Innoviz to Cut About 20% of Workforce in Fourth-Quarter Restructuring

Innoviz Technologies said on November 11 that it would reduce its workforce by approximately 20% as part of a restructuring of research and development and operations. The Israeli developer of LiDAR sensors and software plans to implement the changes during the fourth quarter of 2026. It expects annualized savings of about $17.5 million compared with its current operating run rate. CEO and founder Omer Keilaf linked the realignment to the company's financial resources, saying: “The realignment supports our runway into 2028.” He said third-quarter revenue fell short of expectations mainly because a customer changed the timing of a program, delaying non-recurring engineering revenue. Innoviz expects to recognize the full value of that revenue in 2027. For the quarter ended September 30, Innoviz reported revenue of $12.1 million, down from $15.3 million a year earlier. Operating expenses rose to $19.7 million from $18.1 million. Its approximately $54.4 million liquidity balance at quarter-end included cash and cash equivalents, short-term deposits, marketable securities and short-term restricted cash. The company revised its full-year 2026 revenue target to $44 million to $46 million. Its targets also include two to three new program wins and $20 million to $30 million in new non-recurring engineering payment plans.