Innoviz Technologies reported third-quarter revenue of $12.1 million. The total was down from $15.3 million in the same period last year. The LiDAR sensor supplier also updated its 2026 revenue target to $44 million to $46 million.
Cost savings and restructuring
Innoviz will cut its workforce by about 20% in the fourth quarter. The company expects annualized cost savings of roughly $17.5 million against its current run rate. The realignment will streamline research and development and operations.
Defense and automotive progress
Its Perciz defense and homeland security business is delivering initial customer orders. Israel's MAFAT recognized the company's LiDAR sensors in September. Automotive work with Volkswagen, Daimler Truck, and LOXO is progressing.
Liquidity and updated targets
Operating expenses were $19.7 million, up 9% from $18.1 million a year earlier. Liquidity stood at about $54.4 million as of September 30. The company also outlined targets for 2 to 3 new program wins and $20 million to $30 million in new NRE payment plans.
Innoviz expects the cost actions to support its runway into 2028. The company believes volume defense orders could arrive in the first half of next year. Management held a conference call on November 11 to discuss the results.