Innoviz Technologies (INVZ) Q2 2025 earnings summary

Executive summary

• Achieved record H1 2025 revenues of $27.1 million, surpassing full-year 2024, with Q2 revenue at $9.7 million, up 46% year-over-year.

• Signed a Statement of Work/Development with a top five global automotive OEM for Level 3 vehicle LiDAR integration, targeting 2027 SOP, and began shipping units for development.

• Launched InnovizSMART, expanding into industrial, safety, security, and smart city applications, with partnerships including Cogniteam, Sparsh CCTV, Cron AI, and NVIDIA.

• Shipped first InnovizTwo units from Fabrinet's high-volume production line to meet growing customer demand, aiming for a 10x increase in Q3 shipments versus Q2.

• Cash burn in Q2 2025 was $7.3 million, down from $20.7 million in Q1 and $21.6 million in Q2 2024.

Financial highlights

• Q2 2025 revenue reached $9.7 million, up from $6.7 million in Q2 2024; H1 2025 revenue totaled $27.1 million, exceeding FY2024's $24.3 million.

• Gross margin was 16% for Q2 and 31% for H1 2025.

• Operating expenses for Q2 2025 were $18.5 million, down 20% year-over-year; R&D expenses were $13.2 million.

• Net loss for Q2 2025 was $18.5 million, with basic and diluted net loss per share of $0.09.

• Ended Q2 with $79.4 million in cash, cash equivalents, and marketable securities.

Outlook and guidance

• Full-year 2025 revenue guidance maintained at $50–$60 million, more than doubling year-over-year.

• NRE booking guidance for 2025 raised to $30–$60 million from $20–$50 million, with over $20 million already booked.

• Targeting one to three new program wins in 2025, in addition to the SOW already signed.

• Expecting continued decline in cash burn and effective expense management.

• Positive gross margin expected for the year.