Bakshi Finance — Family Office
The information presented on this site is provided for informational and educational purposes only. It does not constitute investment advice, investment marketing, or a substitute for personalised advice. The firm operates as a Family Office serving qualified investors. The firm’s founder held a licensed investment-advisory practice from 2008 through 2023. This site does not participate in the investment decision.

Innoviz Technologies Ltd.

Innoviz Technologies | NASDAQ | Israeli Tech · LiDAR for Autonomous Vehicles

נתונים נכונים ל: April 2026 | מקור ראשי: SEC 10-K 2025

INVZ
Research Depth · Standard Israeli Tech · LiDAR for Autonomous Vehicles
Revenue 2025
$55.1M
+127% Y/Y [to verify]
Gross Margin
23.4%
Positive for the first time!
Net Loss
($67.8M)
Improved from ($94.8M)
Market Cap
$135M
Price $0.63
Cash
$72.1M
Burn ~$48M/year
EPS
($0.34)
Improved from ($1.54) in 2021
1 Company Profile

Innoviz Technologies (INVZ) is an Israeli LiDAR company for autonomous vehicles, traded on NASDAQ. The company develops LiDAR sensors and perception algorithms for autonomous driving, with key customers including BMW, Volkswagen, and additional automotive manufacturers. Innoviz belongs to the Israeli Deep-Tech commercialisation-stage category — 2025 revenue of $55.1M (+127%), with a net loss of $67.8M. Key observation: material improvement in 2025 — positive gross margins for the first time (23.4%), but still burning ~$48M of cash per year.

פעילותמאפיין
LiDAR Sensorsמוצר ליבה — InnovizTwo
Perception Softwareאלגוריתמי תפיסה
OEM ProgramsBMW, VW, ועוד
Trucking & Industrialהרחבה למקטעים שונים

מקור: SEC 10-K 2025

2 Key Financial Observations

This summary is not a recommendation. It is a factual list of key financial metrics.

ביצועים 2025

מדדערך
הכנסות$55.1M
שולי גולמי23.4%
הפסד נקי($67.8M)
EPS($0.34)
מזומנים$72.1M

מדדים נוספים

מדדערך
שווי שוק$135M
מניות214.5M
שריפת מזומן~$48M/שנה
Cash runway~18 חודשים

Missing data: מספר חוזי OEM פעילים, ערך הצבר, תחזית 2026 Officialת, מועד EBITDA חיובי.

מדדים פיננסיים
פילוח פעילות
שולי רווח
רווחיות
מגמה
מדד נוסף
3 Industry & Competitive Context

LiDAR לרכבים אוטונומיים. תחרות מ-Luminar, Cepton, Ouster, חברות סיניות (RoboSense, Hesai).

מתחרהטיקרהבדל
LuminarLAZRמתחרה ישיר אמריקאי
HesaiHSAIמתחרה סיני גדול
RoboSense2498.HKמתחרה סיני
Ouster (Velodyne)OUSTמתחרה במגזר תעשייתי
4 Risk Factors
RiskContext
Cash burn$48M/שנה — מזומן ל-18 חודשים
תחרות סיניתHesai, RoboSense עם מחיר נמוך
דיחוי AV adoptionאם אוטונומיה מואטת
דילול בעלי מניותאם נדרש גיוס נוסף
5 Analytical Lens — The Questions We Ask
In professional company analysis, the question is not "is this good?" but rather "through which lenses must this company be examined so that we do not miss what matters most?" At Bakshi Finance, every analysis passes through six lenses.

This framework is intended to structure analysis, not to produce an investment conclusion.
Growth
+127% — from existing or new OEMs?
Profitability
Positive GM for the first time — when does break-even arrive?
Leverage
Weak balance sheet — runway of ~18 months
Competitive Position
Against Hesai (Chinese) — how?
Management Quality
OEM contract execution
Business Complexity
OEM contracts — not fully visible in the report
These are the questions. The specific answers לאינוביז טכנולוגיות are woven throughout the analysis and discussed in depth under "How to Think About This Company".
The same six questions are asked of every company on the site — what varies is the answers, not the instrument.
6 Scenario Framework
Scenarios are descriptive, not predictive. They outline possible conditions, not expected outcomes.
These scenarios carry no probability assessment, no preferred direction, and no expectation regarding which, if any, will materialise.
Constructive Scenario — if the following conditions hold:

BMW production scale-up, a new OEM contract, GM to 30%+, EBITDA positive within 24 months.

Base Scenario — if current trends continue:

Revenue grows 50-80%, GM 25-30%, additional capital raise in 2027.

Adverse Scenario — if the following risks materialise:

OEM delayed, Chinese competition pressures pricing, urgent capital raise required with dilution.

Scenarios describe conditions, not forecasts. There is no preferred direction and no probability assessment expressed in this framework.
7 How to Think About This Company
Innoviz is an Israeli LiDAR company at a critical stage of transition from research to commercialisation. The idea behind analysing Innoviz is not "is the technology good" (yes — BMW + VW contracts), but rather "will the 2025 recovery (revenue +127%, positive GM for the first time) be enough to reach EBITDA breakeven before cash runs out?"
The critical variables: (a) cash runway — 18 months is the limit; (b) GM trajectory — from 23% to 35%+ is required; (c) additional OEM contracts — dependence on BMW/VW.
Where the analysis may go wrong: First error — valuing on 127% growth (from a low base). Second error — underestimating Chinese competition. Third error — assuming an additional capital raise will not arrive within two years.
Professional analysis addresses three things: (a) cash runway; (b) GM trajectory; (c) customer concentration (BMW vs VW vs others).
The difference between surface-level analysis and professional thinking often lies in the variables that are not immediately visible.
The difference between surface-level analysis and professional thinking often lies in the variables that are not immediately visible.
8 Sources & Data
#SourceDateType
1SEC EDGAR — 20-F 2025March 2026Official — SEC
2IR InnovizQuarterlyOfficial
3NASDAQ — INVZApril 2026Official

Missing: מספר חוזי OEM פעילים, ערך הצבר, תחזית 2026 Officialת, מועד EBITDA חיובי.

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The analysis includes a professional review across 8 structured sections, 6 charts and a framework of scenarios.

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Bakshi Finance | Family Office | All rights reserved 2026

Disclosure: The information in this document is provided for informational and educational purposes only. It does not constitute investment advice, investment marketing, or a substitute for personalised advice tailored to the client. The firm operates as a Family Office serving qualified investors only. The firm’s founder held a licensed investment-advisory practice from 2008 through 2023. Past performance is not indicative of future results. This site does not participate in the investment decision. This framework is intended to structure analysis, not to produce an investment conclusion.