INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
U.S. dollars in thousands | ||||||||
(Unaudited) | ||||||||
|
| ||||||||
|
|
| Six Months Ended June 30, |
| Three Months Ended June 30, | ||||
|
|
| 2024 |
| 2023 |
| 2024 |
| 2023 |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net loss | $ | (51,305) | $ | (65,974) | $ | (21,167) | $ | (31,174) |
Adjustments required to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
| 4,036 |
| 2,954 |
| 1,541 |
| 1,547 |
Remeasurement of warrants liability |
| (149) |
| (245) |
| (63) |
| (245) |
Change in accrued interest on bank deposits |
| (465) |
| 455 |
| 322 |
| (740) |
Change in marketable securities |
| (259) |
| (237) |
| (101) |
| 57 |
Share-based compensation |
| 11,145 |
| 10,443 |
| 4,635 |
| 5,143 |
Foreign exchange loss, net |
| 124 |
| 65 |
| 170 |
| 154 |
Change in prepaid expenses and other assets |
| 3,153 |
| 1,014 |
| 983 |
| 590 |
Change in trade receivables, net |
| 1,977 |
| (620) |
| (5,081) |
| (328) |
Change in inventory |
| 115 |
| (348) |
| 259 |
| (451) |
Changes in operating lease assets and liabilities, net |
| (1,327) |
| 202 |
| (747) |
| 169 |
| Change in trade payables |
| (2,247) |
| (134) |
| (180) |
| 1,212 |
| Change in accrued expenses and other liabilities |
| (1,187) |
| 110 |
| (352) |
| (652) |
| Change in employees and payroll accruals |
| 248 |
| 686 |
| (858) |
| (93) |
| Change in deferred revenues |
| (6,487) |
| 197 |
| (120) |
| (22) |
| Net cash used in operating activities |
| (42,628) |
| (51,432) |
| (20,759) |
| (24,833) |
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
| Purchase of property and equipment |
| (2,029) |
| (5,136) |
| (880) |
| (2,779) |
| Investment in bank deposits |
| (15,500) |
| (62,000) |
| (1,500) |
| (62,000) |
| Withdrawal of bank deposits |
| 56,000 |
| 79,500 |
| 31,000 |
| - |
| Investment in restricted deposits |
| (67) |
| (40) |
| - |
| - |
| Investment in marketable securities |
| (14,795) |
| (23,004) |
| (13,857) |
| (15,904) |
| Proceeds from sales and maturities of marketable securities |
| 16,694 |
| 40,285 |
| 15,799 |
| 26,455 |
| Net cash provided by (used in) investing activities |
| 40,303 |
| 29,605 |
| 30,562 |
| (54,228) |
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
| Proceeds from exercise of options |
| 111 |
| 227 |
| 69 |
| 107 |
| Net cash provided by financing activities |
| 111 |
| 227 |
| 69 |
| 107 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
| (43) |
| 29 |
| (117) |
| (97) |
| Increase (decrease) in cash, cash equivalents and restricted cash |
| (2,257) |
| (21,571) |
| 9,755 |
| (79,051) |
| Cash, cash equivalents and restricted cash at the beginning of the period |
| 26,336 |
| 55,954 |
| 14,324 |
| 113,434 |
| Cash, cash equivalents and restricted cash at the end of the period | $ | 24,079 | $ | 34,383 | $ | 24,079 | $ | 34,383 |
