Innoviz Registers 58% Revenue Decline In Q3; Expects Sales To Normalize In Q4 - Innoviz Technologies (NASDAQ:INVZ)

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.
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