Innoviz Technologies FY22 Recap: Clocks 10% Topline Growth In FY22, Quashes FY22 Order Book Target

Innoviz Technologies Ltd (NASDAQ: INVZ) reported an FY22 revenue growth of 10% year-on-year to $6.03 million Wednesday.
The Q4 revenue of $1.577 million missed the consensus of $2.330 million.
Innoviz sold a record number of LiDAR units in 2022, with unit volumes increasing 99% Y/Y.
FY22 EPS loss was $(0.94). The Q4 EPS loss of $(0.25) missed the consensus loss of $(0.24).
Innoviz held $186.2 million in cash and equivalents.
Innoviz increased its forward-looking order book by +165% in 2022, ahead of its stated goal of +30%.
"2022 was a fast-paced and exciting year at Innoviz," said Omer Keilaf, CEO of Innoviz Technologies.
"The march towards our first series production launch continues to move smoothly, and we expect unit volume growth from BMW and our shuttle program in the second half of 2023. Our RFI and RFQ pipeline continues to grow, and we are in advanced discussions to expand our program lineup with one of our largest customers.
Outlook: Innoviz expected FY23 revenue of $12 million - $15 million (consensus $30.23 million).
Price Action: INVZ shares traded lower by 5.26% at $4.50 premarket on the last check Wednesday.

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