Free cash flow remains persistently negative, with a $15.8M deficit in 2026Q1 and capital expenditures representing 19.0% of revenue, indicating a structural inability to fund operations internally.
| Cash from Operations | -43.45M | -47.76M | -76.95M | -93.05M | -93.41M | -82.52M | -61.94M | -69.22M | -39.38M |
| Operating CF Margin % | - | -86.7% | -317.1% | -445.74% | -1550.13% | -1509.73% | 661.48% | -4395.24% | -63514.52% |
| Operating CF Growth % | 159.04% | 37.94% | 17.3% | 0.38% | -13.2% | -33.23% | 10.52% | -75.79% | - |
| Net Income | -81.35M | -67.8M | -94.76M | -123.45M | -126.87M | -153.56M | -81.51M | -67.3M | -56.4M |
| Depreciation & Amortization | 5.82M | 5.87M | 7.24M | 9.19M | 7.47M | 3.96M | 2.66M | 1.67M | 660K |
| Stock-Based Compensation | 3.15M | 0 | 0 | 22.32M | 0 | 64.74M | 18M | 2.17M | 1.38M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 15.76M | 14.38M | 21.09M | -942K | 19.42M | -1.87M | -578K | -729K | 937K |
| Working Capital Changes | 13.16M | -217K | -10.54M | -169K | 6.57M | 4.21M | -509K | -5.04M | 14.05M |
| Change in Receivables | 9.45M | -6.85M | 1.35M | -5.63M | -1.25M | 1.99M | -1.49M | -1.06M | -59K |
| Change in Inventory | -497K | 240K | -37K | 2.37M | 20K | -2.09M | -823K | -200K | -1.14M |
| Change in Payables | -46K | -67K | -72K | 424K | 1.08M | -2M | 606K | -2.25M | 7.41M |
| Cash from Investing | 15.48M | -21.39M | 75.47M | 1.06M | 125.35M | -281.6M | 29.59M | -40.57M | 40.16M |
| Capital Expenditures | -3.69M | -4.25M | -4.41M | -6.58M | -22.57M | -3.78M | -5.12M | -5.85M | -6.85M |
| CapEx % of Revenue | 8.23% | 7.71% | 18.18% | 31.51% | 374.49% | 69.23% | -54.68% | 371.43% | 11053.23% |
| Acquisitions | 2.92M | 2.92M | 75K | 0 | 54K | 0 | 0 | 0 | 7K |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 24.38M | 77.09M | -122K | -40K | -2.63M | 56K | -9K | 0 | 7K |
| Cash from Financing | 17.98M | 51.47M | 224K | 61.86M | 609K | 337.18M | 8.94M | 163.12M | 594K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -2.64M | -277K | 1.82M | 584K |
| Equity Issued (Net) | 8.99M | 51.47M | 224K | 61.4M | 609K | 217.51M | 8.93M | 161.23M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 8.99M | 0 | 0 | 456K | 0 | 122.31M | 284K | 73K | 10K |
| Net Change in Cash | -9.01M | -16.73M | -955K | -29.62M | 31.41M | -26.23M | -22.66M | 54.23M | 759K |
| Free Cash Flow | -47.14M | -52.01M | -81.37M | -99.63M | -115.98M | -86.31M | -67.06M | -75.08M | -46.23M |
| FCF Margin % | -105.16% | -94.41% | -335.29% | -477.26% | -1924.63% | -1578.96% | 716.16% | -4766.67% | -74567.74% |
| FCF Growth % | 40.34% | 36.08% | 18.33% | 14.09% | -34.38% | -28.7% | 10.67% | -62.39% | - |
| FCF per Share | -0.22 | -0.26 | -0.37 | -0.68 | -0.86 | -0.84 | -3.53 | -17.41 | -0.36 |
| FCF Conversion (FCF/Net Income) | 0.58x | 0.70x | 0.81x | 0.75x | 0.74x | 0.54x | 0.76x | 1.03x | 0.70x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 94K | 89K | 94K | 29K |
| Taxes Paid | 0 | 0 | 0 | 703K | 0 | 237K | 85K | 10K | 28K |
Imminent liquidity exhaustion
As reported in financial statements, the relationship between net income and operating cash flow remains highly inconsistent, with the OCF/NI ratio fluctuating from 0.34 in 2025Q2 to 1.48 in 2025Q1, indicating that accruals and non-cash adjustments significantly distort the company's underlying cash-generating capability.
The wide variance in the conversion ratio suggests that reported net income is a poor proxy for actual cash performance, likely due to the timing of milestone-based revenue recognition. Investors should monitor whether these swings represent genuine operational volatility or merely the accounting treatment of lumpy NRE contracts.
Based on the company's reported figures, free cash flow has remained consistently negative over the last ten quarters, with the 2026Q1 deficit of $15.8M highlighting a structural inability to fund operations through internal cash generation as the business scales its automotive-grade LiDAR production.
The persistent FCF burn underscores the capital-intensive nature of the current development phase, where R&D and operational overhead continue to outpace revenue. This trajectory implies that the company remains entirely dependent on external financing to bridge the gap between its current commercialization stage and potential profitability.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $12.4M outflow in 2025Q1 to a $9.1M inflow in 2025Q2, which suggests that the company's cash position is heavily influenced by the timing of customer payments and inventory management.
Such volatility in working capital often reflects the challenges of managing supply chains for specialized hardware components while awaiting milestone payments from OEMs. This unpredictability complicates cash flow forecasting and may exacerbate liquidity pressures during periods of delayed project execution.
As indicated by the financial data, the company's capital expenditure relative to revenue reached 19.0% in 2026Q1, reflecting the ongoing necessity of investing in specialized manufacturing and testing equipment to meet stringent automotive-grade standards for its MEMS-based LiDAR sensor platforms.
The high capital intensity relative to revenue suggests that the company is still in a heavy investment phase, requiring significant outlays to build out production capacity. This ongoing commitment to capital expenditure further constrains the available cash runway, necessitating careful management of limited liquid assets.
Based on the provided data, the cash flow statement obscures the impact of stock-based compensation, which reached $6.5M in 2023Q4, effectively acting as a non-cash expense that masks the true economic cost of talent retention in a highly competitive engineering labor market.
While SBC is a standard practice in the tech sector, its exclusion from cash burn metrics can lead to an underestimation of the total cost of operations. Analysts should adjust for these non-cash charges to better understand the true cash-based burn rate and the potential for future dilution.
Quick answers to the most common questions about buying INVZ stock.
Innoviz Technologies Ltd. (INVZ) generated $-47.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Innoviz Technologies Ltd. (INVZ) reported negative free cash flow of $52.0M in 2025, indicating capital requirements exceeded cash from operations.
Innoviz Technologies Ltd. (INVZ) spent $4.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.