Quarterly Revenue
Reported Q1 2026 revenues of $7.1 million, with management stating purchase orders are in place for delayed NRE milestones and expectation to recognize those revenues in coming quarters.
Innoviz Technologies
· INVZ
May 14th, 2026
Summary
- Earnings Call Date:
- 2026-05-14
- Change Since:
- -24.00%
- Next Earnings Date:
- 2026-08-12
Earnings Call Sentiment
PositiveThe call balanced operational and commercial progress (product launches, record shipments, solid pipeline, entry into defense, reiterated full-year guidance, healthy cash position and no long-term debt) against near-term execution and profitability challenges (Q1 revenue timing shifts, heavy NRE revenue mix, negative gross margin of -22%, and elevated cash burn from production ramp). Management expects the revenue timing issues to be resolved in subsequent quarters and gross margins to improve as volume ramps, and they reiterated full-year targets. Given the quantity and strategic importance of the product launches, customer engagements, and the reiterated guidance, the positives outweigh the near-term financial headwinds.
Company Guidance
Management reiterated 2026 revenue guidance of $67–$73 million (about +27% year‑over‑year), expects up to 10% of 2026 revenues from non‑automotive physical AI (up from ~1% in 2025), plans $20–30 million of new NRE payments, and expects to add 2–3 new programs this year; they reported Q1 revenues of $7.1M, record Q1 unit shipments (about half of 2025’s total shipments) with further acceleration expected in H2, have purchase orders in place to recognize delayed Q1 NRE revenue in coming quarters, and ended the quarter with ~$60.1M cash (no long‑term debt) while Q1 cash used in operations and CapEx was ~$15.8M and Q1 gross margin was ~‑22% (management expects gross margins and fixed‑cost absorption to improve as volumes ramp and SOPs are reached).
Full-Year Revenue Outlook
Reiterated 2026 revenue target of $67–$73 million, representing approximately 27% year-over-year growth versus 2025.
Record Unit Shipments and Production Ramp
Shipped a record number of units in Q1; Q1 shipments were roughly half (~50%) of total units shipped in all of 2025. Fabrinet production ramp progressing well with further acceleration expected in H2 2026.
Strong Cash Position and No Long-Term Debt
Ended the quarter with approximately $60.1 million in cash, cash equivalents, short-term deposits and marketable securities and reported no long-term debt on the balance sheet.
Product and Technology Advancements
Launched InnovizTwo Ultra-Long Range (ULR) LiDAR with up to 1 km sensing and greater point-cloud density; introduced Innoviz3 (smaller form factor with optional color). Also announced InnovizSMART availability for defense and security markets.
Diversification and New End Markets
Announced entry into defense and homeland security with early traction (Kela partnership; agreement with a large holding group including a prepayment and completed installation). Company expects non-automotive physical AI revenues to rise to up to 10% of revenues in 2026 from ~1% in 2025 (increase of ~9 percentage points).
Robust Commercial Pipeline and New Programs
Management reported a robust pipeline (over 100 open opportunities referenced), expects to add 2–3 new programs in 2026, and plans $20–$30 million of new NRE payments in addition to existing plans. Ongoing automotive SOP progression with Volkswagen, Mobileye, Daimler Truck, and LOI with LOXO for last-mile delivery.
Operator
Ladies and gentlemen, thank you for standing by. Our call will begin shortly. Ladies and gentlemen, thank you for standing by. Our call will begin shortly. Ladies and gentlemen, thank you for standing by and welcome to Innoviz' First Quarter 26 Earnings Call. Our presentation today will be followed by a question and answer session. At which time, if you wish to ask a question, you will need to either raise your hand using your mobile desktop application. Or press 9 on your telephone keypad and wait for your name to be announced.
I must advise you that this call is being recorded. I would now like to hand over the call to our first speaker, Ada Menaker, Head of Investor Relations. Ada, please go ahead.
Ada Menaker
Good morning. I would like to welcome you to the Innoviz Technologies first Quarter 26 Earnings Conference Call. Joining us today are Omer David Keilaf, Chief Executive Officer and Eldar Cegla, Chief Financial Officer. I would like to remind everyone that this call is being recorded and will be available on the Investor Relations sections of our website at ir.inovist.tech. Before we begin, I would like to remind you that our discussion today will include forward looking statements that are subject to risks and uncertainties relating to future events and the future financial performance of Innoviz. Actual results could differ materially from those anticipated in the forward looking statements. Forward looking statements made today speak only to our expectations as of today, and we undertake no obligation to discuss some risk factors that could cause actual results differ materi...
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