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Benzinga

Business

Anusuya Lahiri

Here's How Innoviz Fared In FY21

Innoviz INVZ Omer Keilaf

Innoviz Technologies (NASDAQ:INVZ) reported FY21 revenue of $5.5 million compared to $(9.4) million in 2020.
InnovizOne-related revenues in 2021 were $4.3 million, increasing 28% Y/Y.
EPS loss of $(1.54) versus $(5.99) a year ago.
Innoviz held $304 million in cash and equivalents and used $84.4 million in operating cash flow.
"We reached a design freeze for our automotive product, InnovizOne, and are now working to complete production readiness to launch our customer program," said Omer Keilaf, CEO and co-founder.
"Entering the new year with five new pre-production programs as well as serial production programs at advanced stages of negotiations with several key car makers has put us on a trajectory for another successful year."
Innoviz increased its FY22 forward-looking order book from $2.4 billion to $2.6 billion to reflect the expansion of the shuttle program through the use of more LiDARs per shuttle.
Price Action: INVZ shares closed lower by 3.75% at $3.85 on Tuesday.

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