Innoviz Technologies (Innoviz), an Israel-based developer of LiDAR sensors and perception software, announced its Q3 2022 results today. The company reported revenue of USD 0.9 million in Q3 2022, down 57.7% YoY from Q3 2021 as revenues were impacted by the downtime from the company’s headquarters move and related testing and calibration system upgrades. The company brought its forward-looking order book to USD 6.9 billion by the end of Q3 2022 and is expecting revenue to normalize this quarter.

Net loss for the quarter amounted to USD 34.2 million (USD 0.25 loss per share) vs the quarterly loss of USD 26.4 million (USD 0.20 loss per share) reported a year ago. Widening losses were mainly due to higher R&D costs and the reduction in financial income, partially offset by the reduction in selling and marketing, and general and administrative expenses.

The company’s recent highlights include getting selected by an Asia-based automotive OEM to integrate its LiDAR into series production vehicles and continuing its global expansion efforts across both automotive and non-automotive markets with three new strategic projects announced in partnership with 3D digital mapping solutions provider Kudan, smart city technology provider Sensagrate, and technology solutions provider HiRain Technologies.  

Innoviz is currently in talks with 11–14 automotive companies at various stages and claims its current work with OEMs represents roughly 15% of the global automotive OEM market. Innoviz is expected to obtain 10 pre-production programs, one commercial agreement, and a 30% increase in its forward-looking order book in full-year 2022. It has already surpassed these goals, as it reported 14 pre-production programs, two commercial agreements, and a 165% year-to-date increase in its order book during the year.

The company is also on track to commence the series production of “InnovizTwo,” which is currently at the D-sample stage–the final steps before the start of production. It is also planning to introduce its 360-degree LiDAR sensor “Innoviz360,” at the consumer electronics show (CES) in January next year.