Innoviz Technologies Ltd. ( (INVZ) ) has released its Q3 earnings. Here is a breakdown of the information Innoviz Technologies Ltd. presented to its investors.
Innoviz Technologies Ltd., a leading provider of automotive-grade LiDAR sensors and perception software, operates globally in advancing autonomous vehicle technology.
In the third quarter of 2024, Innoviz Technologies reported a revenue of $4.5 million, surpassing their midpoint revenue guidance. The company also announced significant strategic progress by entering two new OEM programs through a partnership with a Level 4 platform, with production expected to start in 2026.
Key financial highlights include a reduction in cash used in operations to $17.7 million in Q3 2024 compared to $28.6 million in Q3 2023, and a year-over-year revenue increase from $3.5 million to $4.5 million. The company also decreased operating expenses by 6.4% from the previous year. Strategically, Innoviz strengthened its partnership with Volkswagen and advanced its pipeline with multiple top ten OEMs.
Innoviz’s forward-looking guidance for 2024 anticipates full-year revenues between $23.5 million and $25 million, showing growth from the previous year, as they aim to secure additional customer programs and achieve substantial NRE bookings.
Overall, Innoviz Technologies is well-positioned for future growth through strategic partnerships and operational improvements, as it continues to enhance its standing as a leading LiDAR supplier in the automotive industry.
