0001178913-26-000724
SEC filingInnoviz Technologies Ltd. (INVZ) reported FY 2025 revenues of $55.1M, a 127% increase from $24.3M in FY 2024, driven by $37.2M in non-recurring engineering (NRE) services, $9.5M in LiDAR sensor sales, and $8.4M from machinery sales to a customer. Gross profit reached $12.9M (23.4% margin), reversing a $1.2M loss (-4.8%) in 2024, due to higher NRE volumes, reduced InnovizOne production inefficiencies, and lower excess inventory provisions. Operating loss narrowed to $67.7M from $101.9M, with R&D expenses dropping 23% to $56.5M amid headcount optimization (9% reduction in Q1 2025) and $16.0M share-based compensation. Net loss improved to $67.8M ($0.34/share) from $94.8M ($0.57/share). Cash burn moderated, with operating cash use at $47.9M vs. $77.0M prior year. Balance sheet shows $138.5M total assets, $77.7M equity, $72.1M liquidity (cash + deposits + marketable securities). FY 2025 marked revenue diversification (81% Germany), design wins (Daimler Truck, Mobileye), and InnovizThree launch, positioning for automotive/non-automotive growth amid ongoing losses.
Innoviz Technologies Ltd. delivered FY 2025 revenues of $55.1M, up 127% from $24.3M in FY 2024, marking the first profitable gross margin at 23.4% ($12.9M gross profit) versus a -4.8% margin ($1.2M loss) prior year. Key drivers included $37.2M NRE services (up from $18.0M), $9.5M LiDAR sensors, and $8.4M machinery sales. Operating loss narrowed 34% to $67.7M from $101.9M, aided by 23% R&D reduction to $56.5M post-9% headcount cut. Net loss improved 28% to $67.8M ($0.34/share basic/diluted) from $94.8M ($0.57/share), with 199.9M weighted shares. Liquidity stood at $72.1M (cash/deposits/marketables), supporting 12+ months runway. Shares outstanding rose to 214.1M from 169.4M via $50.6M equity raises.
Revenues reached $55.1M, primarily from Europe/Middle East/Africa ($45.2M, 82%), with Germany at $45.1M (81%). Customer A contributed 81% of sales. NRE services drove 68% ($37.2M, up 107% YoY), reflecting design wins (Daimler Truck Level 4 trucks, Mobileye Drive platform). LiDAR sensors added $9.5M; machinery sale $8.4M. No segment breakdown beyond geography/customers; automotive focus (BMW/Volkswagen programs maturing) with InnovizSMART non-auto launch in June 2025. YoY growth signals commercialization progress, though 81% customer concentration persists.
Gross margin expanded to 23.4% from -4.8%, driven by NRE scale, InnovizOne efficiency gains, and $2.2M lower inventory provisions (vs. $3.9M prior). Cost of revenues rose 66% to $42.2M but margin improved via mix shift. Operating margin -123% (vs. -420% prior) from R&D cuts ($17.3M less, headcount optimization), S&M/G&A trims. Share-based comp $16.0M (down 19%). Financial income fell 99% to $0.1M on lower deposits/forex. Taxes $0.2M. Losses narrowing but R&D remains 103% of revenue.
Operating cash use $47.9M (vs. $77.0M prior), aided by $19.9M non-cash (comp/depreciation) and $6.8M receivables collection. Investing outflow $21.4M (deposits/net securities); financing inflow $51.5M ($37.3M direct offering, $13.3M ATM). Net cash decline $16.7M to $8.7M (incl. restricted). Total assets $138.5M (current $90.2M); equity $77.7M (accum. deficit -$797.8M). Current ratio 2.9x; low debt (leases $35.3M). $72.1M liquidity supports runway.
No explicit guidance, but FY 2025 progress (revenue tripled, positive gross profit) positions for growth via InnovizThree (Dec 2025 launch), Daimler production, Mobileye/Volkswagen ramps. ATM program ($75M capacity, $13.3M drawn) and NRE inflows to fund scaling. Risks: customer concentration (81%), R&D burn (56% revenue), Nasdaq compliance (regained July 2025). Headcount cuts extend runway; focus on profitability/free cash flow.