Innoviz Technologies Ltd. reported third-quarter 2024 revenues of $4.5 million, marking a 30% increase compared to $3.5 million in Q3 2023. This revenue growth was accompanied by a decrease in operating expenses, which fell by 6.4% to $26.0 million from $27.8 million in the prior year's quarter.
The company demonstrated improved financial discipline by reducing its cash used in operations and capital expenditures to $17.7 million in Q3 2024. This represents a significant reduction from $28.6 million in Q3 2023 and $21.6 million in Q2 2024, contributing to a liquidity position of approximately $87.7 million as of September 30, 2024.
Innoviz also announced that it met its operational target of securing 2-3 additional customer programs in 2024 through a collaboration with a Level 4 platform partner. These programs are expected to integrate nine long- and short-range LiDARs into each autonomous vehicle, with a projected Start of Production (SOP) in 2026. The company reiterated its full-year 2024 revenue guidance of $23.5 million to $25 million and its NRE booking target of $20 million to $70 million.
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