Innoviz Technologies (INVZ) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached $4.5 million, surpassing the midpoint of guidance and up from $3.5 million in Q3 2023.

• Cash used in operations and capex dropped to $17.7 million, a 38% year-over-year reduction.

• Secured two new OEM programs via a Level 4 platform partner, with SOP expected in 2026 and road testing in 2025, exceeding 2024 commercial targets.

• Advanced pipeline with over 15 programs, about half in the RFQ stage, and several late-stage RFQs with top OEMs.

• Progressed Volkswagen Group programs, including Level 3 and Level 4, with deployments planned in multiple cities and key audits passed.

Financial highlights

• Q3 2024 revenue was $4.5 million, up from $3.5 million in Q3 2023, and within the $3.5–$5 million guidance range.

• Cash used in operations and capex was $17.7 million, down from $28.6 million in Q3 2023 and $21.6 million last quarter.

• Operating expenses were $26 million, down 6.4% year-over-year; R&D expenses were $19.7 million, also down year-over-year.

• Ended Q3 with $87.7 million in cash, equivalents, deposits, securities, and restricted cash.

• Gross loss for Q3 2024 was $0.17 million, improved from $2.24 million in Q3 2023.

Outlook and guidance

• Full-year 2024 revenue expected in the range of $23.5–$25 million, up from $20.9 million in 2023.

• Confident in achieving $20–$70 million in new NRE bookings for 2024.

• Revenue acceleration expected in 2025 as more customers adopt the technology and new programs ramp up.

• Already met target of 2–3 additional customer programs for 2024.

• Expects to provide more details on new OEM collaborations before year-end.