Innoviz Technologies Ltd 6-K, filed Aug 18, 2022
Innoviz Technologies Ltd. (INVZ)
About this 6-K
Innoviz Technologies Ltd filed this 6-K on August 18, 2022.
|
|
INNOVIZ TECHNOLOGIES LTD.
|
|
|
|
|
|
|
Date: August 18, 2022
|
By:
|
/s/ Eldar Cegla
|
|
|
|
Name: Eldar Cegla
|
|
|
|
Title: Chief Financial Officer
|
Exhibit 99.1
INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2022
UNAUDITED
INDEX
| Page | ||
| F-2 - F-3 | ||
| F-4 | ||
| F-5 | ||
| F-6 - F-7 | ||
| F-8 - F-18 |
- - - - - - - - - - -
U.S. dollars in thousands (except share and per share data)
|
|
June 30, |
December 31, |
||||||
| 2022 |
2021 |
|||||||
| (Unaudited) | ||||||||
|
ASSETS |
||||||||
|
CURRENT ASSETS: |
||||||||
|
Cash and cash equivalents |
$ |
|
$ |
|
||||
|
Short term restricted cash |
|
|
||||||
|
Bank deposits |
|
|
||||||
|
Marketable securities |
|
|
||||||
|
Trade receivables |
|
|
||||||
|
Inventory |
|
|
||||||
|
Prepaid expenses and other current assets |
|
|
||||||
|
Total current assets |
|
|
||||||
|
|
||||||||
|
LONG-TERM ASSETS: |
||||||||
|
Marketable securities |
|
|
||||||
|
Restricted deposits |
|
|
||||||
|
Property and equipment, net |
|
|
||||||
|
Operating lease right-of-use assets, net |
|
|
||||||
|
Total long-term assets |
|
|
||||||
|
|
||||||||
|
Total assets |
$ |
|
$ |
|
||||
The accompanying notes are an integral part of the interim consolidated financial statements.
F - 2
U.S. dollars in thousands (except share and per share data)
|
June 30, |
December 31, |
|||||||
|
2022 |
2021 |
|||||||
|
(Unaudited) |
||||||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||
|
|
||||||||
|
CURRENT LIABILITIES: |
||||||||
|
Trade payables |
$ |
|
$ |
|
||||
|
Advances from customers and deferred revenues |
|
|
||||||
|
Employees and payroll accruals |
|
|
||||||
|
Accrued expenses and other current liabilities |
|
|
||||||
|
Operating lease liabilities |
|
|
||||||
|
|
||||||||
|
Total current liabilities |
|
|
||||||
|
|
||||||||
|
LONG-TERM LIABILITIES: |
||||||||
|
Advances from customers and deferred revenues |
|
|
||||||
|
Other liabilities |
|
|
||||||
|
Operating lease liabilities |
|
|
||||||
|
Warrants liability |
|
|
||||||
|
|
||||||||
|
Total long-term liabilities |
|
|
||||||
|
|
||||||||
|
SHAREHOLDERS' EQUITY: |
||||||||
|
Ordinary Shares of |
|
|||||||
|
Additional paid-in capital |
|
|
||||||
|
Accumulated deficit |
( |
) |
( |
) | ||||
|
|
||||||||
|
Total shareholders' equity |
|
|
||||||
|
|
||||||||
|
Total liabilities and shareholders' equity |
$ |
|
$ |
|
||||
The accompanying notes are an integral part of the interim consolidated financial statements.
F - 3
|
|
Six Months Ended June 30, |
|||||||
| 2022 | 2021 | |||||||
|
(Unaudited) |
||||||||
|
Revenues |
$ | $ | ||||||
|
Cost of revenues |
( |
) | ( |
) | ||||
|
Gross loss |
( |
) | ( |
) | ||||
|
Operating expenses: |
||||||||
|
Research and development |
||||||||
|
Selling and marketing |
||||||||
|
General and administrative |
||||||||
|
Total operating expenses |
||||||||
|
Operating loss |
( |
) | ( |
) | ||||
|
Financial income (expenses), net |
( |
) | ||||||
|
Loss before taxes on income |
( |
) | ( |
) | ||||
|
Taxes on income |
( |
) | ( |
) | ||||
|
Net loss |
$ | ( |
) | $ | ( |
) | ||
|
Basic and diluted net loss per ordinary share |
$ | ( |
) | $ | ( |
) | ||
|
Weighted average number of ordinary shares used in computing basic and diluted net loss per ordinary share |
||||||||
The accompanying notes are an integral part of the interim consolidated financial statements.
F - 4
| Convertible Preferred Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Convertible Preferred Shares A |
Convertible Preferred Shares B |
Convertible B-1 |
Convertible Preferred Shares C |
Convertible C-1 |
Total | Ordinary Shares | Additional Paid-in |
Accumulated | Total Shareholders’ |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Number | Amount | Number | Amount | Number | Amount | Number | Amount | Number | Amount | Amount | Number | Amount | Capital | Deficit |
Equity (Deficit) |
|||||||||||||||||||||||||||||||||||||||||||||||||
|
Balance as of December 31, 2020 |
$ | $ | $ | $ | $ | $ | $ |
|
$ | $ | ( |
) |
$ | ( |
) |
|||||||||||||||||||||||||||||||||||||||||||||||||
|
Issuance of Convertible Preferred Shares C-1 |
|
- | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
conversion of convertible preferred shares |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
|
|
|
|
||||||||||||||||||||||||||||||||||||||
|
Issuance of common shares in connection with PIPE offering, net of issuance costs |
- |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Transactions, net of issuance cost |
- |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Exercise of shares options |
- |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Vesting of RSUs |
- | - | - | - | - | - | - | - | - | - | - |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Share-based compensation |
- | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net Loss |
- | - | - | - | - | - | - | ( |
) |
( |
) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Balance as of June 30, 2021
|
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
|
$ | $ |
|
$ |
( |
) |
$ |
|
||||||||||||||||||||||||||||||||||||||||||||
|
Balance as of December 31, 2021 |
$ |
|
$ | $ | ( |
) |
$ |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Reclassification of warrants liability to equity |
- | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Exercise of shares options |
- |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Exercise of public warrants |
- | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Vesting of RSUs |
- | - | - | - | - | - | - | - | - | - | - |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Share-based compensation |
- | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net Loss |
- | - | - | - | - | - | - | ( |
) |
( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Balance as of June 30, 2022 |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
|
$ | $ |
( |
) | $ |
|
|||||||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of the interim consolidated financial statements.
F - 5
|
Six Months Ended |
||||||||
|
2022
|
2021
|
|||||||
|
(Unaudited) |
||||||||
|
Cash Flows from Operating Activities:
|
||||||||
|
Net loss
|
$
|
( |
)
|
$
|
( |
)
|
||
|
Adjustments required to reconcile net loss to net cash used in Operating Activities:
|
||||||||
|
Depreciation and amortization
|
||||||||
|
Remeasurement of warrants liability
|
( |
)
|
||||||
|
Increase in accrued interest on bank deposits |
( |
) | ||||||
|
Remeasurement of marketable securities
|
|
|
||||||
|
Share-based compensation
|
||||||||
|
Foreign exchange loss (gain), net
|
|
( |
)
|
|||||
|
Increase in prepaid expenses and other assets
|
( |
) | ( |
) | ||||
|
Decrease (increase) in trade receivables
|
( |
) |
|
|||||
|
Increase in inventories
|
( |
)
|
( |
)
|
||||
|
Changes in operating lease assets and liabilities, net |
( |
) | ||||||
|
Increase in trade payables
|
|
|||||||
|
Increase (decrease) in accrued expenses and other liabilities
|
( |
) |
|
|||||
|
Increase (decrease) in employees and payroll accruals |
( |
) | ||||||
|
Increase in advances from customers and deferred revenues
|
||||||||
|
Net cash used in operating activities
|
( |
)
|
( |
)
|
||||
|
Cash flows from investing activities:
|
||||||||
|
Purchase of property and equipment
|
( |
)
|
( |
)
|
||||
|
Investment in bank deposits |
( |
) | ( |
) | ||||
|
Withdrawal of bank deposits |
|
|||||||
|
Decrease (increase) in restricted deposits
|
( |
) | ||||||
|
Net cash provided by (used in) investing activities
|
$
|
$
|
( |
)
|
||||
F - 6
|
Six Months Ended |
||||||||
|
2022
|
2021
|
|||||||
|
(Unaudited) |
||||||||
|
Cash flows from financing activities:
|
||||||||
|
Cash received from Transactions, net of issuance cost
|
|
|
||||||
|
Issuance of ordinary shares, net of issuance cost
|
|
|
||||||
|
Proceeds from exercise of options
|
|
|
||||||
|
Repayment of loans
|
|
|
(
|
)
|
||||
|
Net cash provided by financing activities
|
|
|
||||||
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(
|
) |
|
|||||
|
Increase in cash, cash equivalents and restricted cash
|
|
|
|
|||||
|
Cash, cash equivalents and restricted cash at beginning of the period |
|
|
||||||
|
Cash, cash equivalents and restricted cash at end of the period
|
$
|
|
$
|
|
||||
|
Supplementary disclosure of cash flows activities:
|
||||||||
|
(1) Cash received during the period for:
|
||||||||
|
Interest
|
$
|
|
$
|
|
||||
|
(2) Cash paid during the period for:
|
||||||||
|
Interest
|
$
|
|
$
|
|
||||
|
Income taxes
|
$
|
|
$
|
|
||||
|
(3) Non-cash transactions:
|
||||||||
|
Conversion of preferred shares to ordinary shares
|
$ |
|
$ |
|
||||
|
Purchase of property and equipment
|
|
|
||||||
|
Reclassification of warrants liability to equity
|
|
|
||||||
|
Exercise of options |
||||||||
|
Issuance cost paid in equity
|
|
|
|
|
||||
|
Right-of-use assets recognized with corresponding lease liabilities |
$ |
$ |
||||||
|
(4) Cash, cash equivalents and restricted cash at end of the period:
|
||||||||
|
Cash and cash equivalents
|
$
|
|
$
|
|
||||
|
Short-term restricted cash
|
|
|
||||||
|
Restricted cash
|
|
|
||||||
|
$
|
|
$
|
|
|||||
| NOTE 1:- |
GENERAL |
| a. |
Innoviz Technologies Ltd. and its subsidiaries (the “Company” or “Innoviz”) is a leading provider of high-performance, solid-state LiDAR and perception solutions that bring enhanced vision and superior performance to enable safe autonomous driving at a mass scale. The Company provides a complete and comprehensive solution for OEMs and Tier-1 partners that are developing and marketing autonomous driving vehicles to the passenger car and other relevant markets, such as robotaxis, shuttles and trucking. Innoviz’ unique LiDAR and perception solutions, which feature technological breakthroughs across core components, have propelled Innoviz to the first Level 3 LiDAR Automotive series production contract in its industry. In addition, Innoviz’ solutions can enable safe autonomy for other industries, including drones, robotics and mapping. |
| b. |
The Company was incorporated on January 18, 2016, under the laws of the state of Israel. |
| c. |
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”).
The Transactions were accounted for as a recapitalization in accordance with accounting principles generally accepted in the United States (“GAAP”).
The Company's ordinary shares and warrants were listed on the Nasdaq Stock Market LLC under the trading symbols “INVZ” and “INVZW,” respectively, on April 5, 2021. |
| NOTE 2:- |
SIGNIFICANT ACCOUNTING POLICIES |
| a. |
Interim Financial Statements |
|
|
The accompanying interim consolidated balance sheet as of June 30, 2022, the interim consolidated statements of operations and the interim consolidated statements of cash flows for the six months ended June 30, 2022 and 2021, as well as the interim statement of changes in shareholders’ equity for the six months ended June 30, 2022, are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. In management’s opinion, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of the Company’s financial position as of June 30, 2022, as well as its results of operations and cash flows for the six months ended June 30, 2022 and 2021. The results of operations for the six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for other interim periods or for future years. |
| b. |
Significant accounting policies
The accompanying unaudited interim financial statements should be read in conjunction with the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2021 (the “2021 Annual Report”) filed with the Securities and Exchange Commission (the “SEC”) on March 30, 2022.
|
F - 8
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
| NOTE 2:- |
SIGNIFICANT ACCOUNTING POLICIES (Cont.) |
|
There have been no changes to the significant accounting policies described in the 2021 Annual Report that have had a material impact on the unaudited interim consolidated financial statements and related notes, except as mentioned below (see also Note 2e). |
| c. | Use of estimates: | |
|
The preparation of interim 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 interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.
|
||
|
Significant items subject to such estimates and assumptions include inventory reserves, warranty provision, valuation allowance for deferred tax assets, share-based compensation including the fair value of the Company’s ordinary shares before the Company became public, fair value of warrants liability 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.
The novel coronavirus (“COVID-19”) pandemic has created, and may continue to create, significant uncertainty in macroeconomic conditions, and the extent of its impact on the Company’s operational and financial performance will depend on certain developments, including the duration and spread of the outbreak and the impact on the Company’s customers. The Company considered the impact of COVID-19 on the estimates and assumptions and determined that there were no material adverse impacts on the interim consolidated financial statements for the period ended June 30, 2022. As events continue to evolve and additional information becomes available, the Company’s estimates and assumptions may change materially in future periods. |
| d. |
Concentration of credit risk:
|
|
|
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, trade receivables, marketable securities, bank deposits, restricted deposits and restricted cash.
|
||
|
Trade receivable 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.
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
|
F - 9
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
| NOTE 2:- |
SIGNIFICANT ACCOUNTING POLICIES (Cont.) |
| e. |
Recently adopted accounting pronouncement: |
||
|
On January 1, 2022, the Company adopted ASU No. 2016-02, "Leases (Topic 842)", using the modified retrospective method by applying the new standard to all leases existing at the date of initial application. Results and disclosure requirements for reporting periods beginning after January 1, 2022 are presented under Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with our historical accounting under Topic 840. The Company has elected the package of practical expedients permitted under the transition guidance, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. The Company elected to not recognize a lease liability and a right-of-use ("ROU") asset for leases with a term of twelve months or less. Lease payments on short-term leases are recognized as an expense on a straight-line basis over the lease term, not included in lease liabilities. Lastly, the Company also elected the practical expedient to not separate lease and non-lease components for its leases. |
|
|
The Company determines if an arrangement is a lease and the classification of that lease at inception based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefits from the use of the asset throughout the period, and (3) whether the Company has a right to direct the use of the asset. |
|
| ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make minimum lease payments arising from the lease. ROU assets are initially measured at amounts, which represents the discounted present value of the lease payments over the lease, plus any initial direct costs incurred. The lease liability is initially measured at lease commencement date based on the discounted present value of minimum lease payments over the lease term. The implicit rate within the operating leases is generally not determinable, therefore the Company uses its Incremental Borrowing Rate ("IBR") based on the information available at commencement date in determining the present value of lease payments. The Company's IBR is estimated to approximate the interest rate for collateralized borrowing with similar terms and payments and in economic environments where the leased asset is located. Certain leases include options to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain that the Company will exercise that option. An option to terminate is considered unless it is reasonably certain that the Company will not exercise the option. | |
| The adoption of this standard had a material effect on the Company’s financial statements. The most significant impact is reflected in: (i) effective as of January 1, 2022, the recognition of $ |
|
| For further information on the Company’s leasing activities see Note 5. | |
F - 10
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
| NOTE 3:- |
CONTRACT BALANCES AND REMAINING PERFORMANCE OBLIGATIONS |
|
Contract liabilities consisted of the following as of June 30, 2022 and December 31, 2021: |
| June 30, |
December 31, |
|||||||
| 2022 | 2021 | |||||||
| (Unaudited) | ||||||||
|
Contract Liabilities, Current |
||||||||
|
Deferred Revenues |
$ | $ | ||||||
|
Advances From Customers |
||||||||
| Total | $ | $ | ||||||
|
Contract Liabilities, Long-Term |
||||||||
|
Deferred Revenues |
$ | $ | ||||||
|
Total Contract Liabilities |
$ | $ | ||||||
During the six months ended June 30, 2022, the Company recognized $
| Remaining Performance Obligation | |
|
The Company’s remaining performance obligations are comprised of product and engineering services not yet satisfied. As of June 30, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $
|
F - 11
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
|
NOTE 4:- |
FAIR VALUE MEASUREMENTS |
|
June 30, 2022
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Assets:
|
||||||||||||||||
|
Marketable securities
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
|
|
||||||||||||||||
|
Total financial assets
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
|
Liabilities:
|
||||||||||||||||
|
Warrants (1)
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
|
Total financial liabilities
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
|
December 31, 2021
|
||||||||||||||||
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Assets:
|
||||||||||||||||
|
Marketable securities
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
|
|
||||||||||||||||
|
Total financial assets
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
|
Liabilities:
|
||||||||||||||||
|
Warrants (1)
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
|
Total financial liabilities
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
F - 12
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
|
NOTE 4:- |
FAIR VALUE MEASUREMENTS (Cont.) |
| (1) |
As part of the Transactions (see Note 1c), the Company assumed a derivative warrants liability related to previously issued private placement warrants in connection with Collective Growth’s initial public offering. The Company utilizes a Black-Scholes option pricing model to estimate the fair value of the private placement warrants which is considered a Level 3 fair value measurement. The warrants are measured at each reporting period, with changes in fair value recognized in financing income, net. |
|
|
Six Months Ended June 30,
|
||||||||
|
2022
|
2021
|
|||||||
|
(Unaudited)
|
||||||||
|
Balance as of January 1
|
$
|
|
$
|
|
||||
|
Private warrants liability assumed in Transactions
|
|
|
||||||
|
Change in fair value of warrants liability
|
(
|
)
|
|
|||||
|
Reclassification of warrants liability to equity
|
(
|
)
|
|
|||||
|
Balance as of June 30
|
$
|
|
$
|
|
|
|||
|
June 30,
|
December 31,
|
|||||||
|
2022
|
2021
|
|||||||
|
(Unaudited)
|
||||||||
|
Fair vale determined per warrant
|
$
|
|
$
|
|
||||
|
Expected volatility
|
|
%
|
|
%
|
||||
|
Expected annual dividend yield
|
|
%
|
|
%
|
||||
|
Expected term (years)
|
|
|
||||||
|
Risk-free rate
|
|
%
|
|
%
|
||||
F - 13
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
| NOTE 5:- |
LEASES |
Below is a summary of the Company operating right-of-use assets and operating lease liabilities as of June 30, 2022:
|
Operating lease right-of-use assets, net |
$ |
|||
|
|
||||
|
Operating lease liabilities, current |
$ |
|||
|
Operating lease liabilities, non-current |
||||
|
|
||||
|
Total operating lease liabilities |
$ |
|||
|
Weighted average remaining lease term (years) |
|
|||
|
Weighted average discount rate for lease liabilities |
|
% |
Additional information regarding the Company’s operating leases:
|
|
Six Months Ended June 30, 2022 |
|||
|
Operating lease costs |
$ |
|||
|
Variable lease payments |
$ | |||
|
Short term lease costs |
$ | |||
|
Operating cash flows from lease incentives received, net of cash paid for operating leases |
$ |
( |
) |
|
Minimum lease payments over the remaining lease periods as of June 30, 2022, are as follows:
|
Year ended December 31, |
||||
|
2022 |
$ |
|||
|
2023 |
||||
|
2024 |
||||
|
2025 |
||||
|
2026 |
||||
|
Thereafter |
||||
|
|
||||
|
Total undiscounted lease payments |
$ |
|||
|
|
||||
|
Less: Interest |
( |
) | ||
|
|
||||
|
Present value of lease liabilities |
$ |
|||
F - 14
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
| NOTE 6:- |
COMMITMENTS AND CONTINGENCIES
|
| NOTE 7:- |
SHARE-BASED COMPENSATION
|
| a. |
Options granted:
|
|
Number of
options
|
Weighted-
average
exercise
price
|
Weighted-
average
remaining
contractual term
(in years)
|
Aggregate
intrinsic
value
|
|||||||||||||
|
Outstanding as of December 31, 2021
|
|
$
|
|
|
$
|
|
||||||||||
|
Granted
|
|
|
|
|||||||||||||
|
Exercised
|
(
|
)
|
|
|
||||||||||||
|
Forfeited
|
(
|
)
|
|
|
||||||||||||
|
Outstanding as of June 30, 2022
|
|
$
|
|
|
$
|
|
||||||||||
|
Exercisable as of June 30, 2022
|
|
$
|
|
|
$
|
|
||||||||||
| b. |
RSUs granted:
|
|
Number of
shares
|
Weighted average grant date fair value per share
|
|||||||
|
Unvested as of January 1, 2022
|
|
$
|
|
|||||
|
Granted
|
|
|
||||||
|
Vested
|
(
|
)
|
|
|||||
|
Forfeited
|
(
|
)
|
|
|||||
|
Expired
|
(
|
)
|
|
|||||
|
Unvested as of June 30, 2022
|
|
$
|
|
|||||
F - 15
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
| NOTE 7:- |
SHARE-BASED COMPENSATION (Cont.)
|
| c. |
Share-based compensation expenses:
|
|
Six Months Ended June 30,
|
||||||||
|
2022
|
2021
|
|||||||
|
(Unaudited)
|
||||||||
|
Cost of revenues
|
$
|
|
$
|
|
||||
|
Research and development
|
|
|
||||||
|
Selling and marketing
|
|
|
||||||
|
General and administrative
|
|
|
||||||
|
$
|
|
$
|
|
|||||
|
NOTE 8:- |
BASIC AND DILUTED NET LOSS PER SHARE |
The following table sets forth the computation of the net loss per share for the period presented:
|
Six Months Ended June 30, |
|||||||||
|
|
|
|
2022 |
|
|
2021 |
|
||
|
(Unaudited) |
|||||||||
|
|
|
|
|
|
|
|
|
||
|
Numerator: |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
Net loss |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
Preferred share accrued cumulative dividend rights |
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total loss attributable to ordinary shares |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following potential ordinary shares have been excluded from the calculation of diluted net loss per share for the period presented due to their anti-dilutive effect:
|
a. |
|
|
|
|
|
b. |
|
F - 16
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
| NOTE 9:- |
GEOGRAPHIC AND CUSTOMER INFORMATION
|
| a. |
Geographic information:
|
|
|
Following is a summary of revenues by geographic areas. Revenues attributed to geographic areas, based on the location where the customers accept delivery of the products and services: |
|
Six Months Ended June 30, |
|||||||||
|
2022
|
2021
|
||||||||
|
(Unaudited) |
|||||||||
|
Europe, Middle East and Africa (*)
|
$
|
$
|
|||||||
|
Asia Pacific
|
|||||||||
|
North America (**)
|
|
||||||||
|
$
|
|
$
|
|||||||
|
(*) |
|
|
(**) |
|
| b. |
Customers accounted for over 10% of revenue:
|
| NOTE 10:- |
RELATED PARTY BALANCES AND TRANSACTIONS
|
| a. |
Balances with the related parties:
|
|
June 30, |
December 31, |
|||||||
|
2022
|
2021
|
|||||||
|
(Unaudited) |
||||||||
|
Trade receivables
|
$
|
|
$
|
|
||||
| Trade payables | $ | $ | ||||||
|
Long term deferred revenues
|
$
|
|
$
|
|
||||
F - 17
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
| NOTE 10:- |
RELATED PARTY BALANCES AND TRANSACTIONS (Cont.)
|
| b. |
Transactions with the related parties:
|
|
Six Months Ended June 30, |
||||||||
|
2022
|
2021
|
|||||||
|
(Unaudited) |
||||||||
|
Revenues
|
$
|
|
$
|
|
||||
|
Research and development |
$ | $ | ||||||
F - 18
|
Six Months Ended June 30,
|
||||||||
|
(Unaudited)
|
||||||||
|
2022
|
2021
|
|||||||
|
Revenues
|
$
|
3,571
|
$
|
1,735
|
||||
|
Cost of Revenues
|
(6,084
|
)
|
(3,536
|
)
|
||||
|
Gross Loss
|
$
|
(2,513
|
)
|
$
|
(1,801
|
)
|
||
|
Operating Expenses:
|
||||||||
|
Research and Development
|
44,700
|
48,822
|
||||||
|
Selling and Marketing
|
5,381
|
17,181
|
||||||
|
General and Administrative
|
9,744
|
24,427
|
||||||
|
Total Operating Expenses
|
59,825
|
90,430
|
||||||
|
Operating Loss
|
(62,338
|
)
|
(92,231
|
)
|
||||
|
Financial Income (Expenses), net
|
4,040
|
(907
|
)
|
|||||
|
Loss before Taxes on Income
|
(58,298)
|
)
|
(93,138
|
)
|
||||
|
Taxes on Income
|
(48
|
)
|
(72
|
)
|
||||
|
Net Loss
|
$ |
(58,346
|
)
|
$ |
(93,210
|
)
|
||
|
Basic and Diluted Net Loss per Ordinary Share
|
$ |
(0.43
|
)
|
$ |
(1.37
|
)
|
||
|
Weighted Average Number Of Ordinary Shares Used In Computing Basic And Diluted Net Loss Per Ordinary Share
|
134,607,839
|
71,458,394
|
||||||
|
|
Six Months Ended June 30,
|
Change
|
Change
|
|||||||||||||
|
|
2022
|
2021
|
$
|
%
|
||||||||||||
|
(In Thousands)
|
(In Thousands)
|
(In Thousands)
|
||||||||||||||
|
|
||||||||||||||||
|
Total Revenues
|
$
|
3,571
|
$
|
1,735
|
$
|
1,836
|
106
|
%
|
||||||||
|
|
Six Months Ended June 30,
|
Change
|
Change
|
|||||||||||||
|
|
2022
|
2021
|
$
|
%
|
||||||||||||
|
|
(In Thousands)
|
(In Thousands)
|
(In Thousands)
|
|||||||||||||
|
Cost of Revenues
|
$
|
6,084
|
$
|
3,536
|
2,548
|
72
|
%
|
|||||||||
|
|
||||||||||||||||
|
Gross Margin
|
(70
|
)%
|
(104
|
)%
|
||||||||||||
|
|
Six Months Ended June 30,
|
Change
|
Change
|
|||||||||||||
|
2022
|
2021
|
$ |
|
%
|
||||||||||||
|
(In Thousands)
|
(In Thousands)
|
(In Thousands)
|
||||||||||||||
|
Research and development
|
$
|
44,700
|
$
|
48,822
|
$
|
(4,122
|
)
|
(8
|
)%
|
|||||||
|
Selling and marketing
|
5,381
|
17,181
|
(11,800
|
)
|
(69
|
)%
|
||||||||||
|
General and administrative
|
9,744
|
24,427
|
(14,683
|
)
|
(60
|
)%
|
||||||||||
|
|
||||||||||||||||
|
Total Operating Expenses
|
$
|
59,825
|
$
|
90,430
|
$
|
(30,605
|
)
|
(34
|
)%
|
|||||||
|
|
Six Months Ended June 30,
|
Change
|
Change
|
|||||||||||||
|
|
2022
|
2021
|
$
|
%
|
||||||||||||
|
(In Thousands)
|
(In Thousands)
|
(In Thousands)
|
||||||||||||||
|
Financial Income (Expenses), net
|
$
|
4,040
|
$
|
(907
|
)
|
$
|
4,947
|
545
|
%
|
|||||||
|
|
Six Months Ended June 30,
|
|||||||
|
2022
|
2021
|
|||||||
|
(In Thousands)
|
(In Thousands)
|
|||||||
|
Net Cash used in Operating Activities
|
$
|
(50,109
|
)
|
$
|
(36,836
|
)
|
||
|
Net Cash provided by (used in) Investing Activities
|
77,394
|
(197,132
|
)
|
|||||
|
Net Cash provided by Financing Activities
|
293
|
340,405
|
||||||
|
Effect of exchange rate changes on Cash, Cash Equivalents and Restricted Cash
|
(1,122
|
)
|
20
|
|||||
|
|
||||||||
|
Net Increase in Cash, Cash Equivalents and Restricted Cash
|
$
|
26,456
|
$
|
106,457
|
||||
| • |
expand production capabilities to produce our LiDAR solutions, and accordingly incur costs associated with outsourcing the production of our LiDAR solutions;
|
| • |
expand our design, development, installation and servicing capabilities;
|
| • |
increase our investment in research and development;
|
| • |
produce an inventory of our LiDAR solutions; and
|
| • |
increase our selling and marketing activities and develop our distribution infrastructure.
|