Innoviz Reports Third Quarter 2025 Results

TEL AVIV, Israel, Nov. 12, 2025 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) (the "Company" or "Innoviz"), a leading Tier-1 direct supplier of high performance, automotive-grade LiDAR sensor platforms and complementary software stack, today provided commercial and strategic updates on its business, reported its financial results for the quarter ended September 30, 2025 and reiterated its full year commercial and financial targets.

"The third quarter continued to build on the first half's momentum from a financial and business perspective. We were selected for series production of L4 class 8 autonomous trucks by a major commercial vehicle OEM, and expect to be able to share the name of the OEM in the coming weeks. This trucking collaboration, as well as our progress in L3 and L4 automotive programs and the traction we're seeing in the non-automotive space demonstrate the breadth of our capabilities and our expanding reach across multiple LiDAR end-markets," said Omer Keilaf, CEO and Co-Founder of Innoviz. "Revenue in 2025 is continuing to broadly outpace 2024, while cash burn declines; our financial performance and strong trajectory of customer engagements show that we are well on our way to meeting our long-term commitments. Just months after introducing the InnovizSMART, we've been able to demonstrate that Innoviz-powered perimeter security systems outperform systems based on other technologies. As the InnovizTwo continues to be one of the leading solutions in the industry, we are unveiling the InnovizThree, which will feature a smaller form factor and improvements in power consumption and performance. With our growing customer engagements and expanding production capacity, we believe we are well-positioned to achieve our goal of becoming the world's premier large-scale supplier of best-in-class LiDAR solutions for autonomous driving and beyond."

Commercial and Strategic Updates

Third Quarter 2025 Financial Results

Revenues in Q3 2025 were $15.3 million compared to revenues of $4.5 million in Q3 2024. The revenues resulted from a combination of NRE services and sales of LiDAR units.

Operating expenses in Q3 2025 were $18.1 million, a decrease of 30% compared to operating expenses of $26.0 million in Q3 2024. Operating expenses for Q3 2025 included $2.4 million of share-based compensation compared to $4.2 million of share-based compensation in Q3 2024.

Liquidity as of September 30, 2025 was approximately $74.4 million, consisting of cash and cash equivalents, short term deposits, marketable securities and short-term restricted cash.

Updated FY 2025 Financial and Operational Targets

The company is reiterating its FY 2025 targets of:

Conference Call

Innoviz management will hold a web conference today, November 12, 2025, at 9:00 a.m. Eastern Time (6:00 a.m. Pacific Time) to discuss commercial and strategic updates, financial results for the second quarter 2025, and financial and operational targets. Innoviz CEO Omer Keilaf and CFO Eldar Cegla will host the call, followed by a question-and-answer session.

Investors are invited to attend by registering in advance here. All relevant information will be sent upon registration.

A replay of the webinar will also be available shortly after the call in the Investors section of Innoviz's website for 90 days.

About Innoviz

Innoviz is a global leader in LiDAR technology, serving as a Tier-1 supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the US, Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit https://innoviz.tech.

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Media Contact

Media@innoviz-tech.com

Investor Contact

Investors@innoviz-tech.com

Forward Looking Statements

This announcement contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services and products offered by Innoviz, the anticipated technological capability of Innoviz's products, the markets in which Innoviz operates, expected NRE payments, the anticipated scaling of production, and Innoviz's projected future operational and financial results, including revenue and NREs. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties.

"NRE (Non-Recurring Engineering)" is booked services that may be ordered from Innoviz usually as part of a program design win and includes, among other things, application engineering, product adaptation services, testing and validation services, standards and qualification work and change requests (usually during the lifetime of a program). NREs may be paid based on milestones over the development phase of the project which may take a few years.

Many factors could cause actual future events, and, in the case of our forward-looking revenues and NRE bookings, actual orders or actual payments, to differ materially from the forward-looking statements in this announcement, including but not limited to, the ability to implement business plans, forecasts, and other expectations, the ability to convert design wins into definitive orders and the magnitude of such orders, the possibility that NRE would be set off against liabilities and indemnities, the ability to identify and realize additional opportunities, potential changes and developments in the highly competitive LiDAR technology and related industries, and our expectations regarding the impact of the evolving conflict in Israel to our ongoing operations. The foregoing list is not exhaustive. You should carefully consider such risk and the other risks and uncertainties described in Innoviz's annual report on Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission ("SEC") on March 12, 2025, and in other documents filed by Innoviz from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There can be no assurances that the Company will enter into definitive agreements, orders or receive payments with respect to the series production selection referenced in this announcement. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Innoviz assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Innoviz gives no assurance that it will achieve its expectations.

INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands (except share and per share data)

(Unaudited)

Nine Months Ended

September 30,

Three Months Ended

September 30,

2025

2024

2025

2024

Revenues

42,415

18,241

15,278

4,520

Cost of revenues

(31,575)

(19,941)

(12,980)

(4,686)

Gross profit (loss)

10,840

(1,700)

2,298

(166)

Operating expenses:

Research and development

40,354

60,328

12,372

19,722

Sales and marketing

4,183

5,752

1,292

1,636

General and administrative

13,109

14,889

4,433

4,656

Total operating expenses

57,646

80,969

18,097

26,014

Operating loss

(46,806)

(82,669)

(15,799)

(26,180)

Financial income, net

385

6,637

414

1,376

Loss before taxes on income

(46,421)

(76,032)

(15,385)

(24,804)

Taxes on income

(119)

(129)

(34)

(52)

Net loss

(46,540)

(76,161)

(15,419)

(24,856)

Basic and diluted net loss per ordinary share

(0.24)

(0.46)

(0.08)

(0.15)

Weighted average number of ordinary shares used in

computing basic and diluted net loss per ordinary share

196,237,671

166,657,624

203,428,415

167,782,476

INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

(Unaudited)

September 30,

December 31,

2025

2024

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

7,886

25,365

Short-term restricted cash

Bank deposits

57,120

30,628

Marketable securities

9,372

11,955

Trade receivables, net

19,811

6,043

Inventory

2,968

1,905

Prepaid expenses and other current assets

5,018

6,707

Total current assets

102,191

82,619

LONG-TERM ASSETS:

Restricted deposits

3,106

2,725

Property and equipment, net

19,892

23,432

Operating lease right-of-use assets, net

25,785

23,194

Other long-term assets

Total long-term assets

48,872

49,430

Total assets

151,063

132,049

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:

Trade payables

9,232

8,813

Deferred revenues

2,136

274

Employees and payroll accruals

9,661

8,722

Accrued expenses and other current liabilities

5,326

5,631

Operating lease liabilities

5,745

4,330

Total current liabilities

32,100

27,770

LONG-TERM LIABILITIES:

Operating lease liabilities

29,253

25,264

Warrants liability

Total long-term liabilities

29,296

25,350

SHAREHOLDERS' EQUITY:

Ordinary Shares of no-par value

Additional paid-in capital

866,252

808,974

Accumulated deficit

(776,585)

(730,045)

Total shareholders' equity

89,667

78,929

Total liabilities and shareholders' equity

151,063

132,049

INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

(Unaudited)

Nine Months Ended

September 30,

Three Months Ended

September 30,

2025

2024

2025

2024

Cash flows from operating activities:

Net loss

(46,540)

(76,161)

(15,419)

(24,856)

Adjustments required to reconcile net loss to net cash

used in operating activities:

Depreciation and amortization

4,076

6,194

1,361

2,158

Remeasurement of warrants liability

(43)

(176)

(13)

(27)

Change in accrued interest on bank deposits

(931)

891

(277)

1,356

Change in marketable securities

(130)

(450)

(39)

(191)

Share-based compensation

11,850

15,866

3,943

4,721

Foreign exchange gain, net

(1,326)

(134)

(43)

(258)

Change in prepaid expenses and other assets

1,181

2,914

1,312

(239)

Change in trade receivables, net

(13,768)

3,856

(8,188)

1,879

Change in inventory

616

641

233

526

Change in operating lease assets and liabilities, net

2,813

(992)

422

335

Change in trade payables

858

(1,703)

5,422

544

Change in accrued expenses and other liabilities

(244)

(3,428)

(1,293)

(2,241)

Change in employees and payroll accruals

939

241

163

(7)

Change in deferred revenues

1,862

(6,671)

(1,313)

(184)

Net cash used in operating activities

(38,787)

(59,112)

(13,729)

(16,484)

Cash flows from investing activities:

Purchase of property and equipment

(3,210)

(3,221)

(286)

(1,192)

Proceeds from sales of property and equipment

Investment in bank deposits

(77,900)

(26,700)

(19,200)

(11,200)

Withdrawal of bank deposits

52,350

88,600

18,900

32,600

Investment in restricted deposits

(120)

(122)

(120)

(55)

Investment in marketable securities

(29,898)

(33,457)

(6,967)

(18,662)

Proceeds from sales and maturities of marketable securities

32,611

35,290

6,904

18,596

Net cash provided by (used in) investing activities

(26,164)

60,390

(769)

20,087

Cash flows from financing activities:

Issuance of ordinary shares and warrants, net of issuance

costs

37,289

Issuance of ordinary shares, net of paid issuance costs

8,419

Proceeds from exercise of options

710

169

445

Net cash provided by financing activities

46,418

169

8,864

Effect of exchange rate changes on cash, cash equivalents

and restricted cash

1,054

182

(15)

225

Increase (decrease) in cash, cash equivalents and restricted

cash

(17,479)

1,629

(5,649)

3,886

Cash, cash equivalents and restricted cash at the beginning

of the period

25,381

26,336

13,551

24,079

Cash, cash equivalents and restricted cash at the end of the

period

7,902

27,965

7,902

27,965

SOURCE Innoviz Technologies