Innoviz Reports Third-Quarter 2023 Results, Delivering Strong Sequential and Year-Over-Year Revenue Growth
TEL AVIV, Israel, Nov. 8, 2023 /PRNewswire/ -- Innoviz Technologies Ltd. (Nasdaq: INVZ) (the "Company" or "Innoviz"), a leading Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception software, today provided commercial and strategic updates on its business, reported its financial results for the third quarter ended September 30, 2023 and reiterated 2023 commercial and financial targets.
- The change highlights the flexibility of the platform and is expected to increase the total revenue content per vehicle available to Innoviz.
- The 138% quarter-over-quarter increase in revenues was driven by strong growth in InnovizTwo unit sales, which increased 102% sequentially, coupled with incremental NRE revenue.
- Operating expenses in Q3 2023 were $27.8 million, a decrease of 11% compared to operating expenses of $31.3 million in Q3 2022.
- Operating expenses for Q3 2023 included $5.0 million of share-based compensation compared to $4.9 million of share-based compensation in Q3 2022.