2023 Q4 Form 20-F Financial Statement

#000117891324000910 Filed on March 12, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023
Revenue $14.92M $20.88M
YoY Change 845.91% 246.43%
Cost Of Revenue $17.20M $32.49M
YoY Change 318.11% 119.68%
Gross Profit -$2.280M -$11.61M
YoY Change -10.09% 32.52%
Gross Profit Margin -15.28% -55.63%
Selling, General & Admin $7.411M $28.31M
YoY Change 2.05% -3.96%
% of Gross Profit
Research & Development $22.11M $92.68M
YoY Change -15.77% -2.56%
% of Gross Profit
Depreciation & Amortization $3.947M $9.192M
YoY Change 155.8% 23.02%
% of Gross Profit
Operating Expenses $29.52M $121.0M
YoY Change -11.9% -2.89%
Operating Profit -$31.80M -$132.6M
YoY Change -11.78% -0.56%
Interest Expense $1.469M $9.790M
YoY Change -24.67% 43.93%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$30.33M -$122.8M
YoY Change -11.04% -2.95%
Income Tax $122.0K $642.0K
% Of Pretax Income
Net Earnings -$30.45M -$123.5M
YoY Change -11.28% -2.69%
Net Earnings / Revenue -204.14% -591.37%
Basic Earnings Per Share -$0.84
Diluted Earnings Per Share -$0.18 -$0.84
COMMON SHARES
Basic Shares Outstanding 165.4M shares 147.5M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $39.62M $39.62M
YoY Change -59.32% -59.32%
Cash & Equivalents $26.28M $26.28M
Short-Term Investments $13.34M $13.34M
Other Short-Term Assets $111.6M $111.6M
YoY Change 32.58% 32.58%
Inventory $1.868M $1.868M
Prepaid Expenses $1.500M
Receivables $7.395M $7.395M
Other Receivables $0.00 $0.00
Total Short-Term Assets $160.5M $160.5M
YoY Change -14.45% -14.45%
LONG-TERM ASSETS
Property, Plant & Equipment $51.26M $51.26M
YoY Change 68.11% -10.73%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.813M $4.813M
YoY Change -38.61% -38.61%
Other Assets $2.707M $2.707M
YoY Change 3241.98% 3.16%
Total Long-Term Assets $58.78M $58.78M
YoY Change -13.41% -13.41%
TOTAL ASSETS
Total Short-Term Assets $160.5M $160.5M
Total Long-Term Assets $58.78M $58.78M
Total Assets $219.2M $219.2M
YoY Change -14.17% -14.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.036M $8.036M
YoY Change -3.96% -3.96%
Accrued Expenses $22.25M $22.25M
YoY Change 260.3% 19.68%
Deferred Revenue $6.949M
YoY Change 70.24%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.23M $37.23M
YoY Change 14.79% 14.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $28.72M $28.72M
YoY Change -7.32%
Total Long-Term Liabilities $28.72M $28.72M
YoY Change -7.32% -7.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.23M $37.23M
Total Long-Term Liabilities $28.72M $28.72M
Total Liabilities $65.94M $65.94M
YoY Change 3.99% 3.99%
SHAREHOLDERS EQUITY
Retained Earnings -$635.3M
YoY Change 24.12%
Common Stock $788.6M
YoY Change 12.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $153.3M $153.3M
YoY Change
Total Liabilities & Shareholders Equity $219.2M $219.2M
YoY Change -14.17% -14.17%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$30.45M -$123.5M
YoY Change -11.28% -2.69%
Depreciation, Depletion And Amortization $3.947M $9.192M
YoY Change 155.8% 23.02%
Cash From Operating Activities -$14.02M -$93.05M
YoY Change -49.65% -0.38%
INVESTING ACTIVITIES
Capital Expenditures $481.0K $6.579M
YoY Change -90.04% -70.85%
Acquisitions
YoY Change
Other Investing Activities $10.70M $7.643M
YoY Change -80.56% -94.83%
Cash From Investing Activities $10.22M $1.064M
YoY Change -79.65% -99.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$484.0K $61.86M
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -484.0K 61.86M
YoY Change -574.51% 10056.98%
NET CHANGE
Cash From Operating Activities -14.02M -93.05M
Cash From Investing Activities 10.22M 1.064M
Cash From Financing Activities -484.0K 61.86M
Net Change In Cash -4.284M -30.13M
YoY Change -119.05% -195.93%
FREE CASH FLOW
Cash From Operating Activities -$14.02M -$93.05M
Capital Expenditures $481.0K $6.579M
Free Cash Flow -$14.50M -$99.63M
YoY Change -55.62% -14.09%

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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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125354000 usd
CY2022 invz Issuance Of Ordinary Share Net Of Issuance Cost
IssuanceOfOrdinaryShareNetOfIssuanceCost
0 usd
CY2021 invz Issuance Of Ordinary Share Net Of Issuance Cost
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217507000 usd
CY2023 us-gaap Proceeds From Stock Options Exercised
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456000 usd
CY2022 us-gaap Proceeds From Stock Options Exercised
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609000 usd
CY2021 us-gaap Proceeds From Stock Options Exercised
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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55954000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
24541000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
50766000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
26336000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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55954000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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24541000 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
0 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
0 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
94000 usd
CY2023 us-gaap Income Taxes Paid
IncomeTaxesPaid
703000 usd
CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
128000 usd
CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
237000 usd
CY2023 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
0 usd
CY2022 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
0 usd
CY2021 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
272815000 usd
CY2023 invz Non Cash Purchase Of Property And Equipment
NonCashPurchaseOfPropertyAndEquipment
831000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
55718000 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
23640000 usd
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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53000 usd
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
236000 usd
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
901000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
26336000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
55954000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
24541000 usd
CY2023 us-gaap Nature Of Operations
NatureOfOperations
<div> <div> <table cellpadding="0" cellspacing="0" style="font-family:Times New Roman, Times, serif;font-size:10pt;width:100%;color:rgb(0, 0, 0)"> <tr> <td style="vertical-align:top;font-weight:bold;width:56pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>NOTE 1: -</span></span></span></span></td> <td style="vertical-align:top;text-align:justify;width:auto"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span style="font-weight:bold">GENERAL</span></span></span></span></span></td> </tr> </table> </div> <div> <div> <div style="line-height:1.25"> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman', Times, serif;font-size:10pt;width:100%;text-align:left;color:#000000"> <tr> <td style="width:56.7pt"> </td> <td style="width:14.2pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">a.</span></span></td> <td style="width:auto;vertical-align:top;text-align:justify"> <div><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Innoviz Technologies Ltd. and its subsidiaries (the “Company” or “Innoviz”) is a Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception solutions that feature technological breakthroughs across core components and bring enhanced vision and superior performance to enable safe autonomous driving at a mass scale. </span></span>The Company provides a complete and comprehensive solution for OEMs and Tier-1 partners that are developing and marketing autonomous driving vehicles to passenger cars and other relevant markets, such as robotaxis, shuttles, delivery vehicles and trucks. The Company operates as a single operating segment.</div> </td> </tr> </table> <div style="line-height:1.25"> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman', Times, serif;font-size:10pt;width:100%;text-align:left;color:#000000"> <tr> <td style="width:56.7pt"> </td> <td style="width:14.2pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">b.</span></span></td> <td style="width:auto;vertical-align:top;text-align:justify"> <div><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company was incorporated on January 18, 2016, under the laws of the state of Israel.</span></span></div> </td> </tr> </table> <div style="line-height:1.25"> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman', Times, serif;font-size:10pt;width:100%;text-align:left;color:#000000"> <tr> <td style="width:56.7pt"> </td> <td style="width:14.2pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">c.</span></span></td> <td style="width:auto;vertical-align:top;text-align:justify"> <div><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On December 10, 2020, the Company entered into definitive agreements in connection with a merger (the “Transactions”) with Collective Growth Corporation (“Collective Growth”), a special purpose acquisition company, that resulted in Collective Growth becoming a wholly owned subsidiary of the Company upon the consummation of the Transactions on April 5, 2021 (the “Closing Date”).</span></span></div> </td> </tr> </table> <div style="line-height:1.25"> </div> <div style="text-align:justify;margin-left:70.9pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Transactions were accounted for as a recapitalization in accordance with accounting principles generally accepted in the United States (“GAAP”).</span></span></div> <div style="line-height:1.25"> </div> <div style="text-align:justify;margin-left:70.9pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Upon closing of the Transactions, 20,418,209 Series A Convertible Preferred Shares, 15,906,053 Series B Convertible Preferred Shares, 3,032,940 Series B-1 Convertible Preferred Shares, 28,216,005 Series C Convertible Preferred Shares and 3,045,792 Series C-1 Convertible Preferred Shares were automatically converted into 70,618,999 Ordinary Shares of no-par value.</span></span></div> <div style="line-height:1.25"> </div> <div style="text-align:justify;margin-left:70.9pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In connection with the Transactions (i) 1,875,000 shares of Class B common shares of Collective Growth, after taking into account the forfeiture of shares by the holders of Class B common shares of Collective Growth, were each exchanged for one ordinary share of no-par value of the Company (“Company Ordinary Share”), (ii) each outstanding share of Class A common shares of Collective Growth was exchanged for one Company Ordinary Share, and (iii) each outstanding warrant of Collective Growth was assumed by the Company and became one warrant of the Company (each, a “Company Warrant”) exercisable for Company Ordinary Shares (see Note 2a).</span></span></div> <div style="line-height:1.25"> </div> <div style="text-align:justify;margin-left:70.9pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In connection with the Transactions, the Company incurred direct and incremental costs of $102,945 related to the Transactions, consisting primarily of investment banking, legal, accounting and other professional fees, out of which $101,115 were recorded to additional paid-in capital as a reduction of proceeds and $1,830 have been accounted for as General and Administrative expenses as part of the consolidated statement of operations.</span></span></div> <div style="line-height:1.25"> </div> <div style="text-align:justify;margin-left:70.9pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In addition, on the Closing Date, in connection with the consummation of the Transactions (i) the Company issued Perception Capital Partners LLC (“Perception”) an aggregate of 3,027,747 Company Warrants, (ii) the Company issued Antara Capital Master Fund LP (“Antara”) an aggregate of 3,002,674 Company Ordinary Shares and 3,784,753 Company Warrants and (iii) the Company issued Company’s Management 2,500,000 Ordinary Shares and 3,500,000 options (see also Note 12).</span></span></div> <div style="line-height:1.25"> </div> <div style="text-align:justify;margin-left:70.9pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In addition, in the event that the earnout Target is reached during the Earnout Period (both “Target” and “Earnout Period” as defined in the Business Combination Agreement), then: (A) Perception shall also be entitled to receive up to 2,089,882 of additional Company Ordinary Shares, (B) Antara shall also be entitled to receive up to 312,296 of additional Company Ordinary Shares and (C) certain members of the Company’s management shall be entitled to receive up to 1,250,000 of additional Company Ordinary Shares. As of December 31, 2023, the Target was not reached and therefore no additional Company Ordinary Shares have been issued (see also Note 12).</span></span></div> <div style="text-align:justify;margin-left:70.9pt;line-height:1.25"> </div> <div></div> <div style="text-align:justify;margin-left:70.9pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Additionally, on the Closing Date, the Company completed the sale of Ordinary Shares to certain accredited investors (“Investors”), at a price per share of $10, for gross proceeds to the Company of $229,500, pursuant to a series of subscription agreements (“Subscription Agreements” or “PIPE”) entered into by the Company and the Investors concurrently with the execution of the Business Combination Agreement.</span></span></div> <div style="line-height:1.25"> </div> <div style="text-align:justify;margin-left:70.9pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Upon closing of the Transactions, the Company has adopted, amended and restated articles of association to align such organizational documents with consistent with those of a publicly held company and has become a publicly traded company.</span></span></div> <div style="line-height:1.25"> </div> <div style="text-align:justify;text-indent:1.1pt;margin-left:70.9pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company’s ordinary shares and public warrants were listed on the Nasdaq Stock Market LLC under the trading symbols “INVZ” and “INVZW”, respectively, on April 5, 2021.</span></span></div> <div style="line-height:1.25"> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman', Times, serif;font-size:10pt;width:100%;text-align:left;color:#000000"> <tr> <td style="width:56.7pt"> </td> <td style="width:14.2pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">d.</span></span></td> <td style="width:auto;vertical-align:top;text-align:justify"> <div><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of December 31, 2023, the Company’s principal source of liquidity includes its cash and cash equivalents in the amount of $26,283, bank deposits in the amount of $105,750 and marketable securities in the amount of $18,148, which is sufficient to finance its business plan for at least 12 months from the date these financial statements are issued. As the Company achieves further commercial success, it may need to obtain additional funding to support its continuing operations. If the Company is unable to raise capital when and if needed, it may need to reduce or eliminate some of its research and development programs.</span></span></div> </td> </tr> </table> <div style="line-height:1.25"> </div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman', Times, serif;font-size:10pt;width:100%;text-align:left;color:#000000"> <tr> <td style="width:56.7pt"> </td> <td style="width:14.2pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">e.</span></span></td> <td style="width:auto;vertical-align:top;text-align:justify"> <div><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In October 2023, Israel was attacked by a terrorist organization and entered a state of war. As of the date of these consolidated financial statements, the war in Israel is ongoing and continues to evolve.<span style="font-weight:bold"> </span>The intensity and duration of the war is difficult to predict, as such are the war’s economic implications on the Company’s operational and financial performance. The Company considered the impact of the war and determined that there were no material adverse impacts on the consolidated financial statements, including related significant estimates made by management, for the period ended December 31, 2023.</span></span></div> </td> </tr> </table> </div> </div> </div>
CY2021Q2 us-gaap Business Combination Acquisition Related Costs
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101115000 usd
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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11.5
CY2022Q4 invz Redemption Price Of Outstanding Warrants In Whole And Not In Part
RedemptionPriceOfOutstandingWarrantsInWholeAndNotInPart
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CY2023Q4 invz Number Of Private Warrants Held By Initial Purchasers
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1465000 shares
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
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CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
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5774000 usd
CY2023Q4 invz Revenue Remaining Performance Obligation Recorded As Short Term Deferred Revenues
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6145000 usd
CY2022Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
330000 usd
CY2023 us-gaap Concentration Risk Credit Risk
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<div> <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt" width="100%"> <tr style="page-break-inside:avoid"> <td style="width:56.7pt"> </td> <td style="text-align:left;width:18pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span>r.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></td> <td style="text-align:left;width:auto;vertical-align:top"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span>Concentration of credit risk:</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div> </td> </tr> <tr> <td style="width:56.7pt"> </td> <td style="text-align:left;width:18pt;vertical-align:top"> </td> <td style="text-align:left;width:auto;vertical-align:top"> </td> </tr> <tr> <td style="width:56.7pt"> </td> <td style="text-align:left;width:18pt;vertical-align:top"> </td> <td style="text-align:left;width:auto;vertical-align:top"> <div style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span>Financial </span></span></span></span></span></span></span></span></span></span></span></span></span>instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, trade receivables, marketable securities, bank deposits and restricted deposits.</span></span></span></span></span></span></span></span></div> <div style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt;text-align:justify"> </div> <div style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt;text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span>The majority of the Company’s cash and cash equivalents and short-term bank deposits are invested with major banks in Israel. The Company believes that the financial institutions that hold the Company’s cash deposits are financially sound and, accordingly, bear minimal risk.</span></span></span></div> </td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman,Times,serif;text-align:left"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;border:0px;width:100%"> <tr> <td style="width:56.7pt"> </td> <td style="text-align:left;width:18pt;vertical-align:top"> </td> <td style="text-align:left;width:auto;vertical-align:top"> <div style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:Times New Roman, Times, serif">Trade receivables of the Company are mainly derived from customers located globally. The Company mitigates its credit risks by performing credit evaluations of its customers’ financial conditions and requires customer advance payments in certain circumstances. The Company generally does not require collateral.</span></p> <p style="margin:0pt;font-size:10pt;font-family:Times New Roman, Times, serif"> </p> </div> <div style="margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:10pt;font-family:Times New Roman, Times, serif"> <p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif"><span style="font-size:10pt;font-family:Times New Roman, Times, serif">The Company invests in marketable securities with an average credit rating of “A” and a maturity of up to three years. The Company’s investment policy is not to invest more than 5% of its investment portfolio in a single security at time of purchase.</span></p> </div> </td> </tr> </table> </div>
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CY2022Q4 us-gaap Common Stock Shares Outstanding
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CY2023Q4 us-gaap Inventory Net
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CY2022Q4 us-gaap Inventory Net
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CY2023Q4 us-gaap Prepaid Taxes
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CY2022Q4 us-gaap Prepaid Taxes
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CY2022Q4 us-gaap Prepaid Expense Current
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q4 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023 us-gaap Depreciation
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CY2022 us-gaap Depreciation
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CY2021 us-gaap Depreciation
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 us-gaap Operating Lease Liability Current
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CY2022Q4 us-gaap Operating Lease Liability Noncurrent
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CY2022Q4 us-gaap Operating Lease Liability
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P9Y11M12D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023 us-gaap Operating Lease Cost
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3788000 usd
CY2023 us-gaap Variable Lease Cost
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274000 usd
CY2023 us-gaap Short Term Lease Cost
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75000 usd
CY2023 invz Operating Cash Flows From Lease Incentives Received Net Of Cash Paid For Operating Leases
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4456000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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39450000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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6941000 usd
CY2023Q4 us-gaap Common Stock Shares Issued
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CY2022Q4 us-gaap Accrued Liabilities Current
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CY2023Q4 invz Fixed Assets Creditors Current
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CY2022Q4 invz Fixed Assets Creditors Current
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814000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
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193000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
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254000 usd
CY2023Q4 us-gaap Accrued Liabilities And Other Liabilities
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CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
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CY2020Q4 us-gaap Deferred Costs Current And Noncurrent
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CY2023Q4 us-gaap Common Stock Shares Authorized
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.66 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2023 us-gaap Use Of Estimates
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<div> <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt" width="100%"> <tr style="page-break-inside:avoid"> <td style="width:56.7pt"> </td> <td style="width:18pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span>b.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></td> <td style="text-align:left;width:auto;vertical-align:top"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span>Use of estimates:</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div> </td> </tr> <tr> <td style="width:56.7pt"> </td> <td style="width:18pt;vertical-align:top"> </td> <td style="width:auto;vertical-align:top"> </td> </tr> <tr> <td style="width:56.7pt"> </td> <td style="width:18pt;vertical-align:top"> </td> <td style="text-align:left;width:auto;vertical-align:top"> <div style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span>The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div> </td> </tr> <tr> <td style="width:56.7pt"> </td> <td style="width:18pt;vertical-align:top"> </td> <td style="width:auto;vertical-align:top"> </td> </tr> <tr> <td style="width:56.7pt"> </td> <td style="width:18pt;vertical-align:top"> </td> <td style="text-align:left;width:auto;vertical-align:top"> <p style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman, Times, serif;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span>Significant items subject to such estimates and assumptions include inventory reserves and useful lives of property, plant, and equipment. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates.</span></span></span></span></span></span></span></span></p> </td> </tr> </table> </div>
CY2023 invz Impairment Of Long Lived Assets
ImpairmentOfLongLivedAssets
1997000 usd
CY2022 invz Impairment Of Long Lived Assets
ImpairmentOfLongLivedAssets
362000 usd
CY2021 invz Impairment Of Long Lived Assets
ImpairmentOfLongLivedAssets
599000 usd
CY2023 invz Revenues From Application Engineering Services
RevenuesFromApplicationEngineeringServices
15225000 usd
CY2023Q4 invz Upfront Payments Related To Application Engineering Services
UpfrontPaymentsRelatedToApplicationEngineeringServices
6145000 usd
CY2023 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3096000 usd
CY2022 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
136000 usd
CY2023Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
7339000 usd
CY2021Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
60000 usd
CY2023 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
361000 usd
CY2022 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
620000 usd
CY2023 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
106000 usd
CY2022 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
350000 usd
CY2023Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
585000 usd
CY2023 us-gaap Severance Costs1
SeveranceCosts1
3723000 usd
CY2022 us-gaap Severance Costs1
SeveranceCosts1
3586000 usd
CY2021 us-gaap Severance Costs1
SeveranceCosts1
2891000 usd
CY2023 invz Percentage Of Investment Portfolio Not To Invest More In Single Security At Time Of Purchase
PercentageOfInvestmentPortfolioNotToInvestMoreInSingleSecurityAtTimeOfPurchase
0.05 pure
CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
640000 usd
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1053000 usd
CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
803000 usd
CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2242000 usd
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
425000 usd
CY2023 us-gaap Inventory Write Down
InventoryWriteDown
6938000 usd
CY2022 us-gaap Inventory Write Down
InventoryWriteDown
3166000 usd
CY2021 us-gaap Inventory Write Down
InventoryWriteDown
4359000 usd
CY2023Q4 us-gaap Deferred Costs Current
DeferredCostsCurrent
3130000 usd
CY2022Q4 us-gaap Deferred Costs Current
DeferredCostsCurrent
0 usd
CY2022Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
613000 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3236000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
42937000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
25486000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4034000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
28475000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
32509000 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y10M24D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0459 pure
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
4455000 usd
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
13000 usd
CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
175000 usd
CY2022 invz Operating Cash Flows From Lease Incentives Received Net Of Cash Paid For Operating Leases
OperatingCashFlowsFromLeaseIncentivesReceivedNetOfCashPaidForOperatingLeases
5314000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4119000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4446000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
32509000 usd
CY2023Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
585000 usd
CY2022Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
330000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7783000 usd
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
165387098 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
136185264 shares
CY2021Q1 invz Stockholders Equity Reverse Stock Split Ratio
StockholdersEquityReverseStockSplitRatio
1.138974 pure
CY2021Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10
CY2023Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
26352878 shares
CY2023Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
2.5
CY2023Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
2.5
CY2023Q3 invz Proceeds From Issuance Of Common Stock Net Of Issuance Cost
ProceedsFromIssuanceOfCommonStockNetOfIssuanceCost
61400000 usd
CY2023Q3 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
4482000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
14080996 shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.72
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1444000 usd
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y25D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
9584000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
10580281 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.35
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y11M19D
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
8954000 usd
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.26
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.35
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.75
CY2023Q4 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
1900000 usd
CY2022Q4 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
90000 usd
CY2023Q4 invz Deferred Tax Assets Inventory Provision
DeferredTaxAssetsInventoryProvision
1608000 usd
CY2022Q4 invz Deferred Tax Assets Inventory Provision
DeferredTaxAssetsInventoryProvision
948000 usd
CY2023Q4 invz Deferred Tax Assets Lease Liabilities
DeferredTaxAssetsLeaseLiabilities
5855000 usd
CY2022Q4 invz Deferred Tax Assets Lease Liabilities
DeferredTaxAssetsLeaseLiabilities
6328000 usd
CY2023Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
2419000 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
125125000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
118932000 usd
CY2023Q4 invz Deferred Tax Liabilities Rightofuse Assets
DeferredTaxLiabilitiesRightofuseAssets
-5862000 usd
CY2022Q4 invz Deferred Tax Liabilities Rightofuse Assets
DeferredTaxLiabilitiesRightofuseAssets
-6193000 usd
CY2023Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
-91000 usd
CY2023Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
5953000 usd
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
6193000 usd
CY2021 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
52000 usd
CY2023 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
642000 usd
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
325000 usd
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
284000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.23 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.23 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.23 pure
CY2023 invz Effective Income Tax Rate Reconciliation Capital Losses
EffectiveIncomeTaxRateReconciliationCapitalLosses
0.0147 pure
CY2022 invz Effective Income Tax Rate Reconciliation Capital Losses
EffectiveIncomeTaxRateReconciliationCapitalLosses
0 pure
CY2021 invz Effective Income Tax Rate Reconciliation Capital Losses
EffectiveIncomeTaxRateReconciliationCapitalLosses
0 pure
CY2022 us-gaap Profit Loss
ProfitLoss
-126872000 usd
CY2021 us-gaap Profit Loss
ProfitLoss
-153559000 usd
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-158603000 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
147480521 shares
CY2023 us-gaap Revenues
Revenues
20876000 usd

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