Innoviz (INVZ) Q3 2026 earnings review
Quarter ended September 30, 2026
For information only, not investment advice. No rating or price target.
Innoviz (INVZ) Q3 2026 earnings review
The company cut its FY2026 revenue target to $44M–$46M from $67M–$73M.
Innoviz · Q3 2026 · Published Nov 11, 2026 · By DeepCell AI · Sources
1 · Innoviz (INVZ) Q3 2026 earnings review
The company cut its FY2026 revenue target to $44M–$46M from $67M–$73M
- 1.Q3 revenue was $12.1M, compared with $15.3M, and missed the $18.5M Yahoo Finance consensus
- 2.The FY2026 revenue target is now $44M–$46M, down from $67M–$73M, most recently reiterated on August 5
- 3.The company will reduce its workforce by approximately 20% and expects annualized cost savings of approximately $17.5M
- 4.Liquidity was approximately $54.4M at Sep 30, 2026
- 5.Shares were -18.2% at the Nov 11 regular-session close of $0.1803
Note: The company rounded Q3 revenue to $12.1 million and $15.3 million and did not state a year-on-year percentage; the computed decline of 20.8% is a DeepCell calculation. The $45 million current midpoint and $70 million prior midpoint are DeepCell calculations. Yahoo Finance consensus is the Nov 11 average of 2 analysts.Source: Innoviz Q3 2026 press release, Nov 11, 2026; Form 6-K Exhibit 99.1, Aug 5, 2026; Form 6-K Exhibit 99.1, May 14, 2026; Yahoo Finance, Nov 11, 2026 8:50 AM EST; CNBC, Nov 11, 2026 close
2 · Executive summary
Revenue missed the Yahoo Finance consensus by -34.6%, and EPS also missed
Q3 2026 results vs. Yahoo Finance consensus (Nov 11, 2026 8:50 AM EST, 2 analysts)
| Metric | Actual | Consensus | Variance | Result |
|---|---|---|---|---|
| Q3 revenue | $12.1M | $18.5M | -$6.4M / -34.6% | Miss |
| Q3 diluted EPS | -$0.07 | -$0.06 | -$0.01 / -16.7% | Miss |
Share price, Nov 10 regular close to Nov 11 regular-session close
| Innoviz (Nasdaq) | Nov 10 close | Nov 11 close, 4:00 PM EST | Change ($) | Change (%) |
|---|---|---|---|---|
| INVZ | $0.2205 | $0.1803 | -$0.0402 | -18.2% |
Both prices are from the CNBC quote page. The Nov 11 figure is the regular-session close. CNBC does not state a reason for the move.
Note: Yahoo Finance year-ago EPS of -$0.08 matches official basic and diluted net loss per share for Q3 2025, so the EPS comparison uses official GAAP EPS. The consensus is from only 2 analysts.Source: Innoviz Q3 2026 press release, Nov 11, 2026; Yahoo Finance, Nov 11, 2026 8:50 AM EST; CNBC, Nov 11, 2026 close
3 · Q3 results vs. consensus
FY2026 revenue is now expected at $44M–$46M, down from the prior official range of $67M–$73M
FY 2026 targets
| Metric | Prior official target, Aug 5 | Current target, Nov 11 |
|---|---|---|
| FY2026 revenue | $67M–$73M | $44M–$46M |
| New program wins | 2–3 | 2–3 |
| Non-automotive / Perciz mix | LiDAR sales for non-automotive Physical AI applications up to 10% of revenue | Perciz revenue about 6–7% of total revenue |
| New NRE payment plans | $20M–$30M | $20M–$30M |
Note: NRE is non-recurring engineering. The prior range was most recently reiterated in the Aug 5, 2026 Q2 Form 6-K Exhibit 99.1. The same $67–$73 million range was also reiterated in the May 14, 2026 Q1 Form 6-K. Midpoints of $70 million (prior) and $45 million (current) are DeepCell calculations. The company said it does not currently intend to provide guidance on new program wins and NRE payment plans in future periods as it focuses more on defense.Source: Innoviz Q3 2026 press release, Nov 11, 2026; Form 6-K Exhibit 99.1, Aug 5, 2026; Form 6-K Exhibit 99.1, May 14, 2026
4 · FY 2026 targets
Revenue was $12.1M, compared with $15.3M, and the company recorded a gross loss
- Revenue declinedRevenue was $12.1M, compared with $15.3M. The company said third-quarter revenues were lower than expected, primarily reflecting a delay in NRE revenues.
- Gross profit turned to a lossGross profit was a loss of $1.2M, compared with a profit of $2.3M.
- The net loss widenedThe net loss was $19.6M, or -$0.07 a share, compared with $15.4M, or -$0.08.
Key figures
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Revenue | $15.3M | $12.1M | (20.8%) |
| Gross profit (loss) | $2.3M | -$1.2M | Swung to a loss |
| Operating expenses | $18.1M | $19.7M | 9.0% as stated |
| Operating loss | -$15.8M | -$20.9M | 32.4% |
| Net loss | -$15.4M | -$19.6M | 27.1% |
| Basic and diluted EPS ($) | -$0.08 | -$0.07 | (12.5%) |
Note: NRE is non-recurring engineering. The company rounded revenue to $12.1 million and $15.3 million and stated that operating expenses increased 9%. The revenue year-on-year percentage in the table is a DeepCell calculation (a 20.8% decline). Gross-profit and net-loss year-on-year percentages are also DeepCell calculations.Source: Innoviz Q3 2026 press release, Nov 11, 2026; analysis of company data
5 · Q3 key financials
The company is implementing a realignment, with a workforce reduction of approximately 20%
FY 2026 operating and target items
As stated in the Nov 11 release, unless noted
| Item | Reading |
|---|---|
| Q3 revenue | $12.1M |
| Liquidity, approximately, Sep 30 | $54.4M |
| Workforce reduction, approximately | 20% |
| Annualized cost savings, approximately | $17.5M |
| FY2026 revenue target | $44M–$46M |
The company said automotive programs with VW, Daimler Truck and others are progressing, and that defense and homeland security under the Perciz brand is shipping initial orders. It attributed the Q3 revenue shortfall primarily to a delay in NRE revenues as a customer shifted the timing of programs, with the full value of those NREs expected in 2027.“Over the past year, we took decisive steps to diversify our business and strengthen our path to long-term growth and profitability. We have repositioned Innoviz around two synergistic end-markets: automotive, and defense and homeland security under our Perciz brand.” Omer Keilaf, CEO and founder
Note: The company does not publish a revenue split between automotive and Perciz for the quarter. Perciz is expected to be about 6–7% of total FY2026 revenue. NRE is non-recurring engineering.Source: Innoviz Q3 2026 press release, Nov 11, 2026; analysis of company data
6 · Automotive and defense
Revenue was $12.1M, compared with $15.3M
Revenue
$M, Q3 2025 vs Q3 2026
The company said revenues resulted from a combination of NRE services and sales of LiDAR units, and that Q3 revenues were lower than expected, primarily because of a delay in NRE
Note: NRE is non-recurring engineering. The year-on-year percentage is a DeepCell calculation. The company rounded the same figures to $12.1 million and $15.3 million and did not state a percentage.Source: Innoviz Q3 2026 press release, Nov 11, 2026; analysis of company data
7 · Revenue
Operating expenses rose 9.0% as stated, to $19.7M
Note: The official 9% increase matches the stated comparison of $19.7 million with $18.1 million. The computed change from the statement totals is 8.7%, a DeepCell calculation.Source: Innoviz Q3 2026 press release, Nov 11, 2026; analysis of company data
8 · Operating expenses
The operating loss widened to $20.9M from $15.8M
GAAP operating loss bridge
$M, Q3 2025 to Q3 2026
The swing in gross profit from a gain to a loss was the main contributor. Higher sales and marketing and general and administrative costs added to the loss, while a small decline in research and development was a modest offset.
Note: Expense bars are shown as reductions, so an increase in costs is a negative contribution. Bridge values are DeepCell calculations from the income statement.Source: Innoviz Q3 2026 press release, Nov 11, 2026; analysis of company data
9 · Operating loss
Gross margin turned negative, as revenue fell and cost of revenues rose
Note: Gross margin percentages are DeepCell calculations from the income statement. The company did not state a gross-margin figure.Source: Innoviz Q3 2026 press release, Nov 11, 2026; analysis of company data
10 · Margin analysis
Liquidity was approximately $54.4M at Sep 30, 2026, and operating cash outflow was $19.7M
- Liquidity is the official cash and short-term investments totalThe company stated liquidity of approximately $54.4M, consisting of cash and cash equivalents, short-term deposits, marketable securities and short-term restricted cash.
- Operating cash outflow widenedCash used in operating activities was $19.7M, compared with $13.7M a year earlier.
- Capital expenditure increasedPurchases of property and equipment were $1.7M, compared with $0.3M.
Cash flow and liquidity
| $M | Q3 2025 | Q3 2026 |
|---|---|---|
| Operating cash flow | -$13.7M | -$19.7M |
| Purchases of property and equipment | $0.3M | $1.7M |
| Free cash flow (DeepCell calculation) | -$14.0M | -$21.4M |
Note: Free cash flow is a DeepCell calculation (operating cash flow less purchases of property and equipment). The company does not report free cash flow. The summed cash items on the Sep 30 balance sheet are $54.4 million, matching the official “approximately $54.4 million” liquidity figure.Source: Innoviz Q3 2026 press release, Nov 11, 2026; analysis of company data
11 · Cash flow and liquidity
The company issued $27.8M of shares, net, and said the realignment supports a runway into 2028
- Shares were issued in the quarterThe cash-flow statement shows issuance of ordinary shares, net of paid issuance costs, of $27.8 million in Q3 2026. Diluted shares rose to 276.0 million from 203.4 million.
- The realignment is intended to extend the cash runwayThe company said the realignment supports its runway into 2028, together with the automotive and defense businesses.
- Liquidity at quarter-endLiquidity was approximately $54.4M at Sep 30, 2026.
Equity and liquidity
| Metric | Amount |
|---|---|
| Q3 share issuance, net (cash flow) | $27.8M |
| Diluted shares, Q3 2026 | 276.0 million |
| Liquidity, approximately | $54.4M |
Note: The $27.8 million is the income-statement-period cash-flow line “Issuance of ordinary shares, net of paid issuance costs” of $27,824 thousand. The share-count increase is from the operations statement.Source: Innoviz Q3 2026 press release, Nov 11, 2026; analysis of company data
12 · Equity issuance
Total assets were $123.1M at Sep 30, 2026, and shareholders equity was $60.2M
- Cash on the balance sheet increased from year-endCash and cash equivalents were $22.8M, compared with $8.6M at Dec 31, 2025, while bank deposits declined to $22.7M from $54.0M.
- Inventory increasedInventory rose to $5.2M from $3.3M.
- Equity declined with accumulated lossesTotal shareholders equity was $60.2M, compared with $77.7M at year-end.
Balance sheet
| $M | Dec 31, 2025 | Sep 30, 2026 |
|---|---|---|
| Cash and cash equivalents | $8.6M | $22.8M |
| Bank deposits | $54.0M | $22.7M |
| Total assets | $138.5M | $123.1M |
| Total liabilities | $60.7M | $62.9M |
| Total shareholders equity | $77.7M | $60.2M |
Note: The company has no interest-bearing bank debt on this balance sheet. Long-term liabilities are operating lease liabilities.Source: Innoviz Q3 2026 press release, Nov 11, 2026; analysis of company data
13 · Balance sheet
NRE timing, the reduced FY revenue target and the planned workforce cut are the main watch items
Indicator
What to watch
Implication
Latest reading
NRE timing
Management said Q3 revenues were lower than expected, primarily because a customer shifted program timing
The company expects to realize the full value of these NREs in 2027, which leaves 2026 revenue dependent on other sources
Q3 revenue $12.1M
The lowered FY target
The FY2026 revenue target is now $44–$46 million, below the prior official range of $67–$73 million, reiterated on August 5, and the Yahoo Finance average of $70.23 million
Delivery of the new range still depends on Q4 execution after $37.3M of revenue in the first nine months
Workforce realignment
The company will reduce its workforce by approximately 20%
It expects about $17.5 million of annualized savings, but also flags the risk of disruption, charges and key-personnel loss
Approximately 20%
Liquidity and dilution
Liquidity was about $54.4 million, and the company issued $27.8 million of shares in the quarter
The stated runway into 2028 assumes the realignment and further execution
Liquidity about $54.4M
NRE is non-recurring engineering. Source: Innoviz Q3 2026 press release, Nov 11, 2026; Form 6-K Exhibit 99.1, Aug 5, 2026; Form 6-K Exhibit 99.1, May 14, 2026; Yahoo Finance, Nov 11, 2026
14 · Key risks to targets
Appendix: income detail
| Claim | Evidence | Calculation |
|---|---|---|
| Revenue | $15.3M to $12.1M | DeepCell calculation: down 20.8% |
| Gross profit (loss) | $2.3M to -$1.2M | Swung to a loss |
| Operating loss | -$15.8M to -$20.9M | DeepCell calculation |
| Net loss | -$15.4M to -$19.6M | -$0.07 a share |
Source: Innoviz Q3 2026 press release, Nov 11, 2026; analysis of company data
15 · Appendix: Income detail
Appendix: costs and margins
| Claim | Evidence | Calculation |
|---|---|---|
| Operating expenses | $18.1M to $19.7M | Up 9%, as stated |
| Research and development | $12.4M to $12.3M | -0.7%, DeepCell calculation |
| Sales and marketing | $1.3M to $2.2M | 67.3%, DeepCell calculation |
| General and administrative | $4.4M to $5.2M | 17.9%, DeepCell calculation |
Source: Innoviz Q3 2026 press release, Nov 11, 2026; analysis of company data
16 · Appendix: Costs and margins
Appendix: FY 2026 targets
| Claim | Evidence | Calculation |
|---|---|---|
| FY2026 revenue, current | $44M–$46M | Updated Nov 11 |
| FY2026 revenue, prior official | $67M–$73M | Most recently reiterated Aug 5, 2026 |
| New NRE payment plans | $20M–$30M | Unchanged as a range |
| Workforce reduction, approximately | 20% | Annualized savings about $17.5 million |
NRE is non-recurring engineering. Source: Innoviz Q3 2026 press release, Nov 11, 2026; Form 6-K Exhibit 99.1, Aug 5, 2026; Form 6-K Exhibit 99.1, May 14, 2026
17 · Appendix: Targets detail
Appendix: cash and liquidity
| Claim | Evidence | Calculation |
|---|---|---|
| Liquidity, approximately | $54.4M | Sep 30, 2026, as stated |
| Cash and cash equivalents | $22.8M | Sep 30, 2026 |
| Operating cash flow, Q3 | -$19.7M | Compared with -$13.7 million a year earlier |
| Free cash flow (DeepCell calculation) | -$21.4M | Operating cash flow less capex |
Source: Innoviz Q3 2026 press release, Nov 11, 2026; analysis of company data
18 · Appendix: Cash and liquidity
Appendix: income statement detail
Revenue and costs
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Revenue | $15.3M | $12.1M | (20.8%) |
| Gross profit (loss) | $2.3M | -$1.2M | Swung to a loss |
| Research and development | $12.4M | $12.3M | (0.7%) |
| Sales and marketing | $1.3M | $2.2M | 67.3% |
| General and administrative | $4.4M | $5.2M | 17.9% |
Earnings
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Operating loss | -$15.8M | -$20.9M | 32.4% |
| Net loss | -$15.4M | -$19.6M | 27.1% |
| Basic and diluted EPS ($) | -$0.08 | -$0.07 | (12.5%) |
Note: Year-on-year percentages in this appendix are DeepCell calculations, except where a line uses the official 9% operating-expense increase on an earlier page. The company rounded revenue to $12.1 million and $15.3 million.Source: Innoviz Q3 2026 press release, Nov 11, 2026; analysis of company data
19 · Appendix: Income statement
Appendix: sources
- Results release: Innoviz Technologies, Nov 11, 2026 (PR Newswire, SOURCE Innoviz Technologies) — https://www.prnewswire.com/news-releases/innoviz-reports-third-quarter-2026-results-302936411.html
- Prior FY 2026 target, most recent official reaffirmation: Form 6-K Exhibit 99.1, filed Aug 5, 2026 — https://www.sec.gov/Archives/edgar/data/1835654/000117891326003861/exhibit_99-1.htm
- Form 6-K index, Aug 5, 2026 — https://www.sec.gov/Archives/edgar/data/1835654/000117891326003861/0001178913-26-003861-index.html
- Earlier statement of the same $67–$73 million range: Form 6-K Exhibit 99.1, filed May 14, 2026 — https://www.sec.gov/Archives/edgar/data/1835654/000117891326002701/exhibit_99-1.htm
- Form 6-K index, May 14, 2026 — https://www.sec.gov/Archives/edgar/data/1835654/000117891326002701/0001178913-26-002701-index.html
- A Form 6-K for the Nov 11, 2026 results was not yet posted on EDGAR at the time of this review. Figures were taken from the company-issued press release, including the statements of operations, balance sheet and cash flows.
- Consensus: Yahoo Finance, Nov 11, 2026 8:50 AM EST — https://finance.yahoo.com/quote/INVZ/analysis/
- Share price: CNBC INVZ quote, Nov 10, 2026 regular close $0.2205 and Nov 11, 2026 regular-session close $0.1803 at 4:00 PM EST — https://www.cnbc.com/quotes/INVZ
- Company figures are in U.S. dollars. Statement amounts originally in thousands were converted to millions. The company did not state a Q3 revenue year-on-year percentage; such percentages, outlook midpoints and free cash flow are DeepCell calculations and are labelled as such.
- Chart and table values link to the model in the spreadsheet tabs of this file.
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20 · Sources
Important disclosures and disclaimer
For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.
No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.
Sources and accuracy. Company figures come from the Innoviz Technologies press release issued on November 11, 2026, and, for the prior FY 2026 target, from Form 6-K Exhibit 99.1 filed Aug 5, 2026, which most recently reiterated the $67–$73 million range, and the earlier May 14, 2026 Form 6-K. Consensus estimates (Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data. A Form 6-K for the November 11 results was not yet on EDGAR at the time of this review.
Basis of presentation. Figures are GAAP, in U.S. dollars, for the quarters ended September 30, 2026 and September 30, 2025.
Forward-looking statements. Company commentary, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original release and filing.
Date of analysis. Share prices are the CNBC regular-session closes on November 10, 2026 and November 11, 2026.
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21 · Disclosures
Sources
- Innoviz Technologies press release, Nov 11, 2026 — https://www.prnewswire.com/news-releases/innoviz-reports-third-quarter-2026-results-302936411.html Filing
- Innoviz Form 6-K Exhibit 99.1, Aug 5, 2026 — https://www.sec.gov/Archives/edgar/data/1835654/000117891326003861/exhibit_99-1.htm Filing
- Innoviz Form 6-K Exhibit 99.1, May 14, 2026 — https://www.sec.gov/Archives/edgar/data/1835654/000117891326002701/exhibit_99-1.htm Filing
- Yahoo Finance INVZ analysis, Nov 11, 2026 8:50 AM EST — https://finance.yahoo.com/quote/INVZ/analysis/ Consensus
- CNBC INVZ quote: Nov 10, 2026 regular close $0.2205; Nov 11, 2026 regular-session close $0.1803 at 4:00 PM EST — https://www.cnbc.com/quotes/INVZ Market data
Not investment advice; no rating or price target.
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