Innoviz Shares Close 18.23% Lower After Quarterly Results

Innoviz Technologies’ Nasdaq-listed ordinary shares closed November 11 at $0.1803, down $0.0402, or 18.23%, after the Israeli LiDAR company released its third-quarter results earlier that day. The regular trading session ended at 4 p.m. Eastern time, or 11 p.m. in Israel. The company reported revenue of $12.1 million for the quarter ended September 30, compared with $15.3 million a year earlier. Operating expenses rose 9% to $19.7 million from $18.1 million. Founder and CEO Omer Keilaf attributed the lower-than-expected revenue mainly to delayed non-recurring engineering revenue after a customer changed its program timing. Innoviz expects to realize the full value of those payments in 2027. Innoviz revised its full-year revenue target to $44 million–$46 million and announced a fourth-quarter realignment that will streamline research, development and operations, including a workforce reduction of approximately 20%. It expects annual savings of about $17.5 million against its current spending rate. Keilaf said: “The realignment supports our runway into 2028.” The Tel Aviv company reported approximately $54.4 million in liquidity at September 30, including cash, deposits, marketable securities and short-term restricted cash. Its full-year targets also include two to three new program wins and $20 million–$30 million in new non-recurring engineering payment plans.