Innoviz Technologies (INVZ) Q2 2025 earnings summary

Executive summary

• Achieved record H1 2025 revenues of $27.1M, surpassing full-year 2024, with Q2 revenue at $9.7M, up 46% year-over-year, and strong customer engagement and new product launches.

• Signed a Statement of Work/Development Work with a top five global automotive OEM for Level 3 vehicle LiDAR integration, targeting 2027 SOP, and began shipping units for development.

• Launched InnovizSMART for industrial, safety, security, and smart city applications, with higher ASPs, shorter sales cycles, and partnerships with Cogniteam, Sparsh CCTV, Cron AI, and NVIDIA.

• Ramping up production with shipments from Fabrinet's high-volume line, aiming for a 10x increase in unit shipments in Q3 versus Q2, and supporting L3, L4, and non-automotive applications.

• Strong cash management with cash burn in Q2 at $7.3M, down from $20.7M in Q1, and quarter-end liquidity of $79.4M.

Financial highlights

• Q2 2025 revenue reached $9.7M, up from $6.7M in Q2 2024, bringing H1 2025 to $27.1M, exceeding FY2024's $24.3M.

• Gross margin was 16% for Q2 and 31% for H1 2025.

• Operating expenses for Q2 were $18.5M, down 20% year-over-year, including $2.3M in share-based compensation.

• Net loss for Q2 2025 was $18.5M, with a basic and diluted net loss per share of $0.09.

• Cash, cash equivalents, and marketable securities at quarter end totaled $79.4M.

Outlook and guidance

• Full-year 2025 revenue guidance maintained at $50–$60M, more than doubling year-over-year.

• NRE booking guidance for 2025 raised to $30–$60M from $20–$50M, with over $20M already booked.

• Targeting one to three new programs in 2025, in addition to the SOW already signed.

• Expecting continued decline in cash burn and effective expense management.

• Positive gross margin expected for the year.