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.

• Secured two new OEM programs via a Level 4 platform partner, with SOP expected in 2026 and nine LiDARs per vehicle.

• Advanced Volkswagen Group programs, including Level 3 and Level 4 platforms, with deployments planned in Germany and the US, and passed key audits.

• Pipeline remains robust with over 15 programs in progress, about 50% in RFQ stage, and several late-stage RFQs with top OEMs.

• Strategic realignment and cost actions have led to a leaner organization focused on InnovizTwo.

Financial highlights

• Q3 2024 revenue was $4.5 million, up from $3.5 million in Q3 2023.

• Cash used in operations and capex decreased to $17.7 million in Q3 2024 from $28.6 million in Q3 2023 and $21.6 million in Q2 2024.

• Operating expenses for Q3 2024 were $26 million, down 6.4% from $27.8 million in Q3 2023; R&D expenses were $19.7 million.

• Liquidity at September 30, 2024: $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 anticipated in 2025 as new programs ramp and additional OEMs are secured.

• Lower overall cash burn expected for full year 2024 versus 2023, with continued expense management into 2025.

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