UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 6-K
 

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO SECTION 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of May 2021
 
Commission File Number: 001-40310
 
 
INNOVIZ TECHNOLOGIES LTD.
(Translation of registrant’s name into English)
 
 
2 Amal Street
Afek Industrial Park
Rosh HaAin, Israel
 (Address of principal executive offices)
 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
 
Form 20-F ☒         Form 40-F ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐
 
 
The following press releases are furnished hereto:
 
Exhibit No.
  
Description
 
 
 



- 2 -
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  INNOVIZ TECHNOLOGIES LTD.  
       
Date: June 2, 2021
By:
/s/ Eldar Cegla  
    Name: Eldar Cegla  
    Title:   Chief Financial Officer  
       

 - 3 -


 
Exhibit 99.1

Innoviz Announces New Design Win With Leading Tier-1 Automotive
Supplier For its Autonomous Shuttle Program

Innoviz LiDARs to Enable Shuttles to Achieve Level Four Autonomy; To be Deployed in
European Airports, Campuses, local public transportation and More by the end of 2022;

New Design Win Expected to Generate Hundreds of Millions in Revenue Throughout Life
of the Program
 
TEL AVIV, ISRAEL – May 12, 2021 – Innoviz Technologies (NASDAQ: INVZ), a technology leader of high-performance, solid-state LiDAR sensors and perception software, was selected by a leading Tier-1 automotive supplier as the LiDAR provider for its multi-year autonomous shuttle program. Innoviz will provide its InnovizOne solid-state LiDAR units to the company for use on its shuttles, which are expected to become operational by the end of 2022 and change the face of transportation. The shuttles are expected to achieve level 4 autonomy, enable fully automated driving and be used to transport both passengers and cargo in various geo-fenced settings. The agreement is expected to generate hundreds of millions in revenue throughout the life of the program.
 
The new design win followed a stringent two-and-a-half-year due diligence process conducted by the Tier-1 automotive supplier. As part of the selection process, the supplier completed a thorough review of Innoviz’s product reliability, manufacturing processes and maturity, automotive qualifications, corporate processes certifications and more.
 
Unlike costly mechanical spinners installed on car roofs, InnovizOne is a low-cost, automotive-grade, lightweight solution. InnovizOne is designed to ensure that the shuttles circumvent even the smallest of obstacles. A number of sensors placed in various spots around the shuttle provide both short and long-range vision, removing blind spots and enhancing safety.
 
“It’s a new era in the industry and for Innoviz. This major design win for a leading autonomous shuttle program validates our reputation as the highest quality provider of automotive-grade LiDAR and perception software,” said Omer Keilaf, CEO and Co-Founder of Innoviz. “Our technology’s versatility enables us to work with customers in nearly every vertical as they work to address the critical transportation issues of our time. As we continue to ramp up production for the BMW program and now our contract with this leading Tier-1 supplier, we’re working to funnel new customers into the pipeline and provide the LiDAR solutions necessary for their businesses.”
 
Innoviz Technologies is preparing for the upcoming high-volume manufacturing of its InnovizOne LiDAR sensor for autonomous vehicle programs, including this autonomous shuttle program as well as the BMW Group’s next generation of autonomous vehicles. 

 
About Innoviz Technologies
Innoviz is a leading provider of technology that will put autonomous vehicles on roads. Innoviz’s LiDAR technology can "see" better than a human driver and meets the automotive industry's strict expectations for performance, safety and price. Selected by BMW for its fully autonomous car program, Innoviz's technology will be deployed in BMW’s consumer vehicles. Innoviz is backed by top-tier strategic partners and investors, including SoftBank Ventures Asia, Samsung, Magna International, Aptiv, Magma Venture Partners, and others. For more information, visit www.innoviz.tech.

Join the discussion: Facebook, LinkedIn, YouTube, Twitter
 
Contact Information
 
Media@innoviz-tech.com

Investor Contact

Maya Lustig
Gateway Investor Relations
Innoviz Technologies
Cody Slach or Matt Glover
+972 54 677 8100
(949) 574-3860
Investors@innoviz-tech.com
Investors@innoviz-tech.com

Forward Looking Statements
This announcement contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by Innoviz, the anticipated technological capability of Innoviz’s products, the markets in which Innoviz operates and Innoviz's projected revenue and other future financial and operational results. These forward-looking statements generally are identified by the words "believe," "program," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this announcement, including but not limited to, the ability to implement business plans, forecasts, and other expectations, the ability to identify and realize additional opportunities, and potential changes and developments in the highly competitive LiDAR technology and related industries. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in Innoviz’s annual report on Form 20-F filed with the SEC on April 21, 2021 and other documents filed by Innoviz from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Innoviz assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Innoviz gives no assurance that it will achieve its expectations.

 

 
Exhibit 99.2

Innoviz Technologies Reports 2021 First Quarter
Financial Results

TEL AVIV, Israel, May 12, 2021 – Innoviz Technologies (Nasdaq: INVZ), a technology leader of high-performance, solid-state LiDAR sensors and perception software, today reported its financial results and certain forward-looking guidance for the first quarter ended March 31, 2021 as well as subsequent operational updates on commercial traction, technology leadership and corporate development.
 
Commercial Traction
 
•
Secured a design win with a leading tier-1 automotive supplier to implement InnovizOne LiDAR in autonomous shuttles for use in European airports, campuses, local public transportation and more. The Company expects the contract to generate hundreds of millions in revenue by 2030.

•
Partnered with a leading South Korean perception software and AV technology provider, Vueron, to build an autonomous driving platform. As part of the partnership, Vueron executed a 414-kilometer, fully automated drive from Seoul to Busan using InnovizOne LiDAR.
 
•
Announced a partnership with Macnica, Japan’s largest distribution company, to sell InnovizOne in Japan. There has been considerable interest from customers in a number of key verticals, including automotive manufacturers as well as leading companies in fields from construction to space travel.
 
Technology Leadership

•
Increased manufacturing of InnovizOne at a new high-volume automotive-certified production line in Michigan. The custom designed automated manufacturing equipment successfully passed the Site Acceptance Tests (SAT).

•
Released specifications for the next-generation InnovizTwo LiDAR sensor, which is expected to achieve a 30x performance improvement over InnovizOne at an approximate 70% bill of material cost reduction, with the aim of promoting ubiquitous adoption amongst automakers.

•
Launched its automotive perception platform, InnovizAPP, to key automotive customers for evaluation. The program, which is based on Innoviz’s advanced perception software, leverages sensor data and proprietary AI algorithms to detect and classify objects in the point cloud.

•
Achieved a 90% yield at Jabil’s InnovizOne production line in Jena, Germany, increasing total production capacity and providing additional prospects with samples for evaluation. The Company is working to upgrade equipment at other production lines with the hopes of replicating the increased yield throughout its entire supply chain.

Corporate Development

•
Expanded Board of Directors with global technology and automotive industry veterans in connection with the closing of the business combination. The new appointees bring decades of experience leading publicly traded companies and will play a key role in Innoviz’s production ramp up and global deployment.

•
Closed the business combination with Collective Growth Corporation in April 2021, providing Innoviz with approximately $371 million in gross proceeds, positioning Innoviz well for its production ramp up and resulting in Innoviz’s ordinary shares and warrants being listed on the Nasdaq Capital Market.


“The last several months began with sample orders from prospective customers around the globe and have culminated with today’s major design win with a customer we’ve been engaged with for several years,” said Omer Keilaf, CEO and Co-Founder of Innoviz. “Along with our ongoing commitment with BMW to produce LiDARs for its autonomous vehicle program, we’ve also been engaging with many key players who are evaluating InnovizOne for use in nearly every application, from security to drone transport and beyond.”
 
“The overwhelmingly positive customer sentiment makes us confident in our ability to continue winning new business. In terms of capacity, our recent improvements to our line in Jena, Germany, which we are replicating throughout our entire supply chain, and the ramp-up of a high-volume production line in Michigan, will provide us with enough hardware to provide samples for evaluation and meet future order volumes. As we enter the latter half of the year, we are focused on increasing market access to InnovizOne, enhancing our market exposure in several key sectors, making progress on design validation for InnovizTwo and leveraging existing partnerships to bring new customers into the pipeline.”
 
First Quarter 2021 Financial Results
 
Total revenues for Q1 2021 were $728 thousand. InnovizOne related sales in Q1 2021 increased by 48% to $682 thousand and represented 94% of revenues in the quarter, compared to $459 thousand, or 55% of revenues, in Q1 2020. Innoviz expects the portion of revenues from sales related to InnovizOne LiDARs to increase as production is increased to meet order volumes.
 
Operating expenses for Q1 2021 increased 9% to $19.7 million from $18.1 million in Q1 2020. The increase in expenses was driven primarily by increased investment in research and development and an increase in general and administrative expenses due to the Company becoming publicly traded. Innoviz anticipates that 80% of operating expenses in 2021 will be spent on research and development, with the remainder to be primarily spent on business development initiatives and marketing activities.
 
Innoviz had $199.1 million in cash at March 31, 2021 compared to $50.0 million at December 31, 2020. The increase in cash is a result of a portion of the PIPE proceeds received in escrow as a part of the business combination closed on April 5, 2021. Innoviz remains focused on using its cash to make strategic investments in research and development, sales and marketing, and production yields.
 
Forward-Looking Guidance
 
As a result of Innoviz’s commitment with BMW to produce LiDARs for its autonomous vehicle program, as well as the autonomous shuttle design win announced today, Innoviz is issuing the guidance shown below. Innoviz defines forward-looking order book as the cumulative projected future sales of hardware and perception software through 2030 based on estimated volumes and pricing.
 
•
Innoviz is increasing its forward-looking order book guidance by 20% to $2.4 billion, up from $2.0 billion projected earlier this year.
 
•
Innoviz currently has 32 prospective customers in the late stages of technical evaluation, RFIs and RFQs. Of these, six are in the final commercial negotiations, or RFQ stage. These 6 prospects represent more than $3.0 billion in future potential order book. Innoviz expects some of these projects to materialize into contractual relationships by the middle of 2022.
 

Conference Call
 
Innoviz management will hold a conference call today, May 12, 2021 at 8:00 a.m. Eastern time (5:00 a.m. Pacific time) to discuss these results. Innoviz CEO Omer Keilaf and CFO Eldar Cegla will host the call, followed by a question and answer session.
 
All are invited to listen to the event by registering for the webinar here.
 
The webinar can also be accessed by telephone through the following details:
 
iPhone one-tap:
 
US: +14086380968, 83470700520#
Israel: +972553301762, 83470700520#
 
Telephone:

US: +1 408 638 096
Israel: +972 55 330 1762
 
Webinar ID: 834 7070 0520
Passcode: 872034
 
A replay of the webinar will also be available shortly after the call in the Investors section of Innoviz’s website for 90 days.
 
About Innoviz Technologies

Innoviz is a leading provider of technology that will put autonomous vehicles on roads. Innoviz's LiDAR technology can "see" better than a human driver and meets the automotive industry's strict expectations for performance, safety and price. Selected by BMW for its fully autonomous car program, Innoviz's technology will be deployed in its consumer vehicles. Innoviz is backed by top-tier strategic partners and investors, including SoftBank Ventures Asia, Samsung, Magna International, Aptiv, Magma Venture Partners, and others. For more information visit: www.innoviz.tech.

 
Cautionary Note Regarding Forward Looking Statements
 
This announcement contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by Innoviz, the anticipated technological capability of Innoviz's products, the markets in which Innoviz operates, Innoviz’s forward-looking order book, Innoviz's projected revenue and other future financial and operational results. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this announcement, including but not limited to, the ability to implement business plans, forecasts, and other expectations, the ability to identify and realize additional opportunities, and potential changes and developments in the highly competitive LiDAR technology and related industries. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in Innoviz's annual report on Form 20-F filed with the Securities and Exchange Commission (the "SEC") on April 21, 2021 and other documents filed by Innoviz from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Innoviz assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Innoviz gives no assurance that it will achieve its expectations.
 
Contact Information
Media@innoviz-tech.com
 
Investor Contact
Maya Lustig
 
Innoviz Technologies
+972 54 677 8100
Maya.Lustig@innoviz-tech.com
 
Gateway Investor Relations
Cody Slach or Matt Glover
(949) 574-3860
Investors@innoviz-tech.com
 

 
INNOVIZ TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except share and per share data)

   
Three Months Ended March 31,
 
   
2020
   
2021
 
   
(Unaudited)
 
             
Revenues
 
$
838
   
$
728
 
Cost of revenues
   
(2,102
)
   
(1,459
)
Gross loss
   
(1,264
)
   
(731
)
Operating expenses:
               
Research and development
 
$
15,738
   
$
16,733
 
Selling and marketing
   
1,499
     
1,552
 
General and administrative
   
828
     
1,421
 
Total operating expenses
   
18,065
     
19,706
 
Operating loss
   
(19,329
)
   
(20,437
)
Financial expenses, net
   
(370
)
   
(199
)
Loss before taxes on income
   
(19,699
)
   
(20,636
)
Taxes on income
   
(70
)
   
(40
)
                 
Net loss
 
$
(19,769
)
 
$
(20,676
)
Basic and diluted net loss per ordinary share
 
$
(1.47
)
 
$
(1.50
)
Weighted average number of ordinary shares used in computing basic and diluted net loss per ordinary share
   
16,269,490
     
16,966,265
 



INNOVIZ TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands

 
 
December 31,
   
March 31,
 
   
2020
   
2021
 
   
(Unaudited)
 
ASSETS
           
CURRENT ASSETS:
           
Cash and cash equivalents
 
$
49,950
   
$
199,092
 
Restricted deposits
   
8
     
8
 
Trade receivables
   
2,506
     
2,812
 
Inventories
   
2,164
     
3,112
 
Prepaid expenses and other current assets
   
3,287
     
4,126
 
Total current assets
   
57,915
     
209,150
 
LONG-TERM ASSETS:
               
Restricted deposits
   
864
     
833
 
Other long-term assets
   
537
     
26,369
 
Property and equipment, net
   
13,245
     
13,309
 
Total long-term assets
   
14,646
     
40,511
 
Total assets
 
$
72,561
   
$
249,661
 
LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' DEFICIT
               
CURRENT LIABILITIES:
               
Trade payables
 
$
7,751
   
$
4,518
 
Advances from customers and deferred revenues
   
1,661
     
3,012
 
Employees and payroll accruals
   
5,528
     
6,260
 
Accrued expenses and other current liabilities
   
2,854
     
29,632
 
Receipts on Ordinary Shares account
   
-
     
170,500
 
Total current liabilities
   
17,794
     
213,922
 
LONG-TERM LIABILITIES:
               
Loan, net of current maturities
   
2,224
     
2,077
 
Long-term advances from customers and deferred revenues
   
3,473
     
3,473
 
Total long-term liabilities
   
5,697
     
5,550
 
                 
Convertible preferred shares
   
272,815
     
272,815
 
SHAREHOLDERS' DEFICIT:
               
    Ordinary Shares of no-par value
   
*-
     
*-
 
Additional paid-in capital
   
7,658
     
9,453
 
Accumulated deficit
   
(231,403
)
   
(252,079
)
Total shareholders' deficit
   
(223,745
)
   
(242,626
)
Total liabilities, convertible preferred shares and shareholders' deficit
 
$
72,561
   
$
249,661
 

* represents amount lower than $1

INNOVIZ TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands

   
Three Months Ended March 31,
 
   
2020
   
2021
 
   
(Unaudited)
 
Cash flows from operating activities:
           
Net loss
 
$
(19,769
)
 
$
(20,676
)
Adjustments required to reconcile net loss to net cash used in operating activities:
               
Depreciation and amortization
   
512
     
652
 
Share-based compensation
   
935
     
1,775
 
Capital gain
   
(6
)
   
-
 
Foreign exchange loss
   
444
     
188
 
Decrease (increase) in prepaid expenses and other assets
   
771
     
(465
)
Decrease (increase) in trade receivable
   
424
     
(306
)
Decrease (increase) in inventories
   
816
     
(948
)
Decrease in trade payables
   
(1,395
)
   
(3,233
)
Increase  in accrued expenses and other liabilities
   
872
     
572
 
Increase in employees and payroll accruals
   
539
     
732
 
Increase in advances from customers and deferred revenues
   
57
     
1,351
 
Net cash used in operating activities
   
(15,800
)
   
(20,358
)
Cash flows from investing activities:
               
Purchase of property and equipment
   
(1,578
)
   
(716
)
Investment in bank deposits, net
   
(281
)
   
-
 
Decrease in restricted deposits
   
-
     
2
 
Net cash used in investing activities
   
(1,859
)
   
(714
)
Cash flows from financing activities:
               
Receipts on Ordinary shares account
   
-
     
170,500
 
Proceeds from exercise of options
   
62
     
20
 
Repayment of loan
   
(40
)
   
(58
)
Net cash provided by financing activities
   
22
     
170,462
 
Effect of exchange rate changes on cash, cash equivalents and restricted cash
   
(434
)
   
(277
)
Increase (decrease) in cash, cash equivalents and restricted cash
   
(18,071
)
   
149,113
 
Cash, cash equivalents and restricted cash at beginning of the period
   
73,427
     
50,766
 
                 
Cash, cash equivalents and restricted cash at end of the period
 
$
55,356
   
$
199,879
 
 
INNOVIZ TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands

   
Three Months Ended March 31,
 
   
2020
   
2021
 
   
(Unaudited)
 
             
Supplementary disclosure of cash flows activities:
           
(1)      Cash received during the period for:
           
Interest
 
$
78
   
$
-
 
(2)      Cash paid during the period for:
               
Interest
 
$
23
   
$
22
 
Income taxes
 
$
70
   
$
37
 
(3)      Non-cash transactions:
               
Non-marketable securities in consideration for property and equipment
 
$
21
   
$
69
 
Deferred issuance costs
 
$
-
   
$
26,206
 
(4)     Cash, cash equivalents and restricted cash at end of the period
               
Cash and cash equivalents
 
$
54,623
   
$
199,092
 
Short-term restricted deposits
   
8
     
8
 
Restricted deposits
   
725
     
779
 
Cash, cash equivalents and restricted cash at end of the period
 
$
55,356
   
$
199,879