INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

Three Months Ended

March 31,

2022

2021

(Unaudited)

Cash flows from operating activities:

   Net loss

$

(30,228)

$

(20,676)

Adjustments required to reconcile net loss to net cash used in operating activities:

   Depreciation and amortization

2,148

652

   Remeasurement of warrants liability

(938)

-

   Increase in accrued interest on short-term and long-term deposits

(327)

-

   Remeasurement of marketable securities

596

-

   Share based compensation 

4,708

1,775

   Interest and foreign exchange loss (gain), net

(3)

188

   Decrease (increase) in prepaid expenses and other assets

7

(465)

   Increase in trade receivable         

(591)

(306)

   Increase in inventories

(360)

(948)

   Changes in operating lease assets and liabilities, net

222

-

   Decrease in trade payables

(390)

(3,233)

   Increase (decrease) in accrued expenses and other liabilities

(1,806)

572

   Increase in employees and payroll accruals

170

732

   Increase in advances from customers and deferred revenues

84

1,351

   Net cash used in operating activities

(26,708)

(20,358)

Cash flows from investing activities:

   Purchase of property and equipment

(2,406)

(716)

   Investment in short term deposits

(5,000)

-

   Withdrawal of short term deposits

30,000

-

   Decrease in restricted cash

-

2

   Net cash provided (used) in investing activities

22,594

(714)

Cash flows from financing activities:

   Receipts on Ordinary shares account

-

170,500

   Proceeds from exercise of options

88

20

   Repayment of loan

-

(58)

   Net cash provided by financing activities

88

170,462

Effect of exchange rate changes on cash, cash equivalents and restricted cash

3

(277)

Increase (decrease) in cash, cash equivalents and restricted cash

(4,023)

149,113

Cash, cash equivalents and restricted cash at beginning of the period

24,541

50,766

Cash, cash equivalents and restricted cash at end of the period

$

20,518

$

199,879