Innoviz Technologies Inc. (NASDAQ: INVZ) stock surged by 3.87% at last close while the INVZ stock price rises by 0.8% in the pre-market trading session. Innoviz is a prominent supplier of autonomous car technologies. Innoviz’s LiDAR technology outperforms human drivers in terms of performance, safety, and cost in the automobile sector.
INVZ stock’ Financial Highlights
Innoviz Technologies announced their first quarter 2021 financial results. Given below is the summary:
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- The total revenue for the first quarter of 2021 was $728 thousand dollars. InnovizOne-related sales grew by 48 percent to $682 thousand in Q1 2021, accounting for 94 percent of total revenues, relative to $459 thousand in Q1 2020, accounting for 55 percent of total revenues. Innoviz anticipates sales of InnovizOne LiDARs to account for a larger part of revenue as manufacturing ramps up to meet demand.
- Operating costs during the first quarter of 2021 grew by 9% to $19.7 million, up from $18.1 million in the first quarter of 2020. Increased investment in research and development, as well as a rise in general and administrative expenditures as a result of the Company becoming publicly traded, drove the increase in expenses. Innoviz expects to spend 80 percent of operational costs on research and development in 2021, with the remaining largely going toward business development and marketing efforts.
- At the end of March 2021, Innoviz had $199.1 million in cash, up from $50.0 million at the end of December 2020. A part of the PIPE funds received in escrow as part of the business merger completed on April 5, 2021 contributed to the rise in cash. Innoviz is continuing to invest its capital in strategic R&D, sales and marketing, and manufacturing yields.
Guidelines for the Future
Innoviz is giving the following advice as a consequence of its agreement with BMW to provide LiDARs for its autonomous car program, as well as the autonomous shuttle design victory confirmed recently. Forward-looking order book is defined by Innoviz as the total expected future sales of hardware and perception software from now through 2030, depending on estimated volumes and price.
- Innoviz’s forward-looking order book projection has been raised by 20% to $2.4 billion which is a rise from $2.0 billion earlier this year.
- Innoviz is now in the final phases of technical review, RFIs, and RFQs with 32 potential clients. Six of them are in the last stages of commercial talks, or the RFQ stage. These six possibilities represent a potential order book worth more than $3.0 billion in the future. Through the mid of 2022, Innoviz anticipates some of these ventures to turn into contractual agreements.