Innoviz Shares Drop On Q1 Miss; Clocks 144% Revenue Growth

• Innoviz Technologies Ltd (NASDAQ:INVZ) reported first-quarter FY22 revenue growth of 144% year-on-year to $1.77 million, missing the consensus of $2.17 million.
• EPS loss of $(0.23) missed the consensus loss of $(0.18).
• Innoviz held $275 million in cash and equivalents.
• "We made meaningful progress executing our strategy during the first quarter, which culminated in our recent announcement of being selected for series production with one of the world's three largest vehicle groups," said Omer Keilaf, CEO. "This marks our third design win for series production, our first for InnovizTwo, and also our first as a direct Tier1 supplier."
• Innoviz increased its forward-looking order book guidance by more than 150% to $6.6 billion, up from $2.6 billion projected last quarter.
• Price Action: INVZ shares traded lower by 4.47% at $3.85 in the premarket on the last check Wednesday.