Benzinga | Aug 11, 2021 09:12AM EDT

Expenses Weigh On Innoviz's Flat Q2 Revenue, Reiterates Order Book Guidance

* Innoviz Technologies Ltd (NASDAQ:INVZ) reported second-quarter FY21 revenue decline of 0.3% year-on-year to $1 million.

* The costs increased 23.8% Y/Y, leading to a gross loss of $(1.1) million.

* Operating expenses shot up 423.3% Y/Y due to $47.2 million attributable to stock-based compensation granted as part of the SPAC business combination, which closed in Q2 2021. Additionally, the company continued to invest heavily in R&D, with R&D expenses totaling $32.1 million.

* Loss per share was $(0.58), versus $(0.73) last year

* Innoviz held $351.4 million in cash and equivalents. It used $16.5 million in operating cash flow during Q2.

* Innoviz remains confident in its previously announced forward-looking order book guidance of $2.4 billion.

* Price Action: INVZ shares closed higher by 2.66% at $8.50 on Tuesday.