Innoviz Technologies, a Tier-1 supplier of automotive LiDAR sensors, reported significant revenue growth for H1 2024. Revenues increased 454% to $13.7 million from $2.5 million in H1 2023, primarily driven by $10.4 million in non-recurring engineering services. Gross margin improved to -11% from -287% year-over-year.Operating expenses decreased 14% to $55 million, with R&D expenses down 19% to $40.6 million. The company maintained a strong financial position with $106.4 million in cash and equivalents as of June 30, 2024. Net loss narrowed to $51.3 million from $66 million in the prior year period.The company continues to expand its manufacturing capacity through contract manufacturers to meet anticipated customer demand, particularly for its next-generation InnovizTwo LiDAR sensor. As a key supplier to BMW and Volkswagen's autonomous vehicle programs, Innoviz remains focused on enabling Level 3 and Level 4 autonomous driving at mass scale.

Innoviz Technologies, a Tier-1 supplier of automotive LiDAR sensors, reported significant revenue growth for H1 2024. Revenues increased 454% to $13.7 million from $2.5 million in H1 2023, primarily driven by $10.4 million in non-recurring engineering services. Gross margin improved to -11% from -287% year-over-year.Operating expenses decreased 14% to $55 million, with R&D expenses down 19% to $40.6 million. The company maintained a strong financial position with $106.4 million in cash and equivalents as of June 30, 2024. Net loss narrowed to $51.3 million from $66 million in the prior year period.The company continues to expand its manufacturing capacity through contract manufacturers to meet anticipated customer demand, particularly for its next-generation InnovizTwo LiDAR sensor. As a key supplier to BMW and Volkswagen's autonomous vehicle programs, Innoviz remains focused on enabling Level 3 and Level 4 autonomous driving at mass scale.