Innoviz Technologies (INVZ) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $12.1M, down from $15.3M a year earlier; a customer shifted SOP timing and related NRE milestones into 2027, and FY revenue guidance was reduced to $44M-$46M.

• Strategy centers on automotive and defense/homeland security under Perciz; initial defense orders are shipping as automotive programs progress.

• A Q4 operational realignment, including a ~20% workforce reduction, targets $17.5M in annualized savings and runway into 2028.

Financial highlights

• Q3 2026 revenue was $12.1M versus $15.3M in Q3 2025, comprising NRE services and LiDAR unit sales.

• Operating expenses rose 9% YoY to $19.7M; operating loss widened to $20.9M from $15.8M.

• Net loss was $19.6M versus $15.4M; basic and diluted loss per share was $0.07 versus $0.08.

• Cash used in operations and capital expenditures was $21.4M versus $14.0M in Q3 2025; average quarterly cash burn over the past four quarters was $15M.

• 9M 2026 revenue was $37.3M versus $42.4M, and net loss was $64.3M versus $46.5M.

Outlook and guidance

• FY 2026 revenue guidance is $44M-$46M; Perciz is targeted to contribute ~6%-7% of revenue, versus ~1% in 2025.

• FY targets include 2-3 new program wins and $20M-$30M in new NRE payment plans; mature pipeline opportunities represent more than $30M in NREs, with timing uncertain.

• Delayed NRE revenue is expected in 2027; management expects potential defense volume orders in H1 2027.

• The Q4 realignment targets $17.5M in annualized savings versus the current run rate, with full run rate expected in Q1 and liquidity runway into 2028.