Wednesday, August 11, 2021 7:23:57 AM
August 11 2021 - 06:00AM, PR Newswire (US)
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/85805848/innoviz-technologies-reports-2021-second-quarter-f
TEL AVIV, Israel, Aug. 11, 2021 /PRNewswire/ -- Innoviz Technologies (Nasdaq: INVZ), a technology leader of high-performance, solid-state LiDAR sensors and perception software, today reports financial results for the second quarter ended June 30, 2021. Innoviz reaffirms its previously announced long-term guidance, increases its order book potential wins, and provides operational updates on commercial traction, technology leadership and corporate development.
Commercial Traction
- Significant progress and high performance in the company's global business generation strategy with prospects and potential customers, facilitated by its research and development teams.
- Realized continued momentum from the shuttle program design win continued and we aim to increase our volume through additional orders in the near future.
- Won an advanced development project with a European autonomous truck company, which provides for Innoviz to equip the customer's 2021 fleet with Innoviz technology. Innoviz believes it is well-positioned to pursue multi-year contracts after the testing phase is complete.
- Secured four new technical partnerships that expanded the company's presence in Asia:
1. Edom - One of Asia's largest electronics and semiconductor distributors will seek to drive sales and enhance support initiatives for Innoviz's LiDAR solutions in the Greater China region.
2. Whale Dynamic - China based full stack L4 autonomous driving company. Their platform will utilize InnovizOne LIDARs, replacing previous generation Innoviz LiDAR, as its primary sensors with the goal of creating the world's best sensor fusion design.
3. SpringCloud - Korea based B2B Autonomous Mobility as a Service (MaaS) provider, with a platform conducting autonomous driving data analysis and perception validation. SpringCloud will distribute Innoviz products in Korea across multiple sectors.
4. Curium – Singapore based autonomous driving platform provider focused on the calibration and integration of LIDARs and other sensors for autonomous driving that will promote Innoviz LiDAR in the region.
Technology Leadership
- Completed several design cycles and are on the verge of freezing the hardware design for InnovizOne. Innoviz believes it is among the first in the industry to reach this milestone and is seeing strong traction for the product.
- Developed early samples of InnovizOne+, an enhanced version of InnovizOne that features components developed for InnovizTwo extending the range and resolution.
- Completed optical design of InnovizTwo, the company's top-of-the-line LIDAR that uses a single laser and detector, advanced packaging and electronic design at a 70% material cost reduction compared to InnovizOne.
- Surpassed one million object annotations within Innoviz's automotive perception platform, InnovizAPP. The platform is installed in test vehicles in three continents (Asia, Europe and North America) and is accelerating timelines for consumer autonomous vehicle (AV) programs.
Corporate Development
- Increased employee headcount by 29 people in the quarter, bringing the company's total employee headcount to 337 at quarter end. Approximately 70% of the company's talent base consists of the research and development team.
"We are making remarkable progress in global business development in parallel with advancing our technical standards," said Omer Keilaf, CEO & Co-Founder of Innoviz. "I am proud of our research and development teams that are working day and night with our prospects and potential customers on adapting and finetuning the performance, computer vision, safety and comfort features, mechanical and software integrations, as well as quality and design validations of our LiDARs for a variety of use cases."
"We are humbled to have received so much positive feedback from multiple customers and technical partners. Our success is largely attributed to our R&D team as they are the driving force behind these technology advancements. As the world reopens, we are truly looking forward to meeting our customers, prospects, partners and investors in person."
Second Quarter 2021 Financial Results
Revenues for Q2 2021 were $1.0 million, an increase of 38% compared to Q1 2021. InnovizOne-related revenues in Q2 2021 increased by 29% to $991 thousands, or 98% of revenues, compared to $766 thousands, or 76% of revenues, in Q2 2020. The company continues to see strong demand for its products and expects the positive momentum to continue.
Operating expenses for Q2 2021 were $70.7 million, an increase from $13.5 million in Q2 2020. The $70.7 million of operating expenses included $49.9 million of stock-based compensation as well as $1.8 million of issuance costs. The increase in operating expenses was primarily due to $47.2 million attributable to stock-based compensation granted as part of the SPAC business combination, which closed in Q2 2021. Additionally, the company continued to invest heavily in R&D, with R&D expenses totaling $32.1 million, of which $17.6 million was attributable to stock-based compensation, compared to $11.5 million of R&D expenses incurred in Q2 2020, of which $0.5 million was attributable to stock-based compensation.
As of June 30, 2021 the company had $156.4 million in cash and $195.0 million in short-term deposits, compared to $199.1 million in cash and no short-term deposits as of March 31, 2021. The increase in cash was related to the closing of the company's SPAC business combination transaction and will support the company's capital resource needs in the coming years.
Recent INVZ News
- Innoviz Technologies Ltd. Sued for Securities Law Violations - Contact The Gross Law Firm Before May 14, 2024 to Discuss Your Rights - INVZ • PR Newswire (US) • 05/14/2024 09:45:00 AM
- Innoviz Reports First-Quarter 2024 Results, Exceeds Revenue Guidance for Second Consecutive Quarter and Expands Key Partner and Customer Relationships • PR Newswire (US) • 05/08/2024 11:00:00 AM
- The Gross Law Firm Notifies Innoviz Technologies Ltd. Investors of a Class Action Lawsuit and Upcoming Deadline - INVZ • PR Newswire (US) • 05/07/2024 09:45:00 AM
- Innoviz Technologies Ltd. Sued for Securities Law Violations - Investors Should Contact The Gross Law Firm Before May 14, 2024 to Discuss Your Rights - INVZ • PR Newswire (US) • 05/03/2024 05:17:00 PM
- Shareholders that lost money on Innoviz Technologies Ltd. (INVZ) Urged to Join Class Action - Contact The Gross Law Firm to Learn More • PR Newswire (US) • 04/26/2024 09:45:00 AM
- Shareholders that lost money on Innoviz Technologies Ltd.(INVZ) Urged to Join Class Action - Contact The Gross Law Firm to Learn More • PR Newswire (US) • 04/26/2024 09:45:00 AM
- The Gross Law Firm Reminds Innoviz Technologies Ltd. Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of May 14, 2024 - INVZ • PR Newswire (US) • 04/19/2024 10:05:00 AM
- Innoviz Reaches a Key Milestone with Successful Winter Test of InnovizTwo LiDAR and AI-Powered Perception Software, Showcasing Significant Progress and New Opportunities • PR Newswire (US) • 04/18/2024 01:01:00 PM
- Innoviz Sets First Quarter 2024 Conference Call for Wednesday, May 8 at 9:00 a.m. ET • PR Newswire (US) • 04/17/2024 01:00:00 PM
- Contact The Gross Law Firm by May 14, 2024 Deadline to Join Class Action Against Innoviz Technologies Ltd. (INVZ) • PR Newswire (US) • 04/16/2024 09:55:00 AM
- Investors in Innoviz Technologies Ltd. Should Contact The Gross Law Firm Before May 14, 2024 to Discuss Your Rights - INVZ • PR Newswire (US) • 04/12/2024 09:45:00 AM
- May 14, 2024 Deadline: Contact The Gross Law Firm to Join Class Action Suit Against INVZ • PR Newswire (US) • 04/09/2024 10:15:00 AM
- Class Action Filed Against Innoviz Technologies Ltd. (INVZ) Seeking Recovery for Investors - Contact The Gross Law Firm • PR Newswire (US) • 04/05/2024 09:45:00 AM
- The Gross Law Firm Reminds Innoviz Technologies Ltd. Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of May 14, 2024 - INVZ • PR Newswire (US) • 04/02/2024 09:45:00 AM
- Innoviz Technologies Ltd. Class Action: The Gross Law Firm Reminds Innoviz Technologies Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of May 14, 2024 - INVZ • PR Newswire (US) • 03/29/2024 09:45:00 AM
- The Gross Law Firm Notifies Shareholders of Innoviz Technologies Ltd.(INVZ) of a Class Action Lawsuit and an Upcoming Deadline • PR Newswire (US) • 03/26/2024 09:45:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/28/2024 09:08:32 PM
- Innoviz Reports Fourth Quarter and Full Year 2023 Results, Exceeding Revenue Guidance • PR Newswire (US) • 02/28/2024 12:00:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/28/2024 11:13:44 AM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/13/2024 02:49:43 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/12/2024 08:36:33 PM
- Innoviz Attains IATF 16949:2016 Certification Demonstrating Commitment to the Automotive Industry's Quality Standards • PR Newswire (US) • 02/06/2024 01:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/31/2024 09:03:31 PM
- Innoviz Announces Operational Realignment to Expand Cash Runway and Optimize Path Towards Profitability and Free Cash Flow • PR Newswire (US) • 01/31/2024 02:00:00 PM
- Innoviz Sets Fourth Quarter and Full Year 2023 Conference Call for Wednesday, February 28 at 9:00 a.m. ET • PR Newswire (US) • 01/29/2024 02:00:00 PM
Avant Technologies Engages Wired4Tech to Evaluate the Performance of Next Generation AI Server Technology • AVAI • May 23, 2024 8:00 AM
Branded Legacy, Inc. Unveils Collaboration with Celebrity Tattoo Artist Kat Tat for New Tattoo Aftercare Product • BLEG • May 22, 2024 8:30 AM
"Defo's Morning Briefing" Set to Debut for "GreenliteTV" • GRNL • May 21, 2024 2:28 PM
North Bay Resources Announces 50/50 JV at Fran Gold Project, British Columbia; Initiates NI 43-101 Resources Estimate and Bulk Sample • NBRI • May 21, 2024 9:07 AM
Greenlite Ventures Inks Deal to Acquire No Limit Technology • GRNL • May 17, 2024 3:00 PM
Music Licensing, Inc. (OTC: SONG) Subsidiary Pro Music Rights Secures Final Judgment of $114,081.30 USD, Demonstrating Strength of Licensing Agreements • SONGD • May 17, 2024 11:00 AM