Innoviz Technologies (INVZ) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $6.7 million, up from $1.5 million in Q2 2023, exceeding guidance of $4–$5 million, with strong operational execution and reduced cash burn.

• Secured a major agreement to supply bundled short- and long-range LiDARs to a Level 4 autonomous platform already selected by several OEMs, displacing competitors and establishing exclusivity, with SOP in 2026.

• Announced a partnership with The Indoor Lab to deploy InnovizTwo LiDARs in major U.S. airports, with deliveries starting by year-end and more airports expected to join.

• Expanded pipeline with over 15 programs, including new RFQs for both short- and long-range LiDARs, and progressing toward additional design wins.

• Advanced AI Perception Software updated for InnovizTwo, generating strong OEM interest.

Financial highlights

• Q2 2024 revenue was $6.7 million, up from $1.5 million in Q2 2023, and above guidance.

• Operating expenses decreased 23% year-over-year to $23.3 million, with R&D expenses down to $16.8 million.

• Net loss for Q2 2024 was $21.2 million, compared to $31.2 million in Q2 2023.

• Cash, cash equivalents, and marketable securities totaled $106.4 million at quarter-end.

• Cash use in operations and capex was $21.6 million, down from $27.6 million a year ago and $23 million last quarter.

Outlook and guidance

• Q3 2024 revenue expected between $3.5 million and $5 million, compared to $3.5 million in Q3 2023.

• Reiterated 2024 targets: two to three new programs and $20–$70 million in new NRE bookings.

• Production process changes for InnovizTwo and short-range LiDAR to be completed in Q3 2024.

• Full-year targets and strong pipeline progress reaffirmed.