NCM • Israel
Automotive-grade LiDAR sensors for autonomous driving; revenue growth with improving net income trajectory.
Supply Chain Position
Diversified companies with meaningful photonics exposure but not core supply chain thesis stocks
Charts by TradingView
Annual Overview
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | 6.03M | 20.88M▲ | 24.27M▲ | 55.09M▲ |
| Net Income | — | -126.87M | -123.45M▲ | -94.76M▲ | -67.8M▲ |
| EPS | — | -$0.94 | -$0.84▲ | -$0.57▲ | -$0.34▲ |
| Free Cash Flow | — | -115.98M | -99.63M▲ | -81.37M▲ | -52.17M▲ |
| Capex | — | -22.57M | -6.58M▲ | -4.41M▲ | -4.25M▲ |
| Diluted Shares | — | 135.22M | 147.48M▲ | 167.22M▲ | 199.9M▲ |
| Net Debt Issuance | -2.64M | 0▲ | 0 | — | — |
| Net Equity Issuance | — | 0 | 61.4M▲ | 0▼ | 50.63M▲ |
| SBC | — | 19.45M | 22.32M▲ | 19.68M▼ | 15.95M▼ |
Analyst Consensus
Estimate Revisions
Estimates trending downward
Earnings Track Record
Beat estimates 2 of last 8 quarters
Avg surprise: -7.4%
Growth
Ownership
Data from SEC 13F filings · Reported December 31, 2025
Earnings Calendar
Next earnings
November 11, 2026
Last earnings
August 5, 2026
AI Summary
Innoviz Technologies Ltd. operates in the diversified photonics segment, focusing on Lidar technology. Lidar, a combination of light detection and ranging, is fundamental in autonomous vehicles and various sensor applications. Innoviz aims to provide cutting-edge solutions that integrate seamlessly with the growing demand for automation and AI-driven infrastructure.
Innoviz has displayed robust revenue growth, jumping from $20.9M in FY2023 to $55.1M in FY2025. A compelling catalyst for Innoviz is its strategic position in the expanding Lidar market, driven by increasing adoption of autonomous vehicles. Its recent improvement in gross margins (moving from deeply negative to 23.4% over three years) showcases operational enhancements. Innoviz’s technology has the potential to make it a key player as more industries adopt Lidar for AI applications, making it a promising, albeit risky, growth stock in the long term.
Despite top-line growth, Innoviz struggles with profitability, posting substantial net losses each year, with FY2025 losses at $67.8M. Operating margins remain abysmal at -165.1%, indicating significant operational inefficiencies and cost structure issues. The company’s negative free cash flow trajectory, ending FY2025 at -$52.2M, raises concerns about how it's financing its operations and expansion. Without significant internal financial improvements or external funding, Innoviz could face serious sustainability issues.
Innoviz’s financials reveal a mixed bag. Revenue has been increasing impressively, reflecting strong demand and market penetration efforts. However, bottom-line figures tell a different story with net losses totaling $285M over the past three fiscal years. Margins have improved but remain challenging, particularly with operating margins at catastrophic levels. While the gross margin turned positive, indicating improved production efficiency, Innoviz’s free cash flow remains negative, spelling trouble without substantial cash reserves or further investment inflow.
Currently trading at a rock-bottom P/E of -2.0, investors are pricing in significant risk of continued losses or potentially insurmountable financial hurdles. The P/S ratio of 2.5 is modest, considering its robust revenue growth, suggesting that the market has low expectations for profitability improvements. Innoviz is relatively inexpensive on valuation metrics compared to peers, but with its cash burn rate, it might be justified until operational corrections are evident.
Innoviz faces several substantial risks beyond typical market fluctuations. Key among them is customer concentration; losing a major client could severely impact revenue. Furthermore, the Lidar market could undergo critical disruptions if new, superior technologies emerge, rendering Innoviz’s offerings less competitive. The geopolitical landscape also poses risks, given its Israel base and potential global supply chain issues affecting component availability or pricing stability.
Investors should closely watch for partnerships or contracts, particularly within the automotive or industrial sectors, which could stabilize revenue and demonstrate viable demand. Updates on competitive bids or technology advancements in their Lidar offerings will also be critical. Financially, any moves toward breakeven or positive cash flow through cost reductions or balance sheet optimization would be significant positives in the near-term trajectory of Innoviz. Keep an eye on their quarterly earnings for signals of improved margins and reduced net losses.
Last updated: April 15, 2026
Innoviz Technologies Ltd. operates in the diversified photonics segment, focusing on Lidar technology. Lidar, a combination of light detection and ranging, is fundamental in autonomous vehicles and various sensor applications. Innoviz aims to provide cutting-edge solutions that integrate seamlessly with the growing demand for automation and AI-driven infrastructure.
Innoviz has displayed robust revenue growth, jumping from $20.9M in FY2023 to $55.1M in FY2025. A compelling catalyst for Innoviz is its strategic position in the expanding Lidar market, driven by increasing adoption of autonomous vehicles. Its recent improvement in gross margins (moving from deeply negative to 23.4% over three years) showcases operational enhancements. Innoviz’s technology has the potential to make it a key player as more industries adopt Lidar for AI applications, making it a promising, albeit risky, growth stock in the long term.
Despite top-line growth, Innoviz struggles with profitability, posting substantial net losses each year, with FY2025 losses at $67.8M. Operating margins remain abysmal at -165.1%, indicating significant operational inefficiencies and cost structure issues. The company’s negative free cash flow trajectory, ending FY2025 at -$52.2M, raises concerns about how it's financing its operations and expansion. Without significant internal financial improvements or external funding, Innoviz could face serious sustainability issues.
Innoviz’s financials reveal a mixed bag. Revenue has been increasing impressively, reflecting strong demand and market penetration efforts. However, bottom-line figures tell a different story with net losses totaling $285M over the past three fiscal years. Margins have improved but remain challenging, particularly with operating margins at catastrophic levels. While the gross margin turned positive, indicating improved production efficiency, Innoviz’s free cash flow remains negative, spelling trouble without substantial cash reserves or further investment inflow.
Currently trading at a rock-bottom P/E of -2.0, investors are pricing in significant risk of continued losses or potentially insurmountable financial hurdles. The P/S ratio of 2.5 is modest, considering its robust revenue growth, suggesting that the market has low expectations for profitability improvements. Innoviz is relatively inexpensive on valuation metrics compared to peers, but with its cash burn rate, it might be justified until operational corrections are evident.
Innoviz faces several substantial risks beyond typical market fluctuations. Key among them is customer concentration; losing a major client could severely impact revenue. Furthermore, the Lidar market could undergo critical disruptions if new, superior technologies emerge, rendering Innoviz’s offerings less competitive. The geopolitical landscape also poses risks, given its Israel base and potential global supply chain issues affecting component availability or pricing stability.
Investors should closely watch for partnerships or contracts, particularly within the automotive or industrial sectors, which could stabilize revenue and demonstrate viable demand. Updates on competitive bids or technology advancements in their Lidar offerings will also be critical. Financially, any moves toward breakeven or positive cash flow through cost reductions or balance sheet optimization would be significant positives in the near-term trajectory of Innoviz. Keep an eye on their quarterly earnings for signals of improved margins and reduced net losses.
Innoviz Technologies Ltd. operates in the diversified photonics segment, focusing on Lidar technology. Lidar, a combination of light detection and ranging, is fundamental in autonomous vehicles and various sensor applications.
Innoviz Technologies Ltd. is in the Adjacent / Diversified layer of the photonics supply chain. Diversified companies with meaningful photonics exposure but not core supply chain thesis stocks
In FY2025, Innoviz Technologies Ltd. reported a net loss of $67.8M.
Companies in the same supply chain layer as Innoviz Technologies Ltd. include Aeva Technologies, Inc., ASP Isotopes Inc., Draganfly Inc., GL Tech Co.,Ltd, and Han's Laser Technology Industry Group Co., Ltd..
Innoviz Technologies Ltd. is expected to report around November 11, 2026.
Analysis updated April 2026
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Moby summary of Innoviz Technologies Ltd.'s Q2 2026 earnings call
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Our senior market strategist explains the secular shift that’s super-charging the narrative for this technology.
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Moby summary of Innoviz Technologies Ltd.'s Q1 2026 earnings call
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Omer David Keilaf: Thank you, Ada, and good morning to everyone joining us for our first quarter earnings call. As a result, we generated revenues of $7.1 million. It is driven by our view that LiDAR is the most reliable method for digitizing the physical world and is indispensable Starting this year.
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Innoviz Technologies (NASDAQ:INVZ) used its fourth-quarter and full-year 2025 earnings call to highlight what management described as a “pivotal year” marked by record revenue, improved margins, lower operating expenses, and expanded customer engagement across both automotive autonomy programs and n
Moby summary of Innoviz Technologies Ltd.'s Q4 2025 earnings call