Innoviz Registers 58% Revenue Decline In Q3; Expects Sales To Normalize In Q4

Innoviz Registers 58% Revenue Decline In Q3; Expects Sales To Normalize In Q4
  • Innoviz Technologies Ltd (NASDAQ: INVZ) reported a third-quarter FY22 revenue decline of 57.7% year-on-year to $0.88 million, missing the consensus of $2.22 million.
  • The revenue was impacted primarily by downtime from the company's headquarter move and related testing and calibration system upgrades. 
  • The company expects InnovizOne sales to normalize in Q4 of 2022.
  • EPS loss of $(0.25) is in line with the consensus.
  • Innoviz held $218 million in cash and equivalents.
  • CEO Omer Keilaf said, "We are proud of our latest OEM program win in Asia and our recent customer momentum, having posted a win in back-to-back quarters. We are encouraged by our robust pipeline, which includes many of the world's largest OEMs, in addition to the well-known names that are already in our order book."
  • Innoviz reiterated its plans to increase its forward-looking order book guidance by more than 30% by the end of FY22.
  • Price Action: INVZ shares traded lower by 6.55% at $4.28 on the last check Wednesday.
  • Photo Via Company

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