Summary by Moomoo AI
Innoviz Technologies reported revenues of $24.3 million for fiscal year 2024, up 16% from $20.9 million in 2023, driven by increased sales of NRE services which contributed $18.0 million. The company significantly reduced its net loss to $94.8 million from $123.5 million in the prior year, reflecting improved operational efficiency and cost management.Gross margin improved substantially to -5% in 2024 from -56% in 2023, benefiting from increased NRE sales and decreased production inefficiencies. Operating expenses decreased 17% to $100.8 million, with R&D expenses down 20% to $73.8 million due to improved cost allocation and reduced personnel expenses. The company ended the year with $68.0 million in cash and equivalents.Looking ahead, Innoviz announced a multi-year NRE payment plan of approximately $80 million with key customers, with over $40 million expected in 2025. The company also completed a $37.3 million registered direct offering in February 2025 and implemented operational optimization initiatives to extend its cash runway and accelerate progress toward profitability.
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