Innoviz Technologies (INVZ) Q2 2026 earnings summary

Executive summary

• Launched Perciz brand for defense and homeland security, securing six new partnerships and first multimillion-dollar defense orders totaling $3.5 million, with systems operational in multiple locations.

• Automotive programs with VW, Mobileye, Daimler Truck, and a top-10 global OEM are progressing, including development of a LiDAR-based perception stack and potential for 150,000 LiDAR units for Mobileye's robotaxi business.

• Appointed Maj. Gen. (Ret.) Yoav Har-Even to the Board to strengthen defense and security market efforts.

• Strengthened balance sheet with $30 million capital raise, extending operational runway into 2028.

Financial highlights

• Achieved record Q2 2026 revenue of $18.1 million, up 86% year-over-year from $9.7 million in Q2 2025.

• Operating expenses for Q2 2026 were $19.1 million, a 3% increase year-over-year.

• Cash used in operations and capex was $15.2 million; liquidity stood at $48.5 million as of June 30, 2026, excluding $30 million from a July offering.

• Gross profit for Q2 2026 was $0.7 million, up from $1.6 million in Q2 2025; gross margins returned to positive levels and are expected to remain positive for the year.

• No long-term debt on the balance sheet.

Outlook and guidance

• FY 2026 revenue guidance maintained at $67–$73 million, with bulk of second-half revenues expected in Q4.

• Targeting 2–3 new program wins and NRE payment plans of $20–$30 million for FY 2026.

• Non-automotive Physical AI LiDAR sales projected to grow from 1% of revenues in 2025 to up to 10% in 2026, and 20–30% in 2027.

• Defense/security backlog for 2026 is halfway to target.