Innoviz Reports Fourth Quarter and Full Year 2025 Results

TEL AVIV, Israel, Feb. 25, 2026 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) (the "Company" or "Innoviz"), a leading Tier-1 direct supplier of high performance, automotive-grade Physical AI LiDAR sensor platforms and complementary software stack, today provided commercial and strategic updates on its business, reported its financial results for the year and quarter ended December 31, 2025, and set full year financial and operational targets for 2026.

"2025 was a pivotal year for Innoviz financially and operationally. We more than doubled our revenues, delivered record gross margins, and significantly expanded programs and addressable end-markets. As the world shifts from Digital AI to Physical AI, Innoviz is firmly positioned to enable perception through its industry-leading LiDAR technology. Our program wins and our lineup of products spanning automotive and non-automotive use cases have created powerful momentum entering 2026, positioning us to accelerate growth, deepen customer partnerships, and further expand our leadership," said Omer Keilaf, CEO and Co-Founder of Innoviz. "Heading into 2026, we are advancing on our Level 3 programs with the VW group and Mobileye, and on our Level 4 programs with Daimler Truck, Mobileye, VW and others. We see strong and growing interest in Level 3 and Level 4 programs from global OEMs. To support these efforts, we have introduced the InnovizThree, designed specifically to meet the challenges of behind-the-windshield installation with a smaller form factor and lower power consumption; when combined with a camera, it also simplifies sensor fusion and integration. Outside the automotive space, our InnovizSMART is gaining traction in areas such as security, mobility, and ITS, and we recently announced the installation of several InnovizSMART Perimeter Security Solutions. Additionally, our InnovizSMARTer, which integrates our LiDAR with an Nvidia processor, delivers a comprehensive one-box solution that enables compression at the edge and wireless deployment in bandwidth-constrained environments. As we continue to ramp production, we believe we are well-positioned to become one of the world's premier large-scale suppliers of best-in-class LiDAR solutions for autonomous driving and broader sensing applications, enabling the rise of Physical AI."

Commercial and Strategic Updates

2025 Financial Results

Revenues in 2025 were $55.1 million compared to revenues of $24.3 million in 2024. The revenues resulted from a combination of NRE services and sales of LiDAR units.

Operating expenses in 2025 were $80.6 million, a decrease of 20% compared to operating expenses of $100.8 million in 2024. Operating expenses for 2025 included $10.7 million of share-based compensation compared to $17.0 million of share-based compensation in 2024.

Liquidity as of December 31, 2025 was approximately $72.1 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 setting its FY 2026 targets of:

Conference Call

Innoviz management will hold a web conference today, February 25, 2026, at 9:00 a.m. Eastern Time (6:00 a.m. Pacific Time) to discuss commercial and strategic updates, financial results for Q4 and full year 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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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 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)

Year Ended

December 31,

Three Months Ended

December 31,

2025

2024

2025

2024

Revenues

55,089

24,268

12,674

6,027

Cost of revenues

(42,184)

(25,429)

(10,609)

(5,488)

Gross profit (loss)

12,905

(1,161)

2,065

539

Operating expenses:

Research and development

56,478

73,817

16,124

13,489

Sales and marketing

5,751

7,474

1,568

1,722

General and administrative

18,409

19,466

5,300

4,577

Total operating expenses

80,638

100,757

22,992

19,788

Operating loss

(67,733)

(101,918)

(20,927)

(19,249)

Financial income (expense), net

109

7,328

(276)

691

Loss before taxes on income

(67,624)

(94,590)

(21,203)

(18,558)

Taxes on income

(171)

(167)

(52)

(38)

Net loss

(67,795)

(94,757)

(21,255)

(18,596)

Basic and diluted net loss per ordinary share

(0.34)

(0.57)

(0.10)

(0.11)

Weighted average number of ordinary shares used in

computing basic and diluted net loss per ordinary share

199,895,238

167,216,070

210,433,339

168,858,283

INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

(Unaudited)

December 31,

2025

2024

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

8,638

25,365

Short-term restricted cash

Bank deposits

54,010

30,628

Marketable securities

9,466

11,955

Trade receivables, net

9,978

6,043

Inventory

3,344

1,905

Prepaid expenses and other current assets

4,780

6,707

Total current assets

90,232

82,619

LONG-TERM ASSETS:

Restricted deposits

3,189

2,725

Property and equipment, net

19,856

23,432

Operating lease right-of-use assets, net

25,086

23,194

Other long-term assets

Total long-term assets

48,220

49,430

Total assets

138,452

132,049

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:

Trade payables

8,599

8,813

Deferred revenues

1,852

274

Employees and payroll accruals

9,027

8,722

Accrued expenses and other current liabilities

5,998

5,631

Operating lease liabilities

5,949

4,330

Total current liabilities

31,425

27,770

LONG-TERM LIABILITIES:

Operating lease liabilities

29,302

25,264

Warrants liability

Total long-term liabilities

29,309

25,350

SHAREHOLDERS' EQUITY:

Ordinary Shares of no-par value

Additional paid-in capital

875,558

808,974

Accumulated deficit

(797,840)

(730,045)

Total shareholders' equity

77,718

78,929

Total liabilities and shareholders' equity

138,452

132,049

INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

(Unaudited)

Year Ended

December 31,

Three Months Ended

December 31,

2025

2024

2025

2024

Cash flows from operating activities:

Net loss

(67,795)

(94,757)

(21,255)

(18,596)

Adjustments required to reconcile net loss to

net cash used in operating activities:

Depreciation and amortization

5,873

7,786

1,797

1,592

Remeasurement of warrants liability

(75)

(154)

(32)

Change in accrued interest on bank deposits

(757)

1,939

174

1,048

Change in marketable securities

(156)

(534)

(26)

(84)

Share-based compensation

15,954

19,682

4,104

3,816

Capital gain, net

(75)

Foreign exchange gain, net

(1,502)

(305)

(176)

(171)

Change in prepaid expenses and other assets

1,145

(437)

(36)

(3,351)

Change in trade receivables, net

(6,850)

1,352

6,918

(2,504)

Change in inventory

240

(37)

(376)

(678)

Change in operating lease assets and liabilities, net

3,765

(623)

952

369

Change in trade payables

(67)

(72)

(925)

1,631

Change in accrued expenses and other liabilities

424

(3,299)

668

129

Change in employees and payroll accruals

305

(746)

(634)

(987)

Change in deferred revenues

1,578

(6,675)

(284)

(4)

Net cash used in operating activities

(47,918)

(76,955)

(9,131)

(17,843)

Cash flows from investing activities:

Purchase of property and equipment

(4,250)

(4,412)

(1,040)

(1,191)

Proceeds from sale of machinery

2,915

Proceeds from sales of property and equipment

Investment in bank deposits

(99,800)

(54,100)

(21,900)

(27,400)

Withdrawal of bank deposits

77,150

127,300

24,800

38,700

Investment in restricted deposits

(120)

(122)

Release of restricted deposits

Investment in marketable securities

(37,628)

(55,493)

(7,730)

(22,036)

Proceeds from sales and maturities of marketable securities

40,273

62,220

7,662

26,930

Net cash provided by (used in) investing activities

(21,394)

75,468

4,770

15,078

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

13,339

4,920

Proceeds from exercise of options

837

224

127

Net cash provided by financing activities

51,465

224

5,047

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

1,120

308

126

Increase (decrease) in cash, cash equivalents and restricted cash

(16,727)

(955)

752

(2,584)

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

25,381

26,336

7,902

27,965

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

8,654

25,381

8,654

25,381

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SOURCE Innoviz Technologies Ltd