Innoviz Reports First Quarter 2026 Results

Innoviz Reports First Quarter 2026 Results TEL AVIV, Israel, May 14, 2026 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) (the "Company" or "Innoviz"), a leading supplier of high performance, automotive-grade LiDAR sensor platforms, today provided commercial and strategic updates on its business, reported its financial results for the quarter ended March 31, 2026, and reiterated its financial and operational targets for 2026.

"In the early months of 2026, we announced our entry into the defense and homeland security market, reached critical technical milestones with our new products, made progress on existing programs, and continued to engage with automotive and non-automotive customers," said Omer Keilaf, CEO and Founder of Innoviz, "Several NRE milestones were pushed out of the first quarter, in part due to customers' requests for additional content, resulting in lower than anticipated revenues. Thanks to the hard work and dedication of our teams, we are already closing the gap, and our full-year outlook remains unchanged. Long-term, we are confident in our view that LiDAR is the most reliable method for digitizing the physical world, and is indispensable to the implementation of Physical AI. Over the past year, we've broadened our scope beyond the automotive industry and introduced our SMART products, which are now available for defense and security applications, in addition to traffic management, perimeter security, and robotics. We are seeing strong traction across these end-markets, which are fast-growing and high-margin, and yesterday, Kela, an Israeli defense company, announced its intent to field Innoviz LiDARs across their unified situational operations platform. We have also signed an agreement with a large holding group, which will offer Innoviz LiDARs in their defense and security solutions; we expect their announcement in the coming weeks. Our automotive programs with VW, Mobileye, and Daimler Truck are progressing well towards LiDAR product launches in 2026 and beyond to meet Start of Production (SOP) timelines. We recently announced an advanced development program with a leading autonomous driving technology partner to evaluate enhanced on-sensor perception software for the InnovizTwo LiDAR platform; additionally, we signed an LOI with LOXO to integrate InnovizTwo Long Range into LOXO's autonomous driving solution. The automotive ecosystem is exhibiting robust interest in both Level 3 and Level 4 automation, and we believe we can win upcoming RFQs with our suite of InnovizTwo LiDARs and our InnovizThree, whose small size, lower power consumption, and lower cost make it ideal for behind-the-windshield integration. To support our automotive and Physical AI customers, we recently launched the InnovizTwo Ultra Long-Range LiDAR, which enables up to 1km sensing and opens new capabilities across a variety of use cases. As we continue to ramp production at Fabrinet, we believe we are well-positioned to become a premier world-wide supplier of best-in-class LiDAR solutions for autonomous driving and broader sensing applications, enabling the rise of Physical AI."

Commercial and Strategic Updates

Q1 2026 Financial Results

Revenues in Q1 2026 were $7.1 million compared to revenues of $17.4 million in Q1 2025. The revenues resulted from a combination of sales of LiDAR units and NRE services.

Operating expenses in Q1 2026 were $24.9 million, an increase of 18% compared to operating expenses of $21.0 million in Q1 2025.

Liquidity as of March 31, 2026 was approximately $60.1 million, consisting of cash and cash equivalents, short term deposits, marketable securities and short-term restricted cash.

FY 2026 Financial and Operational Targets

The company is reiterating its FY 2026 targets of:

Conference Call

Innoviz management will hold a web conference today, May 14, 2026, at 9:00 a.m. Eastern Time (6:00 a.m. Pacific Time) to discuss commercial and strategic updates, financial results for Q1 2026, 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 leading provider of 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. Innoviz's LiDAR sensors are designed to deliver exceptional range, resolution, and reliability, providing accurate 3D sensing in harsh weather conditions. Operating across the U.S., Europe, and Asia, Innoviz designs solutions for automotive OEMs, system integrators, municipalities, commercial enterprises, and other use cases worldwide. InnovizSMART is an off-the-shelf solution for security, defense and homeland security, intelligent traffic management, mobility, robotics, and aerial applications.

For more information, visit https://innoviz.tech/

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Investor Contact

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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 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 ability to achieve broader market adoption of Innoviz's products and solutions, the ability to maintain and scale initial deployments into long-term commercial relationships, the ability of preliminary arrangements, including evaluation engagements and letters of intent, to result in definitive supply, development, or commercial agreements on expected terms and volumes, 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 geopolitical developments in the Middle East including the evolving conflict in Israel on 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, 2025, filed with the U.S. Securities and Exchange Commission ("SEC") on March 4, 2026, 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. The agreements and letters of intent referenced in this announcement are subject to various conditions, including, in certain cases, successful completion of evaluation phases, negotiation of definitive terms, and customer election to proceed. There can be no assurances that any such arrangement will result in definitive agreements, firm orders, payments, or series production, or that volumes, timing, or commercial terms will align with current expectations. 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)

Three Months Ended

March 31,

2026

2025

Revenues

7,133

17,390

Cost of revenues

(8,716)

(10,408)

Gross profit (loss)

(1,583)

6,982

Operating expenses:

Research and development

16,757

14,830

Sales and marketing

2,275

1,721

General and administrative

5,857

4,455

Total operating expenses

24,889

21,006

Operating loss

(26,472)

(14,024)

Financial income, net

308

1,416

Loss before taxes on income

(26,164)

(12,608)

Taxes on income

(35)

(34)

Net loss

(26,199)

(12,642)

Basic and diluted net loss per ordinary share

(0.12)

(0.07)

Weighted average number of ordinary shares used in computing basic

and diluted net loss per ordinary share

215,511,076

185,534,529

INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

(Unaudited)

March 31,

December 31,

2026

2025

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

4,362

8,638

Short-term restricted cash

Bank deposits

46,208

54,010

Marketable securities

9,540

9,466

Trade receivables, net

5,296

9,978

Inventory

3,880

3,344

Prepaid expenses and other current assets

5,738

4,780

Total current assets

75,040

90,232

LONG-TERM ASSETS:

Restricted deposits

3,111

3,189

Property and equipment, net

19,559

19,856

Operating lease right-of-use assets, net

24,372

25,086

Other long-term assets

Total long-term assets

47,130

48,220

Total assets

122,170

138,452

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:

Trade payables

10,142

8,599

Deferred revenues

2,027

1,852

Employees and payroll accruals

10,170

9,027

Accrued expenses and other current liabilities

5,674

5,998

Operating lease liabilities

5,992

5,949

Total current liabilities

34,005

31,425

LONG-TERM LIABILITIES:

Operating lease liabilities

28,500

29,302

Warrants liability

Total long-term liabilities

28,501

29,309

SHAREHOLDERS' EQUITY:

Ordinary Shares of no-par value

Additional paid-in capital

883,703

875,558

Accumulated deficit

(824,039)

(797,840)

Total shareholders' equity

59,664

77,718

Total liabilities and shareholders' equity

122,170

138,452

INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

(Unaudited)

Three Months Ended

March 31,

2026

2025

Cash flows from operating activities:

Net loss

(26,199)

(12,642)

Adjustments required to reconcile net loss to net cash used in

operating activities:

Depreciation and amortization

1,327

1,377

Remeasurement of warrants liability

(6)

(48)

Change in accrued interest on bank deposits

485

(337)

Change in marketable securities

(6)

(62)

Share-based compensation

3,712

4,754

Capital gain, net

(4)

Foreign exchange loss, net

154

Change in prepaid expenses and other assets

(700)

2,129

Change in trade receivables, net

4,682

(11,618)

Change in inventory

(536)

201

Change in operating lease assets and liabilities, net

(45)

(712)

Change in trade payables

1,866

(3,577)

Change in accrued expenses and other liabilities

(394)

523

Change in employees and payroll accruals

1,143

154

Change in deferred revenues

175

944

Net cash used in operating activities

(14,451)

(18,760)

Cash flows from investing activities:

Purchase of property and equipment

(1,356)

(1,915)

Proceeds from sales of property and equipment

Investment in bank deposits

(19,930)

(44,300)

Withdrawal of bank deposits

27,350

12,500

Investment in marketable securities

(5,381)

(14,892)

Proceeds from sales and maturities of marketable securities

5,313

17,737

Net cash provided by (used in) investing activities

6,000

(30,870)

Cash flows from financing activities:

Issuance of ordinary shares and warrants, net of issuance costs

37,596

Issuance of ordinary shares, net of paid issuance costs

4,231

Proceeds from exercise of options

142

Net cash provided by financing activities

4,249

37,738

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(74)

(104)

Decrease in cash, cash equivalents and restricted cash

(4,276)

(11,996)

Cash, cash equivalents and restricted cash at the beginning of the period

8,654

25,381

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

4,378

13,385

Share-based compensation expenses:

Three Months Ended

March 31,

2026

2025

Cost of revenues

482

1,774

Research and development expenses

1,522

1,888

Sales and marketing expenses

260

207

General and administrative expenses

1,448

885

3,712

4,754

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SOURCE Innoviz Technologies