lower (improve) in pay as you go bills and different property

771

(465)

Lower (improve) in commerce receivable

424

(306)

Lower (improve) in inventories

816

(948)

Lower in commerce payables

(1,395)

(3,233)

Improve in accrued bills and different liabilities

872

572

Improve in staff and payroll accruals

539

732

Improve in advances from prospects and deferred revenues

57

1,351

Web money utilized in working actions

(15,800)

(20,358)

Money flows from investing actions:

Buy of property and tools

(1,578)

(716)

Funding in financial institution deposits, internet

(281)

Lower in restricted deposits

2

Web money utilized in investing actions

(1,859)

(714)

Money flows from financing actions:

Receipts on Peculiar shares account

170,500

Proceeds from train of choices

62

20

Reimbursement of mortgage

(40)

(58)

Web money offered by financing actions

22

170,462

Impact of change fee adjustments on money, money equivalents and restricted money

(434)

(277)

Improve (lower) in money, money equivalents and restricted money

(18,071)

149,113

Money, money equivalents and restricted money at starting of the interval

73,427

50,766

Money, money equivalents and restricted money at finish of the interval

$

55,356

$

199,879

INNOVIZ TECHNOLOGIES LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

U.S. {dollars} in 1000’s

Three Months Ended March 31,

2020

2021

(Unaudited)

Supplementary disclosure of money flows actions:

(1) Money acquired through the interval for:

Curiosity

$

78

$

(2) Money paid through the interval for:

Curiosity

$

23

$

22

Revenue taxes

$

70

$

37

(3) Non-cash transactions:

Non-marketable securities in consideration for property and tools

$

21

$

69

Deferred issuance prices

$

$

26,206

(4) Money, money equivalents and restricted money at finish of the interval

Money and money equivalents

$

54,623

$

199,092

Brief-term restricted deposits

8

8

Restricted deposits

725

779

Money, money equivalents and restricted money at finish of the interval

$

55,356

$

199,879

Cision

Cision

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SOURCE Innoviz Applied sciences



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