Innoviz Technologies Ltd. announced a strategic optimization of its operations aimed at extending the company's cash runway and accelerating its path towards profitability and free cash flow generation. This realignment involves de-emphasizing segments where development efforts have reached maturity.
As a result of these actions, Innoviz will reduce its employee headcount by approximately 9%. The company anticipates these measures, combined with other opportunities, will deliver cost savings of approximately $12 million on an annualized basis in 2025.
Cash savings from this strategic realignment are expected to commence in the first quarter of 2025, with the full run rate savings projected to be achieved by the end of the second quarter of 2025. The cash costs associated with these strategic actions are expected to be minimal.
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