- Innoviz is optimizing its operations to accelerate its path
towards profitability, reflecting product ramp progress and
confidence in execution and business growth
- Realignment actions to be implemented during the first half
of 2025 and are expected to reduce cash outlays by approximately
$12 million on an annualized
basis
TEL
AVIV, Israel, Feb. 4, 2025
/PRNewswire/ -- Innoviz Technologies Ltd. (Nasdaq: INVZ) (the
"Company" or "Innoviz"), a leading Tier-1 direct supplier of
high-performance, automotive grade LiDAR sensors and perception
software, today announced an optimization of its operations to
extend the Company's cash runway and accelerate its progress
towards profitability and free cash flow generation. To maximize
efficiencies, the company will de-emphasize segments where
development efforts have reached maturity. As a result of these
actions, the company's headcount will be reduced by approximately
9%; in conjunction with other opportunities, the company expects
the realignment to deliver cost savings of approximately
$12 million in 2025.
"Innoviz has made substantial strides in cementing its position
as a market leader in the LiDAR industry," said Omer Keilaf,
Innoviz Co-Founder and CEO. "Our recently announced collaborations
with Mobileye, Nvidia and others highlight the progress we have
made in developing and maturing solutions designed to meet the
stringent requirements of OEMs worldwide now and in the future.
Today's actions are the result of a thoughtful process to realign
the Company's development efforts to more closely match the needs
of our customers, streamline our cost structure, and extend our
cash runway as we continue to target start of production for
customers in 2026. Looking ahead, we remain confident in our
ability to achieve our long-term goals and position Innoviz to
reach profitability and deliver significant value in the years to
come."
Projected Financial Benefits
As a result of the strategic realignment actions, Innoviz plans
to decrease its employee headcount by approximately 9% and expects
to reduce its 2025 planned cash outlays by approximately
$12 million on an annualized basis.
Cash savings are expected to begin in the first quarter of 2025,
with run rate savings expected to be achieved by the end of the
second quarter of 2025. Cash costs associated with the strategic
actions are expected to be minimal.
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 U.S., 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
www.innoviz.tech.
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Forward Looking Statements
This announcement contains certain
forward-looking statements within the meaning of the federal
securities laws, including statements regarding the services
offered by Innoviz, the anticipated technological capability of
Innoviz's products, the markets in which Innoviz operates and
Innoviz's projected future results and the expected financial
benefits of realignment and optimization actions. 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. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this announcement, including but not
limited to, the ability to implement business plans, forecasts, the
optimization of operations, and other expectations, the ability to
convert design wins into definitive orders and the magnitude of
such orders, 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 filed with the
SEC on March 12, 2024 and 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.
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.
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Media Contact
Media@innoviz-tech.com
Investor Contact
Investors@innoviz-tech.com
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SOURCE Innoviz Technologies
