Innoviz Reports Third Quarter 2025 Results
- Year-to-date revenues of $42.4 million are ~2.3x the levels achieved in the same period of 2024; LiDAR unit shipments in Q3 were significantly higher than in Q2, consistent with our plans to ship an order of magnitude more units in the quarter
- Selected by major commercial vehicle OEM for future series production of L4 Class 8 autonomous trucks; began shipping units to the OEM for data collection fleet
- Seeing ongoing traction with InnovizSmart in non-automotive applications; L3 and L4 automotive programs advancing
TEL AVIV, Israel, Nov. 12, 2025 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) (the "Company" or "Innoviz"), a leading Tier-1 direct supplier of high performance, automotive-grade LiDAR sensor platforms and complementary software stack, today provided commercial and strategic updates on its business, reported its financial results for the quarter ended September 30, 2025 and reiterated its full year commercial and financial targets.
"The third quarter continued to build on the first half's momentum from a financial and business perspective. We were selected for series production of L4 class 8 autonomous trucks by a major commercial vehicle OEM, and expect to be able to share the name of the OEM in the coming weeks. This trucking collaboration, as well as our progress in L3 and L4 automotive programs and the traction we're seeing in the non-automotive space demonstrate the breadth of our capabilities and our expanding reach across multiple LiDAR end-markets," said Omer Keilaf, CEO and Co-Founder of Innoviz. "Revenue in 2025 is continuing to broadly outpace 2024, while cash burn declines; our financial performance and strong trajectory of customer engagements show that we are well on our way to meeting our long-term commitments. Just months after introducing the InnovizSMART, we've been able to demonstrate that Innoviz-powered perimeter security systems outperform systems based on other technologies. As the InnovizTwo continues to be one of the leading solutions in the industry, we are unveiling the InnovizThree, which will feature a smaller form factor and improvements in power consumption and performance. With our growing customer engagements and expanding production capacity, we believe we are well-positioned to achieve our goal of becoming the world's premier large-scale supplier of best-in-class LiDAR solutions for autonomous driving and beyond."
Commercial and Strategic Updates
- Selected for future series production of L4 autonomous trucks – Innoviz will supply LiDARs to support a major commercial vehicle OEM's L4 class 8 autonomous semi trucks. Innoviz has already begun shipping units of its InnovizTwo sensors for the OEM's data collection trucking fleet. The OEM's L4 trucks are expected to be deployed across a broad range of highway and regional routes in North America.
- Ongoing progress with L3 and L4 automotive programs – Innoviz is seeing advancements in L3 and L4 applications, with acceleration in plans to launch L4 commercial vehicles such as robotaxis around the world. In support of customer programs, Innoviz is gearing up for its fourth round of winter testing in Northern Europe.
- InnovizSMART installed in perimeter security applications – InnovizSMART is gaining traction in a variety of non-automotive and industrial applications. Testing of InnovizSMART-based solutions for perimeter security indicates significant performance advantages vs. best-in-class existing systems.
- Innoviz labs achieved key automotive certification – Innoviz's in-house labs meet the highest international requirements, offering substantial value to partners by eliminating the need to outsource time-intensive testing protocols.
- Unveiling the InnovizThree – the InnovizThree is designed for behind-the-windshield integration and features a 60% reduction in size, better performance and lower power consumption vs. the InnovizTwo.
Third Quarter 2025 Financial Results
Revenues in Q3 2025 were $15.3 million compared to revenues of $4.5 million in Q3 2024. The revenues resulted from a combination of NRE services and sales of LiDAR units.
Operating expenses in Q3 2025 were $18.1 million, a decrease of 30% compared to operating expenses of $26.0 million in Q3 2024. Operating expenses for Q3 2025 included $2.4 million of share-based compensation compared to $4.2 million of share-based compensation in Q3 2024.
Liquidity as of September 30, 2025 was approximately $74.4 million, consisting of cash and cash equivalents, short term deposits, marketable securities and short-term restricted cash.
Updated FY 2025 Financial and Operational Targets
The company is reiterating its FY 2025 targets of:
- Revenues of $50-$60 million, more than 2x 2024 levels;
- 1-3 new program wins;
- NRE bookings target of $30-$60 million
Conference Call
Innoviz management will hold a web conference today, November 12, 2025, at 9:00 a.m. Eastern Time (6:00 a.m. Pacific Time) to discuss commercial and strategic updates, financial results for the second quarter 2025, and financial and operational targets. Innoviz CEO Omer Keilaf and CFO Eldar Cegla will host the call, followed by a question-and-answer session.
Investors are invited to attend by registering in advance here. All relevant information will be sent upon registration.
A replay of the webinar will also be available shortly after the call in the Investors section of Innoviz's website for 90 days.
About Innoviz
Innoviz is a global leader in LiDAR technology, serving as a Tier-1 supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the US, Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit https://innoviz.tech.
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Investor Contact
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Forward Looking Statements
This announcement contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services and products offered by Innoviz, the anticipated technological capability of Innoviz's products, the markets in which Innoviz operates, expected NRE payments, the anticipated scaling of production, and Innoviz's projected future operational and financial results, including revenue and NREs. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties.
"NRE (Non-Recurring Engineering)" is booked services that may be ordered from Innoviz usually as part of a program design win and includes, among other things, application engineering, product adaptation services, testing and validation services, standards and qualification work and change requests (usually during the lifetime of a program). NREs may be paid based on milestones over the development phase of the project which may take a few years.
Many factors could cause actual future events, and, in the case of our forward-looking revenues and NRE bookings, actual orders or actual payments, to differ materially from the forward-looking statements in this announcement, including but not limited to, the ability to implement business plans, forecasts, and other expectations, the ability to convert design wins into definitive orders and the magnitude of such orders, the possibility that NRE would be set off against liabilities and indemnities, the ability to identify and realize additional opportunities, potential changes and developments in the highly competitive LiDAR technology and related industries, and our expectations regarding the impact of the evolving conflict in Israel to our ongoing operations. The foregoing list is not exhaustive. You should carefully consider such risk and the other risks and uncertainties described in Innoviz's annual report on Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission ("SEC") on March 12, 2025, and in other documents filed by Innoviz from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There can be no assurances that the Company will enter into definitive agreements, orders or receive payments with respect to the series production selection referenced in this announcement. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Innoviz assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Innoviz gives no assurance that it will achieve its expectations.
|
INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
|
U.S. dollars in thousands (except share and per share data) |
||||||||
|
|
||||||||
|
|
||||||||
|
|
|
Nine Months Ended September 30, |
|
Three Months Ended September 30, |
||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
42,415 |
$ |
18,241 |
$ |
15,278 |
$ |
4,520 |
|
Cost of revenues |
|
(31,575) |
|
(19,941) |
|
(12,980) |
|
(4,686) |
|
|
|
|
|
|
|
|
|
|
|
Gross profit (loss) |
|
10,840 |
|
(1,700) |
|
2,298 |
|
(166) |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Research and development |
|
40,354 |
|
60,328 |
|
12,372 |
|
19,722 |
|
Sales and marketing |
|
4,183 |
|
5,752 |
|
1,292 |
|
1,636 |
|
General and administrative |
|
13,109 |
|
14,889 |
|
4,433 |
|
4,656 |
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
57,646 |
|
80,969 |
|
18,097 |
|
26,014 |
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
(46,806) |
|
(82,669) |
|
(15,799) |
|
(26,180) |
|
|
|
|
|
|
|
|
|
|
|
Financial income, net |
|
385 |
|
6,637 |
|
414 |
|
1,376 |
|
|
|
|
|
|
|
|
|
|
|
Loss before taxes on income |
|
(46,421) |
|
(76,032) |
|
(15,385) |
|
(24,804) |
|
Taxes on income |
|
(119) |
|
(129) |
|
(34) |
|
(52) |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(46,540) |
$ |
(76,161) |
$ |
(15,419) |
$ |
(24,856) |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per ordinary share |
$ |
(0.24) |
$ |
(0.46) |
$ |
(0.08) |
$ |
(0.15) |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares used in |
|
196,237,671 |
|
166,657,624 |
|
203,428,415 |
|
167,782,476 |
|
|
|
|
|
|
|
|
|
|
|
INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEETS |
|||||
|
U.S. dollars in thousands (Unaudited) |
|||||
|
|
|||||
|
|
|||||
|
|
|
September 30, |
|
December 31, |
|
|
|
|
2025 |
|
2024 |
|
|
ASSETS |
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
7,886 |
$ |
25,365 |
|
|
Short-term restricted cash |
|
16 |
|
16 |
|
|
Bank deposits |
|
57,120 |
|
30,628 |
|
|
Marketable securities |
|
9,372 |
|
11,955 |
|
|
Trade receivables, net |
|
19,811 |
|
6,043 |
|
|
Inventory |
|
2,968 |
|
1,905 |
|
|
Prepaid expenses and other current assets |
|
5,018 |
|
6,707 |
|
|
Total current assets |
|
102,191 |
|
82,619 |
|
|
|
|
|
|
|
|
|
LONG-TERM ASSETS: |
|
|
|
|
|
|
Restricted deposits |
|
3,106 |
|
2,725 |
|
|
Property and equipment, net |
|
19,892 |
|
23,432 |
|
|
Operating lease right-of-use assets, net |
|
25,785 |
|
23,194 |
|
|
Other long-term assets |
|
89 |
|
79 |
|
|
Total long-term assets |
|
48,872 |
|
49,430 |
|
|
Total assets |
$ |
151,063 |
$ |
132,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
Trade payables |
$ |
9,232 |
$ |
8,813 |
|
|
Deferred revenues |
|
2,136 |
|
274 |
|
|
Employees and payroll accruals |
|
9,661 |
|
8,722 |
|
|
Accrued expenses and other current liabilities |
|
5,326 |
|
5,631 |
|
|
Operating lease liabilities |
|
5,745 |
|
4,330 |
|
|
Total current liabilities |
|
32,100 |
|
27,770 |
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES: |
|
|
|
|
|
|
Operating lease liabilities |
|
29,253 |
|
25,264 |
|
|
Warrants liability |
|
43 |
|
86 |
|
|
Total long-term liabilities |
|
29,296 |
|
25,350 |
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
Ordinary Shares of no-par value |
|
- |
|
- |
|
|
Additional paid-in capital |
|
866,252 |
|
808,974 |
|
|
Accumulated deficit |
|
(776,585) |
|
(730,045) |
|
|
Total shareholders' equity |
|
89,667 |
|
78,929 |
|
|
Total liabilities and shareholders' equity |
$ |
151,063 |
$ |
132,049 |
|
|
|
|
|
|
|
|
|
INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
|
U.S. dollars in thousands (Unaudited) |
||||||||
|
|
||||||||
|
|
||||||||
|
|
|
Nine Months Ended September 30, |
|
Three Months Ended September 30, |
||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(46,540) |
$ |
(76,161) |
$ |
(15,419) |
$ |
(24,856) |
|
Adjustments required to reconcile net loss to net cash |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
4,076 |
|
6,194 |
|
1,361 |
|
2,158 |
|
Remeasurement of warrants liability |
|
(43) |
|
(176) |
|
(13) |
|
(27) |
|
Change in accrued interest on bank deposits |
|
(931) |
|
891 |
|
(277) |
|
1,356 |
|
Change in marketable securities |
|
(130) |
|
(450) |
|
(39) |
|
(191) |
|
Share-based compensation |
|
11,850 |
|
15,866 |
|
3,943 |
|
4,721 |
|
Foreign exchange gain, net |
|
(1,326) |
|
(134) |
|
(43) |
|
(258) |
|
Change in prepaid expenses and other assets |
|
1,181 |
|
2,914 |
|
1,312 |
|
(239) |
|
Change in trade receivables, net |
|
(13,768) |
|
3,856 |
|
(8,188) |
|
1,879 |
|
Change in inventory |
|
616 |
|
641 |
|
233 |
|
526 |
|
Change in operating lease assets and liabilities, net |
|
2,813 |
|
(992) |
|
422 |
|
335 |
|
Change in trade payables |
|
858 |
|
(1,703) |
|
5,422 |
|
544 |
|
Change in accrued expenses and other liabilities |
|
(244) |
|
(3,428) |
|
(1,293) |
|
(2,241) |
|
Change in employees and payroll accruals |
|
939 |
|
241 |
|
163 |
|
(7) |
|
Change in deferred revenues |
|
1,862 |
|
(6,671) |
|
(1,313) |
|
(184) |
|
Net cash used in operating activities |
|
(38,787) |
|
(59,112) |
|
(13,729) |
|
(16,484) |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
(3,210) |
|
(3,221) |
|
(286) |
|
(1,192) |
|
Proceeds from sales of property and equipment |
|
3 |
|
- |
|
- |
|
- |
|
Investment in bank deposits |
|
(77,900) |
|
(26,700) |
|
(19,200) |
|
(11,200) |
|
Withdrawal of bank deposits |
|
52,350 |
|
88,600 |
|
18,900 |
|
32,600 |
|
Investment in restricted deposits |
|
(120) |
|
(122) |
|
(120) |
|
(55) |
|
Investment in marketable securities |
|
(29,898) |
|
(33,457) |
|
(6,967) |
|
(18,662) |
|
Proceeds from sales and maturities of marketable securities |
|
32,611 |
|
35,290 |
|
6,904 |
|
18,596 |
|
Net cash provided by (used in) investing activities |
|
(26,164) |
|
60,390 |
|
(769) |
|
20,087 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Issuance of ordinary shares and warrants, net of issuance |
|
37,289 |
|
- |
|
- |
|
- |
|
Issuance of ordinary shares, net of paid issuance costs |
|
8,419 |
|
- |
|
8,419 |
|
- |
|
Proceeds from exercise of options |
|
710 |
|
169 |
|
445 |
|
58 |
|
Net cash provided by financing activities |
|
46,418 |
|
169 |
|
8,864 |
|
58 |
|
Effect of exchange rate changes on cash, cash equivalents |
|
1,054 |
|
182 |
|
(15) |
|
225 |
|
Increase (decrease) in cash, cash equivalents and restricted |
|
(17,479) |
|
1,629 |
|
(5,649) |
|
3,886 |
|
Cash, cash equivalents and restricted cash at the beginning |
|
25,381 |
|
26,336 |
|
13,551 |
|
24,079 |
|
Cash, cash equivalents and restricted cash at the end of the |
$ |
7,902 |
$ |
27,965 |
$ |
7,902 |
$ |
27,965 |
SOURCE Innoviz Technologies
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