Expenses Weigh On Innoviz's Flat Q2 Revenue, Reiterates Order Book Guidance

Innoviz Technologies Ltd INVZ reported second-quarter FY21 revenue decline of 0.3% year-on-year to $1 million.
The costs increased 23.8% Y/Y, leading to a gross loss of $(1.1) million.
Operating expenses shot up 423.3% Y/Y due to $47.2 million attributable to stock-based compensation granted as part of the SPAC business combination, which closed in Q2 2021. Additionally, the company continued to invest heavily in R&D, with R&D expenses totaling $32.1 million.
Loss per share was $(0.58), versus $(0.73) last year
Innoviz held $351.4 million in cash and equivalents. It used $16.5 million in operating cash flow during Q2.
Innoviz remains confident in its previously announced forward-looking order book guidance of $2.4 billion.
Price Action: INVZ shares closed higher by 2.66% at $8.50 on Tuesday.

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