Revenue volatility remains a primary concern, highlighted by a 59% year-over-year contraction in 2026Q1 and a negative 22.2% gross margin that underscores structural profitability challenges.
| Sales/Revenue | 44.83M | 55.09M | 24.27M | 20.88M | 6.03M | 5.47M | -9.36M | 1.57M | 62K |
| Revenue Growth % | 29.57% | 127% | 16.25% | 246.43% | 10.25% | 158.37% | -694.54% | 2440.32% | - |
| Cost of Goods Sold | 40.49M | 42.18M | 25.43M | 32.49M | 14.79M | 10.49M | 6.41M | 1.99M | 53K |
| COGS % of Revenue | - | 76.57% | 104.78% | 155.63% | 245.44% | 191.88% | -68.42% | 126.1% | 85.48% |
| Gross Profit | 4.34M | 12.9M | -1.16M | -11.61M | -8.76M | -5.02M | -15.77M | -411K | 9K |
| Gross Margin % | 9.68% | 23.43% | -4.78% | -55.63% | -145.44% | -91.88% | 168.42% | -26.1% | 14.52% |
| Gross Profit Growth % | - | 1211.54% | 90% | -32.52% | -74.51% | 68.16% | -3737.23% | -4666.67% | - |
| Operating Expenses | 84.52M | 80.64M | 100.76M | 120.99M | 124.58M | 152.63M | 66.21M | 69.05M | 56.27M |
| OpEx % of Revenue | - | 146.38% | 415.18% | 579.56% | 2067.46% | 2792.37% | -707.09% | 4383.94% | 90758.06% |
| Selling, General & Admin | 26.12M | 24.16M | 26.94M | 28.31M | 29.48M | 59.3M | 9.18M | 9.67M | 7.95M |
| SG&A % of Revenue | - | 43.86% | 111.01% | 135.62% | 489.18% | 1084.8% | -98.07% | 614.03% | 12824.19% |
| Research & Development | 58.41M | 56.48M | 73.82M | 92.68M | 95.11M | 93.34M | 57.03M | 59.38M | 48.32M |
| R&D % of Revenue | - | 102.52% | 304.17% | 443.94% | 1578.28% | 1707.57% | -609.02% | 3769.9% | 77933.87% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 330K |
| Operating Income | -80.18M | -67.73M | -101.92M | -132.6M | -133.35M | -157.65M | -81.98M | -69.46M | -56.26M |
| Operating Margin % | -178.85% | -122.95% | -419.97% | -635.19% | -2212.89% | -2884.25% | 875.51% | -4410.03% | -90743.55% |
| Operating Income Growth % | - | 33.54% | 23.14% | 0.56% | 15.42% | -92.3% | -18.03% | -23.46% | - |
| EBITDA | -74.36M | -61.86M | -94.13M | -123.41M | -125.88M | -153.69M | -79.32M | -67.78M | -55.6M |
| EBITDA Margin % | -165.86% | -112.29% | -387.89% | -591.16% | -2088.9% | -2811.8% | 847.1% | -4303.75% | -89679.03% |
| EBITDA Growth % | 2.53% | 34.28% | 23.72% | 1.96% | 18.1% | -93.76% | -17.02% | -21.91% | - |
| D&A (Non-Cash Add-back) | 5.82M | 5.87M | 7.79M | 9.19M | 7.47M | 3.96M | 2.66M | 1.67M | 660K |
| EBIT | -79.77M | -67.73M | -101.92M | -132.6M | -133.35M | -157.65M | -81.98M | -69.46M | -56.26M |
| Net Interest Income | -999K | 109K | 4.43M | 9.79M | 6.8M | 4.38M | 655K | 2.17M | -107K |
| Interest Income | 722K | 109K | 4.43M | 9.79M | 6.8M | 4.38M | 655K | 2.17M | 0 |
| Interest Expense | 1.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 107K |
| Other Income/Expense | -999K | 109K | 7.33M | 9.79M | 6.8M | 4.38M | 655K | 2.17M | -107K |
| Pretax Income | -81.18M | -67.62M | -94.59M | -122.81M | -126.55M | -153.28M | -81.33M | -67.29M | -56.37M |
| Pretax Margin % | -181.08% | -122.75% | -389.77% | -588.29% | -2100.02% | -2804.15% | 868.52% | -4272.44% | -90916.13% |
| Income Tax | 172K | 171K | 167K | 642K | 325K | 284K | 183K | 10K | 32K |
| Effective Tax Rate % | -0.21% | -0.25% | -0.18% | -0.52% | -0.26% | -0.19% | -0.23% | -0.01% | -0.06% |
| Net Income | -81.35M | -67.8M | -94.76M | -123.45M | -126.87M | -153.56M | -81.51M | -67.3M | -56.4M |
| Net Margin % | -181.46% | -123.06% | -390.46% | -591.37% | -2105.41% | -2809.35% | 870.47% | -4273.08% | -90967.74% |
| Net Income Growth % | -5.29% | 28.45% | 23.25% | 2.69% | 17.38% | -88.39% | -21.11% | -19.33% | - |
| Net Income (Continuing) | -81.35M | -67.8M | -94.76M | -123.45M | -126.87M | -153.56M | -81.51M | -67.3M | -56.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.38 | -0.34 | -0.57 | -0.84 | -0.94 | -1.49 | -4.29 | -15.61 | -0.43 |
| EPS Growth % | 15.35% | 40.35% | 32.14% | 10.64% | 36.91% | 65.27% | 72.52% | -3530.23% | - |
| EPS (Basic) | - | -0.34 | -0.57 | -0.84 | -0.94 | -1.49 | -4.29 | -15.61 | -0.43 |
| Diluted Shares Outstanding | 215.51M | 199.9M | 221.38M | 147.48M | 135.22M | 102.86M | 19.01M | 4.31M | 129.82M |
| Basic Shares Outstanding | 215.51M | 199.9M | 221.38M | 147.48M | 135.22M | 102.86M | 19.01M | 4.31M | 129.82M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Liquidity and capital exhaustion
As reported in recent financial statements, Innoviz experienced a 59% year-over-year revenue contraction in 2026Q1, highlighting the inherent instability of a business model heavily reliant on lumpy, project-based non-recurring engineering milestones rather than consistent, high-volume commercial hardware shipments to automotive original equipment manufacturers.
The erratic top-line performance suggests that revenue recognition is highly sensitive to the timing of specific development phases rather than sustained market adoption. Investors should monitor whether the company can transition from these project-based fees to recurring production revenue, as the current volatility complicates long-term forecasting.
Based on the company's reported figures, gross margins have fluctuated significantly, reaching a negative 22.2% in 2026Q1, which underscores the difficulty of achieving economies of scale while the business remains in the early stages of its automotive-grade LiDAR production lifecycle.
The inability to maintain positive gross margins suggests that the current cost of manufacturing and integration remains too high relative to the pricing power Innoviz can exert on its OEM partners. This margin profile indicates that the company is likely selling units at or below cost to secure design wins, a strategy that is unsustainable without a rapid shift toward automated, high-volume assembly.
According to the income statement data, operating expenses, particularly R&D, continue to dwarf gross profit, with 2026Q1 R&D spending of $16.8M significantly exceeding the $7.1M in total revenue, reflecting a high-burn operational structure that necessitates constant capital infusion to sustain ongoing development.
The persistent gap between R&D investment and revenue generation suggests that the company is prioritizing long-term technical validation over immediate operational efficiency. While this may be necessary for deep-tech competitiveness, it leaves the firm highly exposed to capital market conditions and potential dilution risks.
With cash and equivalents reported at approximately $8.6M, the company's financial position appears increasingly precarious, as the current quarterly burn rate suggests that existing capital may be insufficient to support operations through the next fiscal year without significant external financing or strategic intervention.
The discrepancy between the company's ambitious design-win backlog and its actual cash runway warrants extreme caution, as the market may be overestimating the company's ability to convert future orders into immediate liquidity. Investors should consider the high probability of dilutive equity raises or debt restructuring if the current cash burn trajectory is not aggressively mitigated.
Quick answers to the most common questions about buying INVZ stock.
For fiscal year 2025, Innoviz Technologies Ltd. (INVZ) reported total revenue of $55.1M. This represents a 88753.2% increase compared to $0.1M in 2018.
Innoviz Technologies Ltd. (INVZ) reported a net loss of $67.8M for the fiscal year ending 2025.
Innoviz Technologies Ltd. (INVZ) reported an operating income of $-67.7M, resulting in an operating profit margin of -123.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Innoviz Technologies Ltd. (INVZ) generated $12.9M in gross profit for the year, representing a gross profit margin of 23.4%. This demonstrates the company's core pricing power and production efficiency.