Innoviz Technologies Ltd. reported strong financial results for the first quarter ended March 31, 2025, with revenues reaching $17.4 million. This represents a significant 145% increase compared to $7.1 million in Q1 2024, driven by a combination of NRE services, production units, and sample shipments.
The company achieved a gross profit of $6.982 million in Q1 2025, a notable improvement from a gross loss of $1.297 million in the prior year's quarter. Operating expenses also saw a substantial decrease, falling by 34% to $21.0 million from $31.7 million in Q1 2024. Innoviz's liquidity stood at approximately $85.4 million as of March 31, 2025.
Innoviz reiterated its full-year 2025 targets, projecting revenues of $50 million to $60 million and NRE bookings of $30 million to $60 million. The company expects single-digit millions in cash burn per quarter and positive gross margin for the full year. Additionally, Innoviz highlighted accelerated LiDAR deliveries to Volkswagen for ID. Buzz AD shuttles and the expansion of its NRE payment plan to $95 million.
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