-- FY 2025 Revenues of $55.1 million more than doubled year over year, with
record gross margins
-- Selected by Daimler Truck and Torc Robotics for series production of L4
Class 8 autonomous trucks, ongoing progress in L3 and L4 automotive
programs with Mobileye, VW and others
-- Introduced InnovizThree for behind-the-windshield deployment, featuring
smaller size, lower power consumption, lower cost, and embedded sensor
fusion
-- Strong traction with InnovizSMART and InnovizSMARTer for Physical AI,
non-automotive applications; momentum in perimeter security deployments
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
-- Selected by Daimler Truck for series production of L4 autonomous
trucks -- Innoviz will supply LiDARs to support Daimler Truck and Torc
Robotics' s Level 4 class 8 Freightliner Cascadia autonomous semi trucks.
Innoviz has begun shipping units of its InnovizTwo sensors for Daimler's
fleet. The trucks are expected to be deployed across a broad range of
highway and regional routes in North America.
-- Accelerated Level 3 and Level 4 automotive activity -- several customer
Level 4 programs are slated for SOP later this year, including the VW ID
Buzz, followed by L3 programs in 2027. Amidst strong interest in Level 4
programs, multiple OEMs have Level 3 RFQs in 2026 with programs targeted
to ramp in 2028.
-- Introduced InnovizThree -- InnovizThree is designed to meet the
challenges of behind-the-windshield installation, with a smaller form
factor and lower power consumption that does not compromise vehicle
design or in-cabin environment, at a lower cost. Combined with a camera,
it simplifies OEM sensor fusion for faster deployment.
-- Deployed InnovizSMART Perimeter Security Solutions -- the system
combines Innoviz LiDARs with partners' PTZ cameras and analytics software
to create an off-the-shelf solution that addresses the limitations of
conventional security systems.
-- Launched InnovizSMARTer with edge computing -- the InnovizSMARTer is a
one-box solution that integrates LiDAR with Nvidia's Jetson Orin Nano for
processing at the edge and real-time compression, enabling deployments in
bandwidth-constrained areas and simplifying installation and cloud
applications.
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:
-- Revenues of $67-$73 million;
-- 2-3 new program wins;
-- LiDAR sales for non-automotive Physical AI applications up to 10% of
revenue; and
-- New NRE payments plans of $20-$30 million.
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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Media Contact
Media@innoviz-tech.com
Investor Contact
Investors@innoviz-tech.com
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 Three Months Ended
December 31, 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 210,433,339
number of 199,895,238 167,216,070 168,858,283
ordinary shares
used in
computing
basic and
diluted net
loss per
ordinary share
=========== ============
INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
--------------------------------------------------------------------------
U.S. dollars in thousands
(Unaudited)
December 31, December 31,
------------ ------------
2025 2024
------------ ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 8,638 $ 25,365
Short-term restricted cash 16 16
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 89 79
------------ ------------
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 7 86
------------ ------------
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 Three Months Ended
December 31, 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) 22
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) - (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 - 2,915 -
Proceeds from sales of
property and equipment 3 75 - 75
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
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