Innoviz Technologies Reports Record H1 2025 Revenues, Secures Major OEM Agreement and Launches InnovizSMART

Innoviz Technologies reported Q2 2025 results with record H1 2025 revenues of $9.7 million, surpassing full-year 2024 levels. The company signed a major development agreement with a top 5 passenger automotive OEM and launched InnovizSMART for industrial applications. Operating expenses were reduced by 20% YoY. Innoviz reiterated its 2025 revenue guidance and raised NRE bookings targets.

Innoviz Technologies (NASDAQ: INVZ), a leading supplier of automotive LiDAR solutions, reported robust Q2 2025 results, with revenues of $9.7 million, up 45% year-over-year from $6.7 million in Q2 2024. The company's H1 2025 revenues have already surpassed full-year 2024 levels, indicating a strong growth trajectory [1].

Key highlights from the quarter include a significant reduction in cash burn to $7.3 million, a 20% decrease in operating expenses to $18.5 million, and the successful launch of InnovizSMART for industrial applications. The company also secured a Statement of Development Work (SODW) agreement with a top 5 passenger automotive OEM for a 2027 production program [1].

Innoviz's Q2 2025 results demonstrate meaningful progress toward commercial scale. The company reported $9.7 million in quarterly revenue, representing a 45% year-over-year increase from Q2 2024's $6.7 million. More notably, first-half 2025 revenues have already surpassed full-year 2024 figures, indicating an accelerating growth trajectory [1].

Cash management has improved substantially, with quarterly cash burn reduced to approximately $7.3 million - a critical metric for pre-profitability hardware companies. Operating expenses decreased by 20% to $18.5 million compared to $23.3 million in Q2 2024, including $2.3 million in share-based compensation (down from $3.8 million year-over-year). The company maintains a solid liquidity position of $79.4 million [1].

The SODW agreement with a top 5 passenger automotive OEM represents a significant strategic win. This positions Innoviz to potentially secure a production contract for a global Level 3 autonomous vehicle program with a 2027 start of production (SOP). Such high-volume production contracts are the ultimate prize in the automotive LiDAR sector [1].

The company's transition to volume manufacturing through Fabrinet is particularly important, as production scale and unit economics are critical success factors in the LiDAR industry. Meanwhile, the new InnovizSMART product expands their addressable market beyond automotive into industrial applications [1].

Management has confidently reiterated full-year 2025 revenue guidance of $50-60 million (more than double 2024 levels) and raised their NRE (non-recurring engineering) bookings target to $30-60 million from $20-50 million. With over $20 million in NREs booked year-to-date, they appear to be executing well against these targets [1].

Innoviz Technologies highlighted key contradictions in LiDAR shipments, production capacity, and automotive vs. non-automotive strategies during its Q2 2025 earnings call. The company plans to triple Q2 LiDAR shipments in Q3 via Fabrinet's production line, indicating a significant ramp-up in production capabilities [2].

Revenue and Financial Performance:
- Innoviz Technologies reported revenues of $9.7 million for Q2, bringing the first half of the year to $27.1 million, more than their 2024 revenue.
- The revenue growth was driven by increased LiDAR unit sales and NREs, along with a focus on reducing cash burn [2].

Customer and Program Developments:
- The company secured a Statement of Development Agreement with a top 5 passenger automotive OEM for a Level 3 global production passenger vehicle program.
- The partnership advancement is part of a strategy to work with top OEMs, demonstrating strong positioning in the LiDAR space [2].

InnovizSMART Launch and Market Expansion:
- Innoviz launched InnovizSMART, their automotive-grade LiDAR for industrial and non-automotive applications, and announced collaborations with companies like Cogniteam and Sparsh.
- The launch is aimed at leveraging the demand in non-automotive sectors, with higher ASPs and shorter design cycles, opening new revenue streams [2].

Production and Ramp-Up Capacity:
- Innoviz stated they will ship 10x more units in Q3 than in Q2, utilizing Fabrinet's high-volume production line.
- This ramp-up is in response to increased demand from customers and is a significant step towards scaling production capabilities [2].

References:
[1] https://www.stocktitan.net/news/INVZ/innoviz-reports-second-quarter-2025-05gqni1wqgpp.html
[2] https://www.ainvest.com/news/innoviz-q2-2025-earnings-call-unpacking-key-contradictions-lidar-shipments-strategic-focus-2508/