INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
U.S. dollars in thousands | ||||||||
(Unaudited) | ||||||||
|
| ||||||||
|
|
| Year Ended
|
| Three Months Ended
| ||||
|
|
| 2023 |
| 2022 |
| 2023 |
| 2022 |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net loss | $ | (123,454) | $ | (126,872) | $ | (30,451) | $ | (34,321) |
Adjustments required to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
| 9,192 |
| 7,472 |
| 3,947 |
| 1,543 |
Remeasurement of warrants liability |
| (472) |
| (890) |
| (128) |
| (555) |
Change in accrued interest on bank deposits |
| (1,051) |
| (705) |
| (709) |
| (138) |
Change in marketable securities |
| (409) |
| 375 |
| - |
| (469) |
Share-based compensation |
| 22,320 |
| 19,449 |
| 6,494 |
| 5,352 |
Capital gain, net |
| - |
| (44) |
| - |
| (44) |
Foreign exchange loss (gain), net |
| (470) |
| 1,233 |
| (917) |
| (188) |
Change in prepaid expenses and other assets |
| (782) |
| (377) |
| (341) |
| (88) |
Change in trade receivables, net |
| (5,633) |
| (1,249) |
| (2,523) |
| (984) |
Change in inventory |
| 2,368 |
| 20 |
| 2,970 |
| 472 |
| Changes in operating lease assets and liabilities, net |
| 29 |
| 6,530 |
| 1,592 |
| 1,047 |
| Change in trade payables |
| 424 |
| 1,082 |
| 368 |
| 1,463 |
| Change in accrued expenses and other liabilities |
| 2,578 |
| 607 |
| 3,122 |
| 324 |
| Change in employees and payroll accruals |
| 333 |
| (304) |
| 1,156 |
| (1,186) |
| Change in deferred revenues |
| 1,974 |
| 262 |
| 1,400 |
| (72) |
| Net cash used in operating activities |
| (93,053) |
| (93,411) |
| (14,020) |
| (27,844) |
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
| Purchase of property and equipment |
| (6,579) |
| (22,567) |
| (481) |
| (4,828) |
| Proceeds from sales of property and equipment |
| - |
| 54 |
| - |
| 54 |
| Investment in bank deposits |
| (165,600) |
| (79,500) |
| (23,000) |
| - |
| Withdrawal of bank deposits |
| 141,500 |
| 230,000 |
| 29,000 |
| 55,000 |
| Investment in restricted deposits |
| (40) |
| (2,633) |
| - |
| - |
| Investment in marketable securities |
| (51,678) |
| (30,103) |
| (16,885) |
| (8,508) |
| Proceeds from sales and maturities of marketable securities |
| 83,461 |
| 30,103 |
| 21,586 |
| 8,508 |
| Net cash provided by investing activities |
| 1,064 |
| 125,354 |
| 10,220 |
| 50,226 |
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
| Issuance of ordinary shares, net of issuance cost |
| 61,400 |
| - |
| (534) |
| - |
| Proceeds from exercise of options |
| 456 |
| 609 |
| 50 |
| 102 |
| Net cash provided by (used in) financing activities |
| 61,856 |
| 609 |
| (484) |
| 102 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
| 515 |
|
(1,139) |
|
787 |
|
154 |
| Increase (decrease) in cash, cash equivalents and restricted cash |
| (29,618) |
| 31,413 |
| (3,497) |
| 22,638 |
| Cash, cash equivalents and restricted cash at the beginning of the period |
| 55,954 |
| 24,541 |
| 29,833 |
| 33,316 |
| Cash, cash equivalents and restricted cash at the end of the period | $ | 26,336 | $ | 55,954 |
$ | 26,336 |
$ | 55,954 |
