Innoviz Reports $12.1 Million in Revenue and Cuts 2026 Target to $44–46 Million
Key Facts
Innoviz Technologies announced on November 11 that it generated $12.1 million in revenue in the third quarter of 2026, compared with $15.3 million in the same period last year. The company said revenue came from nonrecurring engineering services and lidar unit sales. It lowered its fiscal 2026 revenue target to a range of $44 million to $46 million. CEO Omer Keilaf said quarterly revenue came in below expectations mainly because a customer changed the timing of its program, deferring related engineering-services revenue. "We expect to realize the full value of these engineering services in 2027," he added. The deferral provides a direct explanation for the weak quarterly revenue, while the company ties its revised targets to progress in automotive and defense programs and its other revenue sources.
The annual revenue target reaffirmed by the company in August was $67 million to $73 million, before it cut the target to $44–46 million in its third-quarter results update. The company also reported record second-quarter revenue of $18.1 million, compared with $9.7 million in the second quarter of 2025. The comparison highlights the difference in performance between the two quarters, as third-quarter revenue declined year over year after second-quarter revenue growth. Alongside its revenue target, Innoviz set a goal of winning 2 or 3 new programs during 2026. It also targets Perciz product revenue of about 6–7% of total revenue and new engineering-services payment plans of between $20 million and $30 million.
Operating expenses rose to $19.7 million in the third quarter, up 9% from $18.1 million in the same period of 2025. The company posted a net loss of $19.595 million, compared with a loss of $15.419 million a year earlier. Liquidity was about $54.4 million as of September 30, 2026, including cash and cash equivalents, short-term deposits, marketable securities and short-term restricted cash. The company said an operational restructuring planned for the fourth quarter targets a workforce reduction of about 20%. It expects the plan to generate annual savings of approximately $17.5 million compared with its current spending rate. The company said the reorganization supports extending its available liquidity through 2028.
In defense, Innoviz said it has begun delivering initial orders to customers in the sector and has shipped samples to dozens of additional organizations for testing, development and integration. In July, the company said initial defense orders totaled about $3.5 million and included several hundred lidar units, with additional units potentially ordered after successful completion of the initial deployment. In September, it said Israel's Directorate of Defense Research & Development, "MAFAT," had recognized the maturity, durability, performance and suitability of its lidar solutions for defense applications. The company believes its partnership-based go-to-market model could lead to large-volume defense orders in the first half of 2027. That remains a future target announced by the company, while the initial shipments indicate that fulfillment of current orders has begun.
Innoviz said its automotive projects with Volkswagen and Daimler Truck are progressing, alongside other development programs for Level 3 and Level 4 autonomous driving, including work with LOXO. These programs point to continued activity in the automotive sector as the company expands into defense applications. According to the CEO, a customer’s change in program timing had deferred engineering-services revenue in the third quarter. The company expects to recognize the full value of those services in 2027. Its 2026 targets include winning 2 or 3 new programs, alongside Perciz revenue contributing about 6–7% of total revenue. The company also set new engineering-services payment plans of between $20 million and $30 million.
The company announced that its third-quarter results conference call will take place on November 11, 2026, at 9:00 a.m. Eastern Time. In trading on November 10, the stock closed at $0.2205, according to EL7 data included with the news. Stock Analysis showed a daily trading range of $0.2130 to $0.2340 in the same session. These figures are from the session before the results announcement and do not represent the market’s response to the statement issued on November 11. The call will discuss the quarterly results and the company’s outlook as stated in its announcement. The company also expects to recognize the full value of deferred revenue in 2027 and is targeting large defense orders in the first half of that year.