What happened

The S&P 500 is rising today, but shares of Innoviz Technologies (INVZ -9.09%) are leaving them in the dust. The lidar specialist reported second-quarter 2022 earnings today, and investors seem to be so impressed that they're choosing to park the stock in their portfolios.

As of 10:18 a.m. ET, shares of Innoviz are up 7.9%, having fallen slightly from their earlier climb of 10.9%.

So what

Reporting revenue of $1.8 million, Innoviz grew the top line 80% over the $1 million in sales that it recorded during the same period last year. Impressive as its sales growth may be, however, it's more likely that investors are celebrating the company's road ahead and not what they see in the rearview mirror.

During the earnings presentation, management reaffirmed order book (the projected future sales of its hardware and software) guidance, projecting that it will grow 30% by the end of 2022. Innoviz has already logged substantial gains in its order book this year. At the start of 2022, Innoviz had an order book of $2.6 billion. This figure jumped to $6.6 billion in May when Innoviz received an award from Volkswagen. Should the company achieve its forecast, it will end the year with an order book of about $8.6 billion.

Now what

It's little surprise that Innoviz is driving sharply higher today. While the company's second-quarter revenue growth may be a part of the rise in investors' enthusiasm, it's more likely that the market is focused on the company's growth potential. An order book of $8.6 billion is big potatoes for a company that reported sales of about $2 million last quarter.

Prospective investors, however, must remember that the company's order book isn't a guarantee that it will book the same amount in revenue. Therefore, it's important to monitor the company's quarterly earnings reports to confirm that revenue is, in fact, rising.